PNB Life Insurance Inc. reported on Wednesday that its Asian Summit insurance product, a single-pay, peso-denominated variable life offering that matures in five years, proved a hit among families who wanted risk cover for some of their family members.

“Over 1,000 Filipino families chose PNB Life’s banner unit-linked product over others in the market, entrusting over half a billion pesos in precious savings and hard-earned OFW remittances to PNB Life. This is a vote of confidence not just for the life-insurance arm of the Lucio Tan Group, but also to the Philippine economy which is part of a basket of five Asian countries linked to the product,” PNB Life said in a statement sent by e-mail.

The Asian Summit is a unit-linked insurance product or one in which the insured has access to a professionally managed fund and the potential for additional earnings this represents on top of the risk cover presented by the insurance contract.

More and more life insurers in the Philippines have offered unit-linked products for their clients.

According to PNB Life, even the more conservative among OFW families were attracted to the Asian Summit’s features, including up to 150 percent of the initial investment payable upon the untimely death of the insured before maturity.

If the insured survives then no less than 105 percent of the initial investment can be expected at the end of the lock-in period.

“Investors of all ages and risk appetites found something to like with Asian Summit and boosted PNB Life to new heights,” PNB Life said.

“PNB Life has been exploring the launching of an innovative unit-linked product and found an auspicious time to launch it this year. We are overwhelmed by the solid support and belief in our company and thank our sales force, bank partners’ Allied Bank Corp. and Philippine National Bank, and our employees for their exemplary teamwork leading to the historic success of Asian Summit,” PNB Life President and Vice Chairman Esther C. Tan said.