Products and Services
Microinsurance products specially designed for members of :
Cooperatives,
Microfinance Institutions, and
other organized groups.
- Basic Life Insurance Plan (BLIP) – a family life insurance product designed to protect the members and their legal dependents against loss of life. The maximum coverage is Php60,000.00 for accidental death or Php30,000.00 for natural death. The minimum coverage is Php10,000.00 for accidental death or Php2,500.00 for natural death. Premium Contribution is as low as P80.00 monthly or P20.00 weekly.
| TABLE OF LIFE INSURANCE BENEFITS | ||||
| LENGTH OF CONTINUOUS MEMBERSHIP | CAUSE OF DEATH OR TOTAL AND PERMANENT DISABILITY | MEMBER | LEGAL DEPENDENTS | |
| Spouse | 2 Children(Each) | |||
| LESS THAN 6 MONTHS | Due to Pre-Existing Conditions | 2,500.00 | None | None |
| Due to Accident | 10,000.00 | 5,000.00 | 5,000.00 | |
| 6 MONTHS BUT LESS THAN 12 MONTHS | Due to Natural Death | 5,000.00 | 2,500.00 | 2,500.00 |
| Due to Accident | 10,000.00 | 5,000.00 | 5,000.00 | |
| 12 MONTHS BUT LESS THAN 24 MONTHS | Due to Natural Death | 15,000.00 | 7,500.00 | 7,500.00 |
| Due to Accident | 30,000.00 | 15,000.00 | 15,000.00 | |
| 24 MONTHS OR MORE | Due to natural Death | 30,000.00 | 15,000.00 | 15,000.00 |
| Due to Accident | 60,000.00 | 30,000.00 | 30,000.00 | |
Credit Life Insurance Life Plan (CLIP) or Loan Protection Plan – an insurance product specifically designed to pay in full the amount of loan of members in the event of death.
The amount of insurance is equivalent to the amount loan.
In the event of claim the paid portion (amount paid by the borrower/member) shall be paid to the beneficiary
The unpaid portion (loan balance) shall be given to the cooperative
The premium is as low as 50 per P1, 000.00 per annum (1.25%/year).