Prudential Singapore is offering affluent customers an indexed universal life policy with choices over death-benefit payouts and ownership, while early cancellation could leave policyowners with less than they paid in premiums.
The insurer launched PRUApex Legacy Index II on July 20 with a minimum sum assured of US$500,000. Its brochure lists a single-premium option and payment terms of five, 10, 15 or 20 years.
A policyowner can arrange for beneficiaries to receive the death benefit in one payment or annual installments over two to 10 years. Once the policy has been in force for two years, the owner can change the person insured or appoint a secondary policyowner.
Owners can divide premiums between a fixed account and an index account linked to as many as three of seven available indices. They can change their index selections after the first policy year, with at least one year between subsequent switches.
The index account has a 0% minimum crediting rate. That floor applies to returns credited to the account, not to the amount an owner receives upon surrender. Index-linked credits are subject to caps or participation rates that depend on the selected index and can change.
At launch, Prudential listed a 4.20% first-year fixed-account crediting rate for new money and a 2.00% guaranteed minimum rate. Its brochure says the rates offered for future new money may change.
Prudential says it designed the plan for customers whose life priorities change over time. The insurer introduced an earlier indexed universal life policy, PRUVantage Legacy Index, in 2024.
The policyowner bears the cost of ending coverage early. Prudential says surrender can be expensive: an owner may receive nothing or get back less than the total paid in premiums.
