Responding to the burgeoning demand for comprehensive protection and legacy planning among high-net-worth (HNW) individuals in Singapore, Prudential Singapore has introduced the PRUVantage Legacy Index (PVLI), an indexed universal life (UL) insurance offering.
The launch of this new product aligns with the evolving financial landscape in Singapore, where the presence of affluent individuals has been steadily increasing. According to data from HSBC, the HNW segment in Singapore has exhibited consistent growth, with projections indicating a surge from 7.5% in 2021 to an anticipated 13.4% by 2030. Notably, this forecast positions Singaporean millionaires at a higher proportion compared to counterparts in the United States, China, and various other economies across the Asia Pacific region.
Key Features of PRUVantage Legacy Index
PRUVantage Legacy Index provides policyholders with lifelong coverage against death and terminal illness, underscoring Prudential’s commitment to offering comprehensive financial solutions tailored to the needs of high-net-worth clients. The plan is strategically designed to maximize the growth potential of the policyholder’s wealth for future generations, while simultaneously safeguarding it against market volatility.
Central to the offering is its linkage to the uncapped performance of the S&P 500 Fast Convergence Index, providing investors with exposure to a diversified basket of assets and opportunities for robust returns. Moreover, customers benefit from a floor rate of 0% for the index account, mitigating the risk of value erosion amid adverse market conditions. Additionally, the plan features a competitive crediting rate of 4.5% per annum for the fixed account during the initial year, enhancing the attractiveness of the product for discerning investors.
Insights from Prudential Singapore’s Chief Customer Officer
Goh Theng Kiat, Chief Customer Officer of Prudential Singapore, underscored the significance of addressing the evolving needs of high-net-worth individuals in the realm of wealth protection and legacy planning. He emphasized the demand for insurance solutions that transcend conventional offerings, catering to the unique requirements of affluent clients seeking to fortify their financial legacies for future generations. PRUVantage Legacy Index exemplifies Prudential’s commitment to innovation and customer-centricity, delivering long-term coverage and growth potential tailored to the distinctive needs of high-net-worth clientele.
Expansion Efforts in Asia Pacific
Beyond Singapore, Prudential Hong Kong has embarked on a collaborative venture with seven local hospitals and clinics to establish a patient-centric healthcare network spanning the country. This initiative is aimed at optimizing resource utilization, leveraging professional expertise, and fostering complementary networks to enhance the medical experience for patients while bolstering medical protection across the region. Through strategic partnerships and innovative initiatives, Prudential remains dedicated to advancing its mission of delivering comprehensive financial and healthcare solutions across the Asia Pacific landscape.
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