~ Prudential’s Premium Growth Driver
Posted by faisalrenzo on April 10, 2011
Prudential Assurance Malaysia Bhd (PAMB) expects its latest protection plan called “PRUmy child” to boost its education insurance segment to contribute between 15 to 20 per cent to overall new business this year .
Its chief executive officer Charlie Oropeza said the latest child education policy will contribute the bulk of the company’s premium growth as demand has been increasing in anticipation of an annual birth rate of 500,000.
“Today’s world is very challenging for expecting mothers and their unborn babies, especially during the growing up period. Thus, we believe the unique features offered via PRUmy child will help to boost our premium growth for education plans for this year,” he told reporters after the launch of the new policy in Kuala Lumpur yesterday.
PAMB hopes to continue recording strong growth in new business annual premium in tandem with the economic recovery.
“We registered a 24 per cent growth last year and intend to do much better this year,” Oropeza said.
Last year, PAMB achieved a record RM817 million in new business annual premium, of which 85 per cent of the sales came from its investment-linked products.
PRUmy child, which comes with a minimum annual premium of RM600, is the first of its kind child insurance plan that offers coverage during the crucial pregnancy and infancy periods.
It can be purchased for the unborn child as early as 18 weeks into the pregnancy, or for the child who is between one and 18 years old.
The parent must be aged between 18 and 60 to own the policy.
Apart from providing the child with an unprecedented protection before birth, PRUmy child also allows parents to further secure the child’s well-being with other riders that are linked to medical, accident and critical illness.
Source : http://www.btimes.com.my, by Rupinder Singh; Published: 2010/03/13