An extended program to members who have reached the termination age of 66 and have been continuously enrolled in BLIP for at least 5 years. It offers a whole life insurance coverage with a fixed death benefit and a return of Equity Value.
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
- Upon termination of membership in BLIP on account of attainment of age sixty-six (66), the members at their option may be insured under the Basic Golden Life Insurance Plan (Basic GLIP) without evidence of insurability provided the member satisfies the following conditions:
- the coverage under BLIP has been uninterrupted for a minimum of five (5) years prior to attainment of age sixty-six (66);
- the member has accomplished and submitted the prescribed application form, and has paid the required contribution for the Basic GLIP coverage within forty-five (45) days after the member’s attainment of age sixty-six (66).
However, if the member dies within forty-five (45) days after the exit age of sixty-six (66), the death benefit under BLIP is payable to the member’s beneficiary provided that the member has filed an application for Basic GLIP.
C. FEES AND CONTRIBUTIONS
- The members from BLIP continuing under the Basic GLIP shall no longer be covered by waiting period.
- Basic GLIP is a single-pay whole life insurance coverage, with the benefit amount equal to ONE THOUSAND PESOS (PHP 1,000) and a return of Equity Value equal to FIFTY PER CENTUM (50%) of the required contribution. Members are required to pay a one-time contribution of NINE HUNDRED FIFTY PESOS (PHP 950) to ensure coverage under the Basic GLIP.
- A member shall be given a Certificate of Membership that contains the salient features of the Basic GLIP coverage. Moreover, the Certificate of Membership shall remain in-force until age ONE HUNDRED (100) YEARS OLD at which time the accumulated Cash Value including Equity Value becomes payable and the insurance coverage is terminated, as seen on Annex 1.
- At any time after Certificate of Membership has acquired a Cash Value, the member may surrender the Certificate of Membership for its Cash Value and Equity Value as indicated in Annex 1
BASIC GOLDEN LIFE INSURANCE PLAN
- The members from BLIP continuing under the Basic GLIP shall no longer be covered by waiting period.
- Basic GLIP is a single-pay whole life insurance coverage, with the benefit amount equal to ONE THOUSAND PESOS (PHP 1,000) and a return of Equity Value equal to FIFTY PER CENTUM (50%) of the required contribution. Members are required to pay a one-time contribution of NINE HUNDRED FIFTY PESOS (PHP 950) to ensure coverage under the Basic GLIP.
- A member shall be given a Certificate of Membership that contains the salient features of the Basic GLIP coverage. Moreover, the Certificate of Membership shall remain in-force until age ONE HUNDRED (100) YEARS OLD at which time the accumulated Cash Value including Equity Value becomes payable and the insurance coverage is terminated, as seen on Annex 1.
- At any time after Certificate of Membership has acquired a Cash Value, the member may surrender the Certificate of Membership for its Cash Value and Equity Value as indicated in Annex 1
- In case of death of the member, the designated beneficiary/ies shall be indemnified with the benefit amount equal to ONE THOUSAND PESOS (PHP 1,000) and a return of Equity Value equal to FIFTY PER CENTUM (50%) of the required contribution. However, the total amount of the Cash Value and Equity Value as indicated in Annex 1 under the Basic GLIP shall no longer be disbursed to the designated beneficiary/ies.
- The benefits of the member under the Certificate of Membership shall automatically terminate under the following conditions, whichever comes first:
- Upon death of the member;
- Upon resignation from CARE MBA;
- Upon surrender of the Certificate of Membership for its Cash Value and Equity Value
- Upon reaching the exit/termination age of one hundred (100) years old.
- Upon termination with cause from CARE MBA
Termination of coverage shall be without prejudice to any claim arising prior to such termination.
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
