Pru Life UK rolls out first Islamic insurance in Philippines

MANILA, Philippines — Pru Life UK has formally rolled out the first Shari’ah-compliant life insurance in the Philippines aimed at bridging the gap in social protection and offering a more affordable option to Muslim and non-Muslim Filipinos.

In a statement, Pru Life UK said it officially launched PRUTerm Lindungi, the first life protection plan in the Philippines that is compliant with Islamic laws.

Lindungi means “to protect” in Bahasa Malaysia and Indonesia, the two countries with successful takaful products of Prudential.

In November 2024, the Insurance Commission gave Pru Life UK the first takaful license, a Shari’ah-compliant form of insurance which means joint guarantee.

PRUTerm Lindungi adheres to Islamic principles while welcoming individuals of all religions, ethnicities and walks of life.

Pru Life UK said it is especially suited for breadwinners, parents, small business owners and young adults, including students seeking financial security.

PRUTerm Lindungi has no riba (interest), no maysir (gambling) and no gharar (uncertainty).

The product sells for as low as P250 per year, guaranteeing P100,000 in death benefit for policyholders. Available to Filipinos aged 18 to 60, PRUTerm Lindungi is renewable on a yearly basis.

Further, contributions go into a Shari’ah-compliant Tabarru’ Fund or shared fund managed by Pru Life UK, separate from its conventional business. The claims will be sourced from the fund.

Muslim Filipinos are largely unprotected due to restrictions in the traditional insurance policies that do not comply with Shari’ah rules and principles. This has also contributed to prevalent poverty and lack of financial security within their communities.