Pru Life UK makes life insurance more accessible to Filipinos with PRUMax Invest
Pru Life UK, a subsidiary of international financial services group Prudential plc, has unveiled another innovative life insurance product – PRUMax Invest – to meet the financial needs of Filipinos, whatever their stage of life.
Integrating the best features of traditional and unit-linked life insurance products, PRUMax Invest is a 15-year 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," said Pru Life UK Chief Actuary Francis Ortega."Therefore, PRUMax Invest is for every one of us, with our different goals and needs."
“We are delighted that, through PRUMax Invest, we are able to help more Filipinos, no matter where they are in the economic spectrum, to secure their and their loved ones’ financial future,” concurs Pru Life UK Chief Executive Officer Antonio De Rosas. “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.”
Enabling Filipinos get a head start in life
PRUMax Invest makes it possible for young professionals and even those who are in their first job to be adequately protected as they plan for their families’ financial future. 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 premiums.
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.
Superior selection of funds
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 PhP 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 unit-linked 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. The annual survey ranks participating fund managers in Asia, ex Japan, Australia and New Zealand, based on assets sourced in the region as of June 30, 2016. In 2016, Eastspring received recognition in the Best of the Best regional award categories from Asia Asset Management for Chief Investment Officer of the Year (Fixed Income) and Japanese Equity (three years).
Eastspring was also named the Best Asset Management House in Asia Asset Management’s Best of the Best Awards in 2014 and named Asia Fund House of the Year in the 2015 in the Asian Investor Asset Management Awards.
An affirmation of Pru Life UK’s commitment to Filipinos
Mr. De Rosas adds that PRUMax Invest is an affirmation of Pru Life UK’s commitment to always listening to and understanding the needs of Filipinos. “As our British forefathers did way back in 1848, 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. In 1996, the Insurance Commission granted the British subsidiary a license to operate and sell life insurance in this country. Since then, Pru Life UK has expanded its reach to over 80 branches in the Philippines, with the biggest life agency force of 14,000 licensed agents, and has emerged as one of the top five life insurers. Pru Life UK is headquartered in Uptown Bonifacio, Taguig City.