i-CashLife (II) — A New Participating Whole Life Plan from China Taiping Insurance (Singapore)

Overview

i-CashLife (II) is a limited premium payment, participating whole life plan from China Taiping Insurance (Singapore) Pte. Ltd. that provides regular yearly cashbacks starting from the policy anniversary immediately after your chosen premium term ends, for as long as the policy remains in force. Each yearly cashback comprises a guaranteed yearly cashback (GYC) plus a non-guaranteed yearly cash dividend. The plan also pays a guaranteed loyalty cashback on the 20th policy anniversary and every 10 policy years thereafter. Premiums may be paid over 3 or 5 years, and the plan offers a secondary life insured option to ensure policy continuity upon the death of the primary life insured. The policy matures when the primary life insured reaches age next birthday 120, paying a lump sum maturity benefit. The insurer holds an A rating from A.M. Best.

How it compares

The comparison basis uses per-$100,000 sum assured figures, though note that the target product was quoted at age 47 while peers were quoted at age 35, so direct comparisons should be treated cautiously.

At $20,000 per year per $100,000 sum assured, i-CashLife (II) carries a significantly higher premium than FWD Life Income Plus ($10,000) and PRULifetime Income Plus (RP) ($10,000), though it is far lower than Singlife Flexi Life Income II's single premium of $73,017. The premium term for i-CashLife (II) is 2 to 5 years, shorter than the 6-to-10-year terms of the FWD and Prudential products.

At year 20, i-CashLife (II) shows a surrender value of $102,222 per $100,000 sum assured — comparable to FWD's $103,038 and ahead of Prudential's $90,600. However, the plan's 5-year net investment return is -0.03%, and its 5-year total expense ratio is 5.12%, notably higher than Prudential's 2.27% and Singlife's 2.59%. The plan's projected surrender yield ranges from 2.25% to 3.16% p.a., based on benefit illustration rates of 3.00% and 4.25%.

Pros

• Guaranteed yearly cashbacks commence from the 3rd or 5th policy anniversary, providing early and regular income
• Loyalty cashbacks on the 20th anniversary and every 10 years thereafter add long-term value
• Cashbacks do not reduce death, surrender, or maturity benefits
• Secondary life insured option allows policy continuity upon the primary life insured's death
• No underwriting required
• Guaranteed surrender value reaches 100% of Basic Sum Assured by the 5th policy year

Cons

• High premium relative to peers at $20,000 per $100,000 sum assured
• Negative 5-year net investment return (-0.03%) and high 5-year TER (5.12%) may weigh on non-guaranteed returns
• Non-guaranteed dividends vary with participating fund performance
• No SRS or CPFIS premium payment allowed
• No sum assured multiplier or guaranteed insurable option on life events
• Death benefit within first year (non-accident) only returns premiums paid without interest

Who it may suit

i-CashLife (II) may suit individuals seeking a short premium payment window (3 or 5 years) with regular, partially guaranteed cashbacks for life, and who value the secondary life insured feature for estate continuity. Those prioritising lower expense ratios or who require SRS/CPFIS funding may find other options more appropriate.

This is general information based on CompareFIRST.sg data, not financial advice. Premiums and features can change; please verify with the insurer or a MAS-licensed financial adviser before making any decision.