An affordable family life insurance with equity value (savings). Designed to provide financial support to its members and their legal dependents in times of need. It provides death benefits and total and permanent disability (TPD) benefits based on the member’s length of membership. The plan also includes a “Living Benefit” or Equity Value, which represents 50% of the member’s contributions.
A. Benefits
Cooperative Alliance for Responsive Endeavor Mutual Benefit Association, Inc. (CARE MBA) shall pay the benefits of the Certificate of Membership to its member or his/her beneficiary in accordance with the following schedule (amounts in Philippine Peso):
B. Eligibility for Membership
1. Applicants must be at least eighteen (18) years old but not more than sixty-five (65) years old as of the enrollment date. Only those applicants who can meet all of the requirements stated on the prescribed application form shall be eligible for membership.
2. Members rolling over from the prior insurance plan shall have their length of membership therein count towards meeting the requirement for full benefits as shown in the Table of Benefits. However, in the case of the Equity Value, all members, including those rolling over from the prior insurance plan, shall start with no Equity Value whatsoever.
3. Any willful misstatement of age in the application that would render a person eligible for coverage when he/she would otherwise be ineligible shall be sufficient cause for the cancellation of one’s membership in the CARE MBA at any time such misstatement is known. CARE MBA will only refund all contributions paid by the said member without interest.
4. In case of multiple overlapping applications for membership, only the initial application shall be considered valid. Upon discovery of multiple memberships of one person, the additional certificates of membership shall be automatically cancelled and the contributions for these overlapping memberships shall be refunded. In case of multiple claims for a single event by one member, benefits will be paid only once as defined and due under the initial membership.
C. FEES AND CONTRIBUTIONS
1. Members shall be charged TWENTY PESOS (PhP20.00) contribution per week or may opt to pay monthly at EIGHTY PESOS (PhP80.00) or its equivalent for other modes of payment for benefits described the CARE MBA Table of Benefits.
2. Members shall be charged a one-time ONE HUNDRED FIFTY PESOS (PhP150.00) application/membership fee in order to cover the expenses incurred in processing the application. The membership fee is not refundable.
3. The fees and contributions may be adjusted by the Board of Trustees as may be necessary to maintain the funds of CARE MBA at a level adequate to meet its benefit obligations or commitments under the Implementing Rules and Regulations. Any change in the contribution or fee is subject to approval by the Insurance Commission.
4. Contributions may be paid by direct remittance to the CARE MBA Office or designated authorized collection centers either by fund transfer, check payment or in cash. If paid by fund transfer or check, contributions are considered paid on the date of deposit and if paid in cash, the date of receipt in the CARE MBA office or authorized collection center.
5. Payments and/or instruments for payment of the weekly contributions made and executed not in accordance with the Implementing Rules and Regulations of the CARE MBA shall not be accepted and if inadvertently accepted shall be considered null and void and will be refunded without interest.
IMPORTANT NOTICE
The Insurance Commission, with offices in Manila, Cebu and Davao, is the government office in charge of the enforcement of all laws related to insurance and has supervision over mutual benefit associations and intermediaries. It is ready at all times to assist the general public in matters pertaining to insurance. For any inquiries or complaints, please contact the Public Assistance and Mediation Division (PAMD) of the Insurance Commission at 1071 United Nations Avenue, Manila with the telephone numbers +632-5238461 to 70 and with email address publicassistance@insurance.gov.ph. The Official website of the Insurance Commission is https://www.insurance.gov.ph
