Guide to investment-linked Policy

Important Notice
About Your
Investment-Linked Policy

Sustainability info sheet
on your insurance coverage.

Policy Alteration Sustainability Statement Effective 1 January 2020
  • You will receive a Policy Alteration Sustainability Statement informing you of the impact to your insurance coverage, with options for you to top-up your premium amount (if applicable) or review your policy benefit.

  • You are required to acknowledge the Policy Alteration Sustainability Statement by returning a signed copy of the statement together with the relevant forms.

Sustainability Statement Effective February 2020
  • A Sustainability Statement is given to you with your existing Annual Statement.

  • This is an annual summary of your policy status which covers the expected duration of coverage, factors affecting sustainability and action to maintain coverage.

  • This statement can be viewed and downloaded from PRUAccess Plus.

Customer reading sustainability statement

Guide to Understanding your sustainability statement

Download

Frequently Asked questions

Sustainability Statement (as part of Annual Statement)

Questions

Answers

1. What is Sustainability?

Sustainability applies to investment-linked policies. It refers to the expected duration of our customers’ insurance coverage.

Two ways for customers to check and track their Policy Sustainability:

i) Sustainability Statement (as part of Annual Statement)

ii) Policy Alteration Sustainability Statement (PASS)

 2. What is a Sustainability Statement?

Sustainability Statement provides information to assist our customers in monitoring and managing their coverage. It displays the expected duration of their insurance coverage and actions they can take to maintain their coverage until the end of the contractual term.

3. What are the possible factors that can affect “Policy Sustainability”?

  •  Making partial withdrawal(s) from the fund(s)

  • Not paying the premiums due on time

  • Current premium level or fund value is insufficient to sustain the policy until the end of the policy term

  • Unfavorable investment returns

4. Is “Policy Sustainability” only referring to a basic plan? Does it apply to rider(s) as well? How about Policy Supplementary Benefit attached to the Policy Basic Coverage?

The Policy Sustainability is applicable to the whole component in the policy. Please note that the Basic Plan and rider(s) might have different contractual terms.

5. Where can customers obtain their Sustainability Statement?

Softcopy of the statement will be available in PRUAccess Plus as part of the Annual Statement.

6. Who will receive the Sustainability Statement?

All customers with active investment-linked policy as at 31 December will receive a Sustainability Statement the following year.

7. Will the Sustainability Statement display all investment-linked policies that a customer has on a consolidated basis?

No. Sustainability Statements are issued based on individual policies.

8. What do customers need to do upon receiving this Sustainability Statement?

It is important for customers to read the statement thoroughly so they can make informed decisions which will help to manage their policy coverage.

Customers are encouraged (but not obliged) to take the recommended actions which may be subject to assessment from the company.  Alternatively, they may refer to their servicing agent/sales representative for further review.

9. Do customers need to reply to Prudential on the Sustainability Statement and is there a deadline that customers need to adhere to?

Customers are encouraged (but not obliged) to take actions according to the steps recommended in the statement at their convenience. 

10. What if the customer is unable to take immediate action to sustain him/her policy because him/her policy has lapsed upon receiving the Sustainability Statement?

The customer will need to revive his/her policy and the next Annual Sustainability Statement will be issued to him/her.

11. How can the customer perform Single Premium Top Up (SPTU)?

 

By submitting the following:

i) Application for Single Premium Top Up Form

ii) Acknowledged Policy Alteration Sustainability Statement

iii) Make payment by Cash or Cheque at Prudential Branches.

Note: The daily cash acceptance limit at each branch is RM 10,000 per policy.

12. How can the customer perform Regular Premium Top Up (RPTU)?

 

To submit the following:

i) Inclusion / Increase of Saver Rider Form

ii) Acknowledged Policy Alteration Sustainability Statement

iii) Quotation Slip

iv) Make Payment by Credit Card, Cash or Cheque at Prudential Branches (if required)

Note: The daily cash acceptance limit at each branch is RM 10,000 per policy.

13. Will Prudential regenerate the Sustainability Statement if customers decide to pay the amount stated in the statement at a later date?

No. However, we will issue a Policy Alteration Sustainability Statement upon top up application.

14. Who should customers refer to if they want to know more about Sustainability Statement and Policy Alteration Sustainability Statement?

