PRULive Well: A Lifelong Companion Providing Assurance that Lasts
Kuala Lumpur, 14 October 2024 – As more Malaysians age, many will face challenges including disability and the need for assisted care. To give assurance for their golden years, Prudential Assurance Malaysia Berhad (PAMB) has introduced PRULive Well, a unique legacy solution that offers guaranteed monthly income when a disability affects daily activities, easing the burden on them and their loved ones.
By 2043, 14 per cent of people in Malaysia will be aged 65 and above[1]. Older adults are more likely to experience disabilities due to factors like chronic health conditions, obesity, and physical inactivity[2]. As the population ages, the number of people with disabilities is expected to rise and this highlights the need for accessible healthcare and support services[3].
In addition, there has been a significant rise in strokes among people under 65, with the largest increases seen in men and women aged 35-39, at over 50 per cent. This
increase is linked to a continuous rise in risk factors such as diabetes, high cholesterol, and obesity, as shown by national health surveys since 2006[4].
According to Ankur Bassi, Chief Financial Officer, PAMB “Though we are living longer, it does not necessarily mean we are living healthier lives. When someone becomes disabled or is unable to perform daily tasks, they will need full time care which can lead to disruptions to not just the individual but their family. This financial burden and time commitment to take care of their loved ones, can be challenging. Hence it is why we have launched PRULive Well, to offer customers and their loved ones’ peace of mind that they are financially supported in unforeseen circumstances.”
“With a proud legacy of over 100 years in Malaysia, we are committed to providing innovative insurance solutions that cater to the evolving needs of our customers. With PRULive Well, we aim to offer not just financial security, but also the assurance that our customers and their families are protected and supported throughout their lives,” said Eric Wong, Chief Marketing & Partnerships Distribution Officer, PAMB.
PRULive Well is a unique legacy, non-participating insurance solution that offers guaranteed income security when a person is unable to perform Activities of Daily Living (ADL). These are basic tasks people do daily to take care of themselves including eating, bathing, dressing and moving around. If an individual has trouble performing any ADL, they require support to stay healthy and independent.
With PRULive Well, individuals can receive income assistance for up to 20 years to help provide options for assisted living. This income benefit - known as Monthly Income Benefit (MIB) – is provided when they are unable to perform at least 2 ADL. Individuals will receive 50 per cent of their MIB if they are unable to perform 2 ADL and 100 per cent of their MIB if they are unable to perform at least 3 ADL.
Customer can also enjoy peace of mind for a lifetime, knowing they can choose coverage from age 80, 90 up to 100 years. In the unfortunate event of the insured’s passing, their loved ones will receive a lump sum payment of up to 250 times the MIB, providing financial security and support for their loved ones.
PRULive Well also ensures that future premiums are taken care of if the customer becomes disabled, guaranteeing that their coverage continues without interruption. And if the customer lives on till the end of the coverage term, they will receive a lump sum refund of all the premiums paid.
For more details on PRULive Well, please see: https://www.prudential.com.my/en/products-life-insurance/prulive-well/
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[1] https://www.nst.com.my/business/corporate/2024/06/1059195/malaysia-be-aged-nation-2043-14pct-being-over-65-epf
[2] Prevalence and determinants of disability among adults in Malaysia: results from the National Health and Morbidity Survey (NHMS) 2015 | BMC Public Health | Full Text (biomedcentral.com)