Manulife lowers premium for term insurance products

MANILA, Philippines — Manufacturers Life Insurance Co. Philippines Inc. (Manulife) and Manulife China Bank Life Assurance Corp. (MCBL) have lowered the cost of their term insurance offerings to make them more accessible to Filipinos amid the pandemic.

“Concerns about COVID-19 has made many of us realize the importance of protecting ourselves and our families. At the same time, the pandemic has also taken a toll on Filipinos’ personal finances,’’ Manulife Philippines president and chief executive officer Richard Bates said in a statement.

“To help Filipino families secure their future, we have made our term insurance products more affordable and flexible. We want them to feel confident to make decisions that can improve their lives, so they can also focus on the present and make every day better,” he added.

In line with this, Manulife has cut the minimum premium payment for its one-year term product to P10,000 from P12,000 or as low as P28 per day.

Available in Philippine peso and US dollar, the product provides clients a life insurance coverage worth almost P3.5 million. Customers can renew this plan on an annual basis.

The one-year term product is now payable on a quarterly, semi-annual or annual basis to make payments more flexible to customers, Manulife said.

For MCBL clients of China Bank Savings, the same features have been applied to its term product named Base Protect.

Manulife also lowered the minimum premium for its five-year term product, React5 to as low as P23 per day.

React5 comes with an accidental death benefit and is renewable every five years.

Policyholders may also opt to convert this to a regular insurance plan any time before they reach the age of 65.

The product is also available in Philippine peso and US dollar, with premiums now payable on a quarterly, semi-annual or annual basis.

This is also available to MCBL clients of China Bank and China Bank Savings through Base Protect Plus.