Infinite Harvest III
 with Premium Financing 

1. How does this product compare with a Universal Life product?

Infinite Harvest III's main benefit is its focus on a constant stream of monthly cash dividends. Whereas universal life products focus on a high protection element. More importantly, as Infinite Harvest III is a Participating product, the product will not auto-lapse due to a zero account balance. Universal Life products may have a decreasing account value if the crediting rates are lowered and the insurer continues to deduct mortality and expense charges from the account. The universal life product without any "no-lapse guarantees" will lapse if the account value drops to zero.

 

2. Can the Monthly Cash Dividend be accumulated with the company to accumulate interest?

Yes, subject to CIMB's approval, you can still choose to accumulate your cash dividends with China Taiping to enjoy their cash accumulation rate of 3.25% p.a. (not-guaranteed). However, you do need to demonstrate that you have a standing instruction to pay the loan interest payments promptly.

 

3. Will I definitely be able to borrow up to 72% of my single premium?

The amount that you are able to borrow will still be subject to the bank's own credit review of your financial status. The maximum that you will be able to borrow will be up to 72% of your single premium. You may not be able to obtain premium financing if you are above age 65.

You will know the loan amount that can be extended to you before you finalise your application for this product. 

 

4. Does the insurer require proof of survivorship on the life insured to pay out the Monthly Cash Benefit?

The insurer reserves the right from time-to-time to request for satisfactory proof that the life insured is alive before paying the Monthly Cash Benefit.

 

5. What happens if the insurer is not notified immediately of the life insured’s death and continues to pay out the Monthly Cash Benefit?

Any Monthly Cash Benefit paid on or after the date of the life insured’s death will be deducted from the death benefit proceeds

 

6. What happends if the Life Insured passes away?

The policy will pay out the death benefit which will be more then the loan amount outstanding. The payout will be used to pay off the loan first. The remaining cash will be paid to the beneficiary of the policy.

 

7. Can I change the Life Insured?

No, once the policy is incepted, the Life Insured cannot be changed. 

 

8. Can I appoint myself as the Policy Owner and have my child as the Insured? 

If you choose to use premium financing, the policy will be assigned to the bank and you will have to be the Insured and Policy Owner or the policy. 

⁺Subject to T&Cs on absolute assignment. 

 

InsureDIY is a Broker licensed by the Monetary Authority of Singapore and is an Exempt Financial Adviser. This advertisement has not been reviewed by the Monetary Authority of Singapore.

* Up to 55% of the basic commission for first year. This is also applicable to selected life insurance products purchasing via InsureDIY, please refer to the promotional banner on our product pages or email to [email protected] for enquiries. T&Cs apply. The promotion is valid till 31 October 2021. 

¹ For illustrative purposes and reference only. The return comprises both a guaranteed and non-guaranteed amount and is also dependent the loan financing amount and loan interest rate available to you. The actual benefit payable may vary according to the future performance of the Participating Fund. The figures illustrated assumes that the insurers earn an investment return of 4.25% as indicated in the policy illustration. 

² Loan interest rate is assumed to be 1 month SGD COF + 0.78% p.a. for illustration purposes. The 1 month COF rate as at Aug 2021 was 0.49%. The final loan interest rate may fluctuate  and will be confirmed by the bank. This will impact the net returns to you. Cost of Funds ("COF"). 

³ Premium financing is provided by the bank and not China Taiping for Infinite Harvest III. There is no guarantee that you will be eligible for premium financing as this will be at the discretion of the bank.

⁴ For illustrative purposes and reference only. The cash dividends comprise both a guaranteed and non-guaranteed amount. The actual cash dividend payable may vary according to the future performance of the Participating Fund. The figures illustrated assumes that the insurers earn an investment return of 4.25% as indicated in the policy illustration. 

⁵ For illustrative purposes and reference only. The premium financing loan interest rate may change from time to time and may be greater or lower than the guaranteed cash dividend rate. 

⁶ For illustrative purposes and reference only. The figure provided is based on the total death benefit in China Taiping's Infinite Harvest policy illustration at age next birthday 81. The death payout will go to pay off the remaining loan amount and any interest accrued before being distributed to the beneficiaries.   

⁷ For illustrative purposes and reference only. The figure provided is based on the total surrender value in China Taiping's Infinite Harvest policy illustration at the end of policy year 40. The surrender value payout will go to pay off the remaining loan amount and any interest accrued before being distributed to the policyholder.   

Accurate as of 3 Aug 2021. This marketing material is for general information only and does not have regard to your specific investment objectives, financial situation and any of your particular needs.

The materials and information on this site (the “contents”) are current at the date of publication and are provided on an "AS IS" basis. InsureDIY makes no representation or warranty, whether expressly or impliedly, as to the adequacy, completeness, accuracy or timeliness of the contents for any particular purpose.

The contents are for general circulation and information only. They are not made with regard to the specific investment objectives, financial situation and the particular needs or personal circumstances of any particular person who may receive them. They should not be relied upon as financial advice. You should obtain independent verification of the contents and seek professional advice before making an investment or financial decision based on them. You should carefully consider whether any investment products/insurance products/services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances or seek financial advice. 

Submitting an application via InsureDIY does not automatically incept the policy as acceptance of the insurance application is by the insurer.

PLEASE READ the brochure and policy illustration carefully before applying.

In no event shall InsureDIY be liable to any party for any damages, claims, expenses or losses of any kind (whether direct, indirect, special, incidental, punitive, exemplary or consequential or otherwise) arising from or in connection with any use of or reliance on the accuracy, suitability and completeness of the contents.

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