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April 24, 2024

Allianz PNB Life extends wealth- building offering

Allianz PNB Life (AZPNBL) is expanding its wealth-building offerings by extending its STEP UP 7 financial product, aimed at assisting more Filipinos in building their financial assets.

Exclusively available to PNB customers, STEP UP 7 stands for Short-Term Endowment Plan with Uniform Payouts. It is a single-pay, non-participating endowment life insurance plan that matures in 7 years, providing individuals with a stable and guaranteed stream of income while also ensuring insurance coverage.

Ideal for those looking to bolster their savings, the plan offers guaranteed protection, maturity benefits, and an additional annual payout of 3.25% for 7 years. Since its launch in 2019, STEP UP 7 has gained significant traction among customers, emerging as one of AZPNBL’s most sought-after products.

Its popularity prompted the rollout of the product’s third tranche, with an allocation of P2 billion. The third tranche, introduced in May 2023, featured an adjusted coupon rate to align with prevailing market trends and yield rates, resulting in accelerated sales among both new and repeat customers.

Following its success, AZPNBL opted to extend the STEP UP 7 offer indefinitely starting January 15, 2024, or until supplies last. This extension aims to enable more customers to benefit from the plan’s advantages in bolstering their savings.

Leo Tan Jr., chief product provider officer of Allianz PNB Life, expressed pride and excitement in reintroducing STEP UP 7, emphasizing its alignment with the financial needs and preferences of Filipinos seeking medium to long-term financial solutions.

The product includes a guaranteed payout feature, allowing customers to gradually accumulate savings over time while ensuring a level of protection through insurance coverage. This approach is tailored to help Filipinos achieve financial stability and security as they pursue their financial goals.

Tan noted the significance of financial security for Filipinos, highlighting how the STEP UP 7 proposition was meticulously crafted with this in mind. He underscored the product’s alignment with the long-term outlook and financial planning preferences of Filipinos, ensuring that it meets their evolving needs.