What is PRUlife Partner?
PRUlife Partner is a protection policy with a term investment-linked plan to cover you against Death and Total and Permanent Disability. It is a plan intended to cover two lives, therefore it offers you a dual-life coverage so that you can, at any point of time, add your spouse into the coverage under the one policy.
What coverage do I get?
This plan offers coverage for Death where your spouse will receive 100% of the Inforce Sum Assured. The other option is that with the Death benefit, you get the proportioned value of units in the Basic Unit Amount (BUA) for the Life Assured.
However, in the case of Accidental Death if you as the Life Assured died of accidental causes before the age of 70 on your next birthday, then you will receive another 100% of the Sum Assured. Since this is a dual-life policy, the Sum Assured is only payable to the surviving spouse.
Total and Permanent Disability benefit is also available to both lives covered until the age of 70. So if this peril were to befall you, then you will receive a 100% payout of the Sum Assured, following the rules for Accidental Death coverage. Also in the case of Total and Permanent Disability, if you are disabled within the coverage term of before your 70th birthday, then Prudential will pay you a Disability Income Benefit. This benefit will be paid for the next 10 years, equivalent to 5% of the Inforce Sum Assured.
Is there a Spouse benefit?
Yes, a spouse discount is only applicable to the dual-life policy after your spouse has been added. You will get a 10% on the Basic Benefit premium and insurance charges of both Lives Assured. This policy also continues to cover the surviving spouse if one you died.
Who can take up this plan?
Minimum entry age for this plan is 19 years old, and you can select the maximum expiry age as you go along. Premiums are also fixed base on your age upon entry and the plan you select.