Help with wealth planning

  • News
  • Friday, 08 May 2015

Worrying trend: The EPF building in Kuala Lumpur. The fund says many Malaysians do not have enough wealth for their retirement years. — filepic

United Overseas Bank (Malaysia) Bhd hopes to help Malaysians boost their retirement savings with the launch of the PRUwealth gain endowment plan.

According to statistics from the Employees Provident Fund, 80% of Malaysian employees who will turn 55 this year will not have enough savings in their pension funds when they retire.

Recognising this situation, UOB Malaysia has introduced PRUwealth gain to help Malaysians achieve more financial security in their later years.

PRUwealth gain combines savings elements with life insurance protection and offers an annual cash payout through its guaranteed Survival Benefit.

Customers can opt to receive the payout or reinvest it for long term appreciation. Customers can also use PRUwealth gain payouts for significant occasions such as buying a house or funding their children’s education.

UOB Malaysia managing director and country head of personal financial services Annie Tan said it was important for Malaysians to plan ahead in pursuit of a comfortable life after retirement.

“We believe retirement planning can be managed better by supplementing a person’s current mandatory pension fund with additional savings plans. With PRUwealth gain, customers can save regularly over a long period of time. This is a prudent and disciplined way of building a retirement fund.”

UOB Malaysia’s insurance partner, Prudential Assurance Malaysia Bhd (PAMB), which underwrites PRUwealth gain, supports UOB Malaysia’s commitment to providing solutions that enable customers to grow their wealth as well as achieve financial security and peace of mind.

PAMB chief executive officer Philip Seah said, “When it comes to retirement planning, there are typically four areas to look at — wealth protection, wealth creation, wealth accumulation and wealth distribution.

“As consumers save for their golden years, it is just as important for them to insure themselves for any unexpected events.

“Consumers can benefit from the insurance coverage offered by PRUwealth gain and at the same time, have the opportunity to grow their wealth.”

Customers have the flexibility to choose policy durations from 15 years to 40 years, based on their needs. They can also choose from three premium payment terms of three years, five years or ten years. PRUwealth gain comes with basic life insurance benefits to protect customers in the event of untimely demise or permanent disability.

“Ultimately, we want to help our customers achieve a regular income stream which they can use to supplement their savings when they stop working.

“PRUwealth gain is structured for this purpose because it offers customers an annual payout which they can reinvest to generate even more savings for retirement.

“In addition, customers can use the payouts to meet their financial goals at different stages in their lives,” Tan said.

PRUwealth gain is offered at all UOB Malaysia branches.

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