Insurance Services
LIFE INSURANCE
A one-year (1) term insurance coverage with uniform amount of sum insured for all members renewable yearly. It comes with six months contestability period for “NEW” members.
• Life Insurance
• Natural and Accidental Death
• Total and Permanent Disability
Type of Benefit/s Sum Insured (Php)
Life Insurance 50,000.00
Accident Death & Dismemberment (AD&D) 50,000.00
Burial 30,000.00
Total and Permanent Disability 50,000.00
The entry age is 18-65 years old and exit age is 85 years old & 6 months old.
Period of Reimbursement is within the prescribed period to claim which is sixty (60) days from the date consultation/treatment.
LOAN INSURANCE
Loan Payment Protection Insurance (LPPI) Credit Life Policy covers debt payments on certain covered loans if the insured member loses their ability to pay due to a covered event such as but not limited to permanent disability or death either due to illness or accident.
COVERAGE
• Credit risk protection of cooperatives
• Covers the loan of borrowers based on principal amount
• Pays off the outstanding loan balance
• Terms of coverage is coterminous with the loan
• Six months contestability period for “NEW” entry
• Can be covered up to 75 years old (If Renewal)
SOCIAL SERVICES
Amount of Assistance shall be the ACTUAL EXPENSES OR FIVE PERCENT (5%) of the total share capital maintained for at least one (1) year from the time of availment whichever is lower, but not more than PHP 3,000.00 within the calendar year.
Period of Reimbursement is within the prescribed period to claim which is sixty (60) days from the date consultation/treatment.
Amount of assistance shall be the ACTUAL EXPENSES OR FIVE PERCENT (5%) of the total share capital maintained for at least one (1) year from the time of availment whichever is lower, but not more than PHP 3,000.00 within the calendar year.
Period of Reimbursement is within the prescribed period to claim which is sixty (60) days from the date consultation/treatment.
COMBINATION OF HOSPITALIZATION GUARANTEE & A SUBSIDY.
-The amount subsidy is computed based on ACTUAL EXPENSES OR TEN PERCENT (10%) of the share capital whichever is lower but not more than five thousand pesos (PHP 5,000.00) within the calendar year.
Share – P 20,000.00 Hospital bills – P 15,000.00 (with receipts)
Computation of Amount Assistance: 10% of P 20,000.00 = P 2,000.00 vs P 15,000.00 Amount of Assistance = P 2,000.00
-If in case, all or partial of the hospital bills paid for by health insurance (private) and other privileges. Amount of assistance shall be the ACTUAL EXPENSESOR FIVE PERCENT (5%) of the total share capital maintained for at least one (1) year from the time of availment whichever is lower, but not more than PHP 3,000.00 within the calendar year.
Period of Reimbursement is within the prescribed period to claim which is sixty (60) days from the date consultation/treatment.
Cash assistance of minimum of PHP 1,000.00 or PHP 3,000.00 for every winner during the yearly District Assembly meeting with two to three lucky winner per branch.
Period of Reimbursement is Physical Attendance during the raffle.
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