Analyse your life needs in detail and plan ahead for a brighter tomorrow.
PRUmortgage
We understand you want to safeguard your home from life's uncertainties.
Purchasing a new home isn't just about renovations, decorations and furnishings. Your home provides shelter and security for you and your loved ones. But a home requires protection too. PRUmortgage ensures your family will always remain sheltered by taking care of the outstanding mortgage payments if you or your spouse were to pass on.
Benefits^
- Provides financial protection for the outstanding capital of a mortgage loan in the event of you/your spouse's death during policy term and disability or terminal illness till 65 years of age
- Flexible terms of 10 to 35 years
- Available as a joint-life or individual policy
- Choice of a range of interest rates from 3% to 7% to ensure your home is adequately covered
| ^ | Terms and conditions apply |
How it works
The flexibility to buy individually or jointly
If you and your spouse jointly own the property, PRUmortgage offers you the option of dual coverage with two individual policies. Here's an example of how it works for a couple paying off a 30-year housing loan of S$300,000 at an interest rate of 4% p.a..
| Husband (Non-Smoker) | Wife (Non-Smoker) | |
| Age next birthday | 35 | 32 |
| PRUmortgage Annual Premium | S$3991 | S$2192 |
| Crisis Waiver III Annual Premium | S$14.764 | S$8.895 |
| Total Annual Premium | S$413.76 | S$227.89 |
Crisis Waiver III is a supplementary benefit which can be added to the PRUmortgage policy.
Alternatively, you can opt for a joint life PRUmortgage policy which pays off outstanding housing loans upon the death of either party7, and then the policy terminates.
| Joint Life Policy | |
| PRUmortgage Annual Premium |
S$563.253 |
| Crisis Waiver III Annual Premium | S$39.546 |
| Total Annual Premium | S$602.79 |
| 1 | Guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, for a PRUmortgage policy. |
| 2 | Guaranteed premium quoted is on an annual basis for a non-smoking female, age 32 next birthday, for a PRUmortgage policy. |
| 3 | Guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, and a non-smoking female, age 32 next birthday, for a PRUmortgage policy. |
| 4 | Non-guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, for a Crisis Wavier III supplementary benefit. |
| 5 | Non-guaranteed premium quoted is on an annual basis for a non-smoking female, age 32 next birthday, for a Crisis Wavier III supplementary benefit. |
| 6 | Non-guaranteed premium quoted is on an annual basis for a non-smoking male, age 35 next birthday, and a non-smoking female, age 32 next birthday, for a Crisis Waiver III supplementary benefit. |
| 7 | For joint life PRUmortgage policy, the benefits will be payable if either one of the two Life Assureds (first occurrence only) dies, becomes totally and permanently disabled or suffers terminal illness during the term of the policy. If both Life Assureds either die, become totally and permanently disabled or suffer terminal illness at the same time, we pay only for the first life assured (not both) named on the Certificate of Life Assurance. Please refer to the policy for specific details. |
Who can apply
- For those between 20 and 60 years of age seeking home mortgage insurance.
- From 10-year and up to a maximum of 35-year term product available for cash funds with Regular Premium payment
- Available as a standalone plan
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.
