Prudential Singapore has launched PRUActive Life V, a comprehensive protection plan designed to help families manage financial challenges during health gap years. This period occurs when individuals diagnosed with critical illnesses, such as cancer or heart disease, take time off work to focus on recovery. The plan offers extensive coverage for 182 conditions, including mental and juvenile illnesses, and aims to address the 74% protection gap identified by the Life Insurance Association of Singapore.
PRUActive Life V provides whole life coverage for death, terminal illness, total and permanent disability, and critical illnesses. Key features include a Multiplier Benefit, which allows policyholders to enhance their coverage up to five times until age 80, and a Kinship Booster, offering a 10% increase in basic coverage when an immediate family member also takes up the plan. Additionally, the plan includes an income payout option from age 60 and a Family Waiver Benefit, which waives up to 12 months of premiums if a spouse or child passes away.
Toni Fung, Chief Customer and Marketing Officer at Prudential Singapore, emphasised the importance of critical illness coverage, stating, “Families should consider critical illness protection early to ensure they have a safety net in place and the peace of mind to focus on recovery during their health gap years.”
The introduction of PRUActive Life V highlights Prudential’s commitment to providing financial resilience for families facing the hidden costs of critical illness recovery, such as caregiving support and home modifications. This initiative aims to offer a robust safety net, ensuring families can focus on recovery without financial strain.
