Insular Life unveils new product

MANILA, Philippines — Insular Life Assurance Co. Ltd. (InLife) has introduced a new life insurance product that provides policyholders with protection and guaranteed regular payouts.

Called Basic Assure 10, InLife’s new product is designed to provide clients an easier way to achieve their financial goals, InLife chief marketing officer Gae Martinez said.

“We plan for the future usually because of two reasons: to prepare for the possibility of a financial loss due to unforeseen events, such as sickness in the family, or loss of job; and to have funds for future needs, such as education, retirement, or business venture. So, if an insurance plan will be able to provide regular and guaranteed cash payouts during certain periods, then it becomes easier to reach one’s financial goals,” Martinez said.

According to InLife, Basic Assure 10 is payable for 10 years, but provides insurance protection for 20 years. On the sixth year of the policy, the death benefit will increase to 200 percent of the sum insured until the policy matures.

Moreover, InLife said the product would give cash payouts equivalent to 7.25 percent of the sum insured. These will be given at the end of the fifth year of protection and every two years thereafter until the end of the 19th year.

At the end of the 20th year, if nothing happens to the insured, they will receive a lump sum equal to 100 percent of the sum insured.

Martinez said Basic Assure 10 was also an option for clients concerned about fluctuations in the fund value of their policies due to market volatility, as benefits were guaranteed regardless of market conditions.

“When markets and investments generate exceptional returns, the ability to fulfill your goals is easy. But this becomes difficult during the times when the markets are volatile. Basic Assure 10 is InLife’s solution for those times because there are no risks as the plan’s benefits are guaranteed, no matter what happens to the market,” she added.

Data from the Insurance Commission (IC) showed that InLife ranked the eighth best performing insurance company in the country in 2019 in terms of premium income.

In 2019, the company was able to book P12.78 billion in premium income, 7.2 percent lower than the P13.78 billion recorded in the previous year. It also reported a total net income of P2.87 billion, up 31.7 percent from P2.18 billion in 2018.