PRU LIFE Insurance Corp. of UK (Pru Life UK) has introduced a new flexible life insurance product designed to combine wealth accumulation with short-term guaranteed payouts, aimed at helping Filipino consumers manage financial uncertainty amid elevated inflation and a volatile economic landscape.

The product, called PRUWealth 10 Flex Elite, is a two-year pay insurance plan that provides guaranteed annual payouts equivalent to 11% of the annual premium, beginning in the third policy year. The structure gives policyholders a defined payment period while keeping the policy active over a 10-year horizon, distinguishing it from products that require longer premium commitments.

Under the plan's terms, the insured receives a maturity benefit equal to 200% of the annual premium after ten years, provided the policyholder is still living. In the event of the insured's death during the policy term, beneficiaries are entitled to life insurance coverage of up to 220% of the annual premium.

Customers may choose from multiple premium payment frequencies, including monthly, quarterly, semi-annual, and annual installments. The payment options are intended to support customers with different cash-flow needs, particularly as household budgets remain sensitive to inflation and other cost pressures.

According to Pru Life UK, the product targets Filipinos who are seeking long-term financial solutions featuring guaranteed returns and payment flexibility during a period of rising economic uncertainty. The insurer identified several key customer segments for the product: families looking for a predictable income stream, individuals aiming to accumulate wealth without committing to an extended premium payment period, and professionals seeking to deploy capital while avoiding exposure to market volatility.

PRUWealth 10 Flex Elite additionally includes a guaranteed insurability feature, which eliminates the requirement for medical examinations for qualified customers, subject to applicable eligibility conditions. Such eligibility conditions are typically important for customers to review alongside premium terms, benefits, exclusions, and policy duration before committing to a life insurance product.

"Today's customers are looking for financial solutions that offer stability, protection and flexibility," said Garen U. Dee, Chief Product Officer at Pru Life UK. "PRUWealth 10 Flex Elite offers guaranteed benefits, predictable payouts, and life insurance protection within a simple and straightforward plan, reflecting our continued commitment to developing innovative solutions that respond to the changing needs of Filipino consumers."

Pru Life UK, a subsidiary of the British financial services group Prudential plc, has been operating in the Philippines since 1996 and is among the country's leading life insurance providers. Its launch of a guaranteed-payout product comes as life insurers continue to compete for customers seeking protection products that also provide clearer benefit schedules.

According to the latest data from the Insurance Commission, Pru Life UK recorded P52.84 billion in premium income for the previous year, with a net income of P7.103 billion.

— Aaron Michael C. Sy