In today's fast-paced world, finding the right balance between meeting immediate financial needs and saving for the future can be challenging. If you're looking for a flexible insurance savings plan that allows you to do both, PRUActive Cash might be the solution you've been searching for. Let's dive deep into what this plan offers and how it can help you achieve your financial goals.
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PRUActive Cash is an innovative insurance savings plan offered by Prudential Singapore. It's designed to provide you with the flexibility to meet your current financial needs while simultaneously building a nest egg for your future. The plan's unique feature is its Yearly Cash Benefit , which starts from the second policy anniversary onwards, allowing you to address immediate financial commitments or reinvest for potentially higher returns.
Choose to pay annual premiums for 5, 10, 15, 20, or 25 years. Select a policy duration ranging from 15 to 25 years. This flexibility allows you to commit to a payment schedule that aligns with your current financial capacity and future goals.
From the second policy anniversary onwards, receive a guaranteed Yearly Cash Benefit of 3% of the policy's Face Value. Choose to receive it as a payout or let it accumulate for potentially higher returns.
At the end of your chosen policy term, receive a Maturity Benefit consisting of the last Yearly Cash Benefit, a guaranteed maturity value, and non-guaranteed maturity bonuses (if any).
Provides financial protection for your loved ones in the event of your passing, ensuring your family is provided for.
No medical underwriting required, allowing for quick and easy coverage without medical examinations or extensive health questionnaires.
| Age | What suggestion covers | Premium |
|---|---|---|
| 25, Female making $4,301 a month | maturity amount $32,273 total cash benefit $46,029 yearly cash benefit $724 | $2,000 |
Let's look at an example to better understand how PRUActive Cash can work for you:
Meet Jon, a 30-year-old newlywed who wants to balance his current financial needs with future goals. He chooses PRUActive Cash with the following parameters:
Here's how Jon's journey with PRUActive Cash might unfold:
Jon gets married and purchases PRUActive Cash. He pays his first annual premium of $10,000.
Jon moves into his first home and welcomes a newborn daughter. He pays his second annual premium and receives his first Yearly Cash Benefit of $1,277, which he uses for his daughter's room.
Jon enrolls in coding courses. He pays his third annual premium and uses the Yearly Cash Benefit to partially fund his courses.
Jon continues to pay his annual premiums and receive Yearly Cash Benefits.
Jon stops paying premiums but continues to receive Yearly Cash Benefits of $1,277, using them for various purposes.
Jon's policy matures. He receives a Maturity Benefit of $52,919 (based on an illustrated investment return of 4.25% p.a.), which he uses for his daughter's university education.
It's important to note that while the Yearly Cash Benefit is guaranteed, the Maturity Benefit includes both guaranteed and non-guaranteed components. The non-guaranteed portion depends on the performance of Prudential's participating fund.
In Jon's case:
These figures highlight the importance of understanding that actual returns may vary based on market performance .
Young professionals starting to build their financial portfolio
New parents looking to balance current expenses with future savings
Individuals seeking a low-risk savings vehicle with some insurance protection
Those who value financial flexibility and regular cash payouts
Flexible premium and policy terms
Guaranteed Yearly Cash Benefits
Potential for long-term savings growth
Death protection for loved ones
Easy application with no medical underwriting
Returns may be lower compared to some higher-risk investment products
Early termination may result in losses
Non-guaranteed components of the Maturity Benefit are subject to market performance
It's best to check with Prudential about flexibility in changing terms after purchase.
Prudential may have grace periods or options for missed payments. Consult your policy documents or speak with a financial consultant for details.
Tax implications can vary. It's advisable to consult a tax professional for personalized advice.
Yes, you can purchase PRUActive Cash for your child, potentially helping to save for their future education or other needs.
Early termination usually involves high costs, and the surrender value may be less than the total premiums paid. It's best to view this as a long-term commitment.
PRUActive Cash offers a unique blend of flexibility, regular cash benefits, and long-term savings potential . It's designed for those who want to balance their current financial needs with future goals, providing a structured way to save while still having access to funds along the way.
However, as with any financial product, it's crucial to carefully consider your personal circumstances, risk tolerance, and long-term objectives before making a decision. While PRUActive Cash offers many attractive features, it's important to compare it with other savings and investment options to ensure it's the best fit for your financial strategy.
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Read the complete transcript of our expert discussion about PRUActive Cash. This detailed analysis covers key features, benefits, and important considerations for potential policyholders.
Welcome to the Deep Dive, where we cut through the noise and get straight to the insights you need. Today, we're tackling a challenge that h
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