Life insurer Pru Life UK has rolled out its latest insurance product, PRULifetime Income, designed to provide guaranteed annual payouts and enhanced financial protection. This new offering aims to deliver stable financial support through a 5% annual payout and double the insurance coverage, catering to long-term needs.
“PRULifetime Income guarantees lifelong payouts and double insurance coverage, supporting our customers’ financial security,” said Allan Tumbaga, EVP and chief customer & marketing officer, Pru Life UK.
Guaranteed Annual Payouts: Starting at the end of the 6th policy year, policyholders receive a 5% yearly payout of the sum assured. This continues for the life of the policy, ensuring funds are available for major purchases, education, business needs, or retirement, irrespective of market conditions.
Double Insurance Coverage: PRULifetime Income provides 200% of the sum assured as insurance coverage until the policyholder turns 100. This feature offers an extra layer of financial protection for the insured’s family.
Flexible Payment Options: Premiums can be paid over 5 or 10 years, with coverage starting at a minimum of P250,000.
PRULifetime Income is versatile, suiting various financial plans:
- For Children’s Education: A P2 million policy for a 10-year-old yields P900,000 by age 24 and continues to provide payouts until age 100. Upon maturity, it leaves P4 million to the next generation.
- For Life Goals: A 30-year-old with a P500,000 sum assured receives P375,000 by age 50, suitable for funding a business or vacation. In case of death, P1 million is left to the beneficiaries.
Non-Guaranteed Dividends: Starting from the third policy year, these can be taken as cash, used to pay premiums, or left to accumulate interest.