PRU Life Insurance Corporation of UK (Pru Life UK) has launched a traditional insurance product that provides a guaranteed annual payout and family protection.

PRULifetime Income offers a guaranteed 5% yearly payout of the sum assured from the end of the sixth policy year or until maturity, regardless of market conditions, Pru Life UK Philippines said in a statement on Thursday.

Policyholders will also have 200% insurance coverage until age 100.

PRULifetime Income has a minimum coverage amount of P250,000 payable for five or 10 years.

“This product is the ideal option for parents planning for their child’s education, individuals with big purchase plans or travel goals and those who want a financially secure retirement,” the insurer said.

The product can also provide non-guaranteed dividends starting in the third policy year and can be paid in cash, applied to premium due or left to accumulate interest.

“Many Filipinos now look for regular streams of income to pursue their life goals without the fear of financial instability. 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,” Pru Life UK Executive Vice-President and Chief Customer & Marketing Officer Allan M. Tumbaga said.

Pru Life UK’s premium income stood at P46.19 billion in the first quarter, latest data from the industry regulator showed, while its net income was at P4.36 billion. — AMCS

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