2Parent Payor Basic
Make sure your loved ones are protected
Secure your child’s financial future with our Premium Waiver Rider, designed specifically for a child's saving insurance plan. This rider ensures that in any unforeseen event, such as a critical illness or disability affecting parents, your child’s financial needs will continue to be met without the burden of ongoing premiums.
While we don’t think the worst can happen, planning ahead can set your mind at ease. With 2Parent Payor Basic, you can safeguard your child with annual benefits equal to the annual premiums of your child’s protection plan (except PRUSaver and PRUSaver Kid). In other words, we pay for your child’s annual premiums when you can’t, so your child will continue to be covered.
If you have PRUSaver or PRUSaver Kid, you can add on 2Parent Payor Saver to pay for your child’s PRUSaver or PRUSaver Kid premiums until the end of the premium payment term or until your child turns 25.
The plan is payable if either one parent unfortunately passes away, is diagnosed with critical illness or becomes Total and Permanently Disabled (TPD) before age 70. An additional annual benefit is also given if the other parent suffers any of the similar causes.
Attachable plan
The basic plan that 2Parent Payor Basic can be attached to:
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Important notes
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This content contains only a brief description of the product and is not exhaustive. You are advised to refer to Prudential Assurance Malaysia Berhad (PAMB)’s Brochure, Product Disclosure Sheet, Product / Sales Illustration, Fund Fact Sheet (if any), before purchasing the plan, and to refer to the terms and conditions in the policy document for details of the features and benefits, exclusions and waiting periods under the policy.
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Any age reference shall be on the basis of Age Next Birthday.
PROTECTION BY PERBADANAN INSURANS DEPOSIT MALAYSIA (“PIDM”) ON BENEFITS PAYABLE FROM THE UNIT PORTION OF THIS CERTIFICATE/POLICY IS(ARE) SUBJECT TO LIMITATIONS. Please refer to PIDM’s Takaful and Insurance Benefits Protection System (“TIPS”) Brochure or contact Prudential Assurance Malaysia Berhad or PIDM (visit www.pidm.gov.my).
FAQ
What is the 2Parent Payor Basic Rider?
The 2Parent Payor Basic is a rider that can be attached to a main life insurance policy to waive future premiums in the event of the life assured's parents death, critical illness, or total and permanent disability. This 2parent payor basic rider plan ensures that the child’s financial protection remains uninterrupted.
Who should consider the 2Parent Payor Basic?
Parents looking for an additional safety net to protect their child's future financial needs without the burden of ongoing premiums should consider this rider.
Can both parents be covered under the 2parent payor basic rider?
Yes, the rider can provide coverage for both parents, enhancing the financial security of the child under the main policy.
How does this rider benefit my child?
Waiving future premiums under these specific conditions ensures that your child’s policy remains active, providing them with necessary financial resources during difficult times without additional financial burden.
What age should the child be to benefit from this rider?
The rider can be applied to any child covered under a main policy, typically from birth up to the age of 25, ensuring they are financially supported throughout their early life and education phase.
Is there a duration for which the rider remains in effect?
The rider remains effective as long as the main policy is active, up to the child reaching the end of the coverage age specified in the main policy or upon the occurrence of an insured event.
Is there a specific period during which the rider is effective?
The rider remains effective as long as the main policy is active, up to the child reaching the end of the coverage age specified in the main policy or upon the occurrence of an insured event.
How quickly do the benefits apply after a claim?
Benefits typically begin to apply immediately following the confirmation of a claim, such as proof of death, diagnosis of a critical illness, or assessment of total and permanent disability. This prompt support helps mitigate financial burdens during challenging times.
Are there additional costs associated with adding this rider to the main policy?
Yes, adding any rider, including the 2Parent Payor Basic, may increase your premium slightly. However, the cost is generally outweighed by the benefits of ensuring continuous protection for your child's future.