Pru Life UK has launched PRUTerm Lindungi, its first life protection plan in the Philippines that adheres to Islamic principles.
The product is based on the principles of mutual aid, fairness and shared responsibility. It offers ethical, inclusive and affordable protection for all Filipinos, regardless of religion, background or income.
PRUTerm Lindungi is available for as little as P250 per year and provides a death benefit of P100,000. The plan avoids elements such as interest (riba), gambling (maysir) or uncertainty (gharar).
Filipinos aged 18 to 60 are eligible to apply for the plan, which is renewable annually.
All contributions are directed to a Shari’ah-compliant Tabarru’ Fund, which is separate from Pru Life UK’s conventional business operations. Claims are paid from this fund, and any surplus may be distributed equitably among participants, reflecting values of transparency and community support.
