The PRUInvestor Plan is a term life assurance policy with a savings(investment) component.
- Age requirement: Minimum and maximum entry ages are 18 and 65 respectively
- Policy Term: The minimum policy term is 5 years, and the maximum policy term is 25 years
- Premium: Minimum Ugx 100,000 and Maximum determined by Sum Assured
- Sum Assured: Minimum and maximum sums assured are 20 million and 3 billion respectively.
- Premiums can be increased on Policy birthday
- Cover: Cover is within the duration of the policy term
- Allocation: Minimum risk percentage is 20% and maximum risk percentage is 100% of the gross premium. The higher the risk portion, the higher the risk cover (sum assured). The minimum sum assured is UGX 20,000,000.
The minimum investment percentage is 0% and maximum investment percentage is 80% of the gross premium.
Waiting Period: 2 months will apply on the policy following a reinstatement after a lapse
- Death benefit: In the event of death, Prudential pays 100% of the sum assured plus the accumulated fund value if any
- Critical illness: On first time diagnosis of a listed illness, Prudential pays 30% of the sum assured up to a maximum of 300 million. 100% of the accumulated fund if any will be paid to the policy holder. The remaining risk premium will be waived for the remaining policy term. The death benefits are still payable when they fall due
- Permanent Total Disability: 100% of the sum assured up to a maximum of 300 million is payable if the insured becomes impaired. 100% of the accumulated fund if any will be paid to the policy holder
- Investment Contributions: The investment contributions earn a discretionary annual compound interest payable monthly
- Withdraws: The client qualifies to withdraw 100% of the accumulated fund value plus any declared interest every 3 years during the policy term. On withdrawing the investment funds within the first two years, a percentage of the accumulated fund is payable as follows: 75% after 6 months, 85% between 7 and 12 months, 90% between 13 and 24 months and 100% thereafter
- Main Policy Exclusions (What Is Not Payable): Suicide and Self-inflicted Injury, Military Service, Riot & Civil Commotion, War, Aviation (Military Personnel), War, Riot and Civil Commotion (Non – Military Personnel), Illnesses not disclosed prior to taking out policy, Hazardous Occupations & Aviation.
- At the end of the term: On survival to the end of the policy term, the policy shall be subject to a refund of 6% of the total gross premiums on the policy and investment premiums plus accrued interest are payable. Otherwise, the policy has no maturity pay-out and surrender value and, doesn't earn a bonus.
- Termination/Cancellation of Policy Before Policy Maturity.
1. Please note that this contract is long-term whereby you undertake to pay a regular contribution in exchange for a lump sum should the insured event (e.g. death, critical illness or disability) occur.
2. However, should you wish to change your mind, in terms of the “cooling off” clause, you can either cancel and be refunded your premiums or make alterations to the policy benefits as long as the decision is communicated to Prudential within 30 days from the date of receipt of the policy document.
3. You shall be expected to pay your contributions (premiums) on time throughout the agreed term of the policy. For this reason, please choose an affordable amount.
4. Your premiums should not remain unpaid for a period longer than 180 days (grace period), otherwise your life cover and policy benefits shall cease.
5. Upon termination of the policy at any time, a percentage of the accumulated fund shown in the table below is payable in the first 2 years thereafter 100% of the accumulated fund is payable. In force Duration in months % of accumulated fund
Know more about the product here - https://www.prudential.ug/pruinvestorplan/#