Analyse your life needs in detail and plan ahead for a brighter tomorrow.
PRUlife limited pay
We understand that you want lifelong coverage with a shorter premium payout period.
PRUlife limited pay is a plan that gives you lifelong protection accompanied by shorter premium term options. While your protection carries on for life, you enjoy the option of completing premium payments earlier to lighten your financial commitments later in life.
Benefits^
- Provides lifetime financial protection against death, disability and terminal illness till age 65
- Requires premium payment for 10, 15 or 25 years only
- Accumulates cash values during course of policy, giving potentially higher savings over time
- Enjoys increased protection over time from growing bonuses (non-guaranteed)
- Accelerates your life insurance protection amount and proportionate bonuses (non-guaranteed) up to $2 million in a lump sum in the unfortunate event of total and permanent disability 6 months after the disability, and the rest of the amount (including remaining non-guaranteed bonuses) 12 months later, upon terminal illness or upon death
- Choice of cashing in the bonuses (non-guaranteed) accumulated
- Increased protection from growing bonuses (non-guaranteed)
- Option to borrow up to 90% of policy's cash value**
- Interest-free loans to cover medical expenses resulting from a surgical operation+
- Acquires surrender value
- Add on these supplementary benefits for more comprehensive coverage
- Disability Provider Limited Pay III++ provides you with financial aid every year till age 65 should you become disabled due to injury.
- Crisis Cover Limited Pay III ensures you have access to funds when you need it the most by allowing you to pay off your premiums within a shorter period
- Crisis Waiver III waives your future premiums should you be diagnosed with any one of the 30 critical illnesses
| ^ | Terms and conditions apply |
| ** | There is an annual interest rate on the loan amount, which is non-guaranteed and subject to change. |
| + | This loan is available at the discretion of the insurance product provider and may be granted upon satisfying the required conditions. |
| ++ | This supplementary benefit can only be attached to PRUlife limited pay (15 years) at inception of the policy. |
How it works
Case Study 1: Juvenile
Mrs Tan, aged 30 (female, non-smoker) wish to purchase a basic insurance plan for her son, Alvin, aged 1 (male, non-smoker), which provides him with lifetime coverage. She intends to set aside $78 a month for 25 years such that Alvin will not need to pay anymore premium to continue enjoying the coverage after he grows up. She bought a PRUlife limited pay policy, with a premium payment term of 25 years, to insure Alvin with a sum assured of $100,000. Depending on Alvin's needs and preference, he may use the cash values accumulated under PRUlife limited pay for investments or to start up a business in the future.
| End of Policy Year | Basic Premiums Paid* | Death Benefit | Surrender Value# | ||||
| Guaranteed | Non-Guaranteed | Total | Guaranteed | Non-Guaranteed | Total | ||
| 25 | $23,375 | $100,000 | $75,128 | $175,128 | $15,526 | $12,376 | $27,902 |
| 30 | $23,375 | $100,000 | $93,123 | $193,123 | $18,243 | $17,102 | $35,345 |
| * | Premiums quoted are based on a non-smoking male aged 1 on his next birthday with PRUlife limited pay, with a sum assured of $100,000. |
| # | The illustrated values use bonus rate assuming a projected investment rate of return of 5.25% p.a.. As the bonus rates are not guaranteed, the actual benefits payable will vary according to the future performance of the Participating Fund. |
Case Study 2: Adult
Mr Lee, aged 35 (male, non-smoker) wishes to stop paying premium after he reaches age 50 to enjoy lifetime coverage. By setting aside $245 per month for 15 years, Mr Lee is covered under PRUlife limited pay (premium term of 15 years), for a sum assured of $100,000. His coverage under PRUlife limited pay will continue after he stops paying premium at age 50 and cash values will continue to grow.
| End of Policy Year | Basic Premiums Paid* | Death Benefit | Surrender Value# | ||||
| Guaranteed | Non-Guaranteed | Total | Guaranteed | Non-Guaranteed | Total | ||
| 15 | $44,115 | $100,000 | $31,004 | $131,004 | $33,693 | $7,563 | $41,256 |
| 20 | $44,115 | $100,000 | $61,337 | $161,337 | $39,240 | $26,617 | $65,856 |
| 30 | $44,115 | $100,000 | $93,123 | $193,123 | $51,486 | $48,265 | $99,751 |
| * | Premiums quoted are based on a non-smoking male aged 35 on his next birthday with PRUlife limited pay, with a sum assured of $100,000. |
| # | The illustrated values use bonus rate assuming a projected investment rate of return of 5.25% p.a.. As the bonus rates are not guaranteed, the actual benefits payable will vary according to the future performance of the Participating Fund. |
Who can apply
- For those seeking basic lifetime insurance cover and savings
- Available for:
- those between 1 and 70 years of age for PRUlife limited pay (10 years)
- those between 1 and 65 years of age for PRUlife limited pay (15 years)
- those between 1 and 55 years of age for PRUlife limited pay (25 years)
- A whole of life product available for cash funds with Regular Premium payment period of just 10, 15 or 25 years
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Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high cost and the surrender value payable may be less than the total premiums paid.
This is not a contract of insurance and reference should be made to the respective policies for the exact terms and conditions applicable to the insurance policy. Please refer to the exact terms, conditions, exclusions and specific details applicable to this insurance in the policy document that can be obtained from a Prudential Financial Consultant.
The information contained in this website is not required to be reviewed or endorsed by the Monetary Authority of Singapore.
Information correct as at 30 March 2011.
