PRUmortgage

We understand you want to safeguard your home from life's uncertainties.

While your home represents shelter and security for you and your loved ones, sometimes it needs protection too. PRUmortgage is a reducing term insurance plan that ensures your family will always have a shelter, by taking care of the outstanding mortgage payments should the unforeseen happen.

 

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Highlights

10 to 35 years 

Policy Term

1-7 percent 

Range of interest rate for selection

joint life or individual  

Available as joint life or individual policy

Product Details

 
Product Type

Term

Payment Term

Regular Premium:

Premium Term is 3 years less than the Policy Term

Policy Term

10 to 35 years or up to 75 Age Next Birthday less Age Next Birthday at entry, whichever is lower

Issuance Age

20 to 60 Age Next Birthday

Limits

Minimum Sum Assured:

  • $10,000

Maximum Sum Assured:

  • Amount of Housing Loan
Maturity Benefit

Not Applicable

Death Benefit

Scheduled sum assured (which reduces annually at policy anniversaries) will be paid in one lump sum

Total & Permanent Disability Benefit

Rider Available

Cash Benefit

Not Applicable

Critical Illness Benefit

Not Applicable

Accidental Death Benefit

Not Applicable

Enhance Your Coverage

Disability1, Crisis Waiver III, Early Stage Crisis Waiver

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 25-year housing loan of S$500,000 at an interest rate of 3% p.a..

  Husband (Non-Smoker) Wife (Non-Smoker)
Age next birthday 40 35
PRUmortgage Annual Premium S$6952 S$2953
Disability Annual Premium S$655 S$306
Crisis Waiver III Annual Premium S$35.278 S$13.689
Total Annual Premium S$795.27 S$338.68

 

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 party11, and then the policy terminates.

  Joint Life Policy
PRUmortgage Annual Premium S$916.254
Disability Annual Premium S$87.507
Crisis Waiver III Annual Premium S$80.3710
Total Annual Premium S$1,084.12

Footnotes:

  1. Optional Disability Benefit provides coverage against Total & Permanent Disability during the term of the policy and can only be added at the start of the policy.
  2. Guaranteed premium quoted is on an annual basis for a non-smoking male, age 40 next birthday, for a PRUmortgage policy.
  3. Guaranteed premium quoted is on an annual basis for a non-smoking female, age 35 next birthday, for a PRUmortgage policy.
  4. Guaranteed premium quoted is on an annual basis for a non-smoking male, age 40 next birthday, and a non-smoking female, age 35 next birthday, for a PRUmortgage policy.
  5. Guaranteed premium quoted is on an annual basis for a non-smoking male, age 40 next birthday, for an Disability supplementary benefit.
  6. Guaranteed premium quoted is on an annual basis for a non-smoking female, age 35 next birthday, for an Disability supplementary benefit.
  7. Guaranteed premium quoted is on an annual basis for a non-smoking male, age 40 next birthday, and a non-smoking female, age 35 next birthday, for Disability supplementary benefit.
  8. Non-guaranteed premium quoted is on an annual basis for a non-smoking male, age 40 next birthday, for a Crisis Waiver III supplementary benefit.
  9. Non-guaranteed premium quoted is on an annual basis for a non-smoking female, age 35 next birthday, for a Crisis Waiver III supplementary benefit.
  10. Non-guaranteed premium quoted is on an annual basis for a non-smoking male, age 40 next birthday, and a non-smoking female, age 35 next birthday, for a Crisis Waiver III supplementary benefit.
  11. 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.

 

Note:

You are recommended to read the product summary and seek advice from a qualified Prudential Financial Consultant for a financial analysis before purchasing a policy suitable to meet your needs. Buying a life insurance policy is a long-term commitment.

This plan has no cash value.

Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. Premiums for some of the supplementary benefits are not guaranteed and may be adjusted based on future claims experience.

The information on this website is for reference only and is not a contract of insurance. Please refer to the exact terms and conditions, specific details and exclusions applicable to these insurance products in the policy documents that can be obtained from your Prudential Financial Consultant.

The information contained on this website is intended to be valid in Singapore only and shall not be construed as an offer to sell or solicitation to buy or provision of any insurance product outside Singapore.

Information is correct as at 8 March 2018.

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