PRUHealth FamLove

PRUHealth FamLove
Product Primer
This product primer summarizes the key benefits and limits of PRUHealth FamLove. It is a quick guide on the product created primarily for the use
of Pru Life UK employees and distributors. While reasonable care was made in the preparation of this material, any omissions, deletions and/or
statements inconsistent with the Policy Contract must be construed or rectified in favor of the Policy Contract. Should you wish to share this material
with persons who are not Pru Life UK employees or distributors, please seek prior written approval from the Product Management team.

I. PRODUCT DESCRIPTION:

PRUHealth FamLove is a yearly renewable term insurance plan for the diverse modern Filipino
family. The plan comes with built-in life protection for the Policyowner-Main Life Insured with
benefits for Death, Moderate and Severe Critical Illness. With the Family Extension Benefit Rider,
benefits for Moderate and Severe Critical Illness are shareable to eligible family members such
as spouse, or same-sex and common-law partner, children (both biological and adopted), and
parents.

II. PRODUCT POSITION:

PRUHealth FamLove is suitable for people who:

• Want to protect themselves against uncertainties and high cost of treatments for critical
illness
• Want to avail of critical illness coverage for their dependents in the most affordable and
convenient way
• Can commit to paying increasing premiums every year before the Main Life Insured reaches
age 85

III. PRODUCT FEATURES:

Feature Description
Product type Yearly renewable term insurance plan
Premium and
Yearly renewable up to age 85 of the Policyowner-Main Life Insured (LI)
benefit term period
Currency options Philippine Peso only
Available Plan Description
packages/plans mySelf Covers the Main LI only
(The following packages are
available for this product. Covers the Main LI and his spouse or life partner
This indicates the Life myPartner
(same-sex and common-law partner)
Insureds covered under the
Policy.) Covers the Main LI and up to 2 of his children
myChild
(biological or adopted)
Covers the Main LI, his spouse or life partner
myFamily (same-sex and common-law partner), and up to 2
of their children (biological or adopted)
myParent Covers the Main LI and either or both of his parents
Additional documents will be required to establish insurable interest with the Main LI
particularly for family members who are under the modern family concept (i.e., same-sex or
common-law partner).
Minimum and Life Insured Issue Age Limits
maximum entry Policyowner-Main LI 20 – 60 years old
ages
Spouse/Life Partner 20 – 60 years old
Children 15 days to 21 years old
45 – 70 years old
Parents (either or both parents are only allowed to enroll at policy
inception)

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Maximum benefit Life Insured Benefit Termination Ages
Termination ages Policyowner-
The Benefit Expiry Date for 85 years old
FEB is based on the Main LI
applicable maximum benefit Spouse/Life Partner 85 years old
termination ages for each
Other Life Insured(s) or Children 22 years old
when the Main Life Insured
has reached age 85,
whichever is earlier.
The policy’s termination Parents 85 years old
depends on the Main LI’s
benefit termination age.

IV. BENEFITS-RELATED INFORMATION:

100% of the policy Sum Assured (SA) (less any Critical Illness (CI)
Death benefit Benefit claim and Family Extension Benefit (FEB) claim paid) once the
Main LI dies. Once Death Benefit is claimed, the policy terminates.
Critical illness Critical Illness Benefit

For Main LI Moderate Critical Illness Benefit

50% of the policy SA, subject to Company’s limits, will be paid if
the Main LI is diagnosed with any of the covered Moderate CI
conditions.

Policy continues but at a lower policy SA after the Moderate

Critical Illness Benefit has been claimed. This benefit is payable
only once and will terminate upon claim.

Severe Critical Illness Benefit

100% of the policy SA will be paid if the Main LI is diagnosed with
any of the covered Severe CI conditions (less any Moderate CI
Benefit claim and Family Extension Benefit (FEB) claim).

The policy terminates once this has been claimed.

For Plans with Other Family Extension Benefit (FEB)

Life Insured(s)
(applies to myPartner, FEB is a shareable benefit where the Main LI can share his
myChild, myFamily, myParent
plans)
critical illness cover to all covered Other Life Insureds based on
the chosen plan, subject to the applicable maximum amount
payable set per life. Applicable shareable benefit by Plan (as %
of policy SA) is shown in the table below:

Fixed FEB Amount Package(s)

50% of Policy SA myPartner

myChild
myFamily

25% of Policy SA myParent

Moderate Critical Illness Benefit

50% of the FEB amount, subject to Company’s limits, will be paid
if any of the covered family members is diagnosed with any of the
covered Moderate CI conditions.

Severe Critical Illness Benefit

100% of the FEB amount, subject to Company’s limits, will be
paid if any of the covered family members is diagnosed with any
of the covered Severe CI conditions. The FEB terminates once this
has been claimed.

