China Taiping i-Protect Review

The China Taiping i-Protect is a non-participating regular premium term insurance that covers death and terminal illness (TI).

It offers guaranteed renewability, convertibility options, and the option to enhance your coverage with optional riders which covers 161 conditions.

But is it any good?

Here’s our review.

My Review of the China Taiping i-Protect

The China Taiping i-Protect term insurance is the cheapest term plan in Singapore in our comparison list.

Premiums are estimated based on a 30-year-old non-smoking male who opts to have $500K in insurance. For all premiums, the policy and premium term is 40 years with the exception of AIA Secure Flexi Term, which is for a premium and policy term of 35 years.

The China Taiping i-Protect term insurance embodies the following benefits:

1. Across the major insurance companies in Singapore, monthly term insurance policy premiums for China Taiping’s i-Protect Plan is $41.50 which is  the lowest premium in the market (based on $500,000 assured for a 40-year term).
2. Offers flexibility with policy terms ranging from 11 to 40 years or until the policyholder is 65, 75, or 85 years of age.
3. Offers the option for guaranteed renewal from 5 or 10 policy term until the age of 85.
4. Offers the convertibility option to any of China Taiping’s other life insurance plans.
5. The availability of optional riders safeguards against 161 conditions.

It is also important to take note that, even though the China Taiping i-Protect is one of the cheapest insurance policies in the market, it protects up till age 85 – which is more than enough for many Singaporeans.

However, if you’re seeking a term plan that covers you until you turn 99, the China Taiping i-Protect unfortunately does not provide that.

For instance, Singlife’s Elite Term is the cheapest plan in the market that offers renewability, convertibility, levelled premiums, and covers up to 99 years of age.

It’s also the best term plan for those looking for ECI/CI coverage as it offers the most conditions covered and also multipay riders, giving you a more affordable alternative than purchasing standalone ECI/CI plans.

If you’re looking to counter inflation, HSBC Life’s Term Protector is also relatively affordable while covering you up to 99 years old!

It is also useful to take note that certain other insurance policies offer the total permanent disability (TPD) coverage as part of their basic plan or a compulsory rider, but in the case of China Taiping’s i-Protect Plan, the TPD coverage is listed under an optional rider.

However, the premiums above is inclusive of TPD coverage – just to be fair.

Despite that, the China Taiping i-Protect is still listed as one of the best term life insurance plans in Singapore, especially if price is your biggest consideration.

But if you’re looking for flexibility or a plan that is feature-packed, the China Taiping i-Protect is not for you.

I suggest starting your research for alternatives in our post comparing the best term life plans first.

Once you know your alternatives, you should seek a second opinion to whether the China Taiping i-Protect is your best bet or if there are better suited ones.

This is critical as an insurance plan will require you to pay premiums for 20 to 30 years. You don’t want to make a decision without exploring your choices, only to regret it in the future – which is a common thing we’ve been seeing running Dollar Bureau over the past many years.

If you need someone to talk to, we partner with MAS-licensed financial advisors who can help you explore alternatives and decide on a plan that’s best for your needs.

Click here for a free non-obligatory chat.

Now here’s a break down of what the China Taiping i-Protect has to offer.

Criteria

• Minimum sum assured of 200k.
• Coverage up to age 85.

Product Features

Policy terms

Flexible policy terms ranging from 11 to 40 years or when the insured reaches 65, 75, or 85 years of age. The plan also offers guaranteed renewability with either a 5 or 10-year policy term up till the age of 85.

Premium Payment Terms & Options

The China Taiping i-Protect is only available as a regular premium plan with level and guaranteed premiums throughout the policy term. The premium upon renewal will be based on the age on the next birthday of the insured.

Although there is no minimum premium payment, there is a minimum sum assured. Factors such as your age, gender, smoker or non-smoker, sum assured, policy, and premium duration term has an effect on your final premium amount.

The following table illustrates an example of premium payment and policy coverage for a 30-year-old non-smoking male.

Protection

The China Taiping i-Protect term insurance provides death and TI coverage, with TPD as a rider.

Death Benefit

Upon the death of the insured, the sum assured will be paid out after deduction of any payables.

