FEATURES
AND BENEFITS
For
Traditional, Flexi, Cremation, PrimeLife and Serenity
Gold Plans
Full
Payment Guarantee
If the Planholder passes away during the paying period
and before he reaches the age of seventy (70), the unpaid
balance of the Contract Price shall be considered fully
paid.
Waiver of Installments Due to Disability
If the planholder becomes totally disabled during the
paying period and before he reaches the age of sixty-five
(65), and such disability continues for at least six
(6) consecutive and uninterrupted months, and provided
a notification made to Prudentialife within ninety (90)
days after such disability, Prudentialife shall waive
the payment of each installment becoming due during
the period of disability.
Memorial Assistance
Fund (Flexi Plans only)
If the Planholder passes away during the paying period
or after full payment and before he reaches the age
of seventy (70), a cash benefit equivalent to one hundred
percent (100%) of the Basic Plan Value shall be extended
to his Beneficiary.
Accidental Death and Dismemberment
If death or dismemberment of the insured PLANHOLDER
is proven to have resulted directly from bodily injury
effected solely through external and violent means sustained
in an accident, within ninety (90) days after the date
of sustaining the injury, and independent of all other
causes, and such death or dismemberment occurs during
the paying period which must not extend beyond an aggregate
period of five (5) years and before the PLANHOLDER reaches
the age of sixty (60), indemnities shall be paid as
follows: (1) one hundred percent (100%) of the Contract
Price for loss of life, or two hands, or two feet, or
sight of two eyes or a combination of one hand and one
foot, or one hand and sight of one eye, or one foot
and sight of one eye; (2) fifty percent (50%) of the
Contract Price for loss of one hand, or one foot, or
sight of one eye.
Family Assistance Fund
(Flexi Plans only)
If the Planholder passes away after full payment of
the plan and before he reaches the age of 70, a cash
benefit equivalent to 100% of the Contract Price shall
be extended to the Beneficiary.
Family Assistance Fund
If the Planholder passes away during the payment period
or after full payment of the plan and before he reaches
the age of 70, a cash benefit equivalent to 100% of
the Contract Price shall be extended to the Beneficiary.
Dual Protection Benefit
If the co-Planholder passes away during the paying period
and before reaching the age of 60, the unpaid balance
of the Contract Price shall be considered fully paid.
Money-Back Benefit
Fifteen (15) years after the Contract Price should have
been fully paid, the PLANHOLDER or his Beneficiary if
PLANHOLDER is deceased shall receive an amount equivalent
to 100% of the Contract Price.
Other
Features
Reinstatement
If the Planholder fails to pay his installment
on due date, he/she is given a two-month
grace period from due date to settle the account
without penalty. Should the Planholder fail to
settle his/her account within the grace period,
the Life Plan shall be considered lapsed. Lapsed
plans for not over two (2) years can still be
reinstated either by:
- Updating
(for Traditional, Flexi, Cremation, PrimeLife and
Serenity Gold Plans)
The Planholder pays all arrears with penalty charges
based on prevailing interest rate plus reinstatement
fee.
- Reapplication
(for Traditional, Cremation and Serenity Gold Plans)
The Planholder applies for a new Plan. Sixty percent
(60%) of all past payments for the old Plan is credited
to the new Plan. Reapplication fee must be paid.
Transferable
The Planholder may give or sell the plan to any
living relative or third party provided that:
- The Plan is up-to-date
or fully paid
- A new Plan Application
is filled out and signed by the Transferee
- Transfer is done in writing
and approved by Prudentialife (via Transfer
form to be signed by the Transferor and the
Transferee)
- The Transferee is subject
to new insurance requirements and to the same
terms and conditions of the original contract
Assignment
Planholder may assign the Plan to any third
party who predeceases him provided that:
- The Plan is up-to-date or fully
paid
- The balance is fully paid if
the Plan is not yet fully paid
- Assignment is done in writing
and approved by Prudentialife Plans, Inc.
- The Assignee is not seriously
ill or dead at the time of purchase
- The Assignee is living within
Prudentialife's Marketing Area
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