PRUlady: The Best Insurance Plan for Women (That actually pays you)
We all know how big of a role women play in society. They are the ones who have to bare the responsibility of childbirth and are typically the ones who are going to delay their career goals for the sake of the family. Although there are some great insurance plans and medical cards, none of them have cover situations that women may have to go through.
For instance, normal insurance plans are not adequate in addressing maternity-related events. Also, critical illnesses are more prevalent in women, with the (risk of cancer with ratio of male to female at 1:1.2! There are certain diseases such as cervical or breast cancer only exist in women, hence they would not typically be covered by generic health insurance policies. That is why when we discovered what PRUlady offers, we realised that it would be the best insurance plan for most women out there (especially since it could be free!)
Why do women even need a different insurance plan than men?
Women have different needs when compared to men. Because they have different body parts, they run into the risk of different types of illnesses which can be very expensive.
Moreover, women also have to deal with pregnancy and all the other types of risks associated with it.
Examples of some of the illnesses and risks that PRUlady will cover you are:
Different types of cancers impacting only women
(in the breast, cervix, uteri, Fallopian tube, ovary, uterus, vagina)
Disseminated intravascular coagulation
Pru Lady will cover Disseminated intravascular coagulation (DIC). DIC is when small blood clots develop throughout the bloodstream, blocking small blood vessels which can ultimately lead to excessive bleeding. This can be a huge issue for the the mother and the baby inside the mother.
Ectopic pregnancy is a complication of pregnancy in which the embryo attaches outside the uterus. Signs and symptoms classically include abdominal pain and vaginal bleeding.
Hydatidiform mole (HM) is a rare mass or growth that forms inside the womb (uterus) at the beginning of a pregnancy. Women appear to be pregnant, but the uterus enlarges much more rapidly than in a normal pregnancy.
Eclampsia is a condition in which one or more convulsions occur in a pregnant woman suffering from high blood pressure, often followed by coma and posing a threat to the health of mother and baby.
And although not directly related to the women, PRUlady will also cover potential illnesses and risks associated to a newborn child. Risks such as:
Ventricular septal defect (VSD)
VSD is when the walls of the heart does not develop fully when the baby is born, leading to a mixture of oxygen rich blood with the oxygen poor blood.
Atrial septal defect
Similar to a ventricular septal defect, except with VSD, the hole is in the bottom chambers of the heart whereas the atrial septal defect is when the hole is in the top chambers of the heart of the baby.
Down's syndrome is typically associated with physical growth delays, mild to moderate intellectual disability, and characteristic facial features.
A cleft lip is an opening or split in the upper lip that occurs when developing facial structures in an unborn baby don't close completely
That said, PRUlady would cover majority of these potential unfortunate events(and then some) by providing you with a payout to help with the surgery costs. What exactly is PRUlady and what else does it offer? Let's get right to it!
PRUlady – Overview
As per the prulady brochure, "PRUlady is a regular premium, non-participating life insurance plan." That may be a little hard to understand so we'll try to break it down. Basically regular premium means the premium is paid in a regular basis instead of single premium which the entire premium would be paid in one go.
Next, non-participating life insurance means that the policyholders are not entitled to receive a portion of the investments (or dividends) that the insurance company makes with the premium paid by the policyholders themselves. Normally, the non-participating insurance policyholders would in exchange receive lump sums based on various events as written in the agreement. This is also the reason why typically, non-participating insurance policies are cheaper than the normal policies.
PRUlady – Benefits Worth Mentioning
PRUlady insurance plan is filled with some amazing benefits which would really support women and their potential babies in their lives. Some of the main benefits of Prulady include:
Prulady Benefit 1 – Comprehensive coverage of illnesses and symptoms that women face
While conventional life insurances cover most of the diseases, they typically do not contain female-related illnesses, leaving you completely vulnerable to things that you have no contorl over.
