Prestige Legacy Advantage | Single Premium Legacy Protection Solution

1. What is Prestige Legacy Advantage?

Prestige Legacy Advantage is a single premium whole of life investment-linked plan (ILP) designed to meet your investment and protection needs. This plan allows you to choose your preferred single premium amount from a premium range. It is a Singapore-dollar denominated (SGD) plan.

This plan also gives you access to professionally managed ILP sub-funds (“funds”). The premiums you pay will be used to create units in the funds and the value of the policy will vary directly with the performance of the funds.

2. What is the coverage under Prestige Legacy Advantage?

Prestige Legacy Advantage provides financial protection against death and terminal illness. 

3. What is ‘Free Partial Withdrawal Facility’? 

You may choose to withdraw up to 5% of the policy value as at the start of each particular policy year from the 11th policy year onwards without reducing the protection coverage and if there has been no partial withdrawal of the policy value during the first 10 policy years, the Non-Lapse Privilege (as explained below) will continue to be in effect until its expiry under the policy.  

If the total amount of the partial withdrawal(s) in a policy year exceeds the Free Partial Withdrawal Annual Limit (as explained below) for that policy year:

(a) the protection coverage will be reduced by the amount that the total amount of partial withdrawal(s) exceeds the Free Partial Withdrawal Annual Limit for that policy year; and

(b) the Non-Lapse Privilege will cease,

from the date of the partial withdrawal that exceeded the Free Partial Withdrawal Annual Limit for that policy year.

The ‘Free Partial Withdrawal Annual Limit’ is 5% of the policy value as at the start of each policy year from the 11th policy year onwards.

Any unutilised amount of the Free Partial Withdrawal Annual Limit in a given policy year will not be carried forward to the next policy year.

4. What is ‘Non-Lapse Privilege’?

During the first 15 policy years, the policy will not lapse even if the policy value falls to zero or below, provided that:

(a) for the first 10 policy years, there is no partial withdrawal of the policy value.

(b) from the 11th to the 15th policy year, the total amount of partial withdrawal(s) of the policy value during each policy year does not exceed the Free Partial Withdrawal Annual Limit for that policy year.

If the condition in (a) or (b) above is not satisfied during the respective applicable period as specified, the non-lapse privilege will automatically cease upon the relevant partial withdrawal being made.

5. What are the funds available under Prestige Legacy Advantage?

You can choose to invest in one or more of the GreatLink funds. For the full list of funds available for your policy, you can refer to our website. Details of each fund can be found in their respective fund documents, which will explain the risk that is specific to each fund.

The following documents are also made available for you to better understand each fund:

• Prospectus/Fund Details/Fund Summary (where applicable);
• Product Highlights Sheet (PHS);
• Provider’s Factsheet;
• Semi-annual and Annual Reports; and
• Performance charts

Please note that every fund or combination of funds has its own investment objectives, horizon, liquidity, and level of risk. You are advised to select fund(s) that match your risk profile, needs and preferences.

All funds are audited by PricewaterhouseCoopers certified public accountants.

5. Can I switch my funds?

Yes, you may request to switch all or any of the units of one fund to another fund offered under the policy, subject to such minimum amounts as we may stipulate from time to time.

6. What happens if I surrender my policy early?

If you surrender your policy after the 14-day free-look period, you may lose part or all of the premiums paid. This is because the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.

Buying a new policy may mean we need to reassess the life assured’s health and circumstances and may result in higher premiums and/or benefit exclusions due to the age and health status.

For more details on Prestige Legacy Advantage, please refer to the product summary of the plan. Alternatively, you may also speak to your financial representative or call us at 1800 248 2888 (9am to 5.30pm, Mon-Fri).