China Taiping Insurance Singapore Unveils Two Term Insurance Plans With 100% Refund of Premiums

China Taiping Insurance Singapore Pte. Ltd. ("CTPIS") today announced the launch of two term insurance plans with 100% refund of premiums when no claim is made at the end of the policy term.

• i-Assure MoneyBack provides death coverage.
• i-Assure MoneyBack (CI) provides coverage for death and the five most common critical illnesses (CIs) – Major Cancer, Heart Attack of Specified Severity, Stroke with Permanent Neurological Deficit, Coronary Artery By-pass Surgery and End Stage Kidney Failure.

Both plans offer 100% refund of the Total Yearly Premiums¹ paid at the end of the selected policy term if no claim is made. Policyowners can choose a coverage period of 20 or 30 years or up to age 65 or 70. At the end of the selected policy term, they also have the option to extend death coverage on a yearly basis up to age 100 without medical examination.

Mr. Lance Tay, General Manager, Life Insurance, China Taiping Insurance Singapore said, “Our i-Assure MoneyBack and i-Assure MoneyBack (CI) plans offer two promises – protection and 100% refund of premiums. Unlike a typical term insurance that has no surrender value, our new term plans offer guaranteed surrender values from the 10th policy anniversary onwards and 100% refund of premiums at the end of the policy term.”

Tay added, “Singaporeans have an 80% CI protection gap² with an average of only $60,000 of CI coverage for an economically active adult. i-Assure MoneyBack (CI) is designed for individuals who are looking to boost their CI coverage. With this in mind, we make this CI plan application simple with just a few health questions. It is also cost effective as it focuses on the five major CIs that make up more than 90% of the CI claims³.”

i-Assure Moneyback and i-Assure MoneyBack (CI) are available via our Financial Advisory and bank partners. More information about the new plans can be found at https://www.sg.cntaiping.com.

The Useful Advantages of Protecting Your No Claim Discount

If you are having medical policy from any private health insurance company that operates no-claims discount then there are various advantages to this system. If the insurer is offering you the option of NCD protection then it is worth protecting your NCD. Following advantages discussed below will help you to understand the No claims discount at a quick note.

Advantages of protecting the NCD for your medical policy

No financial pressure not to claim

If you are having any private medical insurance due to some reasons in order to get better medical treatment then you can opt for private insurance. Here you have to deter yourself from taking any claims just because of financial implications thoughts. Commercial Insurance premiums will not be a burden for you with NCD protection.

Better Peace of mind

You will still get your discount for the next year if you need to claim that means the premium at the renewal time will only increase due to the medical inflation, age band increment & insurance premium tax. At the same time for some policyholders the reduction in NCD protection could make the insurance a bit expensive.

Good value for money deal

In the insurance market, generally protecting your NO claims discount or NCD for the life insurance plans is relatively inexpensive.

However, there can be disadvantages too like after certain age the risk will also increase and thereby the premiums and at this period you won’t be able to freeze your premiums. At the same time when your hands are tight at money then you this will cost you some additional expenses. Claiming for the NCD may not impact the discount by so much as you think but doing so will definitely take you to the better place.