KUALA LUMPUR, Nov 11 (Bernama) -- Prudential Malaysia Assurance Berhad (PAMB), in collaboration with UOB Malaysia, has launched PRUHeritage Cover, a holistic legacy solution, designed to ensure financial security and unlock multiple payouts and rewards for policyholders beyond the retirement age of 61.
In a statement today, PAMB said that the regular premium, non-participating insurance plan offers comprehensive care and support for seniors, allowing them to create a lasting legacy for their loved ones.
Citing the United Nations Development Programme (UNDP) blog, PAMB highlighted Malaysia's demographic shift toward an ageing society, with the proportion of citizens aged 65 and above expected to rise from 8.1 per cent in 2024, to 14.5 per cent by 2040.
“Designed to receive up to 10 yearly cash payouts for selected conditions, such as Parkinson’s or Alzheimer’s disease, and a lump sum cash payout upon policy maturity, PRUHeritage Cover provides guaranteed protection up to age 100, on a fixed premium throughout the policy term.
“This is to ensure that customers are in a position to choose a life that is rich with unforgettable experiences over their golden years while knowing that they have built a legacy for their loved ones,” the statement read.
It added that with the plan’s Silver Care Benefit, affected customers are entitled to an annual payout of five per cent of their Basic Sum Assured (BSA) for up to 10 years.
Meanwhile, the Legacy Booster feature provides enhanced coverage at age 61, with protection increased by 20 per cent to better manage inflationary pressures.
“Customers also enjoy rewards when they reach key life milestones. Upon reaching age 61, they receive a one-time payment of up to 10 per cent of their BSA, with the Retirement Reward feature, and when they reach age 88, they receive an extra one-time payment of up to 10 per cent of their BSA.
“When the policy matures at age 100, customers will receive a one-time payment of 100 per cent of their BSA,” the statement added.
PAMB chief Marketing and Partnerships Distribution officer Eric Wong, in the same statement, said PRUHeritage Cover is another successful example of how the company leveraged its partnership to address the rising concerns of an ageing society.
“In our 15-year strong partnership with UOB, we have rolled out numerous solutions to UOB’s customers, which cater for their various protection needs.
“UOB customers can utilise multiple payouts when the need arises. It’s a step towards a secure and worry-free future,” he said.
Meanwhile UOB Malaysia Country Head of Personal Financial Services, Elaine Fan, said PRUHeritage is a protection solution which will help customers protect their wealth, while mitigating the impact of rising healthcare costs and longer life expectancies.
“This offering is the way forward, as we see more and more of our customers keen to build a legacy for their loved ones, while realising the support they need in the future to help themselves live healthier, longer and better lives,” she added.
Further details on PRUHeritage Cover can be found at https://www.uob.com.my/personal/insure/pre-retirement/pruheritage-cover.page.
-- BERNAMA
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