That's a new savings concept by Pru(Endowment plan)
It guarantees yearly payouts and some by the way insurance coverage but dont be mistaken, this is not insurance-focused

Many people find this plan very interesting because of the guaranteed yearly payouts.
If you dont want to use the payout, you can save it back into the plan and accumulate the additional interest/bonus. And for me, its a good discipline tool for me to save and accumulate savings for my future. especially retirement.

It's a long term plan so you have to decide on the proper term