InLife offers renewable term life insurance plan

MANILA, Philippines — Insular Life Assurance Co. Ltd. (InLife) has introduced a renewable term life insurance plan to provide Filipinos a more affordable option amid the challenges brought about by the COVID-19 pandemic.

According to InLife, its newest offering called “Basic Secure” provides policyholders a protection-focused plan that offers high benefits at a lower premium compared to other types of life insurance.

Applicants have the option to avail of a five-year or a 10-year renewable plan for P1 million in insurance protection.

“Basic Secure can also be converted to a regular life plan or to a variable investment-linked policy in the future once the plan holder finds that he or she is ready for it,” InLife chief marketing officer Gae Martinez said.

The plan can be issued from age 18 until 70 for the five-year plan, or until 65 years old for the 10-year plan, and can be paid monthly, quarterly, semi-annually, or yearly.

According to Martinez, the launch of InLife’s term life insurance comes at a time when more Filipinos are becoming more aware of the importance of insurance.

“The COVID-19 pandemic is an eye-opener for a lot of our countrymen who realized that they needed a buffer, a safety net just in case something happens to them due to the virus,” Martinez said.

“What the pandemic has taught us is that insurance must be part of everyone’s financial plan in order to avoid catastrophic financial loss in the family in the event of the death of the breadwinner,” she added.

Martinez said Basic Secure would help address the growing demand for protection by giving Filipinos an alternative while they do not have sufficient funds for regular insurance plans yet.

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

In 2019, the company booked 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.

Earlier this month, InLife also introduced Basic Assure 10, which is designed to provide policyholders insurance protection and guaranteed regular payouts.