Life insurer Manulife and its bancassurance arm slashed first year premium rate on select local protection products by 20 percent, to make coverage more accessible to Filipinos during the current state of public health emergency.

Manulife Philippines and Manulife China Bank Life (MCBL) announced on Tuesday that customers availing of Manulife’s Seasons 100, Freedom 65 Plus and Freedom 20 Plus protection plans, as well as MCBL’s Assure Max, from April 20 to April 30, 2020 are qualified to receive 20 percent off their first-year premium on both base insurance plan and riders.

“The challenges we currently face remind us of our true essentials – family, health, security. We’d like to help Filipinos have the comfort and peace of mind that they are protected, and can provide for their families, even in the event of unexpected illness or loss of life,” said Richard Bates, Manulife Philippines president and CEO. “By making our products more accessible, we hope to help more Filipinos care for those that matter to them most.”

Seasons 100, a plan which provides coverage until the age of 100, includes guaranteed life insurance protection for the insured, guaranteed cash values which can be borrowed in case of emergencies, and a guaranteed maturity benefit, which is equal to the amount of life insurance coverage the insured would be entitled to upon reaching age 100. It has variants that give double coverage, guaranteed cash payouts, or long-life bonuses at ages past 65.

Freedom 65 Plus and Freedom 20 Plus provide guaranteed life insurance protection for the insured, guaranteed cash payouts, which can be received on a more regular basis while the insured is still alive, and a guaranteed lump sum cash benefit, which is equal to 100 percent of life insurance coverage after 20 years or at age 65.

Assure Max, MCBL’s life protection plan for up to 20 years or up to age 65, provides a guaranteed life insurance benefit equal to 200 percent of the basic coverage, guaranteed payouts every two years after full payment of premiums as long as insured is alive, and guaranteed lump-sum cash benefit equal to 100 percent of basic coverage to be given at the end of the coverage period, as long as insured is alive.

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