Business Daily Media

Men's Weekly

.

Prudential launches indexed universal life insurance plan to meet rising legacy planning needs of the high net worth segment

The plan offers uncapped growth potential linked to the index performance along with features that protect against market uncertainties

SINGAPORE - Media OutReach Newswire - 3 June 2024 - Prudential Singapore ("Prudential") has introduced an indexed universal life (UL) insurance product, PRUVantage Legacy Index ("PVLI"), to address the growing protection and legacy planning needs of high net worth ("HNW") individuals in Singapore.


The indexed UL plan offers customers lifelong coverage against death and terminal illness, and can maximise the growth potential of their wealth for future generations while protecting it from market downturns. That is because unlike other plans in the market, the growth potential is tied to the uncapped performance of the S&P 500 Fast Convergence Index. At the same time, customers are protected with a floor rate of 0% for the index account, which means that the index account will not lose value due to negative market returns. Customers also enjoy a crediting rate of 4.5% p.a. for their fixed account in the first year.

The HNW segment in Singapore has been growing steadily in recent years, and the proportion of millionaires in Singapore is expected to rise from 7.5% in 2021 to 13.4% by 2030. By then, the proportion of millionaires in Singapore will be higher than that of the US, China, and other economies in Asia Pacific.1

PVLI is the latest addition to Prudential's suite of insurance plans that meet the needs of the growing HNW population.

Mr Goh Theng Kiat, Chief Customer Officer of Prudential Singapore, said that with increasing lifespans and affluence, there is also a growing need for more protection and legacy planning.

"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."

About PRUVantage Legacy Index (PVLI)

PVLI 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.2

The key benefits of PVLI include:
  • Lifelong protection with high death and terminal illness coverage.
  • Maximised growth potential: Customers can access high-growth potential that is linked to the uncapped returns of the S&P 500 FC Index, allowing them to reap the full benefit of market upsides.3,4
  • Steady growth on fixed account: The fixed account enjoys a first year crediting rate of 4.5% p.a. and guaranteed minimum crediting rate of 2.0% p.a.
  • Protection from market downturns: A lifetime floor rate of 0% for the index account and a minimum crediting rate of 2.0% p.a.5
  • Customise premium allocation between fixed account and index account as financial needs and risk appetites evolve. Customers have the option to change allocations every year after the first policy year.
  • Loyalty crediting rate of 0.35% p.a. on the fixed account from the 11th year onwards.
There is a minimum sum assured of US$500,000.



1 Source: https://www.gbm.hsbc.com/en-gb/insights/global-research/the-rise-of-asian-wealth

2 For details on S&P 500 FC Index, please refer to: https://www.spglobal.com/

3 Subject to prevailing participation rates. The average participation rate is 70.0% in policy illustration, and the guaranteed minimum participation rate is 40.0%.

4 The S&P 500 FC TCA 0.5% Decrement Index (USD) ER (the "Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("S&P DJI") and has been licensed for use by Prudential Assurance Co. Singapore (Pte) Ltd. ("Prudential"). S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Fast Convergence and FC are trademarks of BofA Securities, Inc. and/or its affiliates ("BofAS"). BofAS has licensed the Fast Convergence (FC) patented methodology and related trademarks to S&P DJI for use in the Index. Prudential's products are not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, BofAS or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Index. For details on S&P 500 FC Index, please refer to: https://www.spglobal.com/

5 This refers to Minimum Surrender Value (MSV) feature, please refer to Product Summary for details.
Hashtag: #PrudentialSingapore





The issuer is solely responsible for the content of this announcement.

About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)

Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country's citizens for 93 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor's, with S$53.3 billion funds under management as at 31 December 2023. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,200 financial representatives.

News from Asia

Mengniu 2025 Interim Report: Continued Focus, Steady Progress in International Expansion

BEIJING, CHINA - Media OutReach Newswire - 4 September 2025 - On August 27, Mengniu Dairy (2319.HK) released its interim results for 2025, reporting revenue of RMB 41.57 billion for the first half...