Terminal Illness (TI) Benefit

The TI benefit is payable once upon the diagnosis of the life insured with TI certified a medical practitioner. The TI benefit will be paid up to the TI limit from the death benefit after the deduction of any payables.

The maximum terminal illness benefit inclusive of all other policies issued by all insurance companies is SGD 3,000,000 (TI limit). A different limit might apply to policyholders residing outside of Singapore.

To qualify for the TI benefit, a conclusive diagnosis needs to be made with an illness that is expected to result in death within 12 months of the insured.

The diagnosis needs to be carried out and certified by a specialist and confirmed by a medical practitioner appointed by Taiping. HIV infection does not qualify for the TI benefit.

TI benefit will reduce the basic sum assured due to it being an accelerated payment of the death benefit.

Total and Permanent Disability (TPD) Benefit

The TPD benefit is payable under the Disability Care Rider – which is a regular premium rider with a renewable term.

It offers policyholders financial protection against total and permanent disability. If you opt for this optional rider, you can choose to have it automatically renewed every 5 or 10 years, together with the basic i-Protect Plan, until the age of 85.

The maximum disability benefit inclusive of all other policies issued by all insurance companies is SGD 5,000,000 (TPD limit). A different limit might apply to policyholders residing outside of Singapore.

TPD benefit will reduce the basic sum assured due to it being an accelerated payment of the death benefit.

To qualify for the TPD benefit payout, the life insured must meet the below requirements:

The following are the Activities of Daily Living:

1. Transferring: Moving from a bed to an upright chair or wheelchair.
2. Mobility: Moving indoors from room to room on level surfaces.
3. Toileting: Ability to control bowel and bladder needs contributing to overall personal hygiene.
4. Dressing: Ability to put on, take off, secure and unfasten clothing, braces, artificial limbs, surgical appliances.
5. Washing: Ability to get in and out of bath or shower to carry out washing activities so as to maintain personal hygiene.
6. Feeding: Ability to feed oneself with the presence of already prepared food.

Additional Features and Benefits

Guaranteed Renewability Benefit

At the end of your selected coverage term, the i-Protect will be automatically renewed with the same coverage plan as previously up to the age of 85.

If the insured is reaching the age of 85 soon, the coverage term of the last renewal will be adjusted to a shorter term so that it expires by the time the insured turns 85.

The policyholder is entitled to the guaranteed renewability benefit without additional medical evidence or insurability provided he or she fulfils the following:

• The basic plan is still valid at the end of each coverage term and after every renewal.
• The policyholder is below the age of 85 at their next birthday.
• There were no claims made prior under the basic plan.

Convertibility Option

China Taiping’s i-Protect allows policyholders to convert their basic plan in part or in full to a whole life insurance plan – with both endowment and investment-linked options available for selection.

The policy value is calculated in Singapore Dollars at the time of conversion.

The policyholder is entitled to the convertibility option benefit without additional medical evidence or insurability provided he or she fulfils the following:

• The basic plan is still valid at the end of each coverage term and after every renewal.
• There is no overdue premium or payables.
• The policyholder is 65 years old or below at their next birthday.
• The remaining coverage term of the basic plan is at least 5 years.
• The life insured’s name is non-transferable. Has to be the same person for the renewed policy.
• The guaranteed death benefit of the new policy cannot exceed the basic sum assured.
• The remaining basic sum assured, if any, cannot fall below the minimum sum assured of 200k. If this requirement is not fulfilled, the full conversion option will be carried out.
• There were no claims made prior under the basic plan.

Add-on Riders

There are optional riders to provide enhancement to your coverage and provide protection against 161 conditions. The following riders are offered:

DisabilityCare Rider

As a result of total and permanent disability, you will receive an accelerated lump sum payment.

AdvancedCare Rider

A lump sum payout is paid if the patient is diagnosed with one of 55 advanced critical illnesses.

EarlyCare Rider

When you are diagnosed with any of the 149 conditions at any stage – early, intermediate, or advanced – as well as 12 special conditions, you’ll receive a lump sum payout.

References

Product Summary

https://www.sg.cntaiping.com/en/personals/landing-life-wealth/life/term/i-protect.html

https://www.sg.cntaiping.com/media/attachments/2021/06/30/fa_ct091-i-protect-a4_r4–web.pdf