Prudential Singapore Launches New Indexed Universal Life Insurance Product PRUVantage Legacy Index for HNW Individuals Allowing Investors to Change Allocation Between Fixed & Indexed Account after 1st Year, Indexed Account Tracks S&P 500 Fast Convergence Index with Lifetime Floor Protection of 0% Which Means No Negative Returns, Fixed Account 1st Year Crediting Rate at 4.5% & Minimum Guaranteed 2% Annually, Loyalty Crediting Rate of 0.35% from 11th Year Onwards, Minimum Life Insurance Sum Assured is $500,000
5th June 2024 | Hong Kong
Prudential Singapore has launched a new indexed universal life insurance product PRUVantage Legacy Index for HNW individuals (high net worth), allowing investors to changed allocation between the fixed & indexed account after the 1st year. The indexed account tracks the S&P 500 Fast Convergence Index, which has a lifetime floor protection of 0% (no negative returns). The fixed account 1st year crediting rate is at 4.5% p.a. and has a minimum guaranteed 2% p.a. annually (loyalty crediting rate of 0.35% from 11th year onwards). The new universal life insurance product PRUVantage Legacy Index minimum life insurance sum assured is $500,000 (S$674,000). Prudential Singapore (3/6/24): “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. PVLI is the latest addition to Prudential’s suite of insurance plans that meet the needs of the growing HNW population. In 2024 May, Prudential has announced the shutdown of Hong Kong wealth management business Pulse Wealth, having announced the shutdown of Prudential Wealth Management Singapore in 2023 September. In 2023 January, Prudential Singapore had announced the setting up of a financial advisory firm in Singapore providing wealth advisory, life insurance & general insurance after receiving regulatory from Monetary Authority of Singapore (MAS) on 27th December 2022. In Singapore, Prudential has more than 5,000 financial consultants & exclusive Bancassurance partnerships with UOB and Standard Chartered.
“ Prudential Singapore Launches New Indexed Universal Life Insurance Product PRUVantage Legacy Index for HNW Individuals Allowing Investors to Change Allocation Between Fixed & Indexed Account after 1st Year, Indexed Account Tracks S&P 500 Fast Convergence Index with Lifetime Floor Protection of 0% Which Means No Negative Returns, Fixed Account 1st Year Crediting Rate at 4.5% & Minimum Guaranteed 2% Annually, Loyalty Crediting Rate of 0.35% from 11th Year Onwards, Minimum Life Insurance Sum Assured is $500,000 “
Goh Theng Kiat, Chief Customer Officer of Prudential 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.”
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. 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.
- 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.
- 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. For more information on PVLI, please visit: https://www.prudential.com.sg/products/legacy-planning/pruvantage-legacy-index
Notes:
- 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.
Prudential
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.
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Prudential Singapore to Setup Financial Advisory Firm Providing Wealth Advisory, Life Insurance & General Insurance, More than 5,000 Financial Consultants & Exclusive Bancassurance Partners UOB & Standard Chartered
19th January 2023 – Prudential Singapore is setting up a financial advisory firm in Singapore providing wealth advisory, life insurance & general insurance after receiving regulatory from Monetary Authority of Singapore (MAS) on 27th December 2022. In Singapore, Prudential has more than 5,000 financial consultants & exclusive Bancassurance partnerships with UOB and Standard Chartered. Prudential on 16th Jan 2023: “Prudential Singapore announced today that it will be setting up a financial advisory (FA) firm to offer a wider range of products and services to its customers … … The financial advisory firm adds to Prudential’s existing distribution channels comprising a tied agency of more than 5,000 financial consultants, exclusive bancassurance partners – United Overseas Bank (UOB) and Standard Chartered Bank (SCB) – as well as digital channels such as the Pulse by Prudential app.” (Life insurance ~ whole life, term life, critical illness, retirement & savings insurance plans, group life & medical insurance.)
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 92 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 2021. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 5,000 financial consultants.
Dennis Tan, CEO of Prudential Singapore
Dennis is Managing Director of the Strategic Business Group covering Singapore, Thailand and Vietnam. Dennis has been CEO of Prudential Singapore since March 2020. He is also Deputy President in the Life Insurance Association’s Management Committee, Council Member at IBF Singapore, Multilateral Healthcare Insurance Committee Member at Ministry of Health Singapore, Board Director at the Council for Third Age, and Board Member at the European Chamber of Commerce in Singapore.
A veteran banker, Dennis has 26 years of experience in consumer banking spanning product development, segment management, marketing and sales and distribution. Prior to joining Prudential, he was with OCBC Bank for 10 years, of which seven were spent leading a 3,100-strong consumer banking division as Head, Consumer Financial Services. Dennis also spearheaded the growth of OCBC’s Premier Banking business in Singapore, Malaysia, Indonesia and China as Head of Branch and Group Premier Banking. He was also a member of OCBC Bank’s Management Committee.
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