Prudential Singapore introduces indexed universal life insurance offering

Prudential Singapore introduces indexed universal life insurance offering | Insurance Business Asia

Life & Health

Prudential Singapore introduces indexed universal life insurance offering

Offering addresses growing protection and legacy planning needs of HNW individuals

Life & Health

By
Roxanne Libatique

Prudential Singapore has launched PRUVantage Legacy Index (PVLI), an indexed universal life (UL) insurance offering.

The insurance giant released the offering in response to the growing protection and legacy planning needs of high-net-worth (HNW) Singaporeans.

According to HSBC, the number of HNW individuals in Singapore has been increasing consistently over the years, with the number of millionaires in the country expected to jump from 7.5% in 2021 to 13.4% by 2030. This makes the proportion of millionaire Singaporeans higher than that in the US, China, and other economies in Asia Pacific.

PRUVantage Legacy Index

Prudential’s new indexed UL insurance plan offers lifelong coverage against death and terminal illness.

It aims to maximise the growth potential of the policyholder’s wealth for future generations while protecting it from market challenges by being linked to the uncapped performance of the S&P 500 Fast Convergence Index.

Customers also have a floor rate of 0% for the index account to avoid losing value due to negative market returns, and they have a crediting rate of 4.5% pa for their fixed account in the first year.

Goh Theng Kiat, chief customer officer of Prudential Singapore, emphasised the growing need for wealth protection and legacy planning in Singapore.

“High net worth individuals are looking for insurance solutions that go beyond basic protection and require plans that are tailored to securing their wealth and building a lasting legacy that can be passed on to future generations. PRUVantage Legacy Index is an insurance plan designed for this purpose, offering long-term coverage and growth potential for their legacy,” he said.

In another part of Asia, Prudential Hong Kong teamed up with seven local hospitals and clinics to develop a patient-focused healthcare network across the country. The initiative aims to enhance resource use, professional expertise, and complementary networks in the country to provide a seamless medical experience and enhanced medical protection.