Pru Life UK, an insurance and investment management firm, has unveiled a new secure wealth management product with its unit-linked product portfolio for Filipino clients.
Pru Life’s unit-linked life insurance product, PruMillionaire, is a single-premium unit-linked life insurance product that aims to maximize the value of investment through a significantly lower upfront charge of 0.5% and a selection of investment funds, according to ABS-CBN News.
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PruMillionaire, with a minimum premium of PHP1 million (US$20,000), offers protection coverage equal to 125% of the single premium or the fund value.
The new product, which is a single-pay guaranteed issue product, will provide life insurance coverage even during the first two years in which the policy is in force.
PruMillionaire will offer living and death benefits and premiums linked to investment funds, allowing financial protection in addition to wealth accumulation.
Antonio Manuel De Rosas president and CEO Pru Life UK said: "Filipinos are becoming more sophisticated in their financial planning, opening more opportunities to offer products that make wealth management more successful.
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By GlobalData"Through the Company’s unit-linked portfolio, consumers protect their most valuable asset – themselves – while also gaining access to a superior selection of investment funds that would allow them to potentially grow the premiums they invest. Our funds are managed by one of the best in the region, by our sister company Eastspring Investments (Singapore), Ltd," he added.
