• Prudential Life Insurance

    Life insurance provides you with benefits that not only last a lifetime, but carry on after by financially securing your family. Enjoying life and not worrying about finance is a dream of many, but as life is short and unpredictable, we feel the responsibility of ensuring the well-being of our loved ones when we are gone. Saving for the future will go a long way when the time comes for major life events and retirement, and even to safeguard your loved ones when we all have to meet the inevitable.

    About Prudential plc.

    Prudential plc. is a UK-based company providing customers with financial protection and solutions. The 140-year old company set up in Singapore 84 years ago to cater to the financial needs of the Singaporeans by providing an extensive range of financial services and products for the purpose of protection, savings, and investments through its multi-channel distribution network.

    Types of Prudential Whole Life insurance

    PRUlife

    An insurance plan designed to protect your family’s future in the event of the death, terminal illness, and total and permanent disability (TPD).

    Features

    • Lifetime financial protection during the term of the policy or before the anniversary of the policy which is attaining the age of 65.
    • Lump sum payout with accumulated bonuses.
    • Option to buy a new plan to increase coverage upon significant events of your life without underwriting. This option is available only twice in the lifetime of insured life and can only be up to a maximum of 25% of the original sum or S$150,000, whichever is lesser, for each new plan.

    Add ons

    • Crises Cover III – If diagnosed with any of the 36 listed critical illnesses (CI), a lump sum payout will be advanced.
    • Crisis Waiver III – If diagnosed with any of the 35 listed critical illnesses, the remaining premium payments will be waived.
    • Comprehensive Personal Accident III –In case of accidental dismemberment or death, an additional lump sum is paid out. There is an option available to be reimbursed for medical expenses or receive a weekly income when you are unable to work.
    • Early stage Crisis Waiver – If diagnosed with early or intermediate stage of medical conditions, premium payments are waived for a fixed period.
    • Payer Security III – In the event of death, CI or TPD, this rider will safeguard your child’s policy by covering the remaining premiums till the child attains the age of 25 or the end of the premium term, whichever is earlier.

    PRUlink protection plus account

    A comprehensive life insurance against death, terminal illness, critical illness and Total and Permanent Disability, for ages 1 to 60 years with an element of investment.

    Features

    • Flexible coverage – choice to change the sum assured at any time, with coverage of up to 150 times the annual premium.
    • Retirement investment – redirect your premiums to investments by decreasing the death, TI and TPD coverage to zero, towards the retirement years of life.
    • Flexible investment – Manage and switch funds to your investment needs at no charge.
    • Maximise unit allocation for investments – reach your financial goals faster by paying premiums annually, and increasing your premiums. From the 4th year of the policy, you can fully allocate your premiums to purchase units. From the 10th year, get 107% unit allocation.

    Add ons

    • Early stage Crisis Waiver - If diagnosed with early or intermediate stage of medical conditions, premium payments are waived for a fixed period. Comes with a choice of coverage terms of 55, 60, 65, 70, 75 and 85 years.
    • Crisis Waiver III - If diagnosed with any of the 35 listed critical illnesses, the remaining premium payments will be waived. Comes with a choice of coverage terms of 55, 60, 65, 70, 75 and 85 years.
    • Early Crisis Cover Provider and Crisis Cover Provider III – for coverage against early stages of cancer and CI.
    • Enhanced Accumulator Option (EAO) - allows you to put 100% of your premiums to unit allocation

    PRUlife Limited Pay

    Limited pay provides a whole life plan to protect your loved ones in the event of death, terminal illness, and total and permanent disability with the option of paying off premiums earlier so as to ease financial strains in the future.

    Features

    • Limited premium payment term with profits
    • Flexible terms of payment of 10, 15 or 25 years
    • Buy a new plan during significant events of your life without underwriting.

