Pru Life UK introduces Prulink Elite protector series
British life insurer Pru Life UK on Monday introduced an expanded line of investment-linked products which aim to provide Filipinos with the flexibility to control their coverage term.
Dubbed as the PRUlink elite protector series, this follows last year’s launch of PRUlink elite protector 5, which was considered among the company’s best-selling products in 2016.
“This product did very well in the market since we launched it.
In fact, it was one of our best-selling products in 2016.
But it wasn’t enough since it was only for five years to pay.
This time around, we are launching longer-paying periods for the series, which are Pru Elite 7, 10, and 15,” said Divine Furagganan, Pru Life UK senior vice president and chief agency officer, during a media preview at the Radisson Blu Hotel in Cebu City.
Furagganan said they are doing this to serve more people and cover a broader market, noting that the new products, which are set to be available by next month, are more affordable, most especially to the millennials, which consist majority of the company’s market.
Pru Elite 5, which was launched in March 2016, has a minimum premium requirement of P200,000 annually or P17,000 per month and is payable within five years.
“Not everyone can afford that. We needed to have products of longer paying period, but smaller in terms of minimum premium requirement,” Furagganan explained.
Pru Elite 7, payable within seven years, only requires P150,000 every year or P13,000 a month as premium; Pru Elite 10 has a requirement of P100,000 each year or P9,000 a month; while Pru Elite 15 only requires P75,000 annually or P6,000 each month.
Furagganan said the series also has high premium allocation, unlike previous unit-linked products introduced by the insurer many years ago.
Similar products gave only 10 percent premium allocation to a policyholder’s funds, increasing each year.
But for Pru Elite 5, for example, 70 percent of a policyholder’s premium goes to their fund on the first year.
“This obviously gives more value to our clients and that is why we are confident that this will do well in the market just as the Pru Elite 5 did well in the market last year up to this year,” said Furagganan.
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