Pru Life UK launches Shari’ah-compliant life plan in Philippines

It has a a minimum annual contribution of $4.25 (₱250).

Pru Life UK has launched PRUTerm Lindungi, its first life protection plan in the Philippines designed to comply with Islamic principles.

The product offers Filipinos life insurance coverage aligned with Shari’ah guidelines, with no interest (riba), gambling (maysir), or excessive uncertainty (gharar).

For a minimum annual contribution of $4.25 (₱250), policyholders receive a death benefit of $1,700 (₱100,000).

PRUTerm Lindungi is available to individuals aged 18 to 60 and can be renewed yearly.

The plan operates on a Takaful model, pooling contributions into a Shari’ah-compliant Tabarru’ Fund managed separately from Pru Life UK’s conventional business.

Claims are paid from this fund, and any surplus—if available—is distributed equitably among participants.

Whilst structured to meet the financial protection needs of Muslim policyholders, the product is open to all Filipinos, regardless of religion or background.

The plan mirrors similar Takaful offerings by Prudential in Malaysia and Indonesia.

Pru Life UK said the product provides a low-cost entry point for underserved groups such as students, informal workers, small business owners, and young breadwinners seeking accessible financial protection.

($1.00 = ₱57.61)