British insurer introduces alternative wealth management tool for Philippine clients.

Pru Life UK, the UK-headquartered insurance and investment management firm, has launched a new wealth management product designed for Filipino clients.

PruMillionaire is a unit-linked life insurance product that aims to maximize the value of an investment through a lower upfront charge of 0.5 per cent and a selection of investment funds, the firm said in a statement. It has a minimum premium of Php1 million ($20,000) and offers protection coverage equal to 125 per cent of the single premium fund value, whichever is higher. 

"Filipinos are becoming more sophisticated in their financial planning, opening more opportunities to offer products that make wealth management more successful. Through the portfolio, consumers protect themselves while also gaining access to investment that would allow them to grow the premiums they invest," said Antonio Manuel De Rosas, president and chief executive of Pru Life UK in the Philippines, in a statement. 

Clients may choose any option from Pru Life's fund portfolio, which includes investments in the local stock market, fixed income securities and money market instruments, local bonds and offshore bonds, among others. 

Pru Life has been operating in the Philippines since 1996 and serves over 100,000 customers. It is a subsidiary of British financial services giant Prudential.