PRUVantage Assure II is a regular premium, whole-of-life investment-linked plan (ILP) issued by Prudential Assurance Company Singapore. “Regular premium” means you commit to paying annual premiums over a chosen term — 5, 10, 15, 20, or 25 years — rather than a one-time lump sum. Those regular premiums are invested 100% into PRULink funds with no upfront allocation charge on regular premiums.

The key structural differences from PRUVantage Assure (SP) are: PRUVantage Assure II offers a Dual Accounts structure (Growth and Flex Accounts), a Welcome Bonus of up to 65% over 3 years, a Wealth Share feature for dividing the policy, a Premium Pass option, a Premium Holiday mechanism with a refund feature, unlimited Changes of Life Assured, and an additional rider (Accident Assist). The administration charge is higher (2.6%–3.3% p.a. versus 0.8% p.a.) and the withdrawal charges are steeper (100% in years 1–2 across all terms versus 12% in year 1 for the SP plan).

The SP plan suits those with a lump sum; PRUVantage Assure II suits those building wealth through regular contributions. Both share the Wealth Assure high-watermark mechanism. For a full side-by-side, see our PRUVantage Assure Series overview and our guide to what an ILP is.

The Minimum Contribution Period covers the first 24 months from the cover start date. During this window, every premium must be paid on time. If you miss any premium payment within this period, Prudential levies the full surrender charge on the Growth and Flex Account values — resulting in zero remaining units and immediate policy lapse. No death benefit is payable from that point. If you have any units in the Additional Investment Account (from top-ups via Investment Booster), those are refunded to you separately.

This is the most critical risk period of PRUVantage Assure II. There is no grace mechanism and no reinstatement option within the Minimum Contribution Period. The Premium Pass option — which allows a planned one-year payment pause — only becomes available after a minimum number of years of paid premiums (3 years for a 5-year term, 5 years for a 10-year term, 10 years for longer terms). It cannot protect you within the first 24 months.

Before purchasing, ensure your cash flow can comfortably sustain premiums for at least two full years. Our guide on how much to spend on insurance and our pre-purchase checklist at 3 things to consider before a new financial product can help you assess affordability.

Before the policy starts, you choose what percentage of your regular premium to allocate to the Growth Account and what percentage to the Flex Account. This split is in multiples of 5%, must total 100%, and is fixed for the entire premium term — you cannot change the allocation between the two accounts once the policy is in force.

The Growth Account accepts all PRULink funds. Dividends from any dividend-distributing fund are automatically reinvested for the first 10 years (or 5 years on the 5-year term); you can opt to receive dividends only from Year 11 onward. It offers the higher Welcome Bonus (up to 65% for a 25-year term). It is best for long-term wealth accumulation — retirement, education funding, or legacy building.

The Flex Account only accepts dividend-paying PRULink funds at policy inception and for changes in regular premium distribution (though all funds are available for fund switches). You can receive dividends from Day 1, making it suitable if you want regular income to supplement cash flow or offset insurance charges. Its Welcome Bonus is lower (up to 40% for a 25-year term).

There is no one-size-fits-all split. If you want maximum long-term growth, a higher Growth Account allocation is better. If you want income earlier or want to keep some portion generating dividends, split across both. For guidance on how income-generating investments fit into your broader strategy, see our guide to retirement planning.

The Welcome Bonus is credited as additional fund units — not cash — during the first 36 months of the policy. For the Growth Account with a 25-year term: 15% in Year 1, 20% in Year 2, and 30% in Year 3 (65% total). For the Flex Account: 8%, 12%, and 20% (40% total).

In practice, on a $5,000 annual premium with 100% Growth Account allocation on a 25-year term: you receive $750 in extra units in Year 1, $1,000 in Year 2, and $1,500 in Year 3 — a total of $3,250 in bonus units on $15,000 paid. These units are invested immediately and grow (or fall) alongside your other fund units.

