Q. What is PruLink Capital Secured Plus?

 

A. PruLink Capital Secured Plus is a single-pay Peso variable life insurance product that matures at February 15, 2013 that provides living, maturity and death benefits.

 

 

Q. Can the PruLink Capital Secured Plus be purchased anytime?

 

A. There will be a limited selling period for PruLink Capital Secured Plus from September 1 2008 to September 27, 2008. The unit price that will be applied for all policies is at PhP 1.00. After the selling period, no more applications will be accepted.

 

 

Q. When is the unit pricing cut-off?

 

A. Pricing is done every Thursday of the week. The unit price will be applied only to policies making partial/full withdrawals. If we receive the partial/full withdrawal application before 12 noon on a Monday, we will use the unit price of the following Thursday. Otherwise, the unit price on Thursday of the following week will be used.

 

 

Q. What are the funds in which the policyholder can invest to?

 

A. There is only one fund available for PruLink Capital Secured Plus.

PruLink Secured Return Fund – seeks to achieve a stable return in the medium term through investment in a dollar-denominated bond instrument issued by the Republic of the Philippines which is held to its maturity date [February 15, 2013]. The interest coupons of the bond and the maturity value are converted to peso amounts at a peso-dollar exchange rate which is locked-in at the time the bond is purchased.

 

 

Q. How many days are allowed for the completion of the requirements?

 

A. 15 working days starting from the date that the requirement letter has been released from Head Office. Grace period is only applicable for new business applications.

If the requirements are not submitted within the allotted grace period, the Company shall decline the application and refund the single premium without interest.

 

 

Q. Are PruLink Capital Secured Plus applications still subject to underwriting?

 

A. Yes. 100% of the single premium shall be subject to financial underwriting and anti-money laundering guidelines. 25% of the single premium will be medically or non-medically underwritten.

 

Due to the limited nature of the offer, applications will be processed on a first come, first served basis. Applications not processed within the cut-off will be prioritized for the second tranche.

 

 

Q. What is the minimum and maximum single premium?

 

A. The minimum single premium amounts based on the insured age are as follows:

 

The maximum single premium amount depends on acceptance by the reinsurer and the client’s capacity to pay.

 

 

Q. What is a cooling off period?

 

A. This is a period of 15 days from the receipt of the policy booklet given to clients to review the policy. Within the duration of this period, the client has the option to either continue or cancel the policy.

If the client chooses to withdraw the policy within the cooling off period, the amount to be refunded shall be the value of units plus all charges.

 

 

Q. What will be given to the client after the application has been issued?

 

A. The client will be provided with a policy booklet containing the ff:

§ Cover letter	§ Single Premium Quotation Signed by the Applicant
§ Policy Booklet	§ Transaction Confirmation Advice (TCA)
§ Policy data page

 

 

Q. Can we do top-ups?

 

A. No. Top-ups are not allowed in this policy.

 

 

Q. Can the policyowner switch from one fund to another?

 

A. No switching feature for this product as the fund is specific only for PruLink Secured Return Fund.

 

 

Q. Can the policyowner withdraw from the fund?

 

A. Yes. The policyowner can make a partial or full withdrawal at any time as long as the fund has sufficient value. Full/partial withdrawals will depend on the value of units at the time the withdrawal was made. The value of units will be based on the marked-to-market value of the fund. However, any withdrawal will affect the level of remaining benefits.

 

Minimum amount for withdrawal is PhP 20,000 and a maintaining balance of PhP 40,000 is required to keep the policy in force. The policy can be fully withdrawn any time by cashing in 100% of the value of units to be paid to the policyowner. When this happens, the contract terminates.

Q. What happens to my death benefit after a partial withdrawal?

 

A. When the policyowner withdraws from the fund, the sum assured decreases by 25% of the withdrawal amount.