Manila-based Pru Life UK has launched an investment-linked product meant to appeal to affluent clients who do not want to commit to long payment terms. 

PRUMillion Protect, which the insurer launched last week, is an insurance-linked product that is payable in as little as two years, while providing coverage of up to five times the base annual premium, or 105% of the fund value, whichever is higher.

“Customers want solutions that value their time, reflect their responsibilities, and offer meaningful protection even as circumstances change. With PRUMillion Protect, they get strong coverage without long-term payment commitments,” says Garen Dee, chief product officer at Pru Life UK.

Dee says the offering targets high-income professionals, entrepreneurs, and individuals who are in the estate planning stage. 

Loyalty bonus

The product is available to individuals aged seven days to 70 years old and provides coverage up to age 85, subject to policy terms and conditions. A loyalty bonus kicks in on the 10th policy year and every five years thereafter for policyholders who remain invested, and there are optional riders that offer additional cash benefits if the insured passes away or becomes permanently disabled due to illness or accident.

Minimum placement level is 250,000 pesos ( US$4,340 ), and premium payments can be done monthly for those with an initial placement of 500,000 pesos.

During the same launch, Pru Life UK chief investment officer Princess Balingit says those availing themselves of PRUMillion Protect can choose from the company’s entire suite of peso-denominated local and global funds to invest in, based on their risk appetite. 

Balingit also says she has seen an increased demand for protection-focused products in the face of continued market volatility. 

“This has been the trend from some years past. People who were initially growth-focused really started to consider steady guarantees when it comes to funds. A lot have been exposed to volatility [especially if they were invested in more aggressive products], so they felt they needed to find some safe space and thus the guarantees,” she adds. 

More features

PRUMillion Protect is an updated version of an earlier product, PRUMillion Flex, which was offered for a limited time in 2024.

“We came up with something with more features available in this new variant, like a loyalty bonus. So, this one is here to stay,” Dee says, adding that the response to the earlier version of the product has been favourable, thus the decision to offer it permanently. 

While Dee did not disclose a target amount that the company hopes to reach with this fund, she did say that PRU Life UK hopes PRUMillion Protect will serve as a key driver in its goal to reach one million individual account holders by end-2026. PRU Life UK has a little over 900,000 policyholders at present.