INSULAR LIFE Assurance Co., Ltd. (InLife) has launched a term life insurance plan with three variants.
iProtect is a renewable term life insurance plan, InLife said in a statement late on Wednesday.
It provides a death benefit of 200% of the sum insured and is available to individuals aged zero to 70 years old.
“iProtect was designed to be a simple yet powerful form of life protection. It provides a safety net for individuals and families in times of unexpected events, in whatever life stage they may be,” InLife Chief Marketing and Bancassurance Officer Gae L. Martinez said.
“It is an ideal plan for those entering the workforce, raising a family and managing financial commitments such as paying off a mortgage, or ensuring financial stability for heirs and dependents through an estate plan. iProtect will ensure your loved ones are indeed protected.”
The product comes in three variants, which InLife said are meant to cater to customers’ varied needs and budgets.
The Yearly Renewable Term (YRT) provides coverage for one year and is renewable annually, while the 5YRT variant covers the insured for five years and has a five-year premium payment term. Lastly, the 10YRT variant has a 10-year coverage and premium payment period.
All three product variants allow for automatic renewal and conversion to a permanent plan.
“These make iProtect a cost-effective solution for those seeking financial security at different life stages,” InLife said.
iProtect policyholders can also avail of boosters for accident, disability, critical illness, and hospitalization.
InLife’s premium income stood at P18.46 billion last year, data from the Insurance Commission showed. It booked a net income of P2.66 billion. – Amc and
