Pruco Life Insurance Company, a subsidiary of Prudential Financial, has rolled out its new universal life insurance product, designed to cater death benefit protection with tax-advantaged growth potential.

Known as PruLife Founders Plus UL, the new product provides policyholders an alternative between two interest crediting account options that can allow them to create cash value in the policy.

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For some additional premium, the plan provides an option to select BenefitAccess Rider, which enables policyholders to advance up to 100% of the death benefit, in case they suffer from chronically or terminal diseases.

Founders Plus UL is equipped two account options, including the Fixed Account, to provide a competitive interest-crediting rate with a guaranteed minimum, and the Plus Account that integrates the potential to earn both Basic Interest and Index Interest.

Prudential Individual Life Insurance product and marketing executive vice president Mark Hug said that PruLife Founders Plus UL is designed to help consumers balance and achieve a variety of insurance and financial goals.

"The combination of features available in this product can give consumers’ access to benefits to address chronic illness costs, estate planning and business succession activities," Hug added.

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"The potential for cash value accumulation can give consumers’ access to tax-deferred dollars and the added flexibility of the Benefit Access Rider can give consumers’ access to tax-deferred dollars to address chronic illness costs, estate planning and business succession activities."