- PRUlifetime income provides Yearly Cash Benefit for life from as early as the second policy anniversary
- Policy can be transferred from parent to child to supplement their financial needs up to three generations
- Hassle-free application, medical underwriting not required
Singapore, 1 February 2016 – Prudential Assurance Company Singapore (Pte) Limited (Prudential Singapore) recently launched PRUlifetime income, a whole of life plan which provides financial protection against death or accidental disability. In addition, it provides Yearly Cash Benefit from the second policy anniversary, as long as the policy is still in force.
PRUlifetime income can also be transferred from a parent to a child, providing financial support over three generations, including the grandchild.
The Yearly Cash Benefit, comprising of guaranteed and non-guaranteed portions, may be payable from as early as the second policy anniversary. This makes it attractive to people looking for a stream of income to fund their expenses, save for their families or supplement their retirement income.
PRUlifetime income is also affordable with a minimum annual premium outlay of $2,400. Policyholders may receive Yearly Cash Benefit ranging from 1% to over 6% of the Face Value, depending on the performance of the participating funds which affects the amount of non-guaranteed Cash Benefit to be paid out.
Upon death or accidental disability of the life assured, the plan will pay out the higher of either 105% of total premiums paid to date or 101% of the plan’s surrender value, at the time of death. This includes any cash benefits deposited with Prudential.
Another attractive feature is the plan’s three-generational provision and protection. The policyholder (the “first generation”) can assign the plan to his or her child (the “second generation”) for the latter to receive the Yearly Cash Benefit throughout his or her life, as long as the policy is in force. When the second generation, who is the life assured, passes on, a sum of money can be gifted to the first policyholder’s grandchild (the “third generation”). This effectively allows the first generation to spread the benefits across three generations.
PRUlifetime income is ideal for families with children, but also singles, who want a stream of income, especially in their retirement years. Applying for the plan is easy and hassle free. No medical underwriting is required and acceptance is guaranteed.
“PRUlifetime income is designed for individuals who desire having a stream of income. While an individual’s needs and circumstances will change throughout his or her life, the plan will offer a stream of income for life,” says Angela Hunter, Executive Vice President and Chief Marketing Officer of Prudential Singapore. “Policyholders are also able to enjoy peace of mind, knowing that their children and their children’s children can continue to enjoy the financial support long after they are gone.”
The recent East Asia Retirement Survey by Global Aging Institute in partnership with Prudential Corporation Asia, found that 66 per cent of Singaporeans surveyed were concerned about having enough funds when they retire, and an overwhelming proportion, 88 per cent did not expect to depend financially on their children when they retire¹. The stream of income from the plan will most likely appeal to them.
Policyholders can choose to receive the payout if required, or accumulate it to potentially earn higher returns for future use. They can choose between PRUlifetime income’s 10 or 20-year premium payment term or the single premium option, PRUlifetime income premier, with a minimum single premium of $100,000.
¹Source: Richard Jackson and Tobias Peter, From Challenge to Opportunity: Wave 2 of the East Asia Retirement Survey (Global Aging Institute, 2015)
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 85 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 S$28.7 billion funds under management as at 30 June 2015. 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. Prudential Singapore was also awarded the NTUC Plaque of Commendation (Gold) Award in 2014, and the Singapore Human Resource Institute presented the company with the Leading HR Practices in Quality Work-Life, Physical & Mental Well-Being Award in 2014 and the Leading HR Practices in Lifelong Learning Award in 2015.
For media enquiries, please contact:
Manager, Corporate and Marketing Communications
Prudential Assurance Company Singapore
Tel: +65 6704 7039
Catherine Ong Associates
Tel: +65 6327 6084