Insular Life (InLife) has introduced a new product designed to provide financial stability for Filipinos approaching retirement.
Dubbed Retire Assure Plan, the new product offers guaranteed monthly cash payouts, which will remain unchanged until the policyholder reaches 10 years old and are directly credited to a bank account. Premiums are payable over a period of 5 to 10 years, depending on the policyholder’s age.
InLife chief product and innovation officer Jose Eduardo Ang said Retire Assure seeks to offer peace of mind, not just high monthly payouts.
“High monthly income is the goal for some, but there should be more. Let’s create peace of mind,” Ang said. Customers can choose to pay premiums over five or 10 years, up to the ages of 59 or 64.
In the event of the policyholder’s death, beneficiaries are entitled to receive the higher of either 110% of total premiums paid (minus any payouts received) or the guaranteed cash value.
“We’ve always envisioned Retire Assure to be a product that fits as many people as possible, regardless if they’re a corporate client or not,” Ang added.
InLife emphasized that even with a sizable retirement fund or government pension, individuals could still face financial strain due to medical expenses, business setbacks, or unexpected family obligations.
The launch comes amid positive developments in the Philippine insurance industry. According to the Insurance Commission’s 2024 report, the sector’s contribution to the country’s gross domestic product rose to 1.67% from 1.62% in 2023.
Total industry assets climbed to P2.46 trillion in 2024 from P2.31 trillion the previous year, while the number of licensed insurance companies increased to 137.
