Introduction
In today's uncertain world, protecting your financial future while saving for your goals is paramount. The Prusave 7th Series, offered by Prudential, is a comprehensive endowment plan designed to help you achieve both objectives. This innovative product combines disciplined savings with life protection, ensuring that you can work towards your dreams while safeguarding your loved ones. Whether you're planning for your child's education, a new home, or a comfortable retirement, Prusave 7th Series offers the flexibility and security you need to navigate life's journey with confidence.
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Type of Endowment Plan
Prusave 7th Series is a participating, regular premium endowment plan. As a participating plan, it offers the potential for higher returns through bonuses and dividends, although these are not guaranteed. The regular premium structure encourages disciplined savings over time, making it easier to build a substantial nest egg. This type of plan is ideal for those who prefer a structured approach to saving and are comfortable with some level of investment risk in exchange for potentially higher returns. However, it's important to note that the non-guaranteed portion of the returns can fluctuate based on the performance of Prudential's participating fund.
Coverage Customization
Prusave 7th Series offers a range of features that allow you to tailor your coverage and potential returns. From guaranteed benefits to potential bonuses, this plan is designed to meet your unique financial goals. Let's explore the key aspects of coverage customization available with this endowment plan.
Guaranteed Maturity Benefit
Secure Future Payout. Prusave 7th Series provides a guaranteed maturity benefit, ensuring a minimum payout at the end of your policy term. For example, a 20-year policy with a sum assured of S$70,000 guarantees this amount at maturity.
Non-guaranteed Bonuses and Dividends
Potential for Higher Returns. In addition to the guaranteed benefit, you may receive non-guaranteed bonuses and dividends. These can significantly boost your total payout, as seen in the example where a S$70,000 sum assured policy could potentially yield a total of S$117,103 at maturity.
Historical Performance
Track Record of Returns. While past performance doesn't guarantee future results, Prudential's participating fund has a history of providing returns. The product assumes a projected investment rate of return of 4.75% per annum for illustrative purposes.
Factors Affecting Non-guaranteed Returns
Understanding Variability. Non-guaranteed returns depend on the performance of Prudential's participating fund. Factors such as investment performance, claims experience, and expenses can affect these returns, which is why they may vary over time.
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Riders and Additional Benefits
Prusave 7th Series offers a range of supplementary benefits to enhance your coverage and provide additional financial security. These riders can be added to your base policy to create a comprehensive protection plan tailored to your specific needs. Let's explore the key riders and benefits available with this endowment plan.
Early Stage Crisis Waiver
Premium Relief for Early Diagnosis. This rider waives premium payments for 5 or 10 years upon diagnosis of Early or Intermediate Stage Medical Conditions, allowing you to focus on recovery without financial stress.
Crisis Waiver III
Critical Illness Protection. Upon diagnosis of any of the 35 listed Critical Illnesses, this rider waives future premium payments up to age 85 or until the end of the premium payment term, ensuring your policy remains in force.
Early Payer Security
Family Protection. This benefit waives premium payments for a fixed period if the payer is diagnosed with Early or Intermediate Stage Medical Conditions, safeguarding the policy for loved ones.
Payer Security III/Plus
Extended Family Protection. These riders waive premiums in case of the payer's Death, Critical Illness, or Total and Permanent Disability. Payer Security Plus offers coverage until the payer reaches 85 or the end of the premium payment term.
Surrender Value and Partial Withdrawals
While Prusave 7th Series is designed as a long-term savings plan, life's circumstances may require flexibility. Understanding the options for surrender and partial withdrawals is crucial for managing your policy effectively. Here's what you need to know about accessing your funds before maturity.
Surrender Value Calculation
Early Access Option. The surrender value is calculated based on the guaranteed and non-guaranteed components of your policy. However, early termination usually involves high costs, and the surrender value may be less than the total premiums paid.
Partial Withdrawal Options
Flexible Fund Access. While specific details are not provided in the product document, endowment plans typically offer partial withdrawal options. These allow you to access a portion of your policy's value while keeping the policy in force.
Surrender Charges and Fees
Cost of Early Termination. Early surrender of the policy may incur charges and fees. These are designed to cover the insurer's costs and encourage long-term policy retention. Specific details should be obtained from a Prudential Financial Consultant.
Claims and Customer Service
Prudential is committed to providing excellent customer service and a smooth claims process for Prusave 7th Series policyholders. To file a claim or seek assistance, you can contact Prudential's customer service team at 1800 333 0 333. For more detailed information about your policy or to discuss your coverage options, it's recommended to speak with a qualified Prudential Financial Consultant. They can provide personalized advice and guide you through the claims process if needed. Remember to have your policy details ready when contacting customer service to ensure efficient handling of your inquiries or claims.
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Conclusion
Prusave 7th Series offers a versatile savings and protection solution that can benefit various types of customers. It's particularly well-suited for young parents looking to save for their children's education while ensuring family protection. Additionally, individuals planning for retirement or those seeking a disciplined approach to long-term savings with life coverage may find this product appealing. Lastly, those who value the potential for higher returns through participating policies might consider Prusave 7th Series as a suitable option for their financial planning needs.
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