The Oasis policy combines health cash plan, critical illness and hospital stay benefits.
Its health cash benefit pays a cash sum of up to £5,000 depending upon the procedure required or condition suffered.
The critical illness element pays up to £15,000 should the client suffer from cancer, heart attack, stroke or bacterial meningitis and the hospital plan pays a cash sum for each night spent in hospital after the first three.
As with most of Universal Provident's range, the product is underwritten in-house.
Oasis is available on both an individual and group basis, with commission at 15% of the premium, net of insurance premium tax.
Dale Tranter, assistant underwriter at universal provident, said: "The plan could be appropriate for clients who would like PMI but are struggling to afford full cover.
"And it is also a suitable downsizing product for existing clients struggling to continue to afford PMI."
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