BPI AIA Life Assurance Corp., formerly BPI-Philam Life Assurance Corp., announced last Thursday it has reintroduced to the local market a long-term insurance product that requires shorter payment terms.
According to BPI AIA CEO Surendra M. Menon, the product called “Build Life Plus,” is a savings and life insurance plan on 5-year and 7-year pay terms. It includes protection up to age 100, investment in chosen fund, accident and health coverage, waiver of premium and optional critical-illness coverage and hospital-confinement benefits.
“The pandemic has reminded people once again of the importance of being insured, being protected, hence the increase in inquiries about our products,” Menon said. “Notable though was the demand for products that had a shorter-pay period, some customers would much rather complete the payment within 5 years to 7 years versus spreading it out and paying longer.”
The executive said that was the reason “we brought back the shorter pay variants of Build Life Plus.”
“It has been consistently one of our best-selling products over the years and this will provide more options for Filipinos looking for insurance coverage,” Menon was quoted in a statement as saying.
He further explained that the plans’ 5-pay or 7-pay “is well-suited for clients who are planning to invest and, at the same time, provide insurance coverage, such as those building a retirement fund, setting aside a contingency fund for their business or assets, or preparing for their children’s education.”
According to documents provided by BPI AIA, the product’s component-investment funds are managed by BPI Asset Management and Trust Group (BPI AMTG) and BPI Investment Management Inc. (BIMI) and will be invested based on the policyholder’s needs and risk appetite.
Menon urges entrepreneurs, professionals and tenured overseas Filipinos, in addition to BPI’s preferred banking clients to avail of the plan to prepare for their future and their family’s needs.