(PNA)
MANILA — People who need insurance coverage but cannot pay expensive premiums can now avail of the yearly renewable life insurance from British life insurer Pru Life UK.
In a briefing during the launch of Prulife your term Friday, Pru Life UK Assistant Vice President Arabelle G. Adigue said minimum base annual premium for this renewable product is PHP8,000, which is for those who are 0-39 years old. “For a female aged 18 years old and pays PHP8,000, her coverage will be about PHP3.6 million,” she said.
The base premium is higher as one ages, with that of the 40-59 years olds at PHP15,000 and for 60-79 years olds, PHP35,000.
Adique said policyholders can have more comprehensive coverage by getting supplementary benefits including protection against accidental death or disability, hospitalization and critical illness.
This will allow them to protect their families against financial woes should the insured individual die, she said.
Like other Pru Life UK products, policyholders can add an investment feature to their plan, with a minimum placement of PHP5,000.
On the second year of the policy, Adique said policyholders can upgrade their plan by converting it to any of the insurer’s investment-linked products that are placed in bonds and equities here and overseas.
And just like the owners of regular Pru Life UK products, Adique said policyholders of this yearly renewable product can switch their investment options once a year without paying extra.
She said these investments can be redeemed at its present fund value once the policyholder decided not to renew his coverage. “The protection of the base plan will cease but the VL (variable life) rider will automatically surrender,” she said.
PRUlife your term policyholders can also use this product as insurance to cover their bank loans, Adique said. “You can assign this particular insurance to the bank and when your loan is done you just change the form to revert it to your original beneficiaries,” she said.
The PRUlife UK official added that if the policyholder dies even if the loan is not yet fully paid the bank will get only what is due them while the balance of the coverage will be given to the policyholder’s family.
