WEDNESDAY, 19 OCTOBER 2011 19:27
ASIAN Summit, the latest insurance product offering of the Philippine
National Bank, generated premium sales of some P500 million, mostly from
families who are beneficiaries to remittances of overseas Filipino
workers (OFWs).
PNB Life Insurance Inc. reported on Wednesday that its Asian Summit
insurance product, a single-pay, peso-denominated variable life offering
that matures in five years, proved a hit among families who wanted risk
cover for some of their family members.
"Over 1,000 Filipino families chose PNB Life's banner unit-linked
product over others in the market, entrusting over half a billion pesos
in precious savings and hard-earned OFW remittances to PNB Life. This is
a vote of confidence not just for the life-insurance arm of the Lucio
Tan Group, but also to the Philippine economy which is part of a basket
of five Asian countries linked to the product," PNB Life said in a
statement sent by e-mail.
The Asian Summit is a unit-linked insurance product or one in which the
insured has access to a professionally managed fund and the potential
for additional earnings this represents on top of the risk cover
presented by the insurance contract.
More and more life insurers in the Philippines have offered unit-linked
products for their clients.
According to PNB Life, even the more conservative among OFW families
were attracted to the Asian Summit's features, including up to 150
percent of the initial investment payable upon the untimely death of the
insured before maturity.
If the insured survives then no less than 105 percent of the initial
investment can be expected at the end of the lock-in period.
"Investors of all ages and risk appetites found something to like with
Asian Summit and boosted PNB Life to new heights," PNB Life said.
"PNB Life has been exploring the launching of an innovative unit-linked
product and found an auspicious time to launch it this year. We are
overwhelmed by the solid support and belief in our company and thank our
sales force, bank partners' Allied Bank Corp. and Philippine National
Bank, and our employees for their exemplary teamwork leading to the
historic success of Asian Summit," PNB Life President and Vice Chairman
Esther C. Tan said.
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