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 Any claims made on the FEB will be taken from the policy SA of the
Main LI. Once any of the Other Life Insureds files a claim for
Moderate CI, the FEB amount decreases by 50% while the remaining
benefit amount continues to be claimable.

The FEB will terminate upon payment of the Death Benefit or Severe
CI benefit to the Main LI or when the total benefit amount for FEB
has been claimed even if other Life Insureds have not filed for a
claim.

Other Benefits
Life Event Booster This allows the Main LI to avail of increase in policy SA upon
occurrence of any of the eligible life events without going through
underwriting.

The eligible Life Events are:

a) Change in marital status (whether to married or to
annulled/widowed)
b) Addition of new child (whether newborn or adopted)

The aggregate Life Event Booster SA will be limited to 25% of the

original policy SA, subject to the following limits:
a) Death: PhP 250k
b) Moderate CI Benefit: PhP 125k
c) Severe CI Benefit: PhP 250k

The premium will be payable based on the increased policy SA and

attained age and gender of the Main LI.

The Main LI may apply for the benefit provided that:

a) He is below age 50 during the occurrence of the life event
b) Application is within 3 months from the occurrence of the life
event
c) There are no previous claims under the policy

To avail of this benefit, documentary evidence must be submitted to establish the

occurrence of the eligible Life Event, insurable interest, and the relationship of the Other
Life Insured(s) with the Policyowner/Main Life Insured.

Portability of Cover This benefit applies only to packages which cover the spouse/life
partner as life insured.

If the Main LI passes away or claims the Severe CI Benefit while the
spouse/life partner is insured under the Family Extension Benefit,
the spouse/life partner has the option to take up a new PRUHealth
FamLove policy with the same policy SA that the spouse/life partner
had (as part of the Family Extension Benefit and excluding any
increase due to the Life Event Booster).

No underwriting is required provided that the spouse/life partner

has no previous claim under the policy.

Premiums for the new policy will be based on the spouse/life

partner's age and gender at the time of election.

Any insured children will continue to be insured under the new

policy’s Family Extension Benefit (up to 50% of the new policy SA)
provided that the children to be insured have no previous claim
under the policy.

New family members can be added under FEB (up to 3 family

members depending on the chosen plan), but they will be subject to
SIO underwriting.

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 The spouse/life partner must elect this option within 3 months from
the policyholder’s date of death or diagnosis of severe critical illness
and when PRUHealth FamLove insurance product is still available to
new business at the time of availment. Otherwise, a product of a
similar nature may be considered, with the same coverage amount,
subject to the Company’s guidelines.

In case the spouse/life partner already filed for a claim under the
original policy, he/she will no longer be eligible to avail of this
benefit.

Parents of the Main LI are NOT eligible for this feature.

Maturity Benefit N/A

Surrender Benefit N/A
Cash Value or N/A as this is a non-participating plan
Dividends
Other optional N/A
benefits

V. PREMIUM AND SUM ASSURED-RELATED INFORMATION:

Premium type Non-level premium which means premium will increase every year
depending on the attained age as of last birthday and gender of the
Main LI
Premium rate Varies by age and gender of the Main LI and the chosen plan
variants
Minimum and
Maximum SA Minimum SA Maximum SA
PhP 500,000 For SIO: PhP 1,000,000

Full Underwriting: TBA

Policy fee PhP 400 per year (modal factor applies)
Premium is inclusive of policy fee.
Mode of payment Annual, semi-annual, quarterly, and monthly (applies to auto-debit,
credit card and post-dated check payments only)

Modal factors Annual 1.0

Semi-annual 0.525
Quarterly 0.285
Monthly 0.0975

Method of payment ▪ Cash

▪ Check
▪ Credit card (except when paying top-ups)
▪ SM Bills Payment Center
▪ Bayad Centers

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VI. UNDERWRITING GUIDELINES:

Simplified Issue Offer Simplified underwriting will apply for policies which meet the SIO
(SIO) criteria below.
1. Life insured’s age should be within the minimum and
maximum entry ages defined above
2. SIO limit per life is Php 1,000,000
3. Answered “No” to all the SIO questions below:
a) Have you ever been diagnosed with, received treatment
or medical advice, or been investigated for any of the
following conditions: High blood pressure, Diabetes,
Stroke, Chest pain, Heart disease; Kidney, Liver, Lung or
Endocrine disease; Brain or Nervous system disease,
Musculoskeletal disorders; Cancer, Tumour Growth;
immunodeficiency disease including HIV/AIDS?
b) In the past 2 years, have you been hospitalized for more
than five (5) consecutive days or taken medication for
longer than two (2) weeks or undergone any form of
surgery?

VII. OTHER FEATURES

Renewability If at the end of the current benefit term and every year thereafter, the
Main LI has not reached age 85, the policy may be renewed annually,
provided that:
a) It is renewed at the same plan and policy SA as shown in the
Policy Data Page (PDP) less any accelerated benefits already
paid.
b) The attained age of the Main LI at the end of each benefit term
is not more than 85.

