Singapore, 10 September 2016 – To commemorate its 85th anniversary, Prudential Assurance Company Singapore (Pte) Limited (Prudential Singapore) today announced plans to offer financial assistance to low-income families in Singapore to help tide them through health and personal crises.
PRUcares – Prudential Singapore’s new community programme - is developed based on the principle of insurance, which is to provide peace of mind for people in times of crisis. Beneficiaries of PRUcares get immediate financial support in the event that they are unable to work and lose income due to illnesses, accidents or death. PRUcares is fully funded by Prudential Singapore and is offered at no cost to the beneficiaries.
PRUcares comes at a time of growing awareness about the protection gap among Singaporeans. Industry studies have shown that many Singaporeans are not adequately insured or not insured at all1. For low-income individuals with no insurance, an ongoing concern is that they may not be able to cope financially in times of crisis.
Mr Philip Seah, Prudential Singapore Chief Executive Officer, said PRUcares is the company’s way of giving back to the community which it has served for the last 85 years.
“As a life insurance company, providing financial security and peace of mind in times of crisis is central to our business. While we focus on serving the protection needs of our customers, we are mindful not to neglect the underprivileged among us. For low-income families, losing a breadwinner could bring about a tremendous amount of financial stress and in a worst-case scenario, could even mean having no food on the table. Through PRUcares, we want to offer some form of financial assistance to those who cannot afford insurance by bringing our expertise to bear.”
For a start, PRUcares will be made accessible to approximately 300 eligible families under the AWWA Family Service Centre2in a one-year pilot programme. Subsequently, the life insurer plans to extend PRUcares to more low-income families by collaborating with other voluntary welfare organisations in Singapore.
Under PRUcares, each eligible household will be given up to S$2,000 annually in the event that an accident or illness causes the family’s breadwinner to lose income for a certain period. There will be a death pay-out capped at $10,800 per year for each family in the event that the breadwinner passes away. The pay-out will be in the form of both cash and food vouchers.
PRUcares will benefit low-income families drawing less than S$2,000 household income a month or individuals with a monthly income of less than S$650. According to the Department of Statistics Singapore, two per cent of resident households locally have a monthly income of below $1,000 and almost six per cent have a monthly income of between $1,000 and $1,999.
Mr Edwin Yim, Director, AWWA Family Service Centre, said: “We are delighted to partner Prudential Singapore to offer PRUcares to our clients in this one-year pilot programme. Often, most of the clients we serve are faced with financial challenges due to sudden death of the breadwinner or when the breadwinner of the family is no longer able to work due to accidents or illnesses. Through this programme, besides providing financial assistance, we aim to walk the journey with affected families by providing psychosocial care and counselling in building resilience in them.”
PRUcares is the latest among several community programmes Prudential Singapore has supported in its efforts to give back to the community. The life insurer has sponsored The Boys’ Brigade Share-A-Gift project since 2009. It has also promoted financial literacy for children through the Cha-Ching Singapore School Tour. The Cha-Ching Singapore Tour was designed to teach young children basic money management concepts using interactive life-size game boards. The Cha-Ching Singapore School Tour was taken to nearly 6,500 students and community organisations in 2013 and 2014.
PRUcares brochure is available at www.prudential.com.sg/visit/prucaresbrochure
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$29.4 billion funds under management as at 30 June 2016. 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:
Tan Ping Ping / Elizabeth Wong
Prudential Assurance Company Singapore
Tel: +65 6704 7033 / +65 6704 7039
Email: Tan.Ping.Ping@prudential.com.sg /
Catherine Ong Associates
Tel: +65 6327 6086
1 Source: Life Insurance Association Singapore: 2011 Protection Gap Study – Singapore, 28 August 2012. Prudential Singapore Protection Poll 2016
2 AWWA Family Service Centre serves children, youths and families residing in Jalan Besar GRC. It enhances families’ capacity and capability to deal with life’s challenges from social work interventions such as casework and counselling to community-based programmes such as enrichment camps.