Hong Kong Joins the Nation in Commemorating the 80th Anniversary of Victory in the Chinese People’s War of Resistance

HONG KONG SAR - Media OutReach Newswire - 4 September 2025 - Hong Kong joined nationwide activities to mark the 80th Anniversary of Victory in the Chinese People's War of Resistance against Japane...

Build Comforting Evening Rituals with XIXILI’s Modern Sleepwear Collection

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 5 September 2025 - XIXILI is proud to spotlight its modern sleepwear collection, offering thoughtfully crafted pieces that blend style, comfort, ...

Rediscover Nighttime Comfort and Confidence with XIXILI’s Sleepwear Collection

SINGAPORE - Media OutReach Newswire - 5 September 2025 - Renowned lingerie brand in Singapore, XIXILI, highlights its extensive sleepwear range, designed for elegance and all-night comfort. ...

BGY Fruits Exhibits at ASIA FRUIT LOGISTICA: Establishing Category-Focused Subsidiaries to Support Chinese Fruit Brands Going Global

SHENZHEN, CHINA - Media OutReach Newswire - 5 September 2025 - On September 3, ASIA FRUIT LOGISTICA opened at AsiaWorld-Expo in Hong Kong. BGY Fruits, China's leading fruit retail chain, participa...

PITAKA Unveils New iPhone 17 Aramid Fiber Accessories and Innovative PitaTap™ Technology at IFA 2025

BERLIN, GERMANY - Media OutReach Newswire - 5 September 2025 - At IFA 2025, global premium mobile accessory brand PITAKA debuts its all-new iPhone 17 aramid fiber case series, showcasing cutting-...

Jackson Wang MAGICMAN 2 WORLD TOUR 2025-2026 in Macau Presented by Galaxy Macau™ heads to Galaxy Arena

Reinforcing Macau’s “City of Performances” status and highlighting Galaxy Macau’s captivating attractiveness as Asia’s most dynamic entertainment hub for international visitorsMACAU SAR - Media Ou...

Beyfortus® (nirsevimab) approved in Singapore to protect all infants against RSV disease

Beyfortus (nirsevimab) is the only option that can offer RSV protection designed for all infants with proven high, sustained efficacy, favourable safety and public health impact demonstrate...

BGY Fruits's Global Supply Chain Strategy: Advancing B2B Operations at Home and Abroad, and Actively Building Category Brand Subsidiaries

SHENZHEN, CHINA - Media OutReach Newswire - 5 September 2025 - On September 3, ASIA FRUIT LOGISTICA opened at AsiaWorld-Expo in Hong Kong. BGY Fruits, China's leading fruit retail chain, participa...

China's first independent university run by a foreign university makes "Study in Hainan" more appealing

DANZHOU, CHINA - Media OutReach Newswire - 5 September 2025 - Recently, the permanent campus of Hainan Bielefeld University of Applied Sciences (BiUH), China's first independent university run by ...

Changing the World One Bite At a Time: IKU Turns 40

One of Australia’s first plant-based, chef-led eateries and now ready meal provider IKU is celebrating its 40 year anniversary with the business e...

Three generations marking 45 years in hot-air balloons

Australia’s leading hot-air balloon company is celebrating 45 years in the sky and its 700,000th passenger, driven by the passion of father-son du...

Workplace DMs, Reinvented: Deputy Messaging, Purpose-Built For Shift-Based Teams

Deputy, the global people platform for shift-based businesses, has launched Deputy Messaging, a fully integrated, real-time communication tool designe...

Revolutionizing Fulfillment: How Virtual Warehousing is Changing the Game?

The e-commerce landscape is evolving more rapidly than ever, and the way businesses are managing their fulfillment is also revolutionizing. At the...

SME lender Dynamoney welcomes new CEO, Brett Thomas

Strengthens growth ambitions and signals expanded offering Dynamoney, a leading commercial finance provider for Australian SMEs,  has today appoint...

The cost of ignoring AI governance in business

Artificial intelligence (AI) is no longer the promise of a distant future: it's active, embedded, and already shaping decisions across industries. H...

Sell by LayBy