China Taiping Insurance Singapore has launched the first product in its Infinite series for HNWIs.
Infinite Harvest is a single premium participating whole life plan aimed at helping the affluent and high-net-worth individuals create a lifetime income - be it an enhancement of wealth for legacy or for retirement, the firm said in a statement.
"Infinite Harvest is the first product of our Infinite series and a cornerstone of legacy planning from wealth accumulation to transfer. It is specially crafted for parents to create a gift of love beyond generations or for individuals who wish to build a passive stream of lifetime income to supplement their lifestyle," Lance Tay, general manager of Life Insurance, China Taiping Insurance Singapore, said.
The product includes a one-time premium payment for a lifetime of monthly income starting from the 5th policy anniversary. Monthly income adds up to 4.27% (1.77% guaranteed + 2.5% non-guaranteed) of the single premium and immediate liquidity with a guaranteed cash value of 80% of the single premium which will increase throughout the policy years.
It also gives 100% capital guaranteed from as early as 10th policy anniversary, with no medical check-up being required and is available to anyone between ages 1 and 70.
The parent may transfer Infinite Harvest ownership when the child reaches age 18 for the child to continue receiving the regular stream of income for life. When the child eventually passes on, the grandchildren can receive the lump sum payout.
Tay added: "At China Taiping, we believe in the art of peaceful living to empower our clients to get more in life. With Infinite Harvest, policyholders can have a peace of mind knowing that a lifetime income is secured. They can enjoy the fruits of their labour and allow their future generations to savour them too."