China Life Insurance Singapore has launched China Life Golden Dragon Whole Life Plan, the company’s first high net worth product designed for affluent individuals.
The product is a US dollar-denominated, 5-year regular premium participating whole life plan with a return of premiums feature, which gives back 100% of the premiums one has paid in five yearly instalments from the 15th policy anniversary or the policy anniversary following the life insured’s 65th birthday, whichever is later.
It may also pay out non-guaranteed yearly cash bonuses from the end of year five, which are dependent on the future performance of the participating fund.
The product also offers financial protection against death until the life Insured is aged 100. In the event of death of the life insured, China Life Insurance Singapore will pay the sum of the sum insured, premiums paid less premiums returned, accumulated yearly cash bonuses (if any) and interest on the accumulated yearly cash bonuses (if any), less amounts owing to it (if any).
Tony Chow, chief executive of China Life Insurance Singapore, said: “We want to ensure that they can enjoy the benefits of our whole life plan that safeguards their wealth, helps to build on their amassed net worth and provides life protection. All these are important so that they can have the peace of mind that their loved ones will continue to be well provided for without compromising on their preferred lifestyle.”