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It is Group Term insurance coverage for the family
of micro-financial borrower at an affordable premium.

It is designed to give protection for financial loss in time of death of any
member of the family and in times of financial loss due to fire of the residence.



BENEFITS
Incident/Benefits Amount Of Insurance
  Principal Spouse 3 Children
Life Insurance P 30,000.00 P 15,000.00 P 5,000.00
Accidental Death & Disablement P 30,000.00 P 15,000.00 P 5,000.00
Cash Burial Benefits P 10,000.00 P 5,000.00 P 2,500.00
Fire Insurance Cash Assistance P 40,000.00
Weekly Premium P 20.00 / week
 
Schedule of Premium Based on loan Cycle
Loan Term (in Months) 1 2 3 4 5 6
Premium P 86.70 P 172.00 P 257.00 P 340.00 P 422.00 P 503.00
Loan Term (in Months) 7 8 9 10 11 12
Premium P 582.00 P 661.00 P 738.00 P 815.00 P 890.00 P 964.00
Eligibility & Features
  • Group Term Insurance Maximum of Five (5) members of the family.
  • Yearly renewable or co-terminus with the loan amortization.
  • The Planholder must be 18 to 69 years old and the Principal borrower of the financial institution.
  • Ages for Children Benefits shall be one (1) year old and above. (any family members, cousin up to degree of consanguinity & in-laws are eligible under Children Benefit).
  • Premium payment to the financial institution is weekly, monthly or lump sum basis.
  • Grace period for unpaid premium is 30 days from the due date.
  • Effectively date of coverage starts from the first payment of weekly premium.
  • No medical examination required provided they are in good health and able to do the usual duty of their livelihood.
  • Death due to pre-existing illness within one year from the affectivity date is not compensable, only refund of premium shall be given.
 
 
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