PruLife rolls out short-pay insurance plan
Pru Life UK has launched a new investment-linked insurance plan that allows policyholders to complete premium payments in just two years.
The plan provides life and disability coverage for families and business owners.
The product, called PRUMillion Protect, comes with a simplified insurability option, meaning eligible applicants can enroll without undergoing medical exams. Life insurance coverage is equivalent to five times the base annual premium or 105 percent of the fund value, whichever is higher.
According to the insurer, the simplified process and flexible protection would allow its policyholders to still have “superior coverage” without the burden of long-term payment commitments.
The plan also includes built-in benefits for Accelerated Total and Permanent Disability, as well as Accidental Death and Disablement.
It is open to individuals aged seven days to 70 years, with coverage extending up to age 85.
Further, it comes with a built-in “loyalty bonus” for long-term policyholders. This is payable starting the 10th policy year and every five years after.
Meanwhile, optional benefits, such as additional cash benefits if the insured passes away or becomes permanently disabled due to illness or accident, are available.
“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.
“Protection has emerged as a cornerstone of modern financial planning,” Dee added. “This is especially true for business owners, professionals, family decision-makers and legacy planners navigating changing market conditions and increasing personal responsibilities.”