There are two important caveats. First, these bonus units are deducted from the unit values when calculating the reduced payout for a death from a pre-existing condition within 12 months of the cover start date. Second, top-up premiums via Investment Booster do not qualify for the Welcome Bonus. The bonus is most valuable for long-term holders because the units have decades to compound. For context on how bonuses accumulate over time, see our guide to the effects of compounding returns.

The Loyalty Bonus rewards staying invested after the premium term ends. From the policy anniversary after the premium term and every year thereafter, Prudential credits 0.5% of the latest combined Growth and Flex Account value as additional units, allocated proportionally across your existing funds. The policy must still be active at the time of each payment.

The Additional Investment Account (where top-up premiums are held) and top-up premiums themselves are excluded from the Loyalty Bonus calculation. The Loyalty Bonus only begins after you finish paying premiums — for a 25-year term starting at age 30, the first payment arrives at age 55. If you activate Premium Pass, the premium term is extended by one year, delaying the start of Loyalty Bonus payments accordingly.

In dollar terms: if your combined Growth and Flex Account is worth $300,000 at the first post-term anniversary, you receive $1,500 in additional units. If it grows to $500,000 by the next anniversary, you receive $2,500. Over a long post-premium period this becomes a meaningful annual boost. Compare this to the SP plan’s 0.8% every 8 years in our PRUVantage Assure (SP) review.

The administration charge is deducted monthly from the Growth and Flex Accounts by cancelling units: 3.30% p.a. for 8 years (5-year term); 2.90% p.a. for 10 years (10- and 15-year terms); and 2.60% p.a. for 12 years (20- and 25-year terms). No charge on the Additional Investment Account.

These rates are materially higher than the SP plan’s 0.8% p.a. for 8 years. The reason is structural: regular premium ILPs credit significant Welcome Bonuses in years 1–3 and provide full coverage from day 1 even when the accumulated account value is still small. The administration charge recovers these upfront costs over time.

As the account value grows over the years, the absolute dollar charge increases even as the percentage stays fixed. By year 10, on a $100,000 combined account value on a 25-year term, you are paying approximately $216/month in administration charges. Prudential can change this charge with 30 days’ written notice. For a broader evaluation of ILP cost structures, see our ILP guide.

Withdrawal charges apply to withdrawals from the Growth or Flex Account during the charge period. The most critical fact: 100% of the withdrawn amount is charged in Years 1 and 2 across all five premium terms — any withdrawal in the first two years results in zero net proceeds. From Year 3, the charge steps down by premium term, reaching 0% in Year 9 (5-year term), Year 11 (10-year term), Year 16 (15-year term), Year 21 (20-year term), and Year 26 (25-year term).

There are two charge-free exceptions. First, the free partial withdrawal after 10 years: for 15-, 20-, and 25-year terms only, after fully paying premiums for 10 years and making no prior withdrawals from the Growth/Flex Accounts, the first withdrawal up to 10% of the combined Growth and Flex Account Value is free. Second, on diagnosis of cancer, heart attack, or stroke (after the Minimum Contribution Period): one-time free withdrawal up to 50% of combined Growth and Flex Account Value.

Withdrawals from the Additional Investment Account are always charge-free. See our guide on cash surrender value for more on how early exit affects overall policy value.

After the Minimum Contribution Period (first 24 months), if you stop paying premiums, your policy enters Premium Holiday status and continues at the same sum assured. Prudential continues deducting administration and assurance charges as normal. Additionally, a Premium Holiday Charge is levied monthly as a percentage of the annualised premium.

The charge is steep in early years: 50% of the annualised premium per year in policy years 3–5 (for all premium terms). It steps down to 20% in years 6–10 (for 10-year terms and above), then 10% in years 11–15, then 5% in years 16–25, and 0% from year 26. For a $5,000 annual premium, the Premium Holiday Charge in years 3–5 is approximately $208/month — on top of normal charges.

If you later pay all unpaid premiums in full, Prudential refunds 90% of the Premium Holiday Charges as additional bonus units. However, if you reinstate by paying only the current premium (not all missed premiums), you permanently forfeit the refund for the skipped period. The Premium Pass option is generally preferable to an unplanned Premium Holiday for a short planned break. See our guide on financial planning and life insurance for context on managing premium commitments.

