CARE MBA or Cooperative Alliance for Responsive Endeavor Mutual Benefit Association, Inc., an Insurance Commission Regulated Entity (ICRE), organized to provide financial inclusion to its members. Offers affordable insurance products, including the Basic Life Insurance Plan (BLIP), Credit Life Insurance Plan (CLIP), and Golden Life Insurance Plan (GLIP), all meticulously approved by the Insurance Commission.
Beyond this, CARE MBA extends its commitment to its members’ well-being by providing educational support to their children, through scholarships grants to pursue their academic dreams, from junior high to college. In times of hardship, CARE MBA offers a lifeline, providing financial assistance to members facing the devastating consequences of calamities and house fires.
Basic Life Insurance Plan (BLIP)
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.
Covered by Insurance
- If a member is Married his/her legal dependents are also covered by the insurance and they are the legal spouse 18-65years old and 2 children ages 2weeks old up to 21years old.
- If a member is Single without children his/her legal dependents are also covered by the insurance and they are his/her parents 18-65years old.
- If a member is Single Parent his/her legal dependents are also covered by the insurance and they are his/her 2 children ages 2weeks old up to 21years old.
Benefits
- Death Benefits: CARE MBA pays death benefits to the designated beneficiaries of the member, based on the cause of death (natural or accidental) and the length of membership.
- Total and Permanent Disability (TPD) Benefits: Members who become totally and permanently disabled are eligible for benefits, which are paid based on the type of disability (with or without dismemberment) and on the length of membership.
- Equity Value: Members accrue an Equity Value based on their contributions, which is payable upon termination of membership, including death, TPD, or reaching the termination age of 66.
Credit Life Insurance Plan (CLIP)
Ensuring financial protection for cooperative partners and members. Credit Life Insurance Plan is designed to protect borrowers/member and their families from financial hardship in the event of the member’s death. This plan is specifically designed to cover loans or any credit transactions.
Loan Insurance Coverage: The Credit Life Insurance Plan provides coverage for outstanding loan balances and principal payments made on the loan.
Beneficiary Protection: Upon the death of the insured member (DEBTOR), the outstanding loan balance is paid to the CREDITOR (lender), and the sum of principal payments made on the loan is paid to the BENEFICIARY (designated by the member).
Contribution: Members are charged a lump sum amount of PhP 12.50 per PhP 1,000 of approved loan amount per year, or equivalently, 1.25% of the approved loan per year.
Reinsurance: To manage risk for loans above P200,000.00, CARE MBA is engaged in reinsurance agreements with reputable reinsurers.
Benefits: Covering 100% of benefits depending on the principal loan insured. It provides financial security for members and their families by ensuring the repayment of outstanding loan balances and providing a lump sum payment to designated beneficiaries.
Eligibility: Borrowers must be between 18 and 65 years old at the time of loan release and meet the specified requirements.
Duration of Coverage in Insurance: The term of coverage is limited to the term of the loan.
Termination of Coverage: Coverage terminates upon the death of the borrower, expiration of the loan term, full payment of the loan, or attainment of age 65.
Golden Life Insurance Plan (GLIP)
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.
Eligibility
• Uninterrupted membership under BLIP of at least five (5) years prior to attainment of age sixty-six (66)
• Enrolled or submitted application form within forty-five (45) days after attainment of age sixty-six (66)
Benefits: CARE MBA pays death benefits to the designated beneficiaries of the member. The amount of benefits shall be based on his/her membership status. Below are the maximum benefit, once enrolled in BLIP and updated in his/her contribution.
• Basic GLIP (including return on access fee): P 1,475.00
• Optional Golden Life Insurance Plan 40,000.00
TOTAL: P 41,475.00
Contribution: One time payment of Basic GLIP (Access Fee) amounting to P950 and P330 a monthly or P3,600.00 annually to be paid for 10years.
Grace Period: A 45-day grace period is provided for missed contributions.
Reinstatement: Allowed within 3 years as long as the certificate of Insurance has not been surrendered.
