Prudential Singapore unveils indexed universal life plan for HNWs

This plan aims to provide coverage against market uncertainties.

Prudential Singapore has announced a new plan for protection and legacy needs amongst high-net-worth individuals (HNWIs) in Singapore.

The indexed universal life (UL) insurance plan, PRUVantage Legacy Index (PVLI) 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.”

Unlike other plans, PVLI's growth potential is tied to the uncapped performance of the S&P 500 Fast Convergence Index, with a 0% floor rate ensuring no loss in value from negative market returns.

Additionally, customers receive a 4.5% p.a. crediting rate for their fixed account in the first year.

The HNW segment in Singapore is expanding, with the proportion of millionaires expected to rise from 7.5% in 2021 to 13.4% by 2030, surpassing the US, China, and other Asia Pacific economies.

Other key benefits also include a loyalty crediting rate of 0.35% p.a. on the fixed account from the 11th year onwards and a minimum sum assured of $500,000.

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