From the name, is it health and medical plan package for a family?
The answer is NO.
PRUguard my family is an Employee Benefits Solution which offer to company or registered organization.
Every company gives employee benefits like dental, clinical and insurance. Most of the company subscribe for General Insurance for protection and coverage for their staff. But General Insurance have their disadvantages.
Disadvantages of General Insurance
1. Non guaranteed renewal – Every year need to re-apply
2. Premiums increase every year
3. Insurance company have right not to cover you the next year if the claim made is more than insurance company expected.
4. Protection limit within the company, if the staff quit or retired, then protection stop.
Company gives benefits of insurance but staff still purchasing Life Insurance as a backup.
Protection will stop if staffs been fired, quit or retired. Thus, staff purchase their own insurance with their own salary per month.
Life Insurance is expensive, specially for family
Life insurance with medical card is around RM150 monthly per person. If the family consist of 5 members, the father paying RM750 per month for insurance.
Employer aware their staff purchasing another insurance for themselves and family? If you are good employer, would you help them to reduce the monthly insurance payment without paying a cent?
PRUguard my family is a product like normal life insurance in the market , eg PruHealth. But PRUguard my family only available via company partnership with Prudential. The company do strategic alliance with Prudential and Prudential will open this product to their staff.
PRUguard my family is 30%-50% cheaper . If the father paying RM750 per months, with PRUGuard my family, the price is around RM370 and coverage is still the same.
Advantages of PRUguard my family.
1. 30% – 50% cheaper
3.Protection still continue after retirement or when you are leaving the company.
4.Premiums not increasing yearly.
5. Spouse, parents and kids can participate in this program
Now the employer realize that this plan is better than current the General Insurance in the company. May the employer paying for the PRUguard my family?
Yes. Plus, employer will receive 10 years service fees discount if their are paying for more than 50 policies.
What include in PRUguard my family plan?
1. Death Benefits
2.36 Critical Illness cover
3.Accidental Death and Disablement
4.Medical card up to RM1,500,000 per life time
5. Optional PRUgard my lady for lady. Coverage for women related cancer and illness.