{"id":2500,"date":"2025-07-15T08:16:57","date_gmt":"2025-07-14T23:16:57","guid":{"rendered":"https:\/\/souqtimes.com\/?p=2500"},"modified":"2025-07-15T08:16:57","modified_gmt":"2025-07-14T23:16:57","slug":"pru-life-uk-launches-philippines-first-islamic-insurance-product","status":"publish","type":"post","link":"https:\/\/souqtimes.com\/ja\/finance\/2500\/","title":{"rendered":"Pru Life UK Launches Philippines’ First Islamic Insurance Product"},"content":{"rendered":"

Pru Life UK has officially introduced PRUTerm Lindungi, marking the first life protection plan in the Philippines that complies with Islamic laws. This groundbreaking launch aims to bridge the social protection gap and provide more affordable options for both Muslim and non-Muslim Filipinos.<\/span><\/p>\n

Product Name and Cultural Significance<\/b><\/h2>\n

The product name “Lindungi” translates to “to protect” in Bahasa Malaysia and Indonesia, reflecting the company’s experience with successful takaful products in these two countries. This naming choice emphasizes the protective nature of the insurance while connecting to regional Islamic finance traditions.<\/span><\/p>\n

Regulatory Approval and Legal Framework<\/b><\/h2>\n

In November 2024, the Insurance Commission granted Pru Life UK the first takaful license in the Philippines. Takaful represents a Sharia-compliant form of insurance based on the concept of joint guarantee, providing a religiously acceptable alternative to conventional insurance products.<\/span><\/p>\n

Inclusive Design and Target Market<\/b><\/h2>\n

PRUTerm Lindungi adheres to Islamic principles while welcoming individuals of all religions, ethnicities, and backgrounds. The product is particularly designed for breadwinners, parents, small business owners, and young adults, including students seeking financial security and protection.<\/span><\/p>\n

Sharia Compliance Features<\/b><\/h2>\n

The insurance product strictly follows Islamic principles by excluding three prohibited elements: riba<\/em> (interest), maysir<\/em> (gambling), and gharar<\/em> (uncertainty). This compliance ensures that the product meets religious requirements while providing essential financial protection.<\/span><\/p>\n

Affordable Pricing and Benefits<\/b><\/h2>\n

PRUTerm Lindungi offers accessible coverage starting at just P250 per year, guaranteeing P100,000 in death benefits for policyholders. The product is available to Filipinos aged 18 to 60 and operates on a yearly renewable basis, making it affordable for various income levels.<\/span><\/p>\n

Fund Management Structure<\/b><\/h2>\n

Contributions are deposited into a Sharia-compliant Tabarru’ Fund, which operates as a shared fund managed by Pru Life UK. This fund remains separate from the company’s conventional business operations, and all claims are sourced from this dedicated fund, ensuring complete compliance with Islamic principles.<\/span><\/p>\n

Addressing Market Gap<\/b><\/h2>\n

The launch addresses a significant protection gap among Muslim Filipinos, who have been largely unprotected due to restrictions in traditional insurance policies that don’t comply with sharia rules and principles. This lack of appropriate insurance options has contributed to prevalent poverty and financial insecurity within Muslim communities.<\/span><\/p>\n

Social Impact and Financial Inclusion<\/b><\/h2>\n

By introducing this Sharia-compliant insurance product, Pru Life UK aims to enhance financial inclusion and provide essential social protection to previously underserved communities while maintaining religious compliance and accessibility across different demographic groups.<\/span><\/p>\n

\n

Original Article:<\/b><\/p>\n

The Philippine Star. (2025, July 14). <\/span>Pru Life UK rolls out first Islamic insurance in Philippines<\/span><\/i>. https:\/\/www.philstar.com\/business\/2025\/06\/22\/2452290\/pru-life-uk-rolls-out-first-islamic-insurance-philippines\/amp\/<\/span><\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Pru Life UK has officially introduced PRUTerm Lindungi, marking the first life protection plan in the Philippi […]<\/p>\n","protected":false},"author":10,"featured_media":2501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","inline_featured_image":false,"footnotes":""},"categories":[4],"tags":[151,1437,1438],"class_list":["post-2500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-islamic-finance","tag-prulifeuk","tag-sharia-insurance","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/posts\/2500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/comments?post=2500"}],"version-history":[{"count":1,"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/posts\/2500\/revisions"}],"predecessor-version":[{"id":2502,"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/posts\/2500\/revisions\/2502"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/media\/2501"}],"wp:attachment":[{"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/media?parent=2500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/categories?post=2500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/souqtimes.com\/ja\/wp-json\/wp\/v2\/tags?post=2500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}