Press Release 2015
UOB Malaysia launches new endowment insurance plan to help people prepare for retirement
Kuala Lumpur, 29 April 2015 - United Overseas Bank (Malaysia) Bhd (UOB Malaysia) launched a new endowment1plan, PRUwealth gain, to help Malaysians boost their retirement savings.
According to statistics from the Employees Provident Fund, 80 per cent of Malaysian employees who will turn 55 this year will not have enough savings in their pension funds when they retire2.
Recognising this situation, UOB Malaysia has introduced PRUwealth gain to help Malaysians achieve more financial security in their later years. PRUwealth gain combines savings elements with life insurance protection and offers an annual cash payout through its guaranteed Survival Benefit3. Customers can opt to receive the payout or reinvest it for long term appreciation. Customers can also use PRUwealth gain payouts for significant occasions such as buying a house or funding their children's education.
Ms Annie Tan, Managing Director and Country Head of Personal Financial Services, UOB Malaysia, said that it is important for Malaysians to plan ahead in pursuit of a comfortable life after retirement.
"We believe retirement planning can be managed better by supplementing a person's current mandatory pension fund with additional savings plans. With PRUwealth gain, customers can save regularly over a long period of time. This is a prudent and disciplined way of building a retirement fund."
UOB Malaysia's insurance partner, Prudential Assurance Malaysia Berhad (PAMB) who underwrites PRUwealth gain, supports UOB Malaysia's commitment to providing solutions that enable customers to grow their wealth as well as achieve financial security and peace of mind.
Mr Philip Seah, Chief Executive Officer of PAMB, said, "When it comes to retirement planning, there are typically four areas to look at - wealth protection, wealth creation, wealth accumulation and wealth distribution. As consumers save for their golden years, it is just as important for them to insure themselves for any unexpected events. Consumers can benefit from the insurance coverage offered by PRUwealth gain and at the same time, have the opportunity to grow their wealth."
Flexible options with life insurance coverage
Customers have the flexibility to choose policy durations from 15 years to 40 years, based on their needs. They can also choose from three premium payment terms of three years, five years or ten years. PRUwealth gain comes with basic life insurance benefits to protect customers in the event of untimely demise or permanent disability.
Ms Tan said, "Ultimately, we want to help our customers achieve a regular income stream which they can use to supplement their savings when they stop working. PRUwealth gain is structured for this purpose because it offers customers an annual payout which they can reinvest to generate even more savings for retirement. In addition, customers can use the payouts to meet their financial goals at different stages in their lives."
PRUwealth gain is offered at all UOB Malaysia branches.
1 Endowment insurance can be used as a savings plan to provide a lump sum to fund a specific event in the future.
2 Statistics by Employees Provident Fund also showed that for the next 20 years, Malaysian employees would not have enough in total EPF savings to enable them to live on RM800 a month, which is close to Malaysia's average poverty line income of RM830 (March 2015).
3 The benefit is given to the policy holder during or upon completion of the policy tenure and it applies only in the case the insured is alive