The Premium Pass is a planned, structured one-year payment pause with no Premium Holiday Charge and deferred administration charges for that year. Assurance charges continue. It is fundamentally different from an unplanned Premium Holiday — which carries a significant monthly charge and no certainty of refund.

To activate Premium Pass, you must have made no withdrawals from the Growth/Flex Accounts and must have fully paid premiums for a minimum number of years: 3 years for a 5-year term, 5 years for a 10-year term, and 10 years for 15-, 20-, and 25-year terms. Your remaining premium term must also be at least one year.

The trade-offs are significant: once activated, Premium Pass cannot be reversed. The premium term, administration charge period, surrender charge period, partial withdrawal charge period, and premium holiday charge period are all extended by one year. Loyalty Bonus payments are delayed by one year. Wealth Share eligibility is delayed by one year. All supplementary benefits terminate on activation. Premium Pass is best for genuine short-term cash flow disruptions — not for long-term payment pauses. See our guide on how much to spend on insurance for broader budgeting context.

Wealth Share allows you to divide your PRUVantage Assure II policy into two or more sub-policies and assign each to a different beneficiary — for example, dividing 50/50 between two children. Each sub-policy receives a proportional share of the Growth Account, Flex Account, Additional Investment Account, total regular premiums paid, lifetime premium figure, Wealth Assure Value, and the Wealth Assure Value cap. Sub-policies can be further divided within 130 years from the original first premium due date.

Conditions to activate: after both the premium term and the administration charge period; all premiums fully paid with no arrears; each sub-policy must have a minimum value of SGD $20,000 or 50% of the base policy’s lifetime premium (whichever is higher); no pending claims, no beneficiary nomination, no trust on the base policy.

When Wealth Share activates: the Accidental Disability Benefit and all supplementary benefits end; the base policy terminates; each sub-policy operates independently from its new cover start date. Wealth Share is most powerful for individuals who have completed their premium payments and want to distribute accumulated wealth to the next generation during their own lifetime. For broader estate planning context, see our guides to estate planning in Singapore, intestacy law, and grant of probate.

PRUVantage Assure II supports five optional supplementary benefit riders — one more than the SP plan. Payer Security Plus waives future premiums if the policyholder suffers death, TPD, or a critical illness. Early Payer Security is more comprehensive, also covering early-stage critical illness in the policyholder. Crisis Waiver III waives premiums if the life assured is diagnosed with a covered critical illness. Early Stage Crisis Waiver extends this to early-stage diagnoses.

The fifth rider, Accident Assist, is exclusive to PRUVantage Assure II and not available on the SP plan. The specific terms of Accident Assist — what accidents it covers, the benefit amount, and eligibility conditions — are subject to product terms and conditions and should be confirmed with Prudential.

All supplementary benefits share the same conditions for addition: the benefit must be available; you must be paying regular premiums; the life assured must be in good health (where applicable); the life assured must be within age limits; you must pay the additional rider premium; and the policy must not have ended. All supplementary benefits automatically end when the life assured changes, Wealth Share is activated, or Premium Pass is activated. For an overview of how riders work and which to prioritise, see our guide to insurance riders and our article on early critical illness insurance.

The Sum Assured starts at 103% of total regular premiums paid on the inception date. As more premiums are paid, the base grows: after all 5 premiums on a 5-year, $20,000 p.a. term ($100,000 total), the Sum Assured reaches $115,000. After the last premium is paid, it continues increasing by 3% of total regular premiums per year (simple interest) — $3,000/year on a $100,000 total — capping at 160% ($160,000) after a further 15 years.

The Sum Assured reduces when you make withdrawals from the Growth Account or Flex Account: New Sum Assured = Percentage Level × (Total Regular Premiums Paid − Withdrawals). If you have paid $100,000 and the current Percentage Level is 130%, withdrawing $20,000 reduces Sum Assured from $130,000 to 130% × $80,000 = $104,000.

