Policy holders will be given the opportunity to accrue a fund over each five year period of their policy and at the end of every five years, the fund will be used to reduce their premiums for the following two years.
The amount saved will be determined by the customer’s engagement in healthy activities through the Vitality programme.
Customers on PruProtect’s platinum package will be able to have up to a years’ worth of their premiums set aside each year in their fund.
Deepak Jobanputra, actuarial and product director, said: “Our key focus is designing products and product enhancements that will benefit customers and, just as importantly, help intermediaries to provide more Protection.
“Our Premium Saver benefit gives something back to customers and supports the broker community with advice based solutions.
“We acknowledge that getting clients to recognise the value of their policy and feel that their cover is an ongoing contract, rather than a one off document to be filed away, is crucial in helping our brokers promote the value of Protection.”
Emma Prescott, head of life office relations at LifeSearch, said: “We are becoming accustomed to PruProtect being creative and innovative and yet again they have enhanced their proposition with clients and advisers in mind. I believe Premium Saver will encourage customer loyalty and, in turn, improve persistency and reduce the risk of clawbacks.”
PruProtect also announced additions to its Vitality programme, with new partners including Vodafone, Adidas, the National Trust and Merlin Attractions.
Justin Taurog, director of marketing and distribution, said: “We have enjoyed massive growth during 2011 with juge numbers of new intermediaries placing new business with us.
“We are never complacent though and realise that our ambitious expansion plans will only be met if we continue to offer not just our trademark product innovation but also systems and processes which are just as far ahead of our competitors.”