• Pioneer Life Insurance

    Pioneer Life Insurance

    Overview of Pioneer Life Insurance

    Headquartered in Makati City, Pioneer Insurance & Surety Corporation is one of the leading life and general insurance companies in Philippines. Their wide range of products include life insurance for individuals, groups, corporates as well as insurance for industry based needs like Aviation & Cargo. Pioneer’s beginning can be dated back to 1954 when it started off with just five employees in Manila. Today, it is an industry leader in sectors such as aviation, marine, and cargo.

    In the Life Insurance segment, Pioneer offers a range of products under the title ‘Individual Life Insurance and Investment’.

    Life Insurance Schemes offered by Pioneer in Philippines

    Instalife:

    The highlight of Instalife is the Automatic Acceptance feature which assures all applicants an instant life coverage, without medical exams or health questionnaires. Simply fill out your application form and pay your first premium to be instantly insured. It’s as simple as that.

    Features and Benefits:

    • Automatic Acceptance: no medical exams or health questions
    • Expect your Policy Amount to double in just 3 years
    • 1st year: Initial Amount is chosen
    • 2nd year: 150% of the Initial Amount
    • 3rd year: 200% of the Initial Amount
    • Great option if you are looking for long term growth of your money. The scheme offers Equity as well as Managed Fund
    • Death Benefit is equal to the sum of the Policy Amount and Fund Value
    • Eligibility: The Minimum Issue age is 14 days and the maximum age is 40 years.

    Elite:

    Elite has multiple functions. It insures your life, protects your wealth and makes sure you don’t miss any opportunities for growth, while at the same time being linked to the country’s most skillfully managed funds.

    Features and Benefits:

    • Applicants do not need medical underwriting to be accepted.
    • The minimum issue age for insured is 14 days old and for the payer should be atleast 18 years old. The maximum issue age for the insured is 75 years old. There is no maximum age limit for the payer
    • Minimum Single Premium for this scheme is Php 500,000
    • Death Benefit is equal to the Policy Amount or the Fund Value, whichever is higher
    • Policy Fee for this scheme is Php 3,000
    • Investment Funds available for this scheme is Managed and Equity funds
    • Automatic Acceptance Limits for the following age group:
    • Applicants between the ages 0 and 55 years are entitled to Php 40M

      Applicants between the ages 56 and 70 years are entitled to Php 20M

      Applicants between the ages 56 and 70 years are entitled to Php 10M

    • The following are the charges for withdrawal or surrender:
    • 5% for less than 1 policy year

      4% for 1 to 2 policy years

      3% for 2 to 3 policy years

      2% for 3 to 4 policy years

      1% for 4 to 5 policy years

      0% for 5 or more policy years

    Embrace:

    This scheme not only covers your life but also your savings which you have set aside for the major expenses in life, such as retirement and education. Further, Embrace is linked to skillfully managed funds.

    Features and Benefits:

    • For those looking for long term investment growth in order to obtain a financial goal such as Long term fund accumulation, Investment diversification, Health Care fund, Education fund and Retirement fund, Embrace is the perfect scheme.
    • Applicants do not need medical underwriting to be accepted
    • The minimum issue age for insured is 14 days old and 18 years for the payer. The maximum issue age for the insured is 75 years old. There is no maximum age limit for the payer
    • The Minimum Single Premium for the scheme is Php 50,000 (US $ 1,000) and Minimum Top Up is Php 20,000 (US $ 400)
    • Death Benefit is equal to the Policy Amount or the Fund Value, whichever is higher
    • Policy Fee for this scheme is Php 1,000
    • Investment Funds available for this scheme is managed funds, dollar bond and Equity funds
    • Automatic Acceptance Limits for the following age group:
    • Applicants between the ages 0 and 55 years are entitled to Php 40M

      Applicants between the ages 56 and 70 years are entitled to Php 20M

      Applicants between the ages 56 and 70 years are entitled to Php 10M

    • The following are the charges for withdrawal or surrender:
    • Each policy year, you are allowed two free withdrawals. The charge on every succeeding withdrawals will be 1% . The Surrender Charge is 1%.

    Enhance:

    Protect your investment while covering your life with the Enhance scheme by Pioneer. The flexible policy lets you to maximize either your investment or protection, with fixed premium payments.

    If you are in the process of starting your career, family or retirement fund, look no further than the Enhance scheme by Pioneer. Enhance’s flexibility gives you the freedom to start off with higher levels of protection and then later if you decide to increase your investments, it can all be accommodated with this one policy.

    Features and Benefits:

    • The minimum issue age for the insured is 14 days old, and the payer should be atleast 18 years old. The maximum issue age for the insured is 70 years old. There is no maximum age limit for the payer
    • The Minimum Annual Premium for this scheme is Php 10,000
    • The Minimum Top-up for Enhance is Php 5,000
    • There are four options for Premium Mode: Annual, Semi-Annual, Quarterly and Monthly
    • Investment Funds available for this scheme are managed funds and equity funds
    • Available Riders for Enhance are DWPB, ADB, ADDB, ATPD and ACIB.

