Manulife rolls out new policy

MANILA, Philippines — Manulife Philippines has rolled out a new insurance plan for as low as P20,000 a year, laced with a bonus package for paying premium on time.

Manulife Philippines president and CEO Richard Bates yesterday said the Canadian insurance giant has launched a new line of investment policy called FutureBoost, with an entry premium of P20,000 a year, payable in five to 10 years.

He said FutureBoost provides life and financial protection to policyholders, including rewards and bonuses they can get in the long term.

The insurance plan extends a potential return through a premium bonus of five percent of basic premium for as long as the client pays on time. It also grants an additional bonus of two percent of basic premium if policyholders choose to extend the number of years they put in the fund.

A client can also get a loyalty bonus of either 0.5 percent or 0.75 percent of their account value upon completing their policy savings on the 10th year. Bates said FutureBoost requires no upfront charges, and payments are channeled right away into the policy fund.

“Despite the challenges of the pandemic, Filipinos have become more empowered to take charge of their health and financial well-being,” Bates said.

“Through this product offering, we hope to help more customers secure every stage of their life journey, accelerate growth in their finances, and achieve their financial goals quicker,” he said.

Under FutureBoost, policyholders maintain the flexibility to expand their coverage anytime and improve the benefits that come along their insurance plan.

Based on a Manulife survey, 91 percent of Filipinos said they understand the importance of getting an insurance during the pandemic. Further, at least four in every five plan to purchase insurance in the next 12 months, but want insurance firms to make their plans affordable.