Singapore’s only standalone* male-focused critical illness plan was launched by Prudential to meet rising demand from customers.
PRUman
PRUman is the only standalone Critical Illness insurance plan designed for men that is available in the market today.
More 80% of respondents polled in a survey conducted by Prudential with 206 of its customers, shared that they would consider buying a standalone male-focused Critical Illness plan to protect their income in times of a health crisis.
Prudential’s claims data also showed a continuous rise in diagnoses for male-specific illnesses, such as prostate cancer, which supported the need for a male-focused standalone policy such as PRUman.
Notably, the number of claims and total claim amount by Prudential’s male policy holders diagnosed with male-specific illnesses, have been increasing over the past five years.
In addition, studies done by the Ministry of Health show 25% men are expected to develop cancer by the age of 75, with findings highlighting prostate cancer as one of the top three cancers diagnosed in men.
Ms. Angela Hunter, Chief Customer Officer at Prudential Singapore, said: “At Prudential, we deeply value all feedback from our customers and use health trends and consumer demand as key considerations when we develop a product. Our research has shown a supply-demand gap in the market with regards to male-focused insurance products, driving us to think of a solution that would provide improved coverage to our customers, at affordable prices.”
PRUlady
Similarly, claims for female-specific diseases, such as breast cancer and ovarian cancer, have been increasing over the years. In anticipation of the need for greater financial protection against such illnesses, Prudential introduced PRUlady, which provides enhanced protection against illnesses that women are more predisposed to with greater flexibility in pricing and coverage. PRUlady is an enhanced version of the incumbent PRUsmart Lady II, covering a total of 12 medical conditions, as compared to 10 previously.
Ms. Hunter said: “The specific needs of each and every customer are important to us. We recognise that many people tend to stop work when diagnosed with critical illnesses. With PRUman and PRUlady, we want to ensure that our customers have the financial peace of mind to focus on their health recovery in the event of a health crisis.”
The objective of each plan is to provide comprehensive coverage specific to each gender’s needs.
* A standalone insurance policy is a product that can be bought separately from other plans, unlike a rider which has to be purchased as an addition to a main life or health insurance policy.
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