PRU MRTA Double Care

Underwriting Conditions

Eligible Age

20 - 65 years old, Coverage up to age 70 years

Coverage Period

5 - 30 years

Sum Assured

Coverage

Minimum

Maximum

All cases of loss of life

Lender and Co-lender  at THB 100,000 per person

Each lender and co-lender not exceeding 100% of home loan amount

Accidental death

Each lender and co-lender not exceeding 100% of home loan amount and limited up to 10 million baht

Total and Permanent Disability

Each lender and co-lender not exceeding 100% of home loan amount and limited up to 40 million baht

Mode of payment

Single Premium Payment

Premium

The rate depends upon the insured’s age and gender

Medical Check-up

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

Beneficiary

The 1st  beneficiary : The bank providing the home loan

The 2nd beneficiary : The lender and heirs for what is left after loan settlement to the 1st beneficiary

Benefit

Death Benefit

  • Loss of life by illness or accident, receive a 100% of reducing sum assured according to the policy table*
  • Accidental death benefit, receive additional 100% of sum assured at a level term throughout the contract

*The sum assured will be reduced according to the policy contract table and will be aligned with the home loan instalment.  In order to maximize the product benefit, the insured is recommended to apply for the sum assured equal to the initial home loan amount and pay the loan amount according to the bank’s home loan contract

Total Permanent Disability Coverage

The compensation will be paid into 2 instalments within 12 months.

1) The first 50% of the reducing sum assured will be paid in the event of ongoing total permanent disability for not less than 180 days

2) The remaining 50% of the reducing sum assured if the total permanent disability continues for not less than 180 days

3) No coverage for disability occurring after the policy anniversary date that the insured reaches age of 60 years

  • Premium paid for life insurance policies with coverage period of 10 years and above can be entitled for personal income tax deduction for up to the maximum of 100,000 Baht per year (as per the Department of Revenue’s regulations).
  • Customers have right to or not to apply for credit life insurance coverage, as this does not affect loan approval
  • 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 insured 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.
  • Prudential Life Assurance (Thailand) PLC. reserves the rights to require a medical check-up under the company’s underwriting 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 insured has rights to cancel the policy within 15 days from the date of receiving it. The company will then return an outstanding premium paid after deducting 500 Baht per policy for actual medical check-up expense and any other expenses.
  • This document is not the policy contract. The details of complete coverage and non-coverage terms and conditions are specified in the policy contract.
  • PRU MRTA Double Care is the marketing name of Group Life Insurance - Single Premium Payment

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.