InLife debuts new savings, life insurance plan
At A Glance
- Insular Life's Abundance plan offers limited premium payments and guaranteed cash payouts.<br>Coverage is provided for 20 years or until age 65, while premiums only need to be paid for five or 10 years.<br>At maturity, a benefit of 100% of the sum insured plus dividends is received.<br>Death benefit is 200% of the sum insured, and terminal illness benefit is also 200% of the sum insured.
- Abundance plan starts at a minimum face amount of P300,000.
Insular Life (InLife) has debuted a new savings and life insurance plan that combines the benefits of a limited premium payment period with guaranteed regular payouts.
In a statement, Gae L. Martinez, InLife chief marketing officer said their latest offering called Abundance provides life insurance coverage for a duration of 20 years or until the policyholder reaches the age of 65.
Martinez further said that Abundance ensures guaranteed regular cash payouts, unaffected by market conditions when they are scheduled to be received.
The noteworthy aspect of this plan, Martinez said is that individuals only need to pay premiums for a period of either five or 10 years.
“Our new Abundance endowment plan enables one to enjoy the benefits of life insurance while pursuing various life goals, saving for emergencies, dealing with natural disasters, preparing for retirement, or just meeting regular spending needs,” Martinez said.
“We are coming out of the pandemic, and we wanted to help fellow Filipinos restart their savings habit, which was badly affected due to reduced or lost income, and increased spending on medical needs,” she added.
Abundance guarantees regular cash payouts equal to 10 percent of the sum insured, paid every two years.
The plan also provides protection for either 20 years or until the age of 65, depending on the chosen savings goal. Upon maturity, the insured receives a benefit equal to 100 percent of the sum insured plus any dividends.
In case of the insured's demise within the coverage period, their beneficiaries will receive a death benefit equal to 200 percent of the sum insured.
Additionally, if the insured is diagnosed with a terminal illness, they will be eligible for a terminal illness benefit equal to 200 percent of the sum insured.
Abundance can be obtained with a minimum face amount of P300,000.
“We want to insure more Filipinos especially now that they are more aware of its benefits. But at the same time, we also want them to enjoy what they worked hard for, and this is why we developed Abundance,” Martinez said.
“While they work and save up for their dreams, they also get to benefit from their savings through the guaranteed cash payments. This, while enjoying life insurance protection. This is a win-win solution for us Filipinos,” she concluded.