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Pre-need tactics for Whole Life Insurance

The Philippine National Bank (PNB) is cross-selling additional insurance products as division of the enlargement of its banc assurance services.PNB has required the go-signal of the Bangko Sentral ng Pilipinas (BSP) to cross-sell PNB Life Insurance Inc. insurance products.PNB Life takes in excess of the operation of New York Life Insurance Philippines of US-based New York Life International LLC in 2007. The insurance element is business with Allied Banking Corp. When the PNB and Allied Bank combined, the insurance group was renamed PNB Life.

PNB also have a firm called PNB General Insurers for the non-life insurance. Which provide the products such as House Protector Plan, Auto Protector Plan 6-in-1 Family Protector Plan.  Banc assurances provide banks additional business and make bigger the system for the insurance area. Currently, insurance policies permitted under this system are partial only to whole life insurance, endowment, term insurance, health and accident policies, life annuities and changeable life insurance contract.

Pre-need tactics are not permitted under banc assurance.
In the initial three months, PNB said its total profits improved by 22 percent to P899 million more than the same period in 2009. The bank reported consolidated resources of P283.3 billion and total deposits of P209.1 billion. Sources said PNB is increasing its banc assurance products and wants to get a firmer foothold on top of the marketplace. This was one of the strategies the bank is implementing following the combination of PNB and Allied Bank.

BSP require all banks and their subsidiary and affiliate to put forward for support the sale or offer of insurance products to the Monetary Board. BSP Circular No. 357 provide the guiding principle leading the use of the head office and/or any or all branches of commercial banks and universal banks as outlets for the appearance and sale of financial products of their allied activities.Under the law, banks are permitted to put up for sale insurance products at their branches but only if they get an insurance group. At the instant BSP limits banc assurance system to the major banks and their allied activities.

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This entry was posted on Thursday, May 27th, 2010 at 8:02 am and is filed under Life Insurance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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