Customers may contact their Servicing Agent or the following for further assistance:

i) Customer Service: 03-2771 0228

ii) Email: customer.mys@prudential.com.my

iii) Any Prudential Branches



Policy Alteration Sustainability Statement

 

Questions

Answers

1. What is the validity period of the Policy Alteration Sustainability Statement?

Policy Alteration Sustainability Statement is a disclosure of the expected duration of insurance coverage which is carried out in the event the customer indicates intention to exercise an option or make an alteration to the policy, e.g. partial withdrawal, addition of extensions Supplementary Benefit, increases in term of insurance coverage beginning 1 January 2020 onwards.

Customers must acknowledge the statement before Prudential can proceed with the alteration request.

2. Why is this Policy Alteration Sustainability Statement issued for customers?

Policy Alteration Sustainability Statement provides information before and after the alteration, to facilitate timely and informed decision-making in monitoring and managing their coverage. It displays the expected duration of their insurance coverage and actions they can take to maintain their coverage until the end of the contractual term.

3. Can customers request to generate Policy Alteration Sustainability Statement without any alterations?

No. Policy Alteration Sustainability Statement will only be provided upon selected alteration request. On top of that, customers will be informed on the Policy Sustainability in the Sustainability Statement on an annual basis as part of the Annual Statement.

4. Will the Policy Alteration Sustainability Statement be saved in PRUAccess Plus for future reference?

 No. However, customers can contact:

  • Servicing Agent/Sales Representative;

  • Prudential Customer Service; or

  • Walk-in to the nearest branch for a copy of your Policy Alteration Sustainability Statement.

5. What options do customers have if they are not satisfied with the Policy Sustainability Statement results?

 To maintain customers’ policy coverage until the end of the contractual term, we recommend customers to take one of the following actions:

  • Regular Premium Top-up;

  • Single Premium Top-up; or

  • Review the policy benefits such as sum covered, optional benefit and others to improve the sustainability of the policy via Servicing Agent/Sales Representative.

6. What are customers required to do upon receiving this Policy Alteration Sustainability Statement?

 a) Customers are required to check their current Policy Sustainability against their Policy Expiry Age.

i) Scenario 1: If current Policy Sustainability is more than or same as Policy Expiry Age, customers can proceed with step c).

ii) Scenario 2: If current Policy Sustainability is less than Policy Expiry Age, customers are recommended to consider the options stated in the Policy Alteration Sustainability Statement.

b) Customers are required to check the recommended new premium after alteration if it is within their affordability.

c) Customers must acknowledge the statement before Prudential can proceed with the alteration request.

 7. What is the validity period of the Policy Alteration Sustainability Statement?

Validity for Policy Alteration Sustainability Statement is 30 calendar days from issuance date. The Servicing Agent/Sales Representative will need to submit a revised copy if it has exceeded the validity period.

8. Will there be any changes to the results of the Policy Alteration Sustainability Statement if it was generated on different days, for example, Today vs Tomorrow?

Yes. It will be influenced by several factors. For example, fund value pricing which may change daily etc.

9. Can customers self-estimate the information shown in the Policy Alteration Sustainability Statement?

That is not possible as the calculation requires multiple assumptions or rates being used.

10. What is the turnaround time for Policy Alteration Sustainability Statement to be generated?

Expected within 5 working days.

11. How can customers obtain the Policy Alteration Sustainability Statement

Customers may contact their Servicing Agent/Sales Representative to obtain a copy or contact the following for further assistance:

i) Customer Service: 03-2771 0228

ii) Email: customer.mys@prudential.com.my

iii) Any Prudential Branches

12.What will happen if customers choose to proceed with the policy alteration (including the endorsement premium) without paying the recommended top-ups despite having Current Policy Sustainability less than their Policy Expiry Age?

There may be a risk that the Policy might lapse before Policy Expiry Age.



Policy Alteration Process pertaining to the Policy

 

 

Question

Answer

  1. What kind of policy alterations will be subjected to Sustainability?

Endorsement

  1. Increase/Reduction in Premium

  2. Inclusion/Cancellation of Benefit

  3. Increase/Reduction of coverage

  4. Inclusion/Cancellation of PRUSaver/PRUSaver Kid

  5. Increase/Reduction of PRUSaver/PRUSaver kid

  6. Change of Medical Plan

  7. Change of Premium Payment Term

  8. Change of Payout Age in PRUSaver Kid

  9. Change of Auto Extension Option

  10. Change of Sustainability Option

  11. Change of Benefit Term

 

Policy Servicing

  1. Withdrawal

  2. Fund Switching

  3. Premium Redirection

  4. Single Premium Top-up