Pru Life UK has launched a new investment-linked insurance product that compresses premium payments into two years, as it targets business owners and professionals seeking to avoid long-term financial commitments.
The product, branded as PRUMillion Protect, seeks to capitalize on a shift in consumer behavior in the Philippines, where affluent clients are increasingly looking for high-value coverage with shorter funding windows.
“Customers want solutions that value their time, reflect their responsibilities, and offer meaningful protection even as circumstances change,” said Garen Dee, Chief Product Officer of Pru Life UK. “With PRUMillion Protect, they get strong coverage without long-term payment commitments.”
Under the two-year payment structure, life coverage is set at five times the base annual premium or 105 percent of the fund value, whichever is higher. The plan includes built-in benefits for total disability and accidental death.
The company is positioning the plan to outperform single-pay investment-linked products by offering deeper protection while allowing clients to complete their premium obligations early.
“Protection has emerged as a cornerstone of modern financial planning,” Dee said. “This is especially true for business owners, professionals, and family decision-makers, as well as legacy planners, who are navigating changing market conditions and growing personal responsibilities.”
To accelerate the onboarding of new clients, the insurer is offering a “Simplified Insurability Offer,” which waives medical examinations for eligible applicants. The product is available to individuals ranging from seven days old to 70 years old, with coverage extending until age 85.
Pru Life UK, which ranked first in new business annual premium equivalent (NBAPE) in the Philippines for fiscal year 2025, currently serves nearly one million individual policyholders through a network of 38,000 agents.
“For many Filipinos today, having protection is seen as a mark of financial maturity,” Dee said. “It demonstrates foresight, responsibility, and care for one’s family, business, and future. With PRUMillion Protect, they can be assured of getting substantial protection.”
