Investment Linked Plan

PRULifetime Income Plus: Secure Your Future with Lifelong Financial Stability

Have you ever wondered how to maintain your lifestyle and pursue your passions even after retirement? Or perhaps you're concerned about providing for your loved ones in the long term? If these thoughts have crossed your mind, you're not alone. Many Singaporeans are looking for ways to secure their financial future while still enjoying life to the fullest. This is where PRULifetime Income Plus comes into play.

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What is PRULifetime Income Plus?

PRULifetime Income Plus is a participating whole life insurance plan offered by Prudential Singapore. It's designed to provide you with a lifetime of regular monthly cash benefits while also offering coverage against death and other life uncertainties. This plan is perfect for those who want to future-proof their financial well-being and live life without compromises.

Key Features of PRULifetime Income Plus

Lifetime Monthly Income

Starting from the 49th policy month, you'll receive a monthly cash benefit for as long as the life assured lives . This feature ensures a steady stream of income throughout your lifetime.

Flexible Premium Payment Terms

You have the option to choose between a 4-year or 10-year premium payment term , allowing you to select the option that best fits your financial planning.

Wealth Growth Opportunity

You can choose to accumulate your monthly income with Prudential , potentially earning annual interest. This feature allows your wealth to grow over time.

Flexibility in Wealth Management

The policy allows you to change the life assured to a loved one for legacy planning or to an employee for corporate-owned policies. This flexibility enables you to adapt the policy to your changing needs.

Comprehensive Life Coverage

In the event of death, your beneficiaries will receive a lump-sum payout. If you're diagnosed with total and permanent disability during the premium payment term, all future premiums will be waived .

Retrenchment Benefit

If you're retrenched during the premium payment term, you'll receive a one-time lump sum payout , providing financial support during challenging times.

Why compare PRULifetime Income Plus with other Investment Linked Plan options through Whatins?

Traditional Approach

  • Limited to one company's fund options
  • Only hear about advisor's preferred funds
  • Single perspective on investment strategy

Whatins Advantage

  • Compare fund options across multiple insurers
  • Get different views on investment strategies
  • See how different advisors approach fund selection
  • Understand varied fee structures

In summary: If you want more control and multiple suggestions, then Whatins is the way to go.

How PRULifetime Income Plus Works

Monthly Cash Benefit

From the 49th policy month onwards, you'll receive both guaranteed and non-guaranteed monthly cash benefits:br>- Guaranteed: 0.864% p.a. of Face Valuebr>- Non-guaranteed: 2.004% p.a. of Face Valuebr>(Face Value = Annual Premium × Premium Payment Term)

Death and Accidental Death Benefit

In case of death, your beneficiaries will receive the higher of:br>- 101% of total premiums paid, orbr>- 101% of the surrender value at the time of deathbr>Plus any accumulated cash benefits, less any owed amounts.br>br>For accidental death, the benefit increases to 105% of total premiums paid.

Disability Waiver Benefit

If the life assured becomes totally and permanently disabled before age 70 or before the end of the premium payment term (whichever is earlier), all future premiums will be waived .

Retrenchment Benefit

If you're retrenched during the premium payment term, you'll receive a one-time payout:br>- For 4-year premium payment term: 50% of the annualized premiumbr>- For 10-year premium payment term: 100% of the annualized premium

Change of Life Assured

You can change the life assured once throughout the policy term for individually owned policies, and unlimited times for corporate-owned policies after the premium payment term.

Real-Life Scenario: How PRULifetime Income Plus Can Work for You

Let's consider the case of Aaron, a 35-year-old finance manager who wants to semi-retire in a few years while still taking care of his family's needs. He purchases PRULifetime Income Plus with his wife Jane (also 35) as the life assured, paying a premium of S$50,000 per year for 10 years.

Here's how the policy benefits Aaron and his family over time:

  • At age 35: Aaron starts the policy, committing to S$50,000 annual premium for 10 years.
  • At age 40: Aaron chooses to accumulate his monthly cash benefits.
  • At age 43: Aaron is retrenched but receives a one-time payout of S$50,000 from the policy.
  • At age 45: Aaron semi-retires and starts withdrawing the monthly cash benefit of S$1,195.
  • At age 50: Aaron withdraws S$50,000 to pay for his son's tertiary education.
  • At age 75: Aaron transfers the policy to Jane, who starts receiving the monthly cash benefit.
  • At age 96: Jane passes away, and her family receives a death benefit payout of S$777,182.

In total, Aaron and his family receive benefits worth S$1.6 million, which is 3.3 times the total premium paid. This includes:

  • Total Monthly Cash Benefit: S$745,680
  • Retrenchment Benefit and Withdrawals: S$100,000
  • Death Benefit: S$777,182

Pros and Cons of PRULifetime Income Plus

Pros

  • Lifetime income stream

  • Flexibility in premium payment terms

  • Potential for wealth growth

  • Comprehensive life coverage

  • Retrenchment protection

  • Easy application process

  • Option to change life assured

Cons

  • Long-term commitment required

  • Early termination may result in significant losses

  • Non-guaranteed benefits are subject to market performance

  • Limited to two premium payment term options

Is PRULifetime Income Plus Right for You?

PRULifetime Income Plus could be an excellent choice if you:

  1. Want a steady income stream for life
  1. Are looking for a way to grow your wealth over time
  1. Want to provide financial security for your loved ones
  1. Are concerned about retrenchment during your working years
  1. Want flexibility in managing your policy for legacy planning

However, it may not be suitable if you:

  1. Cannot commit to the premium payment terms
  1. Need more flexibility in premium payments
  1. Are looking for short-term insurance coverage

Frequently Asked Questions

Can I change the premium payment term after starting the policy?

It's best to check with Prudential directly, as policy terms may vary.

What happens if I can't pay the premiums during the payment term?

There may be a grace period, but failing to pay premiums could result in policy lapse. Check the policy terms for specific details.

Can I withdraw the accumulated cash benefits at any time?

Generally, yes, but it's best to confirm the specific terms with your Prudential Financial Consultant.

Is the interest rate for accumulated cash benefits guaranteed?

No, the interest rate is not guaranteed and is subject to change.

What happens if I want to terminate the policy early?

Early termination usually involves high costs, and the surrender value may be less than the total premiums paid.

Conclusion

PRULifetime Income Plus offers a comprehensive solution for those looking to secure their financial future while enjoying life to the fullest. With its lifetime income stream, potential for wealth growth, and additional protections against life's uncertainties, it provides a robust foundation for long-term financial planning.

However, as with any financial decision, it's crucial to carefully consider your personal circumstances, financial goals, and risk tolerance before committing to a policy. While PRULifetime Income Plus offers many attractive features, it's a long-term commitment that requires careful consideration.

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