Pru Life UK said Tuesday it launched PRULifetime Income, its latest traditional insurance product which provides a guaranteed 5-percent annual payout for life and 200-percent lifetime protection for the family.
Policyholders can enjoy a guaranteed 5-percent yearly payout to fund family needs such as major purchases, education expenses, business needs or retirement, it said.
The annual payout is equivalent to 5 percent of the sum assured and is payable from the end of the 6th policy year or until maturity, regardless of market conditions, the insurer said.
“Many Filipinos now look for regular streams of income to pursue their life goals without the fear of financial instability. We want to accelerate value creation for our customers by delivering diverse financial products and solutions tailored to address their evolving and unique needs at every life stage. PRULifetime Income guarantees lifelong payouts plus double insurance coverage, helping customers achieve financial security,” said Allan Tumbaga, Pru Life UK executive vice president and chief vustomer and marketing officer.
PRULifetime Income offers more comprehensive financial protection with its 200-percent insurance coverage. Until age 100, the insured can leave a double financial safety net for their loved ones no matter what happens.
Payable for 5 or 10 years, the minimum coverage amount is P250,000. The product is the ideal option for parents planning for their child’s education, individuals with big purchase plans or travel goals and those who want a financially secure retirement.
For P2 million sum assured for a 10-year-old child, 10-year plan, policyholders get guaranteed P900,000 total payout at the age of 24, earn continuously until age 100 and leave P4 million to the child’s future family.
A 30-year-old individual who wants P500,000 sum assured can get total payout of P375,000 when he/she turns 50 to fund a business or vacation and leave P1 million to loved ones in case of death.
PRULifetime Income can also provide non-guaranteed dividends starting at the third policy year and can be paid in cash, applied to premium due or left to accumulate interest set by the company, Pru Life UK said.
Pru Life UK is the leading life insurer in the Philippines with the highest new business annual premium equivalent (NBAPE), according to the Insurance Commission’s quarterly data for the fourth quarter of 2024.
