Taguig city: Pru Life UK is addressing demand for more protection options with a simplified process by introducing the PRUMillion Protect, intended for affluent and high-income segment. The product, launched on Wednesday, allows policy holders to get hold of insurance protection with investment-linked plan payable in two years only, but provides coverage of up to five times the base annual premium or 105 percent of the fund value, whichever is higher.
According to Philippines News Agency, the minimum placement level is PHP250,000, and premium payment can be done monthly, but only for those with an initial placement of PHP500,000. 'This, in a way, provides an alternative to those who are looking for really short-term commitment, whether those for five-day or single-pay (products),' Pru Life UK Chief Product Officer Garen Dee, in a briefing in Taguig City, said.
Dee explained that this product is an improved version of their PRUMillion Flex, which was offered for a limited time since 2024. She said they are eyeing to make this product a driver of their goal to have one million individual account holders by the end of this year.
Demand for protection products has been rising, especially after people realized the need to ensure protection for life and their assets when the pandemic hit, and because of the volatility, according to Pru Life UK chief investment officer Princess Balingit. She, however, noted that with the volatility, people looked for products with guarantees for their investments.
She said it is the customers, on the other hand, who can decide which investment or funds to put their money into, depending on their risk appetite. Asked for expectations for take-up for this latest product, Dee said it should be 'at least at par with what we are seeing for that (PRUMillion Flex).'
She also stressed that while they continue to address the needs of the affluent segment, they remain committed to serve the mass market, which accounts for around 60 percent of their around 900,000 policyholders, some of whom have multiple active policies.