And if they do, they tend to be specific medical plan catered to protect policyholders against illnesses solely. For instance, Citibank CancerCare and Great Eastern Great Early Cancer Care both cover breast cancer and ovarian cancer. Which in this case, PRUlady offered up to 100% basic sum assured as well!
Don't get us wrong, we don't mean medical insurances are useless, in fact, we highly suggest that you have another medical card to cover you for everything else. Prulady is a great addition to your current medical insurance coverage (and you'll see why soon).
Prulady Benefit 2 – Get paid up to 9% of your total sum assured
PRUlady isn't only about protecting you from potential life complications. PRUlady also provides you with what they call life change benefits.
PRUlady recognises life changes such as marriage, buying a property, retirement and death of a spouse. And with each of these life changes, they will give you between 3 – 9% of your basic sum assured (the amount of insurance you had initially bought for). The maximum you can get throughout the life of the policy is 9%.
And if you somehow do not end up getting the 9% before you're 55, you will automatically get it at the age of 55. In other words, Prulady is guaranteed to give you 9% of your total sum assured!
Prulady Benefit 3 – Maternity Benefit
The PRUlady plan is also a specially designed insurance policy which is perfect for those who would like to start a family or have more children. Childbirth is celebrated as listed under the "Life Change Benefits" which 3% of the basic sum is assured per child.
There is no greater blessing than a newborn, and there is no more noble role as a mother. PRUlady recognises that and offers coverage for a number of pregnancy complications and child hereditary illnesses.
It is important to note that any money paid through maternity benefit is a part of life change benefit.
Prulady Benefit 4 – Money Back upon Maturity
This is by far the best part of the Prulady policy. Under the Pru Lady maturity benefit, the policyholders for the PRUlady plan will have 100% refund of total premiums paid. If for example, you are paying for Plan 4 from the age of 17 all the way until the age of 70 (when the plan matures). You would be entitled to get a full premium refund of RM 86,940. This means that you would be able to be get free coverage throughout your life. And with the guaranteed 9% return from the life change benefit, you will definitely be making money for getting this policy.
Females of age between 17 and 45 years old next birthday are eligible to purchase this insurance and this life insurance plan provides women with financial protection up to the expiry age of 70 years old.
There are altogether 4 different plans which could be conveniently identified as Plan 1, Plan 2, Plan 3 and Plan 4. Plan 1 has a relatively lower annual premium starts at RM437 from age of 17, while Plan 4 starts at RM1610. Well, it goes without saying, Plan 4 has the highest basic sum assured (up to RM100,000) among all the plans. To understand more on the fee structure, do check out the PRUlady's brochure!
The premiums can be paid yearly, half-yearly, quarterly or even monthly via various acceptable methods. For PRUlady insurance plan, Grace Period of one month is applied before the expiry of the policy. Automatic Premium Loan Scheme will also be applicable if the policy accumulates sufficient cash value.
Although the largest amount of coverage you can get within one plan is RM100,000, you are allowed to purchase up to 2 Prulady plans which means you can get up to RM200,000 coverage (and of course, get refunded all premiums as well as get 9% in life change benefits).
There are a few other alternatives for Prulady. For example, the Lady Protector plan by Great Eastern provides compensations for sexual harassments which is considered one of the move to empower women, the A-Life Lady360 by AIA offers yearly cash bonus which can let you make the most out of your premium paid. But it seems likePRUlady by Prudential is the only one who is willing to offer your whole premium back upon maturity, giving you free coverage throughout your life.
However, we have done the research and found that all these other plans charge a much higher premium and don't have the same amazing benefits as Prulady.
As mentioned earlier, it is important to note that PRUlady is not meant to be a replacement to getting a proper medical card. Instead, Prulady meant to be a complementary addon to your medical card. Or, another way to view it is to look at PRUlady as a forced retirement savings account that also gives you all these additional protection!
If you’re interested in learning more about this plan and how you can benefit from it, fill out the form below and someone that we trust will help you understand how you can take advantage of the policy.