China Taiping Insurance
Founded in 1929 in Shanghai, China Taiping Insurance is a red chip company backed by the Chinese Central Government. It operates in several countries, including China, Hong Kong, Macau, Indonesia, United Kingdom, and Singapore. China Taiping is listed on the Hong Kong Exchange (SEHK: 996).
Why choose China Taiping?
China Taiping Life Insurance Plans
China Taiping Whole Life Insurance Plans
I-Cash Plus (II)
China Taiping's I-Cash Plus (II) is a whole life insurance plan which guarantees you yearly 1% cash back (of your sum assured), and a non-guaranteed 4.8% cash dividends. You will also have the option of a short premium term of 5 years. In the event of death, your family will be paid 105% of all the premiums paid, along with a non-guaranteed terminal dividend.
Direct Whole Life
The Direct Whole Life insurance plan offers you a lump-sum payout in the event you're diagnosed with a terminal illness, total permanent disability, or death. You can also choose to add critical illness (CI) riders, and choose your own payment terms.
The I-Secure is a whole life insurance plan which covers you for terminal illness, total permanent disability, and death. You will have the option to add a 4X multiplier, 2 critical illness riders, and 11 premium waiver riders.
Why choose China Taiping I-Secure?
Whole Life Insurance
China Taiping's I-Secure covers you for your lifetime (not just until age 99 or 100) for terminal illness, total and permanent disability, and death.
Base Sum Assured
In the event that you are indeed diagnosed with a terminal illness, total and permanent disability, or have passed on, you or your family will receive the base sum assured that you have chosen when you applied for this whole life insurance plan.
Most whole life insurance plans, such as China Taiping's I-Secure, will offer you the option to add a multiplier. A multiplier basically allows you to multiply (increase) your base sum assured by 1, 2, 3, or 4 times for a certain number of years – most commonly until age 70 – while your children are still financially dependent on you. China Taiping's I-Secure offers one of the most generous multiplier programmes which allows you to multiply up to 4 times until you are age 86. Afterward, you can continue to extend your multiplier until you pass on.
Guaranteed and Non-Guaranteed Bonuses
The premiums that you pay will often be used by the insurance company to do investments. When it comes to a whole life insurance plan, you will often get to enjoy a portion of the investment's profits. Look out for the yearly guaranteed bonus percentage when you apply for a whole life plan such as China Taiping I-Secure. Do also note that may also receive non-guaranteed bonuses if the investments perform well.
Flexible Premiums Payment
China Taiping's I-Secure allows you to pay your premiums over 5, 10, 15, 20, and 25 years. Once you're done paying, you can continue to enjoy the coverage and benefits (and cash returns) of your plan.
Critical Illness Riders
In the event you feel like you want to increase your China Taiping I-Secure's coverage to also include any critical illnesses that may come your way, there are 2 critical illness (CI) riders you can add to increase your coverage to include critical illnesses in the likes of cancer, stroke, liver disease, lung disease, heart attack, and more.
Special and Juvenile Conditions
Critical illnesses aside, there are also the special and juvenile conditions that you can include in your coverage. The China Taiping I-Secure comes with a EarlyCare rider which you can add to cover yourself against 161 early, intermediate, and advanced critical illnesses, and 24 other juvenile and special conditions.
Premium Waiver Riders
In the event you (your spouse, or your child) falls ill, your family's financial stability may be affected and you may not be able to pay up for your whole life insurance plan's premiums. China Taiping I-Secure offers 11 different types of premium waivers that you can choose from. When you have a premium waiver rider, the insurance company will stop taking premiums from you but allow you to continue enjoy the coverage from your plan.
What types of insurance does China Taiping offer?
China Taiping Singapore offers 13 types of personal insurance products for individuals in Singapore, spanning travel, car, maid, personal accident, hospital income, life, home, and savings. The China Taiping Infinite series of life insurance and wealth management legacy plans have been omitted from the summary table below:
Types of Insurance offered by China Taiping
China Taiping's travel insurance comes in a single trip (up to 182 days trip) or an annual plan (up to 90 days per trip). Benefits include coverage for 40 medical conditions and travel disruptions, emergency evacuation and repatriation, and coverage for your travel fares in the case your travel agent closes down.
China Taiping offers car insurance for both personal and commercial vehicles. Benefits include extra NCD benefit, waiver of excess when you use China Taiping's authorised workshops, loyalty discounts, windscreens, and windows repair.
China Taiping's maid insurance includes benefits such as inpatient COVID-19 coverage at government hospitals, death, repatriation, hospitalisation and surgeries, pro-ration of your foreign domestic worker (FDW)'s wages and levies in the event she has to be repatriated home, and the exemption of a S$5,000 MOM security bond.
4Personal Accident Insurance
China Taiping's personal accident insurance includes benefits such as a daily S$100 cash in case you were served a 14-day quarantine order by MOH, S$500 COVID-19 benefit, and S$10,000 in the event of death by COVID-19. Other benefits include worldwide personal accident protection, up to 20% off your premiums if you've never made a claim, and TCM (Traditional Chinese Medicine) coverage.
China Taiping's UniHome Safe home insurance covers your building, renovation, fixtures, fittings, household contents, loss of rental, alternative accommodation, removal, fire extinguishing, replacement and repair of security systems, theft, emergency home assistance, SARS, H5N1, and Dengue medical treatments and quarantines.
