Manulife Philippines has launched a new flexible insurance plan that provides customers with rewards and bonuses to help achieve their life goals and enrich their future.
In a statement, the local unit of international financial services provider Manulife announced on Monday, Feb. 21, the launch of FutureBoost, a life and financial protection in one plan.
According to the insurer, Manulife FutureBoost offers a number of other benefits, including potential income through a premium bonus equivalent to five percent of their basic premium, if paid on time.
It also offers an additional bonus equivalent to two percent of their basic premium, if they opt to add to their premium by extending the number of years they put funds into their policy.
In addition, Manulife FutureBoost has an annual loyalty bonus equivalent to either 0.5 percent or 0.75 percent of their account values upon completion of their policy’s 10th year.
“There are no upfront premium charges, and payments are automatically invested in the customers’ chosen funds, allowing them to start building their investments quickly,” Manulife Philippines said.
Richard Bates, Manulife Philippines president and chief executive officer said FutureBoost offers Filipinos a flexible life insurance plan with built-in investments that they can tailor to their needs.
“Through this product offering, we hope to help more customers secure every stage of their life journey, accelerate growth in their finances and achieve their financial goals quicker,” Bates said.
COVID-19 has had a significant impact on Filipinos’ attitudes to financial planning, with 91 percent of respondents to Manulife’s third Asia Care Survey saying they had developed greater appreciation of insurance since the start of the pandemic.
Moreover, 86 percent said they plan to buy insurance in the next 12 months, and 76 percent are looking for simple and affordable insurance products.
Manulife FutureBoost is available for P20,000 a year in premiums, payable over a minimum of five or 10 years.