FWD Philippines launches new unit-linked plan – BusinessWorld Online
FWD Life Insurance Corp. (FWD Life Philippines) has launched an investment-linked life insurance plan with benefits for milestones hit by policyholders.
The Set for Life Plus unit-linked insurance plan guarantees life protection and has a start-up account value bonus of up to 25% of the basic annual premium, the life insurer said in a statement on Thursday.
It also comes a one-time guaranteed milestone increase, which can be activated once the policyholder hits “major life goals” like marriage, having a baby, graduation, buying property, or retirement.
“As the insurer of the next generation that’s committed to nation-building, FWD recognizes the ever-evolving goals and aspirations of Filipinos. We want to help them celebrate living while building their best future. With Set for Life Plus, they can embrace every opportunity in life and fulfill their goals while having reliable life protection and financial growth,” FWD Life Philippines President and Chief Executive Officer Antonio Manuel G. De Rosas said.
Set for Life Plus policyholders will also receive a loyalty bonus of 1% of their average monthly account value once the plan hits its 10th anniversary and every five years afterwards.
A premium extension bonus of 2% will be invested into the account when premium payments are continued after the required period.
The insurance plan’s benefits include accidental death coverage and waiver of premium.
“Policyholders can also customize according to their needs and add coverage such as additional life protection, hospital cash benefit, and critical illness protection,” the life insurer added.
The payment term for the product is five or 10 years and the plan covers an insured person until age 100.
Clients can also choose from various peso investment funds offered by FWD Life Philippines, depending on their risk appetite.
FWD Life Philippines booked a premium income of P39.85 billion last year, data from the Insurance Commission showed. Its net income stood at P848.5 million. — A.M.C. Sy
