PRU Life Insurance Corp. of UK (Pru Life UK) has launched a flexible life insurance plan designed to help Filipinos navigate a high inflation and volatile economic environment. The new product, PRUWealth 10 Flex Elite, is a two-year pay insurance plan that offers 11% guaranteed annual payouts starting on the third year.
The payouts are based on the annual premium, providing customers with a predictable income stream. In addition, the insured will receive 200% of the annual premium after 10 years as a maturity benefit, if they are alive, while beneficiaries will get life insurance coverage of up to 220% of the annual premium in the event of the insured’s passing.
Customers can pay the premium monthly, quarterly, semi-annually, or annually, offering greater flexibility and convenience. The product is designed for Filipinos seeking long-term financial solutions that offer guaranteed payouts and greater payment flexibility amid increasing economic uncertainty.
The insured will also benefit from guaranteed insurability, removing the need for medical examinations for qualified customers, subject to applicable eligibility requirements. This feature adds an extra layer of convenience and accessibility to the product.
Pru Life UK Chief Product Officer Garen U. Dee emphasized the importance of financial solutions that offer stability, protection, and flexibility. He stated that PRUWealth 10 Flex Elite offers guaranteed benefits, predictable payouts, and life insurance protection within a simple and straightforward plan, reflecting the company's commitment to developing innovative solutions that respond to the changing needs of Filipino consumers.
According to the latest Insurance Commission data, Pru Life UK booked a premium income of P52.84 billion last year, with a net income of P7.103 billion.
