In response to the burgeoning demand for comprehensive protection and legacy planning among Singapore’s high-net-worth individuals, Prudential Singapore has unveiled its latest offering: PRUVantage Legacy Index (PVLI), an indexed universal life (UL) insurance product.
The decision to introduce PVLI comes amid a steady rise in the number of affluent Singaporeans, as reported by HSBC. Projections indicate a significant surge in the population of millionaires in Singapore, forecasted to escalate from 7.5% in 2021 to 13.4% by 2030. This trajectory positions Singaporean millionaires ahead of their counterparts in the US, China, and other economies in the Asia Pacific region.
PRUVantage Legacy Index: Enhancing Wealth Preservation and Growth
Prudential’s PVLI offers policyholders lifelong coverage against death and terminal illness, with a strategic focus on safeguarding and augmenting wealth for future generations. The plan is intricately linked to the uncapped performance of the S&P 500 Fast Convergence Index, aiming to optimize growth potential while mitigating market volatility.
Key features of PVLI include a floor rate of 0% for the index account, ensuring that policyholders are shielded from value erosion stemming from adverse market conditions. Additionally, customers benefit from a competitive crediting rate of 4.5% per annum for their fixed account during the initial year.
Addressing Evolving Needs: Insights from Prudential Singapore
Goh Theng Kiat, Chief Customer Officer of Prudential Singapore, underscored the evolving priorities of high-net-worth individuals in Singapore. He remarked, “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.”
Expanding Healthcare Initiatives in Asia: Prudential Hong Kong’s Collaboration
In a parallel development in the Asia region, Prudential Hong Kong has forged partnerships with seven local hospitals and clinics. This collaborative effort aims to establish a patient-centric healthcare network across the country, fostering resource optimization, professional synergy, and complementary networks. The overarching goal is to deliver a seamless medical experience and bolster medical protection for the populace.
The introduction of PRUVantage Legacy Index underscores Prudential’s commitment to addressing the evolving needs of high-net-worth individuals in Singapore, while the healthcare collaboration in Hong Kong reflects the company’s broader efforts to enhance healthcare accessibility and quality across Asia.
