Philamlife launches 4 new generation life products
December 12, 2006 | 12:00am
The Philippine American Life and General Insurance Co. (Philamlife) has launched, for the first time, four new generation life insurance products that mimic pre-need and trust (investment) products.
These are life insurance products that are in the areas of education, pension and trust investments.
Philamlife deputy president and chief operating officer Michel Khalaf said that the four new generation products were created for the changing needs and habits of the market.
"The new generation products are made with the market’s changing needs in mind. It allows for customization and personalization, comprehensive, flexibility, affordability, quality, and value," Khalaf added, during the formal launching of the products last week.
Khalaf recently joined Philamlife coming from various posts under the American Investment Group (AIG). Philamlife is a subsidiary of AIG.
The newly-installed executive said that the one-solution-fits-all way is passe, and that the markets were looking for customized products.
"AIG sees a lot of opportunities in the Philippines. We want, and we will innovate more products. After all, Philamlife wants to insure every Filipino," he added.
Philamlife has the most number of products in the market with 20 active and a total of 70.
The four new products are Brilliance, Longevity, Abundance and Leisure, Lizanne Uychaco, senior vice president and chief marketing officer, said.
Brilliance offers a comprehensive education coverage and flexible plans. It provides benefits for a four-year college education, two-year college education, and high school. It provides annual dividends that can be used to further customize the product’s benefits.
Longevity provides two sources of income for more financial freedom and protects the family’s standard of living with the increasing benefits. In case of disability, when the insured is unable to work, Longevity promises to provide double the insured’s income, for life.
Abundance is a product which combines investment and insurance in an easy-to-understand package. It offers increased earning potential through investments in bond or equity funds. Its life insurance coverage is guaranteed regardless of fund performance.
Leisure guarantees monthly income during retirement, and provides annual dividends that the policyholder can use to customize his benefits according to his needs and budget. The insured can decide when he wants to start receiving his retirement benefits.– Ted Torres
These are life insurance products that are in the areas of education, pension and trust investments.
Philamlife deputy president and chief operating officer Michel Khalaf said that the four new generation products were created for the changing needs and habits of the market.
"The new generation products are made with the market’s changing needs in mind. It allows for customization and personalization, comprehensive, flexibility, affordability, quality, and value," Khalaf added, during the formal launching of the products last week.
Khalaf recently joined Philamlife coming from various posts under the American Investment Group (AIG). Philamlife is a subsidiary of AIG.
The newly-installed executive said that the one-solution-fits-all way is passe, and that the markets were looking for customized products.
"AIG sees a lot of opportunities in the Philippines. We want, and we will innovate more products. After all, Philamlife wants to insure every Filipino," he added.
Philamlife has the most number of products in the market with 20 active and a total of 70.
The four new products are Brilliance, Longevity, Abundance and Leisure, Lizanne Uychaco, senior vice president and chief marketing officer, said.
Brilliance offers a comprehensive education coverage and flexible plans. It provides benefits for a four-year college education, two-year college education, and high school. It provides annual dividends that can be used to further customize the product’s benefits.
Longevity provides two sources of income for more financial freedom and protects the family’s standard of living with the increasing benefits. In case of disability, when the insured is unable to work, Longevity promises to provide double the insured’s income, for life.
Abundance is a product which combines investment and insurance in an easy-to-understand package. It offers increased earning potential through investments in bond or equity funds. Its life insurance coverage is guaranteed regardless of fund performance.
Leisure guarantees monthly income during retirement, and provides annual dividends that the policyholder can use to customize his benefits according to his needs and budget. The insured can decide when he wants to start receiving his retirement benefits.– Ted Torres
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