The policy is aimed at high net worth and mass affluent clients.

China Taiping Insurance Singapore has rolled out a single premium participating whole life plan, called Infinite Harvest, aimed at the mass-affluent and high net worth client segments.

The policy comprises a one-time premium payment for a lifetime of monthly income starting from the fifth policy anniversary. Monthly income adds up to 4.27 per cent of the single premium, the firm said in a statement earlier this week.

The firm added that the policy offers immediate liquidity with a guaranteed cash value of 80 per cent of the single premium which will increase throughout the policy years.

“Infinite Harvest is the first product of our Infinite series and a cornerstone of legacy planning from wealth accumulation to transfer. It is specially crafted for parents to create a gift of love beyond generations or for individuals who wish to build a passive stream of lifetime income to supplement their lifestyle,” Lance Tay, general manager of life insurance, China Taiping Insurance Singapore, said.

The minimum single premium is S$112,412 ($73,000) for a lifetime monthly payout of S$4,001.

This publication has covered the different ways in which insurance forms part of the wealth management toolkit. For example, Singapore Life recently won regulatory clearance in Singapore, offering services such as critical illness and term life policies.