After a voluntary reduction in Sum Assured (available after the administration charge period), the 3% annual growth also stops — though it can be resumed at the same pre-reduction amount, restarting from the next policy anniversary. For a worked example of Sum Assured progression, see our PRUVantage Assure Series overview and our guide to TPD definitions in Singapore.

Death benefit exclusions: Suicide within 12 months of the cover start date or reinstatement date voids the policy — only net premiums received (after deducting withdrawals and expenses) are refunded. Death from a pre-existing condition within 12 months of cover start date pays the higher of: all unit values less the Welcome Bonus paid, or total regular premiums plus Investment Booster top-ups less withdrawals and expenses. Note: the Welcome Bonus deduction only applies to pre-existing condition deaths within 12 months of the original cover start date — not within 12 months of a reinstatement date.

Accidental Disability Benefit exclusions: No cover if disability arises from illness or disease (including AIDS, food poisoning, animal bites); war, riot, or revolution; terrorism with NBC agents; pre-existing physical or mental conditions; pregnancy or confinement; deliberate self-harm, suicide attempt, or intoxication; unlawful acts; professional or competitive sports; aircraft travel other than as a fare-paying passenger on a commercial scheduled service; radioactive contamination; racing; or military/commando duties. The disability must also occur within 12 calendar months of the accident date.

The Accidental Disability Benefit also ends — independently of exclusions — when Wealth Share is activated or when there is a change of life assured. For a broader understanding, see our guides to life insurance in Singapore and TPD insurance.

PRUVantage Assure II does not have a traditional “paid-up” option. There is no mechanism to reduce the sum assured and continue coverage indefinitely with no further premiums.

If you stop paying within the Minimum Contribution Period (first 24 months): the policy lapses entirely — all Growth and Flex Account units are wiped out by the full surrender charge, and the policy ends with no further coverage. Additional Investment Account units are refunded.

If you stop paying after the Minimum Contribution Period: the policy enters Premium Holiday status. Coverage continues but a Premium Holiday Charge (up to 50% of annualised premium p.a. in years 3–5) is levied monthly on top of normal administration and assurance charges. The policy eventually terminates when all account values are depleted.

If you ultimately decide to exit, the cleanest option is to surrender — but charges of 100% apply in years 1–2, stepping down by term. Early termination typically results in receiving significantly less than total premiums paid. If you are still within 14 days of receiving your policy documents, the 14-day free-look period allows cancellation for a full refund adjusted for market movements. For context on surrender value implications, see our guide on cash surrender value.

The surrender charge is applied as a percentage of the combined Growth and Flex Account value — not the total premiums paid. Across all five premium terms, the charge is 100% in years 1 and 2, meaning any surrender in the first two years results in zero payout from the Growth and Flex Accounts (the Additional Investment Account value is always returned separately without charge).

From Year 3, the charge steps down. The 5-year term reaches 0% in year 9. The 10-year term in year 11. The 15-year term in year 16. The 20-year term in year 21. The 25-year term — the most accessible entry point at $1,800/year — does not fully clear its surrender charges until year 26. This means on the 25-year term, you are effectively committed for 25 years before charges disappear.

These high early charges exist to recover the Welcome Bonus units credited in years 1–3, the full death and disability coverage provided from day 1, and distribution costs. Prudential explicitly warns: “an early termination usually involves high costs and the surrender value may be zero or less than total premiums paid.” For a balanced view on whether a long-term ILP commitment suits your situation, read our article on why ILPs get a bad rap and our pre-purchase checklist at 3 things to consider before a new financial product.

PRUVantage Assure II offers 43 PRULink funds across Growth Account, Flex Account, and Additional Investment Account, with continuing investment charges ranging from 0.30% p.a. (Singapore Cash Fund) to 2.25% p.a. (Global Episode Macro Fund).

The critical distinction: the Flex Account at policy inception and for changes in regular premium distribution only accepts dividend-paying PRULink funds. This is by design — the Flex Account generates regular income, and only dividend-distributing funds achieve that. Notable dividend funds available for the Flex Account include PRULink Global Dividend Wealth Fund (Distribution), PRULink StrategicInvest Income Fund (Distribution), and PRULink US Dividend Wealth Fund (Distribution). For fund switches within the Flex Account after policy inception, all PRULink funds become available.

