MANILA, Philippines — Filipino-owned Insular Life (InLife) has launched a new limited-pay insurance plan with guaranteed regular payouts in a bid to help Filipinos restart their savings habit.
InLife said it has started Abundance, a new product that offers a limited paying period but gives guaranteed regular payouts.
Abundance is a savings and life insurance plan that gives insurance coverage for 20 years, or up to age 65.
It also gives guaranteed regular cash payouts regardless of market conditions when they become due. One only has to pay premiums for five or 10 years.
InLife chief marketing officer Gae Martinez said the plan enables one to enjoy the benefits of life insurance while pursuing various life goals, saving for emergencies, dealing with natural disasters, preparing for retirement, or just meeting regular spending needs.
“We are coming out of the pandemic and we wanted to help Filipinos restart their savings habit, which was badly affected due to reduced or lost income, and increased spending on medical needs,” Martinez said.
Abundance gives guaranteed cash payouts equal to 10 percent of the sum insured.
It will be paid every two years, starting at the end of the seventh policy year for the five-pay, or the end of the 11th policy year for the 10-pay variant until the maturity of the plan.
When the plan matures, the insured will receive a maturity benefit equal to 100 percent of the sum insured plus dividends, if any.
If the insured passes away during the protection period, their beneficiaries will receive a death benefit equal to 200 percent of the sum insured.
On the other hand, if the insured is diagnosed with a terminal illness, they will receive a terminal illness benefit equal to 200 percent of the sum insured.