Pru Life UK has launched its newest traditional insurance product, PRULifetime Income, designed to offer policyholders a guaranteed 5% annual payout for life, along with 200% lifetime protection for their families.
PRULifetime Income provides a 5% yearly payout, which can be used to cover significant family expenses such as education, major purchases, business needs, or retirement. This annual payout, equivalent to 5% of the sum assured, begins at the end of the 6th policy year and continues until maturity, irrespective of market conditions.
In addition to the guaranteed payouts, PRULifetime Income offers extensive financial protection with 200% insurance coverage until the age of 100. This ensures that policyholders can leave a substantial financial safety net for their loved ones.
The product offers flexible payment terms of 5 or 10 years, with a minimum coverage amount of P250,000. PRULifetime Income is ideal for parents planning their child’s education, individuals with significant purchase plans or travel goals, and those seeking a financially secure retirement.
For instance, with a P2 million sum assured for a 10-year-old child under a 10-year plan, the policyholder can receive a total payout of P900,000 by the age of 24, continue earning until age 100, and leave P4 million to the child's future family. A 30-year-old with a P500,000 sum assured can obtain a total payout of P375,000 at age 50 for business or vacation funding and leave P1 million to loved ones in the event of death.
PRULifetime Income also offers the potential for non-guaranteed dividends starting from the third policy year. These dividends can be paid in cash, applied to premiums due, or left to accumulate interest as determined by the company.
"Many Filipinos now seek regular income streams to achieve their life goals without financial instability. We aim to accelerate value creation for our customers by offering diverse financial products and solutions tailored to meet their evolving needs at every life stage. PRULifetime Income guarantees lifelong payouts plus double insurance coverage, helping customers achieve financial security," said Allan Tumbaga, EVP and Chief Customer & Marketing Officer at Pru Life UK.
Committed to being the most trusted partner and protector for Filipino families, Pru Life UK continues to respond to customer needs by providing high-value financial products through its extensive network of over 37,000 digitally-empowered agents.
Pru Life UK maintains its position as the leading life insurer in the Philippines, boasting the highest New Business Annual Premium Equivalent (NBAPE) according to the Insurance Commission’s Life Insurance Sector Quarterly Statistics for Q1 2024. Learn more about PRULifetime Income by speaking with a Pru Life UK agent or visiting www.prulifeuk.com.ph/en/prulifetime-income.
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