Prudential Singapore (“Prudential”) has unveiled the PRUVantage Legacy Index (“PVLI”), an innovative indexed universal life (UL) insurance product designed to meet the increasing legacy planning needs of high net worth (HNW) individuals in Singapore.
The PVLI plan provides lifelong coverage against death and terminal illness while maximizing the growth potential of wealth for future generations. Unlike other market plans, the PVLI’s growth potential is linked to the uncapped performance of the S&P 500 Fast Convergence Index. This unique feature ensures that the policy can benefit from market upsides while being safeguarded against downturns with a floor rate of 0% for the index account, meaning it will not lose value due to negative market returns. Additionally, customers enjoy a first-year crediting rate of 4.5% per annum for their fixed account.
The HNW segment in Singapore has been steadily growing, with the proportion of millionaires expected to rise from 7.5% in 2021 to 13.4% by 2030, surpassing that of the US, China, and other Asia Pacific economies. PVLI is Prudential’s latest addition to its suite of insurance plans tailored to the needs of this expanding demographic.
The PVLI requires a minimum sum assured of USD $500,000, ensuring substantial coverage for HNW individuals.
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