PRUlady: The Best Insurance Plan for Women (That can be Free)
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. Unfortunately, conventional insurance plans and medical cards do not do women justice. 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 a 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!)
You go, girls!
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 (in the breast, cervix, uteri, Fallopian tube, ovary, uterus, vagina)
- Disseminated intravascular coagulation (what is that)
- Ectopic pregnancy
- Hydatidiform mole
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
- Atrial septal defect
- Down’s syndrome
- Clift lip
That said, PRUlady would cover majority of these potential issues (and then some). What exactly is PRUlady? Let's get right to it!
PRUlady – Overview
At first glance, or literally first line of the brochure, it is clearly stated that "PRUlady is a regular premium, non-participating life insurance plan." While it might be deemed completely jargon by those who are unfamiliar with insurance terms, but 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.
Well, so far so good right?
PRUlady – Benefits Worth Mentioning
PRUlady insurance plan is filled with interesting benefits which would definitely safeguard our fellow women to brave and celebrate various stages and achievements in life.
1. Comprehensive coverage of illnesses and symptoms
While conventional life insurances cover most of the diseases, they typically do not contain female-related illnesses. 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, but as for empowering women more generally, PRUlady definitely does it better!
2. Life Change Benefit – 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 initally bought for). The maximum you can get throughout the life of the policy is 9%.
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.
4. The coolest part about the policy – Money Back upon Maturity
Under the maturity benefit, the policyholders for the PRUlady plan can have a 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 – talk about a win-win situation!
Besides, PRUlady policyholders can enjoy a premium waiver for up to 36 months when they make a female illness claim! (Psst, PRUlady knows battling illnesses is hard!) Also, the premium paid for the PRUlady plan can be counted as income tax relief as well!
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.
Till date, Malaysians are enjoying a delightful dilemma to freely choose from more than one insurance plan. For examples, 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.
It is also important to note that PRUlady is not meant to be a replacement to getting a proper medical card. Instead, it's meant to be a complementary add on 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 a vetted / trusted agent will contact you within 48hrs.