Endowment

PRUsave 6th Series: Secure Your Future with Savings and Protection

Are you looking for a way to save for your future goals while also protecting yourself and your loved ones against life's uncertainties? If so, PRUsave 6th Series might be the solution you've been searching for. Let's dive into the details of this unique endowment plan and see how it can help you achieve your financial objectives.

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What is PRUsave 6th Series?

PRUsave 6th Series is a regular premium endowment plan offered by Prudential. It's designed to help you save systematically while providing life insurance coverage. This plan combines the benefits of disciplined savings and protection in a single policy , making it an attractive option for those who want to secure their financial future.

Key Features of PRUsave 6th Series

Flexible Policy Terms

PRUsave offers policy terms ranging from 10 to 45 years, allowing you to choose a term that aligns with your specific financial goals.

Lump Sum Maturity Payout

When your policy matures, you'll receive your maturity benefit as a single lump sum payment, useful for major life events or expenses.

Comprehensive Coverage

Provides protection against Death, Terminal Illness, and Total and Permanent Disability (TPD) until the policy anniversary before you turn 65.

Continued Coverage for Your Child

If purchased for a child, they can buy a new policy when PRUsave matures, without needing a medical examination (if below 25 years at maturity).

Adaptability to Life Changes

Allows purchase of a new endowment or term plan without medical examination during significant life events.

Optional Supplementary Benefits

Enhance your plan with additional riders for more comprehensive coverage, including crisis waivers and payer security options.

Why compare Prusave 6th Series with other Endowment options through Whatins?

Traditional Approach

  • Only see one company's projected returns
  • May push higher projections without context
  • Limited comparison of guaranteed amounts

Whatins Advantage

  • Compare guaranteed returns across insurers
  • See how different companies project returns
  • Get multiple views on bonus rate histories
  • Understand different payout structures

How PRUsave 6th Series Works

Let's look at two examples to better understand how PRUsave can help in different scenarios:

Example 1: Saving for Child's Education

Mr. Lim, age 35, saves S$4,108 annually for 20 years for his son's education. Projected maturity payout: S$117,103 (S$70,000 guaranteed, S$47,103 non-guaranteed).

Example 2: Saving for Retirement

Mr. Goh, age 45, saves S$6,026 yearly for 20 years for retirement. Projected maturity payout: S$167,290 (S$100,000 guaranteed, S$67,290 non-guaranteed).

Benefits of Choosing PRUsave 6th Series

Disciplined Savings

Encourages regular, disciplined savings, helping you build a substantial nest egg over time.

Protection While Saving

Provides comprehensive life insurance coverage while you save.

Flexibility

Various policy terms and optional riders to tailor the plan to your specific needs and life stage.

Future-Proofing

Ability to purchase new policies at significant life events without medical examination.

Child-Friendly Features

Unique benefits like continued coverage options for your child.

Lump Sum Payout

Single payout at maturity can be particularly useful for funding major life expenses or investments.

Things to Consider

While PRUsave 6th Series offers many benefits, it's important to consider a few points:

1. Long-Term Commitment: Early termination usually involves high costs.

2. Non-Guaranteed Returns: Part of the maturity benefit depends on the performance of Prudential's participating fund.

3. Premium Increases: Premiums for some supplementary benefits may increase based on future claims experience.

4. Age Limitations: Some benefits, like TPD coverage, only apply until age 65.

5. Maximum Coverage Limits: There are limits on additional coverage you can purchase at life events.

Frequently Asked Questions

Can I surrender my policy early if I need the money?

Yes, but early surrender usually involves high costs, and you may receive less than the premiums you've paid.

Are the returns guaranteed?

Part of the maturity benefit is guaranteed, but a portion is non-guaranteed and depends on the performance of Prudential's participating fund.

Can I change my premium payment term?

It's best to check with a Prudential Financial Consultant about options for changing your policy after purchase.

What happens if I can't pay my premiums?

Missing premium payments could lead to your policy lapsing. It's crucial to maintain regular premium payments.

Can I increase my coverage later?

Yes, PRUsave allows you to purchase additional coverage at certain life events without medical examination, subject to certain limits.

Conclusion

PRUsave 6th Series offers a unique combination of savings and protection , making it an attractive option for those looking to secure their financial future while safeguarding against life's uncertainties. Its flexibility and adaptability to different life stages make it suitable for a wide range of financial goals, from funding a child's education to planning for retirement.

However, as with any financial product, it's essential to carefully consider your personal circumstances, financial goals, and risk tolerance before making a decision. While PRUsave offers many benefits, it's a long-term commitment that requires careful consideration.

Ready to explore if PRUsave 6th Series is right for you? Don't rely on just one perspective. Get expert insights tailored to your unique situation. Sign up now to receive 5 expert opinions on endowment plans . These professionals will review your specific financial goals and provide personalized recommendations, helping you make the most informed decision possible.

By consulting with multiple experts, you'll gain a comprehensive understanding of your options and ensure you're choosing the best savings and protection plan for your future. Don't leave your financial security to chance – get the expert advice you deserve today.

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