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Prudential's New PRUhealth Critical Illness Multi-Care Prestige Offers Market-First Benefits for Comprehensive Protection

Distinctive benefits include Child’s Developmental Care Extra Benefit, Renewed Life Protection Benefit and Home Care Service to safeguard individuals and their families at every stage of their life journey

Prudential Hong Kong Limited ("Prudential") today announced the launch of PRUhealth critical illness multi-care prestige, a comprehensive multi-claim critical illness protection solution that is integrated with three ground-breaking features: first-in-market Child’s Developmental Care Extra Benefit, first-in-market Renewed Life Protection Benefit and a market-distinctive Home Care Service[1]. These features are accompanied by a range of other benefits, offering holistic protection and peace of mind to the Hong Kong people and their loved ones knowing that their physical and mental health is in safe hands.

"Hong Kongers have become increasingly conscious not only about looking after themselves but also the well-being and financial security of their families," said Derek Yung, Chief Executive Officer of Prudential. "As an industry pioneer, we are proud to unveil this comprehensive product, which meets the potential needs of consumers and goes the extra mile to safeguard their loved ones at every step of their life journey."

Sady Wong, Senior Director, Product Management of Prudential echoed, "PRUhealth critical illness multi-care prestige has allowed us to once again redefine the market standard of critical illness protection in Hong Kong. With its distinctive features, this product is the latest demonstration of our holistic critical illness protection approach of providing consumers with extra peace of mind when they have to battle against the unexpected."

Market-first extra benefits against ADHD, Autism Spectrum Disorder, and other designated developmental disorder conditions

PRUhealth critical illness multi-care prestige offers triple child-oriented protection. One of these is the first-in-market Child’s Developmental Care Extra Benefit that offers up to an extra 20% of the current sum assured for nine designated developmental disorder conditions[2], including Attention Deficit/Hyperactivity Disorder (ADHD), Autism Spectrum Disorder and Language Disorder, before a child reaches the age of 18, providing support to families with children who have developmental disorders.

According to the Society for Community Organization, more than 50,000 school age children in Hong Kong were diagnosed with Special Education Needs (SEN) in the 2016/17 school year[3]. For ADHD alone, the total number of patients aged 18 or below being treated at the Child and Adolescent Psychiatric Service under the Hospital Authority was more than 13,000 as at end of 2017[4]. For families coping with children with developmental disorders, the ability to have proper coverage and thus the ability to focus on understanding a child’s needs and to seek professional support when necessary is crucial.

Other child-oriented features include coverage for conditions related to undetected congenital diseases or developmental disorders[5], as well as waiving all future premiums of his or her policy in the unfortunate event of the death of the policy-holding parent.

First-in-market Renewed Life Protection Benefit after a major disease claim

Another first-in-market benefit of PRUhealth critical illness multi-care prestige is its Renewed Life Protection Benefit, which provides 100% of life protection even after a major disease claim[6]. With advancements in medical technology, many critical illnesses are now curable. This feature allows customers to focus on their recovery knowing that their families are well protected. Claims can be made in the unfortunate event the life assured passes away one year after the first major disease claim, or one year after the total claimed amount for "Early Stage Major Disease Benefit" first reaches 100% of the current sum assured.

PRUhealth critical illness multi-care prestige adds a further pillar of support through a market-distinctive feature that offers the life assured access to a Home Care Service from a designated third-party service provider up to the value of HKD20,000[7]. It allows individuals to recover in the comfortable and familiar surroundings of their homes after a hospital stay or receive additional support to avoid unnecessary hospitalisation.

Other major benefits of PRUhealth critical illness multi-care prestige include:

  • Financial protection against 126 disease conditions with multi-claim cover

The plan offers protection against 126 disease conditions, including 60 Early Stage Major Disease Conditions, 56 Major Disease Conditions, 9 Developmental Disorder Conditions and 1 Benign Disease Condition. Multiple claims can be made with the total benefit pay-out reaching 1000% of the current sum assured, including 300% of the current sum assured protection for cancer and 200% of the current sum assured protection for each of heart- and nervous system-related illnesses[8].

  • Coverage for early stage major disease conditions, including pre-cancerous conditions

The plan offers up to 20% or 25% of the current sum assured protection for Early Stage Major Disease Conditions, depending on the specific condition with which the life assured is diagnosed.

