- First insurance savings plan that allows customers to continue to grow their wealth for longer, up to age 100 years, when the policy matures
- First insurance savings plan to feature option for secondary life assured so that wealth accumulation can continue in the event of unforeseen circumstances
- Ensures that customers’ capital remains intact after the 20th year
- Offers the opportunity to share in the profits of Prudential’s Participating Fund
Singapore,14 May 2015 - Prudential Assurance Company Singapore (Pte) Limited (“Prudential Singapore”) launches PRUwealth, a long-term insurance savings product for customers who want higher and more competitive returns with lesser impact from the risk of market volatility and effects of inflation. The plan is designed to deliver potentially higher returns to customers while ensuring that their capital remains intact after the 20th year. It also provides customers a longer period to grow their wealth, up to 100 years of age.
Whether it is the self-employed entrepreneur, the established professional, the young worker saving for the future, or the parent or grandparent who wants to leave a legacy for their children or grandchildren, the versatility of PRUwealth will meet the needs of anyone who wants to embark on safe and secure long-term wealth accumulation.
“In an environment of rising costs, pressures from inflation and continued low interest rate, customers find it challenging to find a financial product that can help counter inflation in the long term, while not having to worry about market volatility. PRUwealth is designed to help fill this gap in the market. It is the first insurance savings plan to allow customers to grow their wealth for longer, up to age 100. It is also the first to allow a secondary life assured, so that those who wish to leave a legacy for their children or grandchildren may do so. PRUwealth also provides stable growth in the long term while guaranteeing that your capital remains intact after the 20th year. And it allows customers to share in the profits of a Participating Fund through an insurance savings product,” said Tomas Urbanec, Chief Executive Officer of Prudential Singapore.
“According to the Department of Statistics Singapore, there is close to S$350 billion in the form of savings in banks¹. PRUwealth will serve the needs of these customers who are looking to grow their savings over the years,” added Urbanec.
Greater Rewards for a Longer Term
With PRUwealth, customers can continue to grow their wealth for a longer period of time - until the age of 100. By continuing to keep their money invested in PRUwealth, customers can enjoy a higher return of about 3.87%² or potentially even more.
The product is the first to allow customers to appoint loved ones as a secondary life assured. In the event of unforeseen circumstances, the appointed secondary life assured can continue to grow the wealth. This is especially relevant for those who want to leave a legacy for their future generations. PRUwealth is also the first insurance savings plan to ensure that customers’ capital remains intact after the 20th year so that they can keep it secure over a longer period of time.
The plan helps customers reap potentially greater returns from their savings as it enables them to share in the profits (via non-guaranteed bonuses) of Prudential’s Participating Fund. Stable medium to long-term returns can be achieved by benefiting from the smoothing process that evens out the ups and downs in investment markets. With Prudential Singapore’s AA Financial Strength Rating by credit rating agency, Standard & Poor’s and the company’s strong 84-year history of serving the savings, protection and investment needs of Singaporeans, PRUwealth customers will benefit from the strength and stability of the company and its performance.
Financial Flexibility and Fuss-free Application
PRUwealth provides customers with financial flexibility. As they accumulate wealth over a longer horizon, customers have the option to withdraw³ their money should the need arise. Whether it’s an important celebration or a family holiday, they have the flexibility of using their savings to fund key events in their life.
The plan also adapts to customers’ financial planning needs with short premium payment terms. With a choice of 5, 10 or 20-year premium payment terms, customers can choose a premium payment term that fits their needs. Furthermore, application for PRUwealth is also made simple as the plan does not require medical underwriting procedures.
¹Source: “Statistics Singapore – Household Sector Balace Sheet, Q4 2014”, Department of Statistics Singapore
²Projected returns are based on 20 years after premium payment term. This is based on a 5-year payment term of $10,000 annually.
³Any withdrawal will result in a reduction in the long term value of your policy. If you surrender the policy, the surrender value payable (if any) may be less than the total premiums paid.
ABOUT Prudential Assurance Company Singapore (Pte) Limited (Prudential Singapore)
Prudential Singapore, an indirect wholly-owned subsidiary of UK-based Prudential plc, is one of the top life insurance companies in Singapore. We have been serving the financial and protection needs of Singaporeans for 84 years. Our focus is to bring well-rounded financial solutions to customers through our multi-channel distribution network, with product offerings in Protection, Savings and Investment. We are one of the market leaders in Protection, Savings and Investment-linked plans with over S$27.8 billion funds under management as at 31 December 2014. In 2014, we were awarded an AA Financial Strength Rating by leading credit rating agency Standard & Poor’s.
For the last 11 consecutive years, we have been awarded the Gold Award in Reader’s Digest Trusted Brands. Since 2007, we have been conferred the People Developer Award by SPRING Singapore for our efforts in training and developing employees and in 2013 and 2014, we were presented with Asia’s Employer of the Year Brand Award by the Branding Institute and the World HRD Congress. Also in 2014, Prudential Singapore was awarded the NTUC Plaque of Commendation (Gold) Award and the Leading HR Practices in Quality Work-Life, Physical & Mental Well-Being Award.
For media enquiries, please contact:
Lorraine Lee Robert
Associate Vice President
Prudential Assurance Company Singapore
Tel: +65 6704 7033
Email: [email protected]
Catherine Ong Associates
Tel: +65 6327 6084
Email: [email protected]