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Manila Bulletin devider Business devider Banking & Finance devider Pru Life UK eyes one-million clients with two-year payment plan

Pru Life UK eyes one-million clients with two-year payment plan

Published Feb 18, 2026 04:48 pm
Pru Life UK, the local unit of the London-based insurance giant, has introduced a two-year payment life insurance plan as it targets an expansion of its policyholder base to one million by the end of 2026.
In a briefing on Wednesday, Feb. 18, Garen Dee, Pru Life UK chief product officer said the new product, dubbed PRUMillion Protect, is an investment-linked insurance plan (VUL) designed for customers seeking shorter premium payment windows. 

Dee said the insurance option allows policyholders to complete their premium commitments within 24 months, contrasting with traditional long-term payment structures that often span a decade or more.
The product features a simplified underwriting process, which Dee described as a “simplified insurability offer.” This streamlined approval mechanism is paired with a high fund allocation, intended to allow the underlying investment portion of the policy to grow at a faster rate from the outset.
Dee noted that the plan is built to offer stronger protection and includes a loyalty bonus designed to reward long-term policyholders.
Pru Life UK is positioning the product toward the mass-affluent and high-net-worth segments, specifically targeting entrepreneurs, professionals, and those focused on estate planning.
The minimum premium entry is set at ₱250,000. Coverage is available for individuals ranging from seven days old to 70 years old, providing protection up to the age of 85, subject to policy terms.
The launch serves as a primary lever for the company’s growth strategy. Pru Life UK currently manages approximately 930,000 policyholders and aims to cross the one-million mark by the end of the year. Based on 2023 data, the firm’s various insurance products currently benefit 1.75 million Filipinos.
“For many Filipinos today, having protection is seen as a mark of financial maturity,” the company said in a statement. “It demonstrates foresight, responsibility, and care for one’s family, business, and future. With PRUMillion Protect, they can be assured of getting substantial protection.”
The company maintains an extensive distribution network to support this growth, operating more than 200 branches with a force of nearly 38,000 licensed agents across the archipelago. Beyond investment-linked products, Pru Life UK’s portfolio includes health, accident, and disability coverage.
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