Rooted in the principles of Takaful—mutual aid, fairness, and shared responsibility—PRUTerm Lindungi provides a P100,000 death benefit without involving riba (interest), maysir (gambling), or gharar (uncertainty). The plan is open to all Filipinos aged 18 to 60 and is renewable annually.
“This is life protection powered by and for the community,” Paul Mandal, senior vice president and chief legal and sustainability officer of Pru Life UK, said in a statement. “We’re offering a protection plan that respects diverse beliefs and celebrates solidarity.”
Policyholder contributions are pooled into a Shari’ah-compliant Tabarru’ Fund, kept separate from the insurer’s conventional operations. Claims are paid from this fund, and any excess may be equitably redistributed among participants, promoting transparency and equity.
While designed with the country’s Muslim community in mind, the product is available to individuals of any faith or background.
The name Lindungi, meaning “to protect” in Bahasa Malaysia and Indonesia, reflects Prudential’s broader commitment to inclusive insurance. The product is modeled after successful Takaful offerings in Malaysia and Indonesia, where Prudential operates similar programs.
Pru Life UK, a subsidiary of UK-based Prudential plc, has over two decades of presence in the Philippines. Its move to offer Shari’ah-compliant financial protection is in line with its goal of expanding access to insurance among underserved communities. —Ed: Corrie S. Narisma
