Pru Life unveils new flexi series

MANILA, Philippines -  British life insurer Pru Life Insurance Corp. of UK has introduced a new line of investment-linked products, which provides Filipinos with the opportunity to grow their money and the flexibility to control their coverage term.

Following last year’s launch of PRUlink Elite Protector 5, the insurance firm released the PRUlink Protector series, an expanded line which provides more flexible option for customers.

“By design, it is meant to give policyholders extensive protection, as well as an opportunity to grow their money. Through this new offering, we hope to provide more Filipino families with financial protection and investment opportunities,” Pru Life UK president and CEO Antonio de Rosas said.

According to the company, the new product line integrates protection coverage with fund investment. It is available in both peso and dollar denominations.

This also provides policyholders with the option to choose from four payment terms–five, seven, 10 and 15 years–depending on their budget.

In addition, various riders that correspond to supplementary benefits may also be added to the Elite plan for enhanced protection against accident, death, disability, critical illness, and hospital expenses.

“Each payment term option...corresponds to an arrangement of fund allocation. The percentage of allocation increases every year, thus facilitating faster fund accumulation,” Pru Life said.

“This product feature may bring policyholders closer to his or her medium- to long-term goals sooner, while enjoying comprehensive protection. For better opportunity to grow their money, policyholders may also make top-ups, or additional payments,” the company added.

Policyholders of the Elite protector series also have the flexibility to choose where to invest a portion of their premiums from the company’s wide range of funds, managed by Eastspring Investments (Singapore) Ltd.

“The Elite series was specifically customized to cater to those who are keen on purchasing Elite 5, but want even more flexible payment terms. Just like Elite 5, we believe that this product will be of great value to customers in achieving their long-term financial goals,” De Rosas said.

 Since 1996, Pru Life UK has expanded its reach to over 80 branches in the Philippines, with 17,000 licensed agents.

In 2016, the company registered P1.52 billion in total net income, emerging as the sixth largest life insurance firm in the country.