  • 50% extra protection for a major disease claim or death claim within the first 10 years

The plan offers a "Critical illness prestige enhancer" that offers an extra 50% of the current sum assured protection. This one-time extra protection will be paid off for the first Major Disease Benefit claim or death claim made within the first 10 years of the plan.

  • Up to 10% extra protection for the surgical removal of covered benign tumours

The plan offers up to an extra 10% of the current sum assured protection if the life assured has a tumour that a doctor suspects to be malignant and can only be confirmed as benign by complete surgical removal.

  • Two types of premium wavier benefits to relieve premium payments
    • The plan provides a premium waiver for 12 months after a claim is made for "Early Stage Major Disease Benefit" or "Child’s Developmental Care Extra Benefit" for those with a Severe Developmental Disorder Condition.
    • Once the total claimed amount for "Early Stage Major Disease Benefit" and/or "Major Disease Benefit" reaches 100% of the current sum assured, all future premiums will be waived[9].
  • Protection and long-term savings in one plan

The plan provides long-term savings value to policy holders in the form of a guaranteed cash value and a non-guaranteed one-off bonus after the policy has been in force for at least 3 and 5 years respectively.

PRUhealth critical illness multi-care prestige is underwritten by Prudential Hong Kong Limited. For further details and the terms and conditions of this plan, customers can ask Prudential for a sample of the policy document.

 

[1] The statements we have made above about the benefits of our plan being first-in-market and distinctive-in-market are based on comparing it with other critical illness plans issued by Hong Kong’s major life insurance companies as at 31 July 2018.

[2] Including Attention Deficit/Hyperactivity Disorder (ADHD), Language Disorder, Less Severe Autism Spectrum Disorder, Less Severe Intellectual Disability, Specific Learning Disorder, Stereotypic Movement Disorder, Tourette Syndrome, Severe Autism Spectrum Disorder and Severe Intellectual Disability (cover from age 7 – 18 [ANB]).

[3] Legislative Council paper –
https://www.legco.gov.hk/yr17-18/chinese/panels/ed/papers/ed20180302cb4-679-1-c.pdf

[4] HKSAR Government press release – http://www.info.gov.hk/gia/general/201806/27/P2018062700563.htm

[5] These congenital diseases or developmental disorders or their signs and symptoms have to be undetected before we issue the policy and within the first 90 days (or within the first 180 days for Less Severe Developmental Disorder Conditions) after we have issued the policy.

[6] Until the life assured reaches age 86 (age next birthday)

[7] After the Major Disease Benefit claim has been paid and the current sum assured is between HKD400,000 to HKD799,999, the eligible amount of Home Care Service will be HKD10,000. If the current sum assured is HKD800,000 or more, the eligible amount of Home Care Service will be HKD20,000.

[8] Up to 1000% of the current sum assured protection is applicable to Major Disease Conditions and Early Stage Major Disease Conditions and before the life assured reaches age 86 (ANB).

[9] Continuous protection until the life assured reaches age 86 (age next birthday)

photo 1

Prudential today announced the launch of PRUhealth Critical Illness Multi-Care Prestige, a comprehensive multi-claim critical illness protection solution with three ground-breaking features: first-in-market Child’s Developmental Care Extra Benefit, first-in-market Renewed Life Protection Benefit and a market-distinctive Home Care Service. (From left) Sady Wong, Senior Director, Product Management of Prudential and Derek Yung, CEO of Prudential officiated at the launch event today.

photo 2

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(From left) Sady Wong, Senior Director, Product Management of Prudential, Derek Yung, CEO of Prudential, Mr. Sammy Leung, DJ, actor and host, and Ms. Angie Mak, Parenting KOL, officiated at the event to announce the launch of PRUhealth Critical Illness Multi-Care Prestige today.

photo 3

"Hong Kongers have become increasingly conscious not only about looking after themselves but also the well-being and financial security of their families," said Derek Yung, CEO of Prudential at the event to announce the launch of PRUhealth Critical Illness Multi-Care Prestige. "As an industry pioneer, we are proud to unveil this comprehensive product, which meets the potential needs of consumers and goes the extra mile to safeguard their loved ones at every step of their life journey."

photo 4

Sady Wong, Senior Director, Product Management of Prudential said, at the event to announce the launch of PRUhealth Critical Illness Multi-Care Prestige, "PRUhealth critical illness multi-care prestige has allowed us to once again redefine the market standard of critical illness protection in Hong Kong. With its distinctive features, this product is the latest demonstration of our holistic critical illness protection approach of providing consumers with extra peace of mind when they have to battle against the unexpected."