The wholly-owned subsidiary of UK-based Prudential insurance group, Prudential Singapore has introduced a critical illness product for wealthy individuals.
The company expects the plan to expend up to S$3.6m ($2.28m) on the critical illness diagnosis while providing an accidental death benefit of 100% sum assured coverage and a 10% of the sum assured to be paid by Prudential, if the policyholder dies.
Capable of using in conjunction with the PruVantage suite of products which include PruSelect Vantage, the new plan seeks to assist wealthy individuals in protecting their wealth against the loss of assets from large medical bills or death.
Prudential Singapore chief marketing and partnerships distribution officer Tomas Urbanec said, "PruCrisis Cover Vantage is an extension of the PruVantage Portfolio suite of wealth management products catered specifically to address the special needs of affluent and successful individuals."
Offering a payout of up to S$250,000 for selected diabetic complications, the product will also provide S$500,000 for an early stage medical condition diagnosis.
"Besides wealth preservation, it is equally important that affluent individuals are assured of access to first class medical treatments in the event of an unexpected illness," Urbanec added.
Additional offering by the new product includes an accidental death benefit of 100% sum assured coverage or $1m, whichever is lower.