Insurance firm targets middle class market
PRU LIFE PRESS CONFERENCE (CDN PHOTO/VICTOR ANTHONY SILVA).
Life insurance company Pru Life UK seeks to expand its market in the Philippines through its newest product aimed at the lower to middle-income class brackets.
Pru Life UK on Monday introduced PRUmax invest, its latest life insurance product, to meet the needs of Filipinos, “whatever their stage of life.”
“This is in line with our strategy to sell more insurance products and to give protection to every Filipino,” Pru Life UK Senior Vice President and Chief Agency Officer Maria Divina Furagganan said during the product launch at Radisson Blu Hotel in Cebu City.
She said the company’s newest offering integrates the best features of traditional and unit-linked insurance products, providing comprehensive protection coverage at the same time allowing policy holders to accumulate wealth.
Furagganan said they intend to increase the insurance penetration in the Philippines and decrease the insurance protection gap.
Aimee dela Cruz, assistant vice president for pricing and product development, said PRUmax invest specifically targets professionals who are just starting their career, business process outsourcing employees, newlyweds, and accomplished professionals targeting early retirement.
“PRUmax invest is a 15-year renewable term plan which provides comprehensive protection coverage through the base traditional plan while also allowing the opportunity for wealth accumulation by investing in various funds through the Variable Life Rider,” she said.
For premium as low as P12,000 annually, policy holders can avail of a P1-million coverage and the product’s investment component under the base plan.
Aside from insurance protection, Dela Cruz said product benefits include several rider options, a choice of funds for investment, partial withdrawals, and fund switching, among others.
Antonio Garces II, vice president for investments, said the Variable Life Rider provides policy holders with the flexibility to choose where to invest their premiums from among the company’s extensive fund portfolio for a minimum annual premium of P5,000.
He said that while there are mutual funds and unit investment trust funds, this is another alternative that will cater to small investors.
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