Bayanihan Act 2 provides you with an extended 60-Day grace period for the payment of premiums that fall due from September 15,2020 to December 31, 2020.

Due dates from September 15, 2020 to December 31, 2020, are covered by the Bayanihan Act’s extended 60-day grace period.

No, policy loans, which are taken against the earned cash value of participating traditional policies such as PruLife, PruAdvance, PruSmart 5, PruSave, PruEdusave, and other similar plans are not covered by the Bayanihan Act 2.

The Bayanihan Act 2 covers salary, personal, housing, commercial, and motor vehicle loans, amortizations, and financial lease payments, as applicable.Yes. Traditional and Unit-Linked (UL) policies are provided with the extended grace period under the Bayanihan Act 2

Yes. Traditional and Unit-Linked (UL) policies are provided with the extended grace period under the Bayanihan Act 2

The effect of your non-payment of premiums will depend on your policy:

1) For Unit-Linked (UL) policies:

a) If your policy has a sufficient fund value:

•  Your policy will be placed under unit cancellation and charges will be taken from the fund value of the policy to keep it in-force.

b) If policy has no sufficient fund value:

• Your policy will lapse.

• To put your policy back in force, you will need to apply for the reinstatement of your policy.

2) For Traditional polices:

a) If your policy has cash value:

• Your chosen or default Non-Forfeiture Option (NFO) will take effect.

b) If your policy has no cash value:

• Your policy will lapse and will no longer be in force.

No. Premiums are not waived, but clients are given an extended amount of time to pay their premiums. These premiums should still be settled within the 60-day grace period.

Under the auto-recurring facility, premium payments will continue without manual intervention. If you want to avail of the extended grace period and defer payment of your premium, you will have to opt out of the auto-payment facility by advising us in writing or via email of your intention and submitting the requirements. This also applies to policies whose premiums are paid through Post-dated Checks (PDCs). Please refer to question no. 8 of this FAQ for the details on what to include in the email.

However, because of the extension of the grace period, your premium due dates might overlap, in which case you would need to pay multiple premiums simultaneously to keep your policy up to date. To prevent this, we encourage you to continue paying your premiums regularly.

Please submit the following requirements to any Pru Life UK office or via email to policy.admin@prulifeuk.com.ph, as applicable:

  • To Defer Your Post-Dated Check (PDC) Payments:
    • Letter or email with the subject:

    • Note: The email request must be submitted at least 5-7 days ahead of date of the PDC.

    • Indicate your new date of deposit which should be within 60 days from the check’s date.
    • Attach/Enclose a copy of your valid ID.
  • To stop Auto-Pay Arrangements (Credit Card or Bank Automatic debit arrangement):
    • Letter or email with the subject:
    • Indicate your intention to discontinue your nominated credit card or debit account.

Please take note of the following reminders:

  • By discontinuing your Auto-Pay/PDC arrangement, you acknowledge that Pru Life UK will stop billing your enrolled credit card/debit account or will defer the application of your PDCs for premium payments.
  • For “Stop Auto-Pay” requests, your premiums will have to be settled through other payment channels.
  • Ensure that your policy stays in force and that you stay protected by regularly paying your premiums through any of our available payment facilities.

Yes, you can re-enroll in our Auto-Pay or Post-dated check agreement. Please visit the payment facilities menu of our website to know how.