Prulife UK has introduced a new product, a limited-pay investment-linked plan that allows policyholders to pay in two years.
The product called Prumillion Protect Plan is set at P 250,000, which is designed for business owners and professionals seeking protection without long-term commitments.
Insured age at this plan starts at seven yrs old to 70 years old, and coverage of up to 85 years old.
“With this simple pay structure, it goes with the momentum; it doesn’t stop the momentum of the customer. You just commit for just two years. But it’s already a lifetime protection ensuring that you get the superior protection,” Garen Dee, chief product officer of Pru Life UK, said.
The newest plan also offered a” simplified application” without having the clients undergo medical examinations. It also features a 5x annual premium or 105% of the fund value, whichever is higher, an optional rider benefits and a loyalty-bonus rewarding long-term policyholders.
With the launch of the plan, it is seen as a company’s growth strategy. Prulife UK currently have 930,000 policyholders and aims to reach the one-million mark by the end of the year.
Prulife UK was established in 1996, pioneering the insuraves (investment-linked insurance product) in the Philippines. Currently, it has 200 branches and more than 39,000 licensed agents. -Aileen Lor
