PRUhappy annuity 390

Underwriting Conditions

Eligible Age:

30 – 55 years old

Coverage Period:

Until age 85

Premium Payment Period:

Until age 60

Sum Assured:

A minimum of 100,000 Baht

Mode of payment:

Annually, Bi-annually, Quarterly and Monthly

Medical Check-up:

Prudential Life Assurance (Thailand) PLC. reserves the rights to require a medical check-up under the company’s underwriting policy.

Benefits

Living Benefit1

From the date the insured reaches age 60 until the insured reaches age 85

  • Receive 15% annuity of sum assured

Total annuity benefit throughout the policy term equivalent to 390% of sum assured

Death Benefit2

For the period prior to annuity payment, from the time the policy contract becomes effective until prior to the insured reaching age 60

  • Receive a compensation of 200% of sum assured or surrender value, or total amount of annual standard premium paid of the main policy, whichever amount is greater

For annuity payment period, from the time the insured reaches age 60 until prior to the insured reaching age 74

  • Receive one-off annuity benefit in the amount equivalent to the unpaid portion of 15-year guaranteed annuity

Remarks:
1Living Benefit, from the date the insured reaches age 60 until the insured reaches age 85, receive annuity at the end of policy year according to the percentage of sum assured stated above
2Death benefit, for the period prior to annuity payment, receive a compensation of 200% of sum assured, or surrender value, or total amount of annual standard premium paid of the main policy, whichever amount is the greater.  In case of loss of life during annuity payment period, the company will pay one-off annuity benefit in the amount equivalent to the unpaid portion of 15-year guaranteed annuity.

  • Premium paid on annuity plans are tax deductible up to 200,000 Baht, or a maximum of 300,000 Baht per year (when not including life insurance premium from other plans), but shall not exceed 15% of taxable income.  When combining with the Provident Funds or the Government Pension Funds or aids funds as stated under the Private School Teacher's Aids Funds or Retirement Mutual Funds, altogether shall not exceed 500,000 Baht in one taxable year.
  • This product is a life insurance product and is not a deposit.  To secure the complete benefit of the policy contract, the policyholder should make a premium payment thoroughly throughout the premium payment period as well as holding the policy contract until its maturity.  In case the policy contract is terminated prior to its maturity, the policyholder is subject to risk of not getting the premium paid or not getting the premium paid back in full amount.
  • It is the responsibility of the policyholder to make premium payments. Life insurance brokers only facilitate the service.
  • Buyers have to study and understand policy terms and conditions before making a decision to buy a life insurance policy.
  • Conditions for non-coverage:
    • In case of material misrepresentation or false statement, the Company shall void the policy within 2 years from the policy effective date or the renewal date or the reinstatement date or the date the Company approves the increase of sum assured, only for the increased amount.
    • The Insured commits suicide within 1 year from the policy effective date or the renewal date or the reinstatement date or the date the Company approves the increased sum assured, only for the increased amount, or is murdered by the beneficiary.
  • The assured has the right to cancel the policy within 15 days from the date of receiving it.  The company will then return any outstanding premium paid after deducting 500 Baht per policy for actual medical check-up expense and any other expenses.
  • The assured has the right to surrender the policy and receive the surrender amount as specified in the surrender value table plus other entitled benefits (if any), less outstanding debts (if any).
  • This document is not the policy contract.  The details of complete coverage and non-coverage terms and conditions are specified in the policy contract.
  • PRUhappy life guard is the marketing name of life insurance product “Sasomsab for retirement age 60” (Non-participating)”

UOB, in its capacity as the insurance broker license number Chor 00026/2545 will facilitate the insurance transaction and premium payments only, while Prudential Life Assurance (Thailand) Public Company Limited will be responsible for providing the coverage and benefits as stated in the insurance contract.