The Growth Account accepts all funds at all times, except those marked *** in the fund list (only available for post-sale transactions like fund switches and changes in regular premium distribution). For research on specific funds, see our reviews of PRULink Dynamic Income Fund, PRULink Invest Growth, PRULink SuperGrowth Account, and the PRUSelect Funds.

PRUVantage Assure II occupies the wealth accumulation and legacy protection segment of your financial plan. It is most valuable as a long-term vehicle for building a market-linked investment portfolio while ensuring your family’s financial protection scales with your portfolio’s peak performance via the Wealth Assure feature.

In a complete financial plan, it works alongside: term life insurance for pure income replacement coverage — more cost-effective per dollar of death benefit (see our term life insurance guide); an integrated shield plan for hospitalisation costs (see our guide); a critical illness plan for major illness income replacement (see our comparison); and CPF LIFE for baseline retirement income.

What PRUVantage Assure II is not: it is not a short-term savings vehicle (100% withdrawal charge in years 1–2), not a medical insurance product, and not a guaranteed-return plan. Before purchasing, work through our guide on financial planning and how much life insurance you need, and our pre-purchase checklist at 3 things to consider before a new financial product.

No. PRUVantage Assure II is explicitly not a Medisave-approved policy — Medisave funds cannot be used to pay the premium. The policy is also not listed as eligible for CPF Ordinary Account or Special Account investment under the CPF Investment Scheme (CPFIS) in the product summary reviewed.

Regarding SRS (Supplementary Retirement Scheme): SRS eligibility depends on whether the policy meets MAS criteria for SRS-eligible insurance products. PRUVantage Assure II’s SRS eligibility should be confirmed directly with Prudential before purchasing, as eligibility rules can change.

For those building a tax-efficient retirement strategy alongside this policy, see our guides to SRS account setup, SRS investment options, how to top up SRS, and CPF LIFE retirement income. If CPF is involved in your property planning, see our guide to CPF accrued interest as well.

Unlike the SP plan which provides monthly statements, PRUVantage Assure II provides statements annually — one statement per year on the performance and value of your investment-linked life policy. This is an important practical difference: you have less frequent touchpoints for monitoring your account values, charges, and Wealth Assure Value trajectory.

At the fund level, PRULink funds have a financial year-end of 31 December. Prudential issues a Semi-Annual Report within 2 months of each half-year period end and an Annual Audited Report within 3 months of 31 December. Both are available at www.prudential.com.sg and from your financial representative.

Given annual statements and the complexity of this policy — rising assurance charges with age, the Wealth Assure Value tracking daily, Welcome Bonus units, and eventual Wealth Share eligibility — we recommend reviewing your policy at least annually and definitely after major life events. If you want more frequent oversight, you can request updates from Prudential and monitor daily PRULink fund prices on their website. For context on evaluating ILP performance in the broader market, see our unit trust vs ETF guide.

PRUVantage Assure II can be structured with the policyholder (who pays premiums and owns the policy) being a different person from the life assured (whose death or disability triggers the benefits). Common scenarios include parents covering children, or business owners covering key employees.

When the policyholder and life assured differ: the Payer Security Plus and Early Payer Security riders attach to the policyholder — they protect the premium-payer’s ability to continue funding the policy. Crisis Waiver III and Early Stage Crisis Waiver attach to the life assured.

For Wealth Share, the policyholder applies for and receives the resulting sub-policies. The sub-policies are divided based on policy ownership, not on the life assured’s identity. You cannot request Wealth Share if there is a nomination of beneficiary or a trust on the base policy — those legal structures already direct policy proceeds and cannot coexist with the Wealth Share division mechanism. If you want to pass the policy to your children by making them policyholders of sub-policies, Wealth Share achieves this directly. For structuring this within a broader estate plan, see our guides to estate planning in Singapore, grant of probate, intestacy law, and CPF LIFE for broader retirement income context.