PruProtect launches premium discount benefit scheme
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PruProtect has developed a benefit scheme for policyholders which provides discounts of up to a year’s worth of premiums on life cover, serious illness cover and income protection products.
The Premium Saver scheme allows policyholders to build up a fund over each five year period of their policy which will then be used to reduce their premiums for the next two years.
The amount allocated to the fund will increase in line with the policyholder’s engagement in PruProtect’s health and wellness programme Vitality.
Those with an index-linked policy at the bronze Vitality level will build up a fund of 10 per cent of their annual premium over five years, rising to 20 per cent for index-linked policyholders at platinum level.
The premium discount will be applied at the end of five years, though the fund will continue to accrue for the next five year period while the premium discount is in place.
PruProtect is holding a series of adviser roadshows on the Premium Saver scheme across the UK during November.
PruProtect actuarial and product director Deepak Jobanputra (pictured) says: “We are really pleased to launch our Premium Saver benefit to the market, as it gives something back to customers and supports the broker community with advice based solutions.
“We acknowledge that getting clients to recognise the value of their policy and feel that their cover is an ongoing contract, rather than a one off document to be filed away, is crucial in helping our brokers promote the value of protection.”
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Readers' comments (4)
John | 15 Nov 2011 4:25 pm
Not trying to get them locked in, by any chance?
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Jam | 16 Nov 2011 9:25 am
Think 'retained' is better word than 'locked' John!
All companies try to retain their clients, some are just more imaginitive about adding value - only issue I see with this new policy is explaining it, but I guess you just don't go into too much detail and let the client discover if they want to partake
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Bryan Budlam | 21 Nov 2011 4:58 pm
That my friend is what we get paid commission for its called advice.
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Anonymous | 22 Nov 2011 9:05 am
Take four complicated products like this, explain to your clients the differences against a conventional term case... then add up your 'commission' in post RDR world whilst weighing up the clients diminished expression.
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