Caption: UOB Malaysia & Prudential Launch Unique Legacy Plan
Malaysia is at a critical juncture in its demographic shift towards an ageing population with the percentage of citizens aged 65 and above
expected to rise from 8.1 per cent in 2024 [1] to 14.5 per cent by 20401. This shift, combined with financial unpreparedness, longer life expectancies, and high healthcare costs, means many will face difficult trade-offs.
UOB Malaysia together with Prudential Malaysia Assurance Berhad (PAMB) share the same ambitions of helping our customers navigate this challenge by introducing PRUHeritage Cover, a holistic legacy solution that safeguards their loved ones’ future while unlocking multiple payouts and rewards for themselves beyond the retirement age of 61. This is to ensure all seniors receive necessary care and support while feeling confident about the legacy they leave for their loved ones.
Designed to receive up to 10 yearly cash payout for selected conditions such as Parkinson’s or Alzheimer’s disease and a lump sum cash payout upon policy maturity, this plan provides a guaranteed protection up to age 100 on a fixed premium throughout the policy term so that
customers are in a position to choose a life that is rich with unforgettable experiences over their golden age while knowing that they have built a legacy for their loved ones.
Commenting on Prudential-UOB’s latest collaboration, Elaine Fan, Country Head of Personal Financial Services from UOB Malaysia, said, “Leveraging our combined expertise in the banking and insurance world, we are pleased to launch PRUHeritage Cover, a protection
solution that will help our customers protect their wealth while mitigating the impact of rising healthcare cost and longer life expectancies. This offering is the way forward as we see more and more of our customers keen to build a legacy for their loved ones while realising the
support they need in the future to help themselves live healthier, longer and better lives.”
Eric Wong, Chief Marketing & Partnerships Distribution Officer, PAMB said “In our 15-years strong partnership with UOB, we have rolled out numerous solutions to UOB’s customers that cater to their various protection needs. PRUHeritage Cover is another successful example of
how we’ve leveraged our partnership to address the rising concerns of an aging society. UOB customers can utilise multiple payouts when the need arises. It’s a step towards a secure and worry-free future.”
PRUHeritage Cover ensures customer’s health and wellbeing are protected during their silver age if they are diagnosed with one of the covered health conditions – including Parkinson’s Disease, Alzheimer’s Disease and Severe Dementia. With Silver Care Benefit, affected
customers will receive an annual payout of 5 per cent of their Basic Sum Assured (BSA) for up to 10 years.
With Legacy Booster, customers can enjoy enhanced coverage when they reach 61 years of age as protection is increased by 20 per cent. This gives them more financial protection to manage inflation.
Customers also enjoy rewards when they reach key life milestones. Upon reaching age 61, they receive a one-time payment of up to 10 per cent of their BSA with the Retirement Reward feature and when they reach age 88, they receive an extra one-time payment of up to 10 per cent of their BSA. When the policy matures at age 100, customers will receive a one-time payment of 100 per cent of their BSA.
Visit www.uob.com.my/personal/insure/pre-retirement/pruheritage-cover.page today for more details on PRUHeritage Cover, a regular premium non-participating insurance plan.
