The plan offers a payout of up to S$3.6m ($2.28m, £1.8m) upon the diagnosis of a critical illness, which is the highest payout available in Singapore according to the company, and can be used in conjunction with the PruVantage Portfolio suite of products including PruSelect Vantage launched last September.
Prudential said the product will also offer a payout of up to S$500,000 for the diagnosis of an early stage medical condition and up to S$250,000 for selected diabetic complications.
“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,” said Tomas Urbanec chief marketing & partnerships distribution officer of Prudential Singapore.
“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.”
The new product also offers an accidental death benefit of 100% sum assured coverage or $1m, whichever is lower. When the policyholder dies, Prudential will pay 10% of the sum assured, or $100,000, whichever is lower.
“As individuals accumulate more wealth, they should safeguard against the loss of their assets from hefty medical bills or death so that they can continue to provide for the needs of their families without compromising on the lifestyle that their loved ones are used to,” added Urbanec.