PRULive Well: Financial Assurance For Malaysia's Ageing Population

KUALA LUMPUR, Oct 14 (Bernama) -- Prudential Assurance Malaysia Berhad (PAMB) has launched PRULive Well, a legacy insurance solution designed to provide lifelong financial assurance for individuals facing disabilities in their golden years.

In a statement today, PAMB informed that PRULive Well is introduced in response to a growing concern in the status of ageing nation in Malaysia with 14 per cent of its population expected to be aged 65 and above by 2043, increasing the need for long-term financial security and assisted care.

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) which include eating, bathing, dressing and moving around.

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The statement noted, based on national health surveys since 2006, that the rise in health risks led to a significant increase in stroke cases, particularly among individuals under the age of 65, further underscoring the need for accessible and reliable financial solutions like PRULive Well.

“With PRULive Well, individuals can receive income assistance, known as Monthly Income Benefit (MIB), for up to 20 years to help provide options for assisted living. Individuals will receive 50 per cent of their MIB if they are unable to perform two ADL and 100 per cent of their MIB if they are unable to perform at least three ADL,” the statement read.

The statement said customers can enjoy peace of mind for a lifetime, with choices of coverage from age 80, 90 up to 100 years.

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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. If the customer lives on till the end of the coverage term, they will receive a lump sum refund of all the premiums paid,” the statement read.

PAMB chief financial officer Ankur Bassi was quoted in the statement as saying that PRULive Well provides a solution that ensures peace of mind and financial stability for customers and their loved ones.

“Though we are living longer, it doesn’t always mean we are living healthier. When someone becomes disabled or is unable to perform daily tasks, the need for full-time care places a heavy financial burden, thus why we launched PRULive Well,” he said.

Meanwhile, PAMB chief marketing and partnerships distribution officer Eric Wong was also quoted as saying that PRULive Well aims to offer not just financial security but also the assurance that its customers and families are protected and supported throughout their lives.

“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,” he said.

-- BERNAMA

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