Prudential Thailand launches PRU888 life insurance plan to provide peace of mind for retirement
BANGKOK, THAILAND, 11 May 2020 – In view of Thailand’s rapidly ageing society, Prudential Life Assurance (Thailand) Public Company Limited (“Prudential Thailand”) has launched PRUTriple Eight (PRU888), a life insurance plan that allows for effective financial planning at every stage of a person’s life. The plan provides financial security to customers and their loved ones with benefits including an 8% cashback of initial sum assured from the first policy year until age 87, and an 888% maturity benefit of the initial sum assured at age 88.
Based on the latest projections by the United Nations Population Fund (UNPF), Thailand will fully transition into an aged society by 2021, with the number of senior citizens aged 60 and above expected to reach 13.1 million or 20 percent of the total country population[1]. As a result, the country will face emergent issues concerning social security, health-care costs and intergenerational equity in a far shorter time than that of developed nations. This rapid speed of ageing calls for appropriate response, policies and programmes to help resolve the issues.
Ms. Pasalaree Theerasas, Chief Customer Officer, Prudential Thailand, said: “Financial planning and discipline are the fundamentals to leading a happy, healthy and worry-free life, especially after retirement. As a trusted insurance partner, Prudential Thailand is committed to ensuring that Thais prepare for old age in a graceful manner with greater peace of mind. Our latest life product PRU888 is designed to meet the needs of their future not only by providing financial stability, but also a legacy for their loved ones.”
PRU888 provides an option for policyholders to save and prepare for the future with an eight-year premium payment term for a long-term life coverage up to age 88. In the case of a natural death (not due to an accident) in the first policy year, the beneficiary will receive a compensation of 100% of the initial sum assured, increasing by 100% of the initial sum assured every policy year till up to 800% of the initial sum assured from the eighth policy year onwards. In the case of an accident which results in a loss of life in the first policy year, the beneficiary will receive a compensation of 800% of the initial sum assured, increasing by 800% of the initial sum assured every policy year till up to 6400% of the initial sum assured from the eighth policy year onwards.
PRU888 also enables policyholders to live worry-free lives through an annual cash-back benefit worth 8% of the initial sum assured from the first policy year until age 88. When the policy matures upon the policyholder reaching the age of 88, he or she will receive a lump sum worth 888% of the initial sum assured – a well-prepared legacy passed on to his or her dependents and loved ones.
In addition, policyholders with coverage period of 10 years and above can benefit from personal income tax deductions on the amount of premium paid for up to 100,000 baht per year. This is calculated based on the sum paid for life protection, excluding the rider premiums paid for Accidental Death Benefit (ADB) coverage, and is subject to the Revenue Department’s regulations. This tax benefit is eligible only for male policyholders aged 23 or above, and female policyholders aged 30 or above.
Get a head start in planning for your future today with PRU888, now available through Prudential Thailand’s bank partners.
For more information about PRU888, please contact Prudential Thailand’s Customer Service Center at Tel. 1621 or at the branch network of Prudential Thailand’s bank partners nationwide.