Insurance firm BPI AIA said it found that Filipinos increasingly prefer purchasing long-term protection plans at shorter payment terms. To continuously support customers’ changing needs, the company is again offering one of its whole life insurance products on 5- and 7-year pay terms.

The product called Build Life Plus is a savings and life insurance plan that provides policyholders with long-term benefits. This includes protection up to age 100, investment in chosen fund, accident and health coverage, waiver of premium, and optional critical illness coverage and hospital confinement benefit for additional peace of mind.

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“The pandemic has reminded people once again of the importance of being insured, being protected, hence the increase in inquiries about our products. Notable though was the demand for products that had a shorter-pay period, some customers would much rather complete the payment within 5 to 7 years versus spreading it out and paying longer. This is why we brought back the shorter pay variants of Build Life Plus, it has been consistently one of our best-selling products over the years and this will provide more options for Filipinos looking for insurance coverage,” said Surendra Menon, CEO, BPI AIA.

Build Life Plus 5-pay or 7-pay is ideal for clients who are looking into investment options that can also provide insurance coverage, such as those building a retirement fund, setting aside a contingency fund for their business or assets, or preparing for their children’s education. Its component investment funds are managed by BPI Asset Management and Trust Group (BPI AMTG) and BPI Investment Management Inc. (BIMI) and will be invested based on the policyholder’s needs and risk appetite.

BPI AIA is a strategic alliance between the Bank of the Philippine Islands (BPI) and AIA Philippines. It offers an array of life, health, and income protection plans to help Filipinos prepare for the unexpected.