MANILA, Philippines — Pru Life UK has rolled out a short-payment term investment-linked insurance product for Filipinos looking for alternative ways to grow their resources.
In a statement, Pru Life said it is now offering PRUMillion Flex, its latest investment-linked insurance product that allows customers to pay premiums over just two years through various payment modes.
Pru Life said this would give customers the flexibility to manage their finances more effectively as it combines financial protection and investment potential.
With a minimum annual premium of P250,000, customers gain access to a range of expertly-managed funds, with the high premium allocation to the investment component potentially growing wealth faster.
Pru Life UK vice president and chief product officer Garen Dee said the PRUMillion Flex is for those who prefer short payment terms and avoid a significant one-time payment.
“This addresses the growing demand for financial solutions that ensure both wealth security and growth, at a flexible pace,” Dee said.
The product also provides death benefit coverage of five times the annual premium or 105 percent of the fund value, whichever is higher.
Customers can still get 105 percent of the fund value once the policy reaches maturity at 85 years old as long as the insured is alive.
Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country.
Since its establishment, Pru Life UK has expanded its reach to over 170 branches and general agency offices in the Philippines, with the largest life insurance agency force with more than 38,000 licensed agents.