UOB PRUlife is a whole life insurance plan designed to provide financial protection to your loved ones when you are no longer around. The policy provides coverage against death, total/permanent disability, and terminal illness. In case something unfortunate happens, the policy secures the financial future of your family by paying out a lump sum amount, which would include the sum assured and non-guaranteed bonuses.
Features and Benefits of UOB PRUlife
- Comprehensive coverage: The policy protects you and your loved ones against death, total/permanent disability, and terminal illness. Terminal illness and total/permanent disability are covered till the age of 65.
- Non-guaranteed bonuses: The policy accumulates bonuses in the form of reversionary and performance bonuses. These bonuses are paid out with the sum assured in case of an unfortunate event. The payout will vary as per the performance of participating funds.
- Limited premium payment term: You need to pay premiums for a limited period while enjoying lifetime coverage. The policy allows you to finish off your premium payments in the initial years, so you have one less thing to worry about in your later years. You can choose to pay your premium up to the age of 85 (the next birthday) as well.
- Early coverage: With this policy, you can also ensure protection for your child in early stages of their life.
- Ease of increasing the coverage: With PRUlife, you won’t need to go through any medical examination when you buy a new plan to increase the coverage in future. However, the new policy’s sum assured can’t be more than one-fourth of your original sum insured or S$150,000, whichever amount is lower. Also, you can’t use this option of buying a new policy more than twice in your entire life.
Optional riders: You can further enhance the coverage of your policy by opting for various supplementary riders such as:
- Crisis Cover III: You will be covered against 36 critical illnesses as defined in the policy. The minimum sum assured under this benefit is S$10,000 and the maximum sum assured is S$3.6 million.
- Early Stage Crisis Waiver: This benefit waives your premium payments for a certain period after you are diagnosed with an early/intermediate stage medical problem. It helps you focus on your treatment without worrying about premium payments. The maximum premium waived under this benefit is S$15,000 per year.
- Crisis Waiver III: If you have this benefit and are diagnosed with any of the 35 listed critical illnesses, the rest of the premium payments will be waived off.
- Early Payer Security: This benefit waives your premium for up to 10 years after you are diagnosed with early/intermediate stage medical issue. Maximum premium waived under this benefit is S$15,000 per year.
- Payer Security III/Payer Security Plus: These benefits are designed to protect the insurance policies of your loved ones, should something unfortunate happens with you. Payer Security III covers the premium payments (up to S$15,000 per year) of your child’s policy till the policy anniversary before he/she reaches the age of 25 or till the end of policy term, whichever happens earlier. On the other hand, Payer Security Plus covers the premium payments of the policy of your loved one till the policy anniversary before you reach the age of 85 or till the end of policy term, whichever happens earlier.
How to Apply for UOB PRUlife
To apply for this policy, you can visit any nearest branch of the bank. Alternatively, you can leave your contact details on UOB’s website, so the bank can reach out to you.
How to Make a Claim Under UOB PRUlife
To make a claim under this policy, you will have to fill out a claim form. After filling out the form, you will have to send it to UOB along with the supporting documents.