Prudential Singapore has launched PRUVantage Legacy Index, an indexed universal life insurance product with a minimum sum assured of US$500,000. PRUVantage Legacy Index addressed growing protection and legacy planning needs of high net worth individuals in Singapore.
PRUVantage Legacy Index is a single premium indexed UL insurance plan that offers a high death and terminal illness coverage. The policy works on a dual account structure – a fixed account and an index account that is benchmarked against the S&P 500 Fast Convergence (FC) Index. This index dynamically adjusts its allocation several times a day based on volatility observations from the market, stabilising returns during market downturns.
Coverage includes death and terminal illness. Unlike other plan in the market, the growth potential is tied to uncapped performance of the S&P 500 Fast Convergence Index. Customers are also protected with a floor rate of 0% for the index account and a minimum crediting rate of 2% per annum. . The index account will not lose value due to negative market returns. Customers also enjoy a crediting rate of 4.5% for their fixed account in the first year. Customers have the option to change allocations every year after the first policy year. From the 11th year onwards, there is a loyalty crediting rate of 0.35% per annum on the fixed account.
“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.”
Mr Goh Theng Kiat, Chief Customer Officer of Prudential Singapore
