Pru Life UK has introduced two new insurance products, PRUSteady Income and PRUWealth 10, to offer guaranteed payouts and long-term protection for consumers in the Philippines.
PRUSteady Income is a 20-year endowment insurance plan that provides an annual cash payout of 10 percent from the 11th year until the plan matures.
It also includes a 100-percent maturity benefit and up to 200-percent life insurance coverage. The plan begins to accumulate cash value in its second policy year.
Filipinos ages 18 and older can purchase the plan for individuals who are at least 7 days old and up to 60 years old. The minimum sum insured is P200,000, with investment amounts determined by age and coverage.
“This is the product that’s suitable for them because they’re building on their earnings to enjoy the payout later on, that’s the accumulation phase,” Pru Life UK chief product officer Garen Dee said during the product launch Tuesday.
PRUWealth 10 is a single-pay, 10-year endowment insurance plan that offers a 5-percent net annual cash payout for 10 years, a 100-percent return of premium at maturity, and 110-percent life insurance coverage.
The plan also builds cash value over time, giving policyowners access to extra funds when needed. This plan is available for a limited time. Filipinos 18 and older can purchase the plan for individuals who are at least 7 days old and up to 70 years old.
The minimum sum insured is P500,000 for those from 7 days to 59 years old and P3 million for those from 60 to 70 years old.
“It’s good for those who are looking for wealth builders, those who want to diversify their portfolio. This is a solution for those looking for that. And those who want to basically stay on the safe side, those who are risk averse,” Dee said.
“This is a good alternative to low-yield basements that are available currently in the market. Right now, I think there’s limited opportunities for us to be able to invest in products or investment solutions that give out high return at this point. So the product is leveraging on that,” said Dee.
