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Endowment

Introduction

In today's uncertain world, safeguarding your financial future while working towards your life goals is paramount. The Prusave 6th Series, a regular premium endowment plan offered by Prudential, presents a unique solution that combines disciplined savings with comprehensive protection. This innovative product is designed to help you achieve important milestones such as funding your child's education, purchasing a new home, or enjoying a comfortable retirement. With Prusave, you can rest assured that your savings journey is complemented by essential life coverage, providing a safety net for you and your loved ones against life's unforeseen circumstances.

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Type of Endowment Plan

The Prusave 6th Series is a participating regular premium endowment plan. This means that policyholders pay premiums at regular intervals throughout the policy term and have the potential to receive both guaranteed and non-guaranteed benefits. As a participating plan, it allows policyholders to share in the profits of Prudential's participating fund through bonuses or dividends. The regular premium structure encourages disciplined savings, while the participating nature offers the opportunity for potentially higher returns compared to non-participating plans. However, it's important to note that non-guaranteed benefits are subject to the performance of the participating fund and are not fixed or guaranteed.

Coverage Customization

Prusave 6th Series offers a range of features that allow you to tailor your coverage and savings plan to your specific needs. From guaranteed maturity benefits to potential bonuses, this plan provides flexibility and potential growth for your savings. Let's explore the key aspects of coverage customization available with Prusave:

Guaranteed Maturity Benefit

Secure Payout. Prusave provides a guaranteed maturity benefit, ensuring a fixed sum upon policy maturity. This offers financial security and peace of mind for your future plans.

Non-guaranteed Bonuses

Growth Potential. The plan offers non-guaranteed bonuses that can potentially increase your overall returns. These bonuses are based on the performance of Prudential's participating fund.

Historical Performance

Track Record. While past performance doesn't guarantee future results, Prudential's participating fund has a history of providing returns to policyholders. Specific historical data is not provided in the given product information.

Factors Affecting Returns

Performance Variables. Non-guaranteed returns are influenced by factors such as investment performance, claims experience, and expenses of the participating fund. The illustrated values use bonus rates assuming a projected investment rate of return of 4.75% per annum.

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Riders and Additional Benefits

Prusave 6th Series offers a range of supplementary benefits to enhance your coverage and provide additional financial protection. These riders can be added to your base policy to create a more comprehensive insurance solution tailored to your specific needs. Here's an overview of the available riders and their key features:

Early Stage Crisis Waiver

Premium Relief. This rider waives premium payments for a fixed period upon diagnosis of Early or Intermediate Stage Medical Conditions, allowing you to focus on recovery without financial stress.

Crisis Waiver III

Critical Illness Protection. Waives remaining premium payments up to age 85 or until the end of the premium payment term upon diagnosis of any of the 35 listed Critical Illnesses, ensuring your financial plan remains intact.

Early Payer Security

Family Protection. Waives premium payments for a fixed period if the payer is diagnosed with Early or Intermediate Stage Medical Conditions, safeguarding coverage for loved ones.

Payer Security III/Plus

Extended Coverage. Waives remaining premiums in case of the payer's Death, Critical Illness, or Total and Permanent Disability. Payer Security Plus offers coverage until the policy anniversary before the payer reaches 85.

Surrender Value and Partial Withdrawals

While Prusave 6th Series is designed as a long-term savings and protection plan, life's circumstances may sometimes require accessing your funds before maturity. Understanding the surrender value and partial withdrawal options is crucial for making informed decisions about your policy. Here's what you need to know about these features:

Surrender Value Calculation

Policy Worth. The surrender value is the amount you receive if you terminate your policy before maturity. It's typically less than the total premiums paid, especially in the early years of the policy.

Partial Withdrawal Options

Flexible Access. While specific details are not provided in the product information, endowment plans often allow partial withdrawals subject to certain conditions and limits. This feature can provide financial flexibility when needed.

Surrender Charges

Early Termination Costs. Early surrender of the policy usually involves high costs. The exact charges are not specified in the provided information but are typically higher in the initial years of the policy.

Claims and Customer Service

Prudential is committed to providing excellent customer service and a smooth claims process for Prusave 6th Series policyholders. For any inquiries or to file a claim, you can contact Prudential's customer service team at 1800 333 0 333. Their dedicated financial consultants are also available to assist you with any questions or concerns regarding your policy. While specific details about the claims process are not provided in the product information, Prudential typically offers multiple channels for claim submission, including online portals and in-person assistance at their office located at 30 Cecil Street #30-01 Prudential Tower, Singapore 049712.

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Conclusion

The Prusave 6th Series from Prudential offers a versatile solution for individuals seeking a balance between savings and protection. This plan is particularly well-suited for young parents planning for their children's education, professionals aiming to secure their retirement, and individuals looking for a disciplined approach to long-term savings with added life coverage. Its flexibility in policy terms and premium payments, coupled with the potential for bonuses, makes it an attractive option for those with varying financial goals and time horizons.
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