Coverage for the other life insured(s) will automatically renew together
with the policy, provided that:
a) The policy is renewed at the same FEB amount and plan as
shown in the PDP less any accelerated benefits already paid.
b) The attained age of the other life insured(s) at the end of each
benefit term is not more than 85 for the spouse/life partner
and parents or not more than 22 for children, whichever is
later.
c) The policy has not terminated.

Renewal premiums shall be based on the chosen plan and attained age
and gender of the Main LI.

Convertibility After the 2nd policy year, the policy may be converted to a whole life,
endowment, or investment-linked policy, currently available at that
time and deemed acceptable by the Company, without evidence of
health, if:
1. The Main LI has not attained the age of 70.
2. The new policy shall be issued for an amount not exceeding the
sum assured under the policy less any accelerated benefits
already paid.
3. The sum assured of the new policy shall at least be equal to the
minimum sum assured allowed by the Company at that time.

Premiums shall be according to the Company’s prevailing rate on the

date of conversion and shall be computed based on the attained age of
the Main LI. The new policy’s effectivity date shall be the date of
conversion.

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XI. IMPORTANT PROVISIONS

Free-look period The first fifteen (15) days from the date the policy contract was
received is referred to as the “free-look period”. During this time, the
Company encourages your client to read the policy and understand its
benefits and risks. Should the client decide that this product is not for
them, the Company will return the premium they paid in full.
Conditions when If within the contestability period i.e., within the first 2 years from
death benefit may policy and/or benefit effectivity date or date of last reinstatement,
not be payable either of the following occurred:
a) Suicide (not due to insanity)
b) Death due to an illness caused by a pre-existing condition not
declared at the time of application
c) There was concealment or misrepresentation at the time of
application.
d) Fraud was committed at the time of application.
Conditions when Exclusions for Critical Illness Benefits:
critical illness • Pre-Existing Conditions related to Critical Illness before the
benefit may not be policy inception date.
payable • Critical Illness where first diagnosis and signs and/or
symptoms occur within the waiting period of 90 days.
• Death due to the Critical Illness covered under FEB within the
survival period of 7 days.
• Congenital diseases, congenital abnormalities, and/or
congenital defects.
• Critical Illness in the presence of an infection of Human
Immunodeficiency Virus (HIV) in the body of the Insured or
caused directly or indirectly by Acquired Immune Deficiency
Syndrome (AIDS) or a disease related to AIDS except for
conditions covered under the HIV/AIDS SOFI category.
• The effects of alcohol abuse, drug abuse or any other
dependence. Any intentional self-inflicted Injuries or any other
acts towards the similar purpose, whether committed in a sane
state or not.

This list is non-exhaustive. The Policy Contract contains the complete

details of exclusions under the product.
Conditions when The policy terminates upon the occurrence of any of the following:
the policy • at the end of one (1) year unless the premium for the next
terminates renewal period has been paid;
• in the event of death of the Main LI;
• upon failure to pay premiums due within the Grace Period;
• if one hundred percent (100%) of the policy SA has been
exhausted from aggregate claims coming from Moderate
Critical Illness Benefit, Severe Critical Illness Benefit and/or
Family Extension Benefit, if applicable;
• on the Policy Anniversary following the eighty-fifth (85th)
birthday of the Main LI; or
• upon written request for termination,
whichever occurs first.

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Glossary of terms

Grace Period - A grace period of thirty-one (31) days, without interest charge, is allowed for the
payment of your Premium other than the initial Premium. During the grace period, your Policy
remains in force. Shall the Policyowner-Main Life Insured passes away on the day of the Premium
due date or during the grace period, we will pay the Beneficiary(ies) the Death Benefit less the
unpaid Premium due.

System and Organ Function Insurance (SOFI) - Uses a different way of categorizing and
defining covered critical illnesses as it is based on bodily system and organs. It is designed to
provide payout upon occurrence of an event which critically affect a person’s health such as
diagnosis of severe illness (cancer, heart attack, stroke), surgery, or when any of the covered
systems or organs has been moderately or severely impaired or needs to undergo moderate or
severe surgery, subject to the definitions and conditions stated in the Policy Booklet.

_____________________________________________________________________________

For other policy owner options, please refer to the PRUHealth FamLove policy booklet.

Pru Life Insurance Corporation of U.K. (Pru Life UK) may be obliged to comply with the requirements of the laws in various
jurisdictions, including but not limited to the Foreign Account Tax Compliance Act (FATCA) of the United States (US). Under
such requirements, Pru Life UK may be required to provide authorities, including but not limited to the US Internal Revenue
Service (IRS), information about certain customers. By availing of this product, your customer agrees to complete all
mandatory questions on the application form and provide Pru Life UK with any additional information, as requested.