Article from The ABS-CBNnews.com
Posted at 01/27/2012 6:06 PM | Updated as of 01/27/2012 6:06 PM
MANILA, Philippines - Two life insurers have introduced new products that would give more investment opportunities for Filipinos.
British life insurer Pru Life UK’s new PruLink Asian Local Bond Fund would allow consumers to piggyback on offshore funds from Asian economies.
"We came up with the PruLink Asian Local Bond Fund to enable our clients to diversify their basket of investments under their Pru Life UK insurance policies. We believe that Asia will lead in driving global growth in the next 50 years, and this fund would provide our clients a venue to participate in this growth,” Pru Life UK president and CEO Antonio De Rosas said, in a statement.
It is structured as a feeder fund which invests in Prudential Asset Management (Singapore) Limited’s* (PAMS*)International Opportunities Funds - Asian Local Bond with assets under management of $730 million as of December 31, 2011.
The portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed income/debt securities that are rated as well as unrated.
However, only new and existing policies of dollar-denominated PruMillionaire policies will be able to avail of the PruLink Asian Local Bond Fund. PruMillionaire is a unit-linked or investment-linked single premium policy worth the equivalent of P1 million and above.
Meanwhile, Insular Life introduced the Dollar Variable Returns Asset (Dollar VRA), a single premium investment-linked life insurance product that aims to optimize one's dollar returns.
The investment taps the dollar-denominated fixed income instruments issued by the Philippine government and prime corporations through the Dollar Fixed Income Fund. Returns have been recorded at approximately 33% four years ago, earning for the investor roughly 6.16% p.a.
"We are giving the market an alternative vehicle to put their dollar assets in, a vehicle that can potentially earn for them better yields than what their dollars may be currently experiencing," says Insular Life Chairman of the Board and CEO Vicente Ayllon.
It also provides life insurance protection equal to the minimum death benefit or the fund value, whichever is higher.
The Dollar VRA is available for a minimum single premium of US$10,000.00 and shall be issued on a Guaranteed Issue Offer basis subject to company limits.
