Prudential Singapore has introduced PRUActive Family Care, a comprehensive protection plan designed to support multi-generational families. As Singapore transitions into a super-aged society, with over 21% of its population aged 65 and above, the plan aims to alleviate the financial and caregiving burdens faced by families. It provides lifetime protection for children and includes a Parent Guard benefit for ageing parents up to age 100, covering conditions like Alzheimer’s and Parkinson’s without medical underwriting.
The plan addresses a significant gap highlighted by Prudential’s research, which found that whilst 72% of Singaporeans consider financial support crucial for caregivers, only 13% believe they have adequate savings if a caregiver stops working. PRUActive Family Care offers critical illness coverage for 182 conditions, including juvenile and mental illnesses, and allows for enhanced coverage through the Multiplier Benefit.
Chief Health & Protection Officer of Prudential Singapore, Manu Tandon, noted the increasing pressures on the “sandwiched generation” who care for both children and elderly parents. “These caregivers face financial and emotional stress as they fund education, meet healthcare needs, and save for retirement,” he said.
The Parent Guard Benefit provides financial support upon diagnosis of age-related conditions, income support for up to five years, and additional benefits for accidental fractures and family support. The plan also includes recovery and rehabilitation services, such as physiotherapy and traditional Chinese medicine, to aid long-term recovery.
With Singapore’s ageing population expected to rise further, PRUActive Family Care offers a timely solution for families navigating the complexities of caregiving across generations.
