PRULoansafe
Why PRULoansafe?
Product Details
Payment Term
Single Premium: This payment option is a one-time lump sum payment which eliminates the need to remember installment due dates. This ensures you are protected all throughout your loan period after paying one time.
Coverage Fit to Your Loan Duration
PRULoansafe offers loan protection for a wide range of loan duration i.e., same as loan duration. This ensures that whether you have a short, medium, or long-term loan, it will be paid off in the event of death or total and permanent disability. This product is available to individuals with existing loans who are aged 18 to 68. The maximum coverage age is 69.
|
Payment Option |
Type of Coverage |
Coverage Period (Policy Term) |
|
Single Payment |
Level Sum Assured* |
Minimum: 1 Year Maximum: 25 Years (Same as loan duration) |
* is defined in the next section
Understanding PRULoansafe Guaranteed Payout
The minimum sum assured starts at 2,000,000 MMK.
Level Sum Assured*: This option provides a fixed sum assured all throughout the coverage period, regardless of your remaining loan balance. In case of a claim, PRULoansafe will pay off your outstanding loan and the remaining guaranteed payout will be paid to your beneficiary/ies.
Additional Coverage if Total and Permanent Disability or Death is caused by Accident
If either total and permanent disability (TPD) or death occurs due to accident, you or your beneficiary will receive extra financial support. An additional 6,000,000 MMK will be paid to you or your beneficiary after your loan has been paid off. This amount is fixed and will be paid regardless of your sum assured.
Must Know Before Buying PRULoansafe
Product Exclusions
There are conditions that may affect the full pay-out of PRULoansafe. For example:
Exclusion on Death/Total and Permanent Disability: Any Human Immunodeficiency Virus (HIV) and/or any HIV-related illnesses including Acquired Immune Deficiency Syndrome (AIDS) and/or any mutations, derivation or variations thereof; or Drugs or stimulator abuse, abusively using alcohol or driving vehicles under the influence of alcohol as defined in current laws and regulations.
Exclusion on Death/Total and Permanent Disability (TPD) benefit due to accident: Participation in dangerous sports activities including but not limited to scuba diving, mountain climbing, parachuting, high speed races, professional sport activities, or professional activity of clearing unexploded ordnance; or War or aggressive acts, including invasions, acts of foreign countries, enemy's acts (whether with or without war declaration), civil wars, insurrections, active participation in terrorism, revolutions, riots, interference by military authorities or usurpation.
Please request your Prudential Myanmar Sales Representative for the complete list of exclusions.
Underwriting
You may be required to undergo a full medical examination and to make declarations about your health and physical condition before purchasing this product. This is dependent on the amount of your guaranteed payout, age, occupation and/or avocation.
Incontestability
Except for non-payment of insurance payments or any other grounds recognised by any laws and regulations in Myanmar, the Company shall be unable to contest this Policy after it has been enforced during the lifetime of the Insured for two (2) years from date of issue of this Policy or of its last reinstatement.
21-Days Free Look Period
You have twenty-one (21) calendar days from the date of delivery of your policy to review in detail the features of this plan and its corresponding provisions. If within this period you feel that this plan does not satisfy your needs, you may cancel your policy. Simply complete and submit the free-look form within this period and we will refund you the total insurance payment you have paid, less the cost of medical examination, if any.