MANILA, Philippines - Philippine Prudential Life Insurance Co. Inc. has introduced its first limited-pay life insurance product to offer a total and permanent disability benefit for free, a value that other life insurance companies provide only when the insured avails of a critical illness rider.
An individual covered by Easy Secure can apply for an advance amounting to 60 percent of the sum assured, or up to P1 million (whichever is lower), provided he or she is diagnosed with total and permanent disability for no less than six months. To the insured, this can mean a substantial amount that can go beyond paying for medical bills.
Philippine Prudential Life president and chief executive officer Gregorio D. Mercado said Easy Secure is a welcome addition to Philippine Prudential’s growing line of products and services, all designed to provide risk protection to every Filipino and the people most important to him or her – the family.
“Our company endeavors to constantly create products such as Easy Secure, which enables Filipinos not only to prepare against risks but also have a secondary source of funds,†Mercado added.
Loanable cash values are another product guarantee, along with the opportunity to earn from the company’s surplus income through dividends.
In the case of death, beneficiaries can claim 100 percent of the sum assured, as well as dividends, should there be any.
Philippine Prudential chief distribution officer Victor P. Quisumbing said that the launching of Easy Secure is a timely addition to the growing number of protection products available through our recently launched Agency Distribution Channel.
Easy Secure can be availed by people as young as 15 days up to 75 years old with three payment periods of single pay, five-pay and 10-pay and convenient payment options to choose from – monthly, quarterly, semi-annually, or annually.
Additionally, this new product comes with an anticipated endowment rider variant called Easy Secure Gold, which provides for a guaranteed stream of income every five years until the age of 60, and allows an individual to still be insured until the age of 85.