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Pros and Cons of Pru Lifetime Income Premier

Pru Lifetime Income Premier is a single premium endowment plan offered by Prudential agents and some bankers. It is designed to provide a stream of lifetime income till age 99, and minimum premium starts from S$100,000. Non-guaranteed cash benefits begin from the end of 2nd policy anniversary while the guaranteed cash benefits start from the end of 5th policy anniversary. You can choose to receive the cash benefits or to reinvest in the plan at the prevailing rate and withdraw only when needed.

Pru Lifetime Income Premier can be used for multi-generation planning. A policy implemented in the life of child/grandchild would enable parents and grandparents to enjoy the cash benefits while they are alive and pass the monthly coupon to the child/grandchild upon their demise. Upon the death of the insured, the beneficiary would receive the invested amount plus bonus.

The plan can also be used for personal retirement planning. The monthly guaranteed coupon can offset monthly expenses during retirement. A combination of this policy with CPF Life and other insurers’ retirement plan can give one a better peace of mind for his/her retirement.

Pru Lifetime Income Premier

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Pros of Pru Lifetime Income Premier

  • Yearly cash benefits start from as early as end of 2nd year
  • Interest rate on cashback usually higher than bank deposit rates
  • Guaranteed acceptance with no medical examination required

Cons of Pru Lifetime Income Premier

  • Starting surrender value is the lowest in the market at 75% of single premium
  • Guaranteed and projected breakeven years are one of the longest in the market
  • Reinvestment rate is not guaranteed and is lower than some of the other plans in the market

To find out how Pru Lifetime Income Premier compares with other plans in the market

To understand if Pru Lifetime Income Premier is suitable for your needs

To learn how you can best utilise Pru Lifetime Income Premier

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Before you commit to Pru Lifetime Income Premier, be sure to find out more about a similar plan from NTUC here.

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