Pruprotect has introduced a premium saver option for its protection products that could see customers earning more than their first year's premiums back over five years.
It was introduced alongside a revamping of the Vitality scheme that saw the Plus module price almost halved with more partners introduced.
The premium saver scheme is dependent on engagement with the provider's Vitality programme but is free to policyholders.
Clients earn discounts each year they maintain the policy for five years, with up to 20% being available for platinum members with index linked products.
At the end of each year the saving in placed in a separate account and following the fifth year, the total is shared between years six and seven premiums.
The process is then repeated every five years with discounts being earned again from year six.
The new look Vitality programme includes many similar benefits to its stable mate Pruhealth, including access to the travel club, Ticketmaster, Vodafone, theme park operator Merlin and the personal pathways health plan.
Vitality Plus will now cost individual clients an extra £6.50 per month, compared to the previous £12.50.
A new online quote tool will also be introduced in December allowing multiple quotes at the same time and the need to only input client data once.
Presenting the changes, Deepak Jobanputra, actuarial and product director at Pruprotect, said the premium saver would not require different regulation approval.
"It does not change the nature of the contract and is available to both Insurance Conduct of Business Source Book (ICOBS) and COBS advisers," he said.
"And it addresses consumer concerns that they don't see any return out of the premiums they pay if they don't claim during the contract," he added.
The new Vitality benefits are expected to be available from January.