    Add ons

    • Comprehensive Personal Accident III –In case of accidental dismemberment or death, an additional lump sum is paid out. There is an option available to be reimbursed for medical expenses or receive a weekly income when you are unable to work.
    • Early stage Crisis Waiver - If diagnosed with early or intermediate stage of medical conditions, premium payments are waived for a fixed period.
    • Crisis Waiver III – If diagnosed with any of the 35 listed critical illnesses, the remaining premium payments will be waived.
    • Payer Security III – In the event of death, CI or TPD, this rider will safeguard your child’s policy by covering the remaining premiums till the child attains the age of 25 or the end of the premium term, whichever is earlier.

    PRUlife multiplier

    A whole life plan with shorter premium payment terms with guaranteed high payout to your loved ones of up to 3 times the sum assured in case of death, terminal illness, and total and permanent disability, and 2.5 times in case of CI.

    Features

    • Flexible payment terms of 10, 15, and 25 years.
    • Multiplier benefit - in case of unforeseen events before the age of 65, this ensures your loved ones will be provided with a percentage of the sum assured. The percentage depends on the age of the life assured at the cover start date.
    • From the age of 65, coverage continues for death and CI with a payout of sum assured plus additional bonuses.
    • Options to purchase another whole life, endowment or term plan upon life events without medical evidence.

    Add ons

    • Comprehensive Personal Accident III –In case of accidental dismemberment or death, an additional lump sum is paid out. There is an option available to be reimbursed for medical expenses or receive a weekly income when you are unable to work.
    • Payer Security III – In the event of death, CI or TPD, this rider will safeguard your child’s policy by covering the remaining premiums till the child attains the age of 25 or the end of the premium term, whichever is earlier.
    • Early Crisis Cover Limited Pay – limited premium term which provides extensive coverage for early to late stages of CI. Payout will not reduce the sum assured for PRUlife multiplier.
    • Early Crisis Cover Multiplier - protection for early and intermediate stages of critical illnesses.

    PRUlink heritage account

    Heritage account provides whole life protection including terminal illness, and total and permanent disability benefit up to the age of 65 with more investment options and flexibility, available to those between the ages of 1 to 55.

    Features

    • Unit allocation up to 107% in the 10th year of the policy.
    • Flexibility to increase or decrease premiums.
    • Partial withdrawals allowed.
    • Unlimited fund switching at no charge.
    • Level monthly assurance charges that cease after 25 years. Any increase in premiums will result in assurance charges for 25 years on the increased portion starting from the date of increase.
    • Option of PRUlink funds to customize a diversified portfolio. This is managed professionally by Eastspring Investments (Singapore) Limited.

    Add ons

    • Top-up premium –A lump sum premium that helps you build your wealth faster with potentially high returns. A net sales charge and a non-guaranteed top-up administration fee, currently zero, is applicable.
    • Crisis Waiver III – If diagnosed with any of the 35 listed critical illnesses, the remaining premium payments will be waived.
    • Payer Security III – In the event of death, CI or TPD, this rider will safeguard your child’s policy by covering the remaining premiums till the child attains the age of 25 or the end of the premium term, whichever is earlier.

    Compare Prudential Life Insurance With Other Insurance Companies Offering Life Insurance in Singapore

    FAQs - Prudential Life Insurance

    1. Can I avail of a loan against my insurance policy?

      Yes, but withdrawals and loans will affect the value of your policy and death benefits and may consequently lead to taxes.

    2. What do I do if I’ve lost my policy?

      You can request for an All Values Quote Letter which will have the current information on your policy, including your death benefit information and loan value. It also contains everything you need to submit a claim.

    3. In case of the crisis waiver, till when is the premium payment waived?

      Future premiums are waived up to 85 years or till the end of the premium payment term, whichever is earlier. Under the Early Stage Crisis Waiver Benefit, 10 years is the maximum premium waiver, after which premium payment will resume.

    4. Can I cancel my insurance policy?

      Yes. Be aware that early termination of a policy affects the surrender value payable (if any) and it may be less than the total premiums paid. It also may involve penalties and high costs.

    5. Are there any hidden costs or charges?

      Prudential Life reserves the right to levy fees for a host of add ons and benefits which differs for each life insurance plans. Please read the offer document or product summary to know details regarding the policy chosen by you.

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