Life insurance company Pru Life UK is introducing its latest traditional insurance product to the Philippine market.

The new product, called PRULifetime Income, provides a guaranteed 5% annual payout for life and 200% lifetime protection for the family. Policyholders can enjoy a guaranteed 5% yearly payout to fund family needs such as major purchases, education expenses, business needs, or retirement. The annual payout is equivalent to 5% of the sum assured and is payable from the end of the sixth policy year or until maturity, regardless of market conditions.

PRULifetime Income offers more comprehensive financial protection with its 200% insurance coverage. Until age 100, the insured can leave a double financial safety net for their loved ones no matter what happens.

Payable for five or 10 years, the minimum coverage amount is PHP 250,000. The product is the ideal option for parents planning for their child’s education, individuals with big purchase plans or travel goals, and people who want a financially secure retirement. 

As an example, for PHP 2 million assured for a 10-year-old child and a 10-year plan, policyholders can get a guaranteed PHP 900,000 total payout at the age of 24, earn continuously till age 100, and leave P4 million to the child’s future family. A 30-year-old individual who wants a PHP 500,000 sum assured can get a total payout of PHP 375,000 when he/she turns 50 to fund a business or vacation and leave PHP 1 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.

“Many Filipinos now look for regular streams of income to pursue their life goals without the fear of financial instability,” Allan Tumbaga, Pru Life UK EVP and Chief Customer and Marketing Officer, shared. “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.”

With its promise to be the most trusted partner and protector for many Filipino families, Pru Life UK continues to listen to customer needs and provide high value-for-money financial offerings accessible through its over 37,000 digitally-empowered agency force. 

Pru Life UK has sustained its position as the leading life insurer in the Philippines with the highest New Business Annual Premium Equivalent (NBAPE), according to the Insurance Commission’s Life Insurance Sector Quarterly Statistics for the first quarter of 2024. 

To know more about PRULifetime Income, talk to a Pru Life UK agent today or visit https://www.prulifeuk.com.ph/en/prulifetime-income.