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Pros and Cons of Prudential PruGolden Retirement Reward

PruGolden Retirement Reward is marketed by Prudential agents and bank relationship managers. It is a limited payment participating endowment which provides a guaranteed monthly Retirement Income for 10, 15 or 20 years, after the end of the accumulation period. It is a guaranteed issued offer plan that does not take into the policyholder’s medical condition upon sign up.

PruGolden Retirement Reward has a short premium term of 4 years, and the policy has an accumulation period until age 60 or 65 last birthday. At the end of the accumulation period, this plan will pay out a guaranteed monthly payment for 10, 15 or 20 years.

PruGolden Retirement Reward

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Pros of PruGolden Retirement Reward

  1. Short payment period of 4 years while similar plan from other insurers’ payment term is usually 5 years
  2. There is an optional rider that allows the policyholder to transfer this plan to his/her spouse upon the death of the policyholder.
  3. It provides a monthly disability income equals to its monthly guaranteed payout if the insured suffers from total permanent disability before age 70

Cons of PruGolden Retirement Reward

  1. Smaller annual payout compare to simialr plans from other insurers
  2. The monthly disability income is only payable if total permanent disability happens before age 70. Other insurers with similar disability benefit will still pay the disability income even if the disability occurs after age 70 (before the maturity)
  3. The conditional to pay monthly disability income is that the insured must be totally disabled. There is an insurer that has a more lenient claim condition as it will pay the monthly disability income upon partial disability based on the either one of 4 conditions (loss of use of one limb, loss of speech, loss of sight of one eye and loss of hearing)
  4. While Prudential’s par fund may look impressive for the record last 3 years, it is important to note that endowment plans (i.e. PruSave & Prucash) bought in mid-2000 had revised projection downwards. Even thought Prudent’s performance has been better the last few years, most Pru-policyholder that we know did not get their bonus reinstated entirely. They only get a small portion of the projection restored.
  5. Contact us here if you want to know the full list of cons for PruGolden Retirement Reward

To know if PruGolden Retirement Reward can honour the projected return base on historical performance

To know how PruGolden Retirement Reward compares with other insurers’ retirement solutions

To see how PruGolden Retirement Reward fits your retirement cash flow projections.

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Beside PruGolden Retirement Reward, you may want to read up another retirement plan that provides lifetime payout here.

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