China Taiping's child insurance, known as Panda Safe, covers your child for S$100 per day in the event the childcare is closed for HFMD (Hand, Foot, Mouth, Disease), medical mobility aids, up to 20% in no claim discounts, and worldwide protection.
7Hospitalisation Income Insurance
China Taiping's Hospital Safe insurance plan offers you daily cash (ranging from S$100 to S$400) for the duration that you're hospitalised. Other benefits include S$800 for pre-hospitalisation tests, S$1,500 for post-hospitalisation deaths, S$1,000 for a day surgery or dental accident, and S$5,000 reimbursement for a plastic surgery due to an accident.
8Whole Life Insurance
China Taiping offers 5 different types of whole life insurance plans, such as the whole life savings cash back I-Cash Plus (II), the Direct Whole Life which you can purchase without the help of an insurance agent, the I-Secure, and two Infinite Legacy and Harvest plans for high net-worth individuals
9Term Life Insurance
There are 3 China Taiping Term life insurance plans, namely the I-Assure MoneyBack which guarantees premiums back at the end of policy, I-Protect which pays you or your family in the event of death or terminal illness, and a Direct Term plan which you can purchase directly from their office.
There are 4 China Taiping savings insurance plans, namely the popular 3-year I-Save which guarantees cash returns upon maturity, the whole life I-Cash Plus (II) which offers you yearly cash back, the 8-year I-Wealth Builder which provides yearly cash back, and the I-Cash (III) which promises a guaranteed 1% yearly cash back.
China Taiping offers 3 insurance plans that are suitable for retirement planning, namely the whole life cash back I-Cash Plus (II), I-Cash (II) with guaranteed 1% yearly cash back, and the Infinite Harvest (II) for high net-worth individuals.
For high net-worth individuals, China Taiping offers 3 types of customisable plans for you – ranging from the Infinite Harvest (II) for lifetime income, the Infinite Legacy to protect your wealth, and the Infinite Universal for death and terminal illnesses.
How to apply for your Life Insurance plan
Applying for a Life Insurance plan through MoneySmart
Step 1Answer Some Questions
Don't have time to compare all the different life insurance plans in Singapore? Answer some questions and let our intelligent system find the best life insurance plan for you.
Step 2Speak To Our Insurance Specialists
After you submit your quiz, our expert insurance specialist team members may drop you a call to clarify your needs and explain your options to you. Seize this chance to ask our friendly colleagues the burning questions you may have about life insurance!
Step 3Apply And Purchase Your Life Insurance
Once you have spoken to our insurance specialists, considered your options, and planned your finances, you are ready to apply for your life insurance plan online through our portal.
China Taiping Life Insurance Claims
What are insurance claims? An insurance claim refers to the request for monetary reimbursement that the insurance plan's owner (aka you) have submitted to your insurance company. There is a lot of talk around claims because that's pretty much the point of getting a life insurance plan. What sets an insurance company apart (and likewise turn customers off) from another is the reliability, and convenience of the claims system.
How to Claim with China Taiping
If you hold a China Taiping whole or Term life insurance plan, do note that there are no clear claims guidelines or step-by-step guides on the China Taiping Singapore website. That's likely due to the newness of these life insurance plans – China Taiping was only licensed to sell life insurance in Singapore by the MAS (Monetary Authority of Singapore) in 2018.
If you have any life insurance claims, you will have to visit their office at 3 Anson Road or call the life insurance customer service hotline at +65 6389 7301 or +65 6389 7302 from Mondays to Fridays, 8:45am to 5:30pm.
Frequently Asked Questions
What is China Taiping insurance?
- China Taping Insurance is a red chip company backed by the Chinese Central Government, and founded in 1929 in Shanghai. Today, it is headquartered in Hong Kong and has presence in countries such as China, Hong Kong, Macau, Indonesia, United Kingdom, and Singapore. China Taiping is listed on the Hong Kong Exchange (SEHK: 996).
Is China Taiping insurance safe?
- China Taiping Insurance is reputable and trustworthy. In fact, it has been in Singapore selling general insurance since 1938, and most recently started selling life insurance products as well from 2019 onwards. As with all financial institutions, China Taiping Insurance is regulated by the Monetary Authority of Singapore (MAS).
What is China Taiping insurance known for?
- China Taiping Insurance has a few popular insurance products, namely the savings insurance plan called China Taiping I-Save which is currently oversubscribed, and the China Taiping I-Secure whole life insurance plan which has one of the most comprehensive coverage and competitive premium prices in the market right now.
Can I renew car insurance online for China Taiping?
- To renew your car insurance for China Taiping Insurance, you will need to call the motor insurance customer service hotline at +65 6389 6136 or +65 6389 6153.
How to claim from China Taiping travel insurance?
- To claim from your China Taiping travel insurance, first visit the China Taiping Singapore website, click on the menu button and select "Claims" from the dropdown menu. You will then see a travel insurance claim form which you will need to download and fill up. Below the form, you will see a list of supporting documents required – prepare them and submit them together with your claim form to China Taiping. For claims help, call the main customer service hotline at +65 6389 6111.