Prudentialife to issue P2-B pension plans

The Securities and Exchange Commission has approved the application of Prudentialife Plans Inc. to issue an additional P2-billion worth of pension plans.

Prudentialife offers four products with maturity value of P10,000 per unit.

The planholder may avail of the insurance benefits in accordance with the terms and conditions of the insurance policy contract and provided, he is at least 18 years of age and has not reached 65.

Under the company’s alternative marketing pension plan, the planholder will receive a total benefit of P100,000.

During the paying period, the insurance coverages are Group Credit Life, Waiver of Installment due to total and permanent disability insurance and accidental death and dismemberment benefit. While during the paying period and before maturity of the plan, the planholder can avail of the group yearly renewable term insurance or the family assistance fund.

In approving the plan, the SEC said the provisions of the plan contract and all of its benefits and guarantees had been quantified and considered in the pricing, trust fund contributions and termination values. The actuarial considerations made by the company were found to be in accordance with the generally accepted actuarial principles.

The SEC added that the company’s revised assumptions were sufficient to meet the promised benefits.

Listed as officers and directors of Prudentialife are Jose Alberto Alba, Jose Santos, Antonio Picazo, Raymund Acebedo, and Francisco Alba Jr. – Zinnia dela Peña