Last Updated on July 27, 2023 by Parentology

As young parents, it’s only natural that you’d want to offer the best to your children – the best protection, the best education, and the best start in life. You might also be thinking ahead, considering what gifts and preparations you can make for their future once they’ve graduated. The key to doing all this is starting early. With early financial planning, your investments will have time to accumulate and compound, resulting in substantial savings by the time your children have grown up.

That’s where China Taiping’s i-CashLife comes into play. This enduring endowment savings plan is more than a financial product – it’s a tool designed to nurture the dreams and aspirations of both parents and children. With premium payment terms of either 5 or 10 years and maturation set for when you reach the age of 85, i-CashLife is a long-term commitment to financial security.

What makes i-CashLife special is its flexibility. As life evolves, so do your financial needs, and i-CashLife adapts accordingly. You can make withdrawals based on the accumulated cash value for any immediate needs. And if you leave your cashback untouched, it will only grow, earning interest over time.

Even better, i-CashLife comes with no medical underwriting and offers annual cashbacks for life. But these aren’t just about monetary benefits – they’re a way to ensure your family’s dreams are within reach. Whether that’s a world-class education for your kids, a dream vacation, or a secure and comfortable retirement for you, i-CashLife makes it possible.

So, as you plan for your family’s future, consider i-CashLife. It’s not just about growing wealth, but about enabling the life experiences that come along with it – for you and your children.

Let’s have a look:

 

Features At a Glance for China Taiping i-CashLife

Yearly Cashbacks for Life with i-CashLife

Start receiving annual cashbacks of up to 3.95% p.a. of the Total Yearly Premiums right after the completion of the selected premium payment term with i-CashLife, and this continues until the age of 120. These yearly cashbacks can be spent freely or accumulated to earn interest.

Loyalty Cashback Benefits

i-CashLife offers a guaranteed loyalty cashback, equivalent to 1x Guaranteed Yearly Cashback, on the 20th policy anniversary and every 10 years thereafter, serving as a reward for long-term policyholders.

Policy Continuity Assurance

The plan allows for the assignment of a secondary life insured, ensuring that the beneficiary continues to enjoy yearly cashbacks after the demise of the primary life insured.

Guaranteed Capital

i-CashLife provides an immediate 100% guarantee on Total Yearly Premiums paid after the premium payment term, offering financial security.

Flexible Premium Payment Terms

As the insurer understands individual financial capabilities vary, hence offers a choice of 5 or 10-year premium payment terms to fit different financial situations.

Coverage While Saving

The plan ensures peace of mind for policyholders, providing a lump-sum benefit to the family in the event of premature death, thereby offering protection alongside savings.

Simple and Swift Application Process

Starting a savings journey with i-CashLife is easy and quick as no medical underwriting is required, making the application process straightforward and efficient.

Cashback and Dividend Payout Details

Term	Description
Premium Payment Term	10 years
Minimum Yearly Premium	S$21,000
Guaranteed Yearly Cashback (GYC)	1% of Total Yearly Premiums (TYP)
Non-Guaranteed Yearly Cash Dividend (IIRR 4.25% p.a.)	2.95% of TYP
Total Yearly Cashback (IIRR 4.25% p.a.)	GYC + Non-Guaranteed Yearly Cash Dividend
Non-Guaranteed Yearly Cash Dividend (IIRR 3.00% p.a.)	1.48% of TYP
Total Yearly Cashback (IIRR 3.00% p.a.)	GYC + Non-Guaranteed Yearly Cash Dividend
Interest Rate Guarantee	No, subject to change with 30 days’ written notice
Definition of TYP	Sum of all yearly premiums paid for the basic plan on an annual payment mode, regardless of the actual premium payment mode (excludes interest paid for loans and policy reinstatement, if applicable)

Note:

• IIRR stands for Illustrated Investment Rate of Return.
• TYP stands for Total Yearly Premiums.

How the China Taiping i-CashLife Works – Scenario 1

Breakdown Of Scenario 1

	Based on IIRR of 4.25% p.a.. For an IIRR of 3.00% p.a.
Yearly Cashbacks	S$3,262
Available Cash Value	S$159,576
Total Cashback Received	S$205,388
Total Maturity Benefit	S$176,260
Total Payout	S$381,648
Total Payout / Total Yearly Premiums	254%

Note: IIRR stands for Illustrated Investment Rate of Return.

source: China Taiping

How the China Taiping i-CashLife Works – Scenario 2

Breakdown Of Scenario 2

	Based on IIRR of 4.25% p.a.. For an IIRR of 3.00% p.a.
Yearly Cashback	S$1,215
Total Cashbacks Received by Jenny over 13 Years	S$15,795
Total Cashbacks Received by Anna over 62 Years	S$79,695
Available Cash Value	S$61,663
Death Benefit	S$66,392
Total Cashback Received	S$95,490
Total Maturity Benefit	S$73,438
Total Payout	S$168,928
Total Payout / Total Yearly Premiums	282%

Note: IIRR stands for Illustrated Investment Rate of Return.

source: China Taiping

China Taiping i-CashLife is Suitable if You:

• Are looking for regular stream of income and a lump sum maturity benefit to spend as one wishes or to provide as a gift to loved ones
• Are parents who would like to secure a series of income for their young children
• Are parents who want to prepare for children’s education while they are young, and a savings or even retirement when your children gets older.
• Prefer a short premium commitment
• Prefer no medical underwriting upon application.

 

It would however be less suitable if you would like:

• High protection
• Early Critical Illness and Critical Illness coverage
• One-time premium commitment

 

Considering China Taiping i-CashLife?

China Taiping’s i-CashLife is an adaptable wealth growth tool that caters to various life stages and financial goals. Whether it’s financing your that dream family vacation or investing in your children’s education, this unique plan is designed to fit your requirements. i-CashLife is a competitive endowment plan that’s perfect for mid to long term financial planning, offering swift breaks even in the existing market and flexible withdrawal options.

When it comes to planning education budget for children, China Taiping’s i-CashLife is definitely one good endowment to consider, with the returns considered.

We hope our detailed analysis of its advantages and disadvantages aids you in evaluating if i-CashLife aligns with your savings objectives. Remember, every savings plan has its unique benefits and it’s crucial to select one that aligns with your financial goals and liquidity needs.

To ensure you’re making the most informed decision, don’t hesitate to get in touch with our financial advisor for personalized financial planning.

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