The company said its new open architecture portfolio bond, called ‘Polaris’, was designed to provide policyholders with a wider range of investment choices and greater flexibility, to accommodate the changing circumstances faced by most expats.
Austin Blair, chief executive of Providence said: Packed with flexible features, Polaris is our latest and most competitive lump sum product.
“We are delighted that Polaris has been independently verified and commended for its value and flexibility and we look forward to introducing this product across our distribution network,” he said in a statement.
Providence said the new Polaris bond has been assessed by Boal and Co in May 2018 who had concluded that it outperformed three of the best known comparable offshore bonds from other international life insurance companies across all premium levels, based on projected policy values at the end of 25 years.
Providence chairman Peter Drummond said he was confident that the Polaris bond would be welcomed by financial advisers, for features such as a low premium entry point and a generous withdrawal limit.
“We look forward to working with our partners to introduce Polaris to their customers,” he said
Providence is also working on a series of technical enhancements to its services to improve its digital user capabilities which will be unveiled over the next 12 months.
“This will dramatically change the way distributors and policyholders interact with Providence and will consolidate Providence’s position as leading the market in exceptional service,” the company said.
Providence Life was incorporated on 16 November 2009 and holds a long-term insurance business license by the FSC in Mauritius. It partners with other global trust and pension companies to offer products designed around the needs of expats.