PRUTerm Lindungi

Death Benefit: P100,000 guaranteed cash benefit

1. Must be 18-60 years old at the time of application.

2. Policyholder-Participant must also be the Covered Person.

3. Must be a Filipino citizen residing in the Philippines at the time of application.

4. Must own an eligible GrabPay or GCash account; or Visa/Mastercard/JCB credit or debit card under his/her name.

5. Must:

   a.  be in good health;

   b. have no physical or medical impairment;

   c. not have, in the last five (5) years, consulted, nor been treated or examined for more than two (2) weeks by a doctor for any disease or injury, or undergone any medical diagnostic test or procedure, other than for routine pre-employment purposes; and

   d. not have been confined in a hospital for any length of time or had any surgical procedure.

We will not pay the Death Benefit if the death arises from suicide by the Covered Person within the first two (2) years from the Participation Start Date or from the date of last reinstatement. However, suicide committed in a state of insanity shall be compensable regardless of date of commission. Where suicide is not compensable, our liability shall be limited to the return of Contributions paid.

1. The Covered Person is initially covered for twelve (12) months from the Participation Start Date in the Certificate Data Page until the Participation End Date.

2. The Policyholder-Participant may choose to extend his Participation Period annually by paying the Contribution for the next Participation Period, provided the following:

   • the Certificate is extended at the same Benefit Amount as shown in your Certificate Data Page;

   • the attained age of the Covered Person at the end of each Participation Period is not more than sixty (60) years; and

   • this Plan is still active and available.

    

1. The Contribution rate is not guaranteed and will increase in the event of adverse claims experience. Contribution amount will be based on applicable rates at time of extension of Participation Period and such extension is also dependent on whether the PRUTerm Lindungi is still available.

2. As a Shariah-compliant Family Takaful product, the Policyholder-Participant agrees that 55% of the Policyholder-Participant’s Contribution will be allocated to Tabarru’ Fund and 45% will be paid to the Takaful Operator as the Wakalah charge.

3. Should there be any Underwriting Surplus, and the Takaful Operator determines that the Underwriting Surplus may be distributed, the Takaful Operator will inform the Policyholder-Participants who are entitled to the Underwriting Surplus in writing

Takaful Certificate:

The Takaful Certificate contains all the terms and conditions of this product. Should there be any inconsistency between the terms and conditions stated herein and the Takaful Certificate, the latter shall prevail.

Certificate Termination:

Your Certificate terminates at the earliest of the following dates:

• in the event of death of the Covered Person;

• upon reaching its Participation End Date as shown in the Certificate Data Page unless Contribution for the next Participation Period has been paid; or

• the Policyholder-Participant applies for termination or cancellation of the Certificate and application of which has been approved by the Takaful Operation, whichever occurs first.

Assigning your Beneficiaries:

1. It is important to name your beneficiaries to ensure that the proceeds of your plan go to the persons you intended.

2. The nominated beneficiaries are set as primary and revocable with equal sharing. If you want to change any or all of your beneficiaries’ designation to irrevocable or change the percentage of sharing by sending your request via email to our Contact Center (contact.us@prulifeuk.com.ph).

3. In case you are unable to name a beneficiary or you do not wish to name one, the death benefit will be paid to the Covered Person’s estate.

The following terms used in PRUTerm Lindungi shall mean the following:

Contribution: Sum of money paid by the Policyholder-Participant, or a third-party appointed by the Policyholder-Participant, to the Takaful Operator based on the Certificate which will be allocated for the Tabarru’ Fund and Wakalah charge.

Participation Period: Period of coverage protection for the Covered Person from the Participation Start Date to the Participation End Date as stated in the Certificate Data Page and all changes thereto, if any.

Policyholder-Participant: An individual who enters into a Family Takaful agreement based on Shari’ah principles with the Takaful Operator as stated in the Certificate Data Page and any changes thereto, if any.

Covered Person: An individual who is covered in the Family Takaful plan, as stated in the Certificate Data Page and any changes thereto, if any.

Certificate: A Family Takaful agreement between the Policyholder-Participant and the Takaful Operator.

Family Takaful: A mutual guarantee in return for the commitment to donate an amount in the form of a specified contribution to the Tabarru’ Fund, whereby a group of Policyholder-Participants agrees among themselves to support one another jointly for the losses arising from specified risks.

Tabarru' Fund:  Collection of Tabarru’ Contributions from all Policyholder-Participants in accordance with Shari’ah principles managed by the Takaful Operator.

Takaful Operator: Takaful Operator or Takaful Window Operator refers to Pru Life UK, authorized to provide Family Takaful products or services in the Philippines and who will manage the Family Takaful Plan as regulated by the Insurance Commission (IC).

Underwriting Surplus: The positive difference of the total Tabarru’ Contribution in the Tabarru’ Fund minus the payment of Benefits and increases in technical allowances and solvency levels in one given period.

Wakalah Charge: Also known as Wakalah for the Management of the Tabarru’ Funds, is a fee paid by the Policyholder-Participant to the Takaful Operator in connection with the management of assets of the Tabarru’ Fund.

You will be given a period of fifteen (15) days from your Certificate Receipt Date to review your Certificate.
This is called the Free Look Period.

We will send an email confirmation to your email address on record once your Application is approved. The email confirmation will include the electronic copy of your Certificate and a link to access the Certificate via PRUServices, Pru Life UK’s policy servicing digital platform. The date that the email confirmation is sent shall be considered as your Certificate Receipt Date and your 15-day Free Look Period will begin on this date. You may also view all other Certificate documents via PRUServices. The Free Look period is applicable on the initial purchase only.

We will not provide a printed copy of the Certificate. If you would like a printed copy, you may do so by reaching out to contact.us@prulifeuk.com.ph to request for the same upon payment of appropriate fees.
Should you choose to receive a physical, instead of an electronic copy of the Certificate, and you inform us within fifteen (15) calendar days from submission of the application form to Pru Life UK, the fifteen (15)-day free-look period will begin on the date of receipt of the physical copy of the Certificate.

If you decide that the Certificate is not suitable to your needs and wish to cancel it, you must immediately notify us within the Free-Look Period through contact.us@prulifeuk.com.ph. Pru Life UK will refund the Contribution you paid in full upon completion of the processing of your cancellation request.

Pru Life UK shall also provide a full refund of the Contribution paid at the time of purchase and rescind the Policy if any of the following occur:

1. If you are found ineligible to purchase this Certificate; or

2. If the Covered Person is found to be ineligible to be designated as such.