How PRUmortgage refund works:

Mr. Lim (age 35, non-smoker) bought a house with his wife. They took a loan of S$500,000 for 25 years at an interest rate of 3% per annum. They also purchased PRUmortgage refund to cover their mortgage liability. However, on the 10th year, Mr. Lim passed away due to an unfortunate event.

Here is how PRUmortgage refund can help his wife cope with the mortgage liability.

Upon Mr. Lim’s passing, PRUmortgage refund will pay out a lump sum of S$361,000 to cover for the remaining mortgage loan, and the policy will terminate after the claim.

If Mr. and Mrs. Lim did not make any claim during the policy term, PRUmortgage refund will refund 100% of the total premium paid (S$2,623.25 x 22 = S$57,711.50) at the end of year 25.

1. Terms available from 10 to 35 years or up to age 75 next birthday, whichever is earlier.
2. For joint life PRUmortgage refund 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.
3. 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.
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 refund policy and Disability supplementary benefit
5. We will refund the total premiums paid (without interest) of the basic plan and inclusive of the Optional Disability Benefit, without interest, on the Cover Expiry Date of the policy provided no claim is made at the end of policy term.

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.

As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.

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 this insurance product 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.

In case of discrepancy between the English and Mandarin versions of the e-Brochures, the English version shall prevail.

Information is correct as at 10 December 2018.

This advertisement has not been reviewed by the Monetary Authority of Singapore.