    Essential:

    Protects your savings, covers your life and lets you save for the big spends in life like education and retirement.

    Features and Benefits:

    • The minimum issue age for insured is 18 years old and for the payer should also be 18 years old. The maximum issue age for the insured is 64 years old with IEP (Insurance Enhancement Package ) and 70 years without IEP. There is no maximum age limit for the payer
    • The Minimum Annual Premium for this scheme is Php 10,000
    • The Minimum Top-up for Enhance is Php 5,000
    • Death Benefit is the sum of the Policy Amount plus 125% of Top Ups less 125% of Withdrawals plus the Fund Value.
    • There are four options for Premium Mode: Annual, Semi-Annual, Quarterly and Monthly
    • Payment Term is Regular Pay
    • Investment Funds available for this scheme are managed funds and equity funds
    • Available Riders for Enhance are DWPB, ADB, ADDB, ATPD and ACIB.
    • Each policy year, you are allowed two free withdrawals. For every succeeding withdrawal, you will be charged 1% . The Surrender Charge is 1%
    • With Essential, you have the option of adding on an Insurance Enhancement Package (IEP), which includes the following insurance benefits:
    • Disablement Benefit, Accidental Death or Dismemberment
    • The insured amount is payable upon death of the insured or in the event of permanent total disablement which happened in an Accidental Bodily Injury (that is covered). In the event of dismemberment or loss of use, a percentage of the principal sum will be payable.
    • If the insured or his/her spouse is hospitalized, the scheme provides daily income.
    • The insured is eligible to cash assistance in the event a fire cause destruction to the resident’s house. The full amount or partial will be paid, according to the extent of destruction.

    Prime 7:

    Prime 7 is a life insurance which comes with a pioneering feature called Variable Unit Linked policy which protects your savings. This not only provides a guaranteed amount, but also gives the opportunity for growth through variable returns.

    Features and Benefits:

    • Fully paid, guaranteed life insurance coverage which is equal to two times the Policy Amount. In just seven years of contribution, you will be covered until you are 99 years old
    • Assured cash value
    • Get the most out of your money by investing in a variable return fund to earn long–term growth

    Premier:

    The regular pay Variable Unit Linked policy of the Premier scheme has an investment fund with two components: one that secures long term growth, thanks to variable returns and one that secures a guaranteed amount.

    Features and Benefits:

    • Fully paid, guaranteed life insurance coverage which is equal to two times the Policy Amount. In just ten years of contribution, you will be covered until you are 99 years old.
    • You will be guaranteed maturity benefit which is equivalent to the Policy Amount
    • Guaranteed cash value
    • Get the most out of your money, by investing in a variable return fund to earn long–term growth.

    Prestige:

    The pioneering regular pay Variable Unit Linked policy of Prestige has an investment fund with two components; one that secures long term growth thanks to variable returns and one that secures a guaranteed amount. This is the ideal life insurance if you are looking for an estate conservation tool.

    Features and Benefits:

    • Guaranteed cash value
    • Fully paid, guaranteed life insurance coverage up to the age of 99
    • Guaranteed maturity benefit equivalent to the Policy Amount
    • Get the most out of your money, by investing in a variable return fund to earn long–term growth.

    Insurance for groups or employees:

    This group insurance is meant for individuals belonging to a company or organization.

    Group Credit Life Insurance:

    This insurance is designed for debtors with outstanding loans. They may pay up to the extent of outstanding loan balance.

    FAQ for Pioneer Life Insurance

    1. How can I reach Pioneer to discuss my application?
      • You can call on the Hotline Number +63.2.812.7777
      • The Life Insurance Policy Inquiry Toll Free Number is 1.800.1888.8383
      • You could also email Pioneer for more information at info@pioneer.com.ph
    2. What is the withdrawal charge for Pioneer’s Embrace?
    3. The first two withdrawals are free per policy year. 1% will be charged on every succeeding withdrawal.

    4. Are there any age limits for the Automatic Acceptance policy?
    5. Automatic Acceptance Limits: 0 to 55 years – Php 40M, 56 to 70 years – Php 20M, 71 to 75 years – Php 10M. Applicant is accepted without medical underwriting.

    6. I am 50 years old. Can I apply for a Prestige scheme?
    7. Yes. Prestige comes in two types: Prestige 150 is meant for those who are between the ages 0 and 55. The Policy Amount is 150% of the single premium paid. Prestige 200 is meant for those who are between the ages 0 to 44. Policy Amount for this is 200% of the single premium paid.

    8. How many years do I have to pay to get full life coverage if I apply for the Prime 7?
    9. You will be guaranteed a fully paid life insurance coverage which is equal to two times the Policy Amount after you have paid just seven years of contribution.

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