QR-code

Receive a Lifetime of Yearly Income1 with China Life Lifetime Income Plan for a
More Financially Secure Future

  • Lifetime Yearly Income1
  • Capital Guaranteed2
  • Choice of Premium Payment Terms3 – 3, 5,10, 15, 20 and 25 Years
  • Choice of when to start receiving Yearly Income Stream4
  • Option to Accumulate Yearly Income Payouts at Prevailing Accumulation Interest Rate5
  • No Medical Check-Up Needed
  • Financial Protection against Death6 and Terminal Illness7

2 January 2019, Singapore – China Life Insurance Singapore has launched China Life Lifetime Income Plan that enables you to save and receive a lifetime of yearly income1. As the estimated average life expectancy of Singaporeans is 85.4 years by 2040 and Singapore is ranked third in the world for longest life expectancy*, it is getting increasingly important to enjoy a stream of lifetime income for a more financially secure future.

Mr Tony Chow, Chief Executive of China Life Insurance Singapore said, "Our plan not only helps address the rising concerns of not having adequate savings in one's later years, it also allows customers to start getting their income payouts as early as 5 years after their entry age. For example, if a 25-year-old customer buys this plan and chooses a premium payment term of 3 or 5 years, he can choose to get his income payout from age 30, which he can use as he pleases for his lifestyle or other needs. It is important that regardless of age, we need to build a nest egg to ensure that we can have a lifetime of yearly income1 with capital guarantee2 as our life expectancy rises. China Life Lifetime Income Plan gives you a range of premium payment terms to choose how long you would like to take to pay your premiums and when you would like to receive your yearly income and use it as you wish. What’s more, there is no medical check-up needed to enjoy the benefits of this plan."

China Life Lifetime Income Plan also provides cover against death6 and terminal illness7. The plan can be purchased from China Life distribution network.

*Source: A study by the Institute for Health Metrics and Evaluation titled "Forecasting life expectancy, years of life lost, and all-cause and cause-specific mortality for 250 causes of death: reference and alternative scenarios for 2016-40 for 195 countries and territories using data from the Golden Burden of Disease Study 2016.", 16 Oct 2018.

Footnotes:
  1. The yearly income will be payable from the end of the accumulation period as long as the life insured is alive and while the policy is in force. The yearly income comprises guaranteed yearly income at 2.2% of the sum insured and non-guaranteed yearly income (if any).
     
  2. The capital guarantee, which is derived based on yearly premium payment mode, applies only at the end of the Accumulation Period or the end of:
    1. 10th policy year for policies with a 3, 5 or 10-year premium payment term;
    2. 15th policy year for policies with a 15-year premium payment term;
    3. 20th policy year for policies with a 20-year premium payment term; or
    4. 25th policy year for policies with a 25-year premium payment term,
    whichever is earlier; and if all yearly premiums due on the policy have been paid before the end of the grace period.
     
  3. The premium payment term selected must be equal to or less than [75 less the life insured’s entry age].
     
  4. You can receive your yearly income from as early as in 5 years' time or begin as late as 40 years after the end of your chosen premium payment term. The accumulation period is the period from the end of the premium payment term to the date the first guaranteed yearly income is due. The accumulation period you select must not exceed [80 less (the sum of the life insured’s entry age and premium payment term)] years.
     
  5. You may choose to receive the yearly income payouts or accumulate them with us at the prevailing non-guaranteed interest rate of 3.25%p.a. based on the participating fund earning an illustrated investment rate of return of 4.75%p.a. or 2.25%p.a. if the illustrated investment rate of return is 3.25%p.a.
     
  6. If the life insured dies while the plan is in force, we will pay the sum of:
    1. 108% of the total yearly premiums due to-date or the guaranteed cash value, whichever is higher;
    2. a non-guaranteed terminal bonus (if any);
    3. accumulated guaranteed yearly income and non-guaranteed yearly income (if any); and
    4. interest on the accumulated guaranteed yearly income and non-guaranteed yearly income (if any),
    less amounts owing (if any), outstanding premium (if any) and future installment premiums which are required to make up the full year's premiums (if any).
     
  7. If the life insured is diagnosed with a terminal illness while the policy is in force, we will advance the death benefit.

 

About China Life Insurance (Singapore) Pte. Ltd.

Established in 2015, China Life Insurance (Singapore) Pte. Ltd. is a licensed life insurer which is regulated by the Monetary Authority of Singapore. As part of China Life Insurance (Group) Company ("China Life") which is the largest financial insurance corporation in China, we are backed by its financial strength and established heritage. China Life is a Fortune Global 500 company, ranked 42 in 2018, for 16 consecutive years. It is an influential global brand with a brand value of over USD48.16 billion*.

Our parent company, China Life Insurance (Overseas) Company Limited ("China Life (Overseas)") is a whollyowned subsidiary of China Life. It is a leading life insurance company in Hong Kong and Macau with an asset value of more than USD38.22 billion (December 2017) and its premium income exceeded USD8.92 billion in 2017. Its financial rating by Moody's was "A1" (insurance financial strength rating in September 2017) and by Standard & Poor's was "A" (long-term local currency issuer credit rating and insurer financial strength rating in January 2018). China Life (Overseas) has extended its footprint in Southeast Asia region in recent years, and established Singapore and Indonesia subsidiaries in 2015 and 2018 respectively.

We are a socially responsible company committed to offering value-added financial solutions to customers to fulfill their protection, savings, retirement and legacy planning needs. We also believe in giving back to society through our corporate social responsibility activities to make a positive impact on the community and our customers. This resonates with the Belt and Road Initiative to increasingly engage our socio-business influence here.

*Source: Top 500 Most Valuable Chinese Brands 2018 by World Brand Lab

 

Media Contact:

Ms Abigail Han
Deputy Head, Marketing
China Life Insurance (Singapore) Pte. Ltd.
Tel: +65 6727 4837
Email: AbigailHan@chinalife.com.sg