Introduction
In today's uncertain world, securing your family's financial future is paramount. PRUWealth Plus (SGD) offers a comprehensive solution to grow your savings while protecting you from life's uncertainties. This innovative plan from Prudential combines the benefits of wealth accumulation, flexibility, and protection to help you meet your family's long-term goals with confidence. Whether you're saving for your child's education, planning for retirement, or simply want to build a financial safety net, PRUWealth Plus (SGD) provides the tools to maximize your savings potential and adapt to your changing needs over time.
Type of Endowment Plan
PRUWealth Plus (SGD) is a participating endowment plan that offers both regular and single premium options. As a participating plan, it provides potential for higher returns through non-guaranteed bonuses, in addition to the guaranteed benefits. This structure allows policyholders to potentially benefit from the performance of Prudential's participating fund. The plan offers premium payment terms of 5, 10, 15, and 20 years for regular premium options, as well as a single premium option. For those using their Supplementary Retirement Scheme (SRS) funds, the single premium option is available, providing a tax-efficient way to grow your savings.
Coverage Customization
PRUWealth Plus (SGD) offers a range of features to help you tailor your coverage and maximize your savings potential. From guaranteed maturity benefits to non-guaranteed bonuses, this plan provides multiple avenues for wealth accumulation. Let's explore the key aspects of coverage customization available with PRUWealth Plus (SGD).
Capital Guarantee
Peace of Mind. PRUWealth Plus (SGD) provides capital guarantee after a specified period, depending on your chosen premium payment term. For single premium policies, capital is guaranteed after the 10th year, while for regular premium policies, it ranges from the 15th to 19th year.
Potential Returns
Growth Opportunity. The plan offers potential returns through non-guaranteed bonuses, allowing your savings to grow up to age 130 of the life assured. This long-term growth potential can significantly increase the value of your policy over time.
Fund Performance
Track Record. While historical performance is not indicative of future results, Prudential's participating fund has a proven track record. However, specific historical performance data is not provided in the given product information.
Return Factors
Market Influence. Non-guaranteed returns are affected by the performance of the participating fund, which is influenced by factors such as investment performance, claims experience, and expenses incurred by or allocated to the fund.
Riders and Additional Benefits
PRUWealth Plus (SGD) goes beyond basic savings by offering a range of additional benefits and riders to enhance your protection. These features provide financial support during challenging times and offer flexibility in managing your policy. Let's explore the key additional benefits that come with PRUWealth Plus (SGD).
Premium Deferment
Financial Flexibility. You can defer premium payments for up to 2 years if your policy's surrender value is at least 100% of two years' current installment premiums, providing a safety net during financial difficulties.
Retrenchment Benefit
Job Loss Protection. In case of job loss, the plan provides a one-time payout of up to 50% of your annual premium (10% for single premium plans), offering financial support during career transitions.
Premium Waiver
Family Protection. If an immediate family member passes away before the end of the premium payment term, all premiums for your policy and its supplementary benefits are waived for up to 1 year.
Secondary Life Assured
Policy Continuity. You can appoint a secondary life assured, ensuring the policy continues even if the primary life assured passes away, allowing for uninterrupted wealth accumulation.
Change of Life Assured
Generational Transfer. After certain conditions are met, you can change the life assured, enabling the transfer of the policy's benefits to future generations.
Surrender Value and Partial Withdrawals
PRUWealth Plus (SGD) offers flexibility in accessing your funds through partial withdrawals and surrenders. However, it's important to understand how these actions can affect your policy's value and the associated charges. Let's delve into the key aspects of surrender values and partial withdrawals in PRUWealth Plus (SGD).
Surrender Value Calculation
Policy Worth. The surrender value is calculated based on the guaranteed and non-guaranteed components of your policy at the time of surrender. It may be less than the total premiums paid, especially in the early years of the policy.
Withdrawal Options
Access to Funds. PRUWealth Plus (SGD) allows for partial withdrawals, providing financial flexibility. However, any withdrawal is considered a partial surrender and will reduce the long-term value of your policy.
Surrender Charges
Early Exit Costs. While specific surrender charges are not detailed in the provided information, it's important to note that early termination of the policy usually involves high costs and may result in receiving less than the total premiums paid.
Claims and Customer Service
Prudential is committed to providing excellent customer service and a smooth claims process for PRUWealth Plus (SGD) policyholders. For any inquiries or to file a claim, you can contact Prudential's customer service team at 1800 333 0 333. To ensure a hassle-free experience, it's recommended to have your policy number and relevant documents ready when making a claim. For more detailed information about the claims process or to seek personalized advice, you can speak to a Prudential Financial Consultant who can guide you through the necessary steps and documentation required.
Conclusion
PRUWealth Plus (SGD) is an excellent choice for individuals looking to combine long-term savings with flexible protection. It's particularly well-suited for young families planning for their children's future, professionals seeking a balanced approach to wealth accumulation, and those nearing retirement who want to maximize their savings potential. The plan's flexibility and range of benefits make it adaptable to various life stages and financial goals.
. You'll receive personalized proposals tailored to your needs, giving you a broader view of your insurance options. Plus, by participating, you'll be entered into our 'Premiums On Us' quarterly draw, where you could win your quarterly insurance premiums paid by Whatins. Don't miss this opportunity to make an informed decision about your financial future while potentially saving on your premiums!
