Pru Life Insurance Corp. of UK (Pru Life UK) has introduced a life insurance policy combining cancer protection with a no-claim reward feature, aiming to broaden access to critical illness coverage in the Philippines, where insurance penetration has historically remained below 2% of GDP — among the lowest in Southeast Asia.

The company on Wednesday launched PRUCare Cancer Protect, a 10-year renewable term plan offering full coverage for late-stage cancer, 50% coverage for early-stage cancer, and an additional 20% benefit for catastrophic cancer, including metastatic cases.

"As we say, 90% of those who are able to catch cancer early on, there's a five-year survival rate versus those who caught it late at less than 40%. So those are really something that we have to be mindful about. With the early financial cover, how important it is to be financially ready if there's early detection of cancer, because that would really change the outcome drastically," said Garen U. Dee, Chief Product Officer at Pru Life UK, in a speech at the launch.

Dee noted that the policy's early-stage cancer coverage is the highest available in the market. "In the market, you will see some cancer protection products, but they cover late-stage cancer only. But if we are able to detect cancer earlier, and we have the finances to support the treatment for early-stage cancer, the outcome is much better."

The policy includes a no-claim reward, returning up to 50% of total premiums paid to policyholders who complete the 10-year term without filing a successful claim. Its life insurance component guarantees a 30% death benefit based on the coverage amount.

Applicants are required to answer only four health-related questions to qualify, a design intended to remove barriers to insurance adoption. The simplified underwriting approach reflects a broader industry push in the Philippines to reach underserved segments through more accessible product designs, as insurers work toward the government's target of increasing the number of Filipinos with life insurance coverage.

"Usually, what stops most Filipinos from getting insurance is not wanting to get a medical exam. There are a lot of questions they need to fill out. This one solves that, because it's just four underwriting questions that you need to fill out with just yes or no. And once you fill that out and it passes all the requirements, then you are issued a policy under PRUCare Cancer Protect," Dee said.

The product targets four key demographics: young professionals aged 25 to 35, individuals with growing families aged 30 to 45, health maintenance organization (HMO)-only clients typically aged 35 to 55, and convenience seekers usually aged 40 to 60.

"Because of the affordability and all, we target those who probably are just looking for a first experience in terms of life insurance. We think it's something that would resonate with young professionals. Those who are in their first job or first income, they just want something simple — a simple protection basically for themselves, or probably for their parents," Dee said.

"[It is also] for a growing family. Those who have just started out as parents. This would also be a good complement product for anyone who has an HMO coverage. And lastly, those who have sort of postponed getting insurance again, because they feel like there's a lot of requirements when it comes to medical and home [expenses]."

According to the latest data from the Insurance Commission, Pru Life UK recorded a premium income of P52.84 billion and a net income of P7.103 billion last year. — Aaron Michael C. Sy