PRUEdu Plus
This is a with-profits endowment assurance policy with a maturity value payable on survival of the main policyholder at the end of the term. The maturity benefit is intended to meet the cost of providing the child’s education
In addition, the product offers a benefit on death or disability if this occurs before maturity. A loyalty bonus is also payable on this product
There are also optional hospital cash and waiver of premium benefits payable on this product. The hospital cash benefit can be extended to the members of the main member’s nuclear family i.e. spouse and children
Minimum premium
Minimum Hospital Cash Benefit
Policy term
Entry age
Minimum age at entry (age next birthday) is 20 years
Maximum age at entry (age next birthday) is 65 years
Maximum age at entry (age next birthday) is 18 years for child under hospital cash rider
Maximum age at entry (age next birthday) is 65 years for the waiver of premium rider
Maximum age at maturity (age next birthday) is 75 years
Maximum age at maturity (age next birthday) is 66 years for the hospital cash rider
Maximum age at maturity (age next birthday) is 19 years for child under the hospital cash rider
Maximum age at maturity (age next birthday) is 75 years for the waiver of premium rider
Product Benefits
Death Benefit
On death of the Life Assured as a result of either accidental or natural causes, Prudential shall pay 100% of the Sum Assured plus accrued bonuses (as at the time of death). The policy ceases once this benefit is paid unless the waiver of premium rider has been purchased
Permanent Total Disability
100% of the Sum Assured plus accrued bonuses is payable upon the Life Assured becoming totally and permanently disabled as a result of either accident or natural causes to the extent of being wholly and continuously unable to engage in any occupation, business or work for remuneration or profit during the policy term. The policy ceases once this benefit has been paid unless the waiver of premium rider has been purchased.
Permanent Total Disability
100% of the sum assured up to a maximum of 300 million is payable if the insured becomes impaired. 100% of the accumulated fund if any will be paid to the policy holder
Maturity
At expiry of the policy term, Prudential shall pay the Maturity Value i.e. the Sum Assured plus accrued bonuses
Loyalty bonus
A loyalty bonus equal to 50% of the annual premium will be payable every 3 years the policy remains in force during the policy term
Policy Loan
The policy holder will be eligible for a policy loan once the policy has been in force for at least two years with full premium payment
Optional Riders
Hospital Cash Benefit
Daily hospital cash benefit is payable after two days (48 hours) of hospitalization
of the main member up to a maximum of 30 days per year
An optional daily hospital cash benefit is also payable after two days (48 hours)
of hospitalisation of the spouse or children of the main member up to a maximum of
30 days per year
Waiver of Premium
Under the Waiver of Premium clause, in the event of either death or permanent
disability of the Life Assured, Prudential shall take over the payment of future
premiums until maturity date, with no further accrual of bonuse
Documents Required to apply for the policy
- Valid ID
- Complete proposal form
- Signed key facts document
- Birth certificates for the hospital cash rider beneficiaries (children)
- ID for spouse