Pru Life launches new investment portfolio
PRU LIFE UK, a subsidiary of international financial services group Prudential plc, has launched another innovative life insurance product – Prumax invest last Thursday, November 9, at Marco Polo Hotel Davao.
Pru Life UK Chief Actuary Francis Ortega said that Prumax Invest integrates the best features of traditional and unit-linked life insurance products.
Prumax Invest is a 15year renewable term plan which provides comprehensive protection coverage through the base traditional plan Prumax Value 15 while also allowing the opportunity for wealth accumulation by investing in various Prulink peso funds through the new Variable Life Rider.
"Pru Life UK’s PRUmax invest is a flexible life insurance product that caters to a wider range of consumers. These include young Filipino professionals who are just starting their own career, BPO (Business Process Outsourcing) employees saving up for the down payment on their first apartment, young couples seeking a life insurance plan with a savings vehicle for their child's education, as well as accomplished professionals targeting an early retirement," Ortega said.
Pru Life UK Chief Executive Officer Antonio De Rosas, for his part, said “Getting into the savings habit is important and Prumax Invest will help Filipinos take that first step toward planning for their long-term financial future.”
De Rosas added that the product affirms Pru Life UK’s commitment to always listen to and understand the needs of Filipinos.
“Our Company continues to create new products not just for the sake of innovating but because we know this is the only way we can help make life better for every Filipino."
The launch of Prumax Invest coincides with Pru Life UK’s 20th anniversary in the Philippines.
“They get the value of
the money they worked hard for since the base traditional plan, Prumax Value 15, offers valuable maximum protection because of its substantial sum assured and affordable premium,” Ortega said.
Together with the basic insurance protection, Prumax Value 15 can be enhanced with various health and accident riders to provide customers with more comprehensive insurance coverage. This includes protection against accident, critical illnesses, and hospital expenses.
The addition of the Variable Life Rider, the investment component of Prumax Invest, to the base plan also allows policyholders to enjoy the benefits of a unit-linked product which gives them an opportunity for wealth accumulation.
In addition to the guaranteed protection coverage, the Variable Life Rider also provides policyholders with the flexibility to choose where to invest their premiums from among Pru Life UK’s extensive fund portfolio for a minimum annual premium of P 5,000.
Prulink Funds are invested in a diversified portfolio of assets that is managed by Eastspring Investments, the Asian asset management arm of Prudential plc. Eastspring Investments has been managing the underlying funds of Pru Life UK’s unitlinked life insurance products in the Philippines since 2002.
Eastspring is one of Asia’s leading Asia-based asset managers and manages investments on behalf of a range of retail and institutional clients. Eastspring was named Asia’s leading retail fund manager for 2016 in an annual survey by Asia Asset Management. ASP