Philippine Prudential Life Insurance Company Inc. last week launched a new product aimed at expanding the company’s share in the country’s growing health plan market.
In a statement, Philippine Prudential said its Optimum Health Plan—an individual health insurance product—would form part of the company’s product portfolio diversification, especially in its health and medical insurance lineup.
Officials of Philippine Prudential are quite optimistic about the company’s growth opportunities in the health segment.
“There is an increasing number of Filipinos who are becoming more vigilant about their health and, consequently, piqued interest in health plans,” Philippine Prudential president and chief executive Gregorio D. Mercado noted.
According to Philippine Prudential, Optimum Health has comprehensive hospitalization benefits that may be used by plan holders until the age of 100.
The plan’s lifetime amount of cover (LAC) comes in P500,000, P750,000 and P1 million face amounts.
Also, Optimum Health Plan guarantees a death benefit, which may grant beneficiaries 100 percent of the sum assured, or the remaining LAC, whichever is lower.
Those insured may well enjoy maturity benefits, which may be claimed when they reach the ages of 80 and 100.
Filipinos aged 18 to 55 can avail of Optimum Health Plan, which will be offered in single, five-year and 10-year pay periods.
According to data released by the Insurance Commission last month, Philippine Prudential raked in P1.108 billion in premium income in 2013.
It was the 15th biggest among the life insurance companies in the country.