Pru Life UK launches new investment-linked product --[Reported by Umva mag]

PRU Life Insurance Corp. of UK Philippines (Pru Life UK) has launched a new investment-linked insurance product available for a limited time, it said on Monday.

“Pru Life UK introduces its latest investment-linked insurance product, PRUMillion Flex. This limited-time offer allows customers to pay premiums over just two years through various payment modes, giving them flexibility to manage their finances more effectively,” the life insurer said in a statement.

“We listened to our customers’ needs for a product that offers short-term payment with potential long-term gains. This inspired us to create PRUMillion Flex. With flexible payment options, high premium allocation, access to expertly-managed funds, and substantial coverage, customers can start building their million coverage in just two years,” Pru Life UK Vice-President and Chief Product Officer Garen U. Dee said.

PRUMillion Flex has a minimum annual premium of P250,000 and gives customers access to a range of managed funds.

“PRUMillion Flex combines flexibility, financial protection, and investment potential… The high premium allocation to the investment component can potentially grow wealth faster,” Pru Life UK said.

The product provides a death benefit coverage of five times the annual premium or 105% of the fund value, whichever is higher.

“Customers can still get 105% of the fund value once the policy reaches maturity at 85 years old as long as the insured is alive,” it said.

Clients can choose to pay monthly, quarterly, semi-annually, or annually.

“PRUMillion Flex is perfect for those who prefer short payment terms and avoid a significant one-time payment; those who are looking for alternative ways to grow their wealth… PRUMillion Flex addresses the growing demand for financial solutions that ensure both wealth security and growth, at a flexible pace,” the insurer added.

Pru Life UK has over 170 branches and general agency offices in the Philippines, with a life insurance agency force of more than 38,000 licensed agents.

It booked a premium income of P46.19 billion and a net income of P4.36 billion in 2023, data from the Insurance Commission showed. — A.M.C. Sy

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