LIFE PLAN
CLPP and MRI
- Minimize loan payment delinquency due to members natural/accidental death.
- Benefits for the member-Borrower
- Upon the death of the borrower, his/her insured loan will be paid by Insurance provider; thus, reducing the beneficiaries financial burden at their time of mourning.
Contestability
- One(1) year contestability period from the effective date of the loan insurance coverage.
MRI- MORTGAGE REDEMPTION INSURANCE
- For loans more than 10 Million
FEATURES
- Loan insurance coverage for the member-borrower of a cooperative or financial institution.
- Loan insurance coverage is renewable upon the date of insurance expiry.
EFFECTIVITY
- The effectivity of the loan protection shall commence on the date of the loan released.
ELGIBILITY
- Must be a member of the OIC.
- 18-65 years old. For 66-69 & 70-75 years old, graduated rates are applied.
- Not mentally incompetent or physically impaired.
Formula for Computing the premium rate
Loan Amount x Rate x Term
1,000
Rates
For ages 18-64 yrs.old
- 0.55 Centavos Gross rate
For 65-69 yrs.old
- 0.55 Centavos Gross rate
For 70-75 yrs.old
- P 5.15 Gross rate
FAMILY MORTUARY PROGRAM (FMP)
- Insurance Benefit for the Member
BENEFITS AMOUNT OF INSURANCE Life Insurance 30,000.00 Accidental Death & Dismemberment
(18-65 years old
30,000.00 Annual Premium P270.00
Insurance Benefit for Family of Member
For Married Member
| Benefits | Spouse |
Children Divide Equally to all Declared Children |
| Life Insurance | 10,000.00 | 15,000.00 |
| Annual Premium | P150.00 | |
- Immediate Family to be insured are Spouse & Children
- No limit no. of children
Insurance Benefit for Family of Member
For Single Member
| Benefits | 1st Enrollee | 2nd Enrollee | 3rd Enrollee | 4th Enrollee |
| Life Insurance | 10,000.00 | 5,000 | 5,000 | 5,000 |
| Annual Premium |
P150.00
|
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The family to be insured will be according to the sequence of hierarch
- Children
- Parents
- Brother or sister (from eldest to youngest)
- Niece or Nephew (from eldest to youngest)
- Maximum of 4 individual only (
(In case the number of insured will not reach the maximum the
benefit will be added and equally divided to the declared insured)
- Incoming/New Member 18-69 years old
- Exit age 70th Birthday
- Family member 1-64 years old.
- Exit age-65th birthday- For co-insured(Spouse)
Contestability
-Not subject to contestability for those existing member & those new member below 65 years old
– New member ages 65 to 69 years old shall be subject to 6 months contestability period
-Co-insured dependents shall be subject for 6 months contestability period for new enrolees.
Insurance Benefit for the Member
Member Yearly Renewable Accident and Life(MYRACL)
- Term Insurance
- Renewable yearly
- 18 to 64 years old
- Exit age 65th birthday
- Contestability One (1) year for pre-existing illnesses
Insurance Benefit for the Member
| Benefits | Amount of Insurance |
| Life Insurance | 60,000.00 |
| Accidental Death & Dismemberment | 60,000.00 |
| Cash Burial Benefit | 10,000.00 |
| Annual Premium | P547.00 |
GROUP LIFE AND ACCIDENT WITH FIRE INSURANCE (GLAFI)
INDIVIDUAL ELIGIBILITY REQUIREMENTS
- Must be an active member of the group
- 18-69 years old
- Not mentally incompetent
- Able to do the usual daily activities of livelihood and not suffering from any mental or physical disability.
GROUP LIFE AND ACCIDENT WITH FIRE INSURANCE
(GLAFI)
| BENEFITS | COVERAGE |
| Accidental Death, Disablement and Dismemberment | 50,000.00 |
| Murder or Unprovoked Assault | 25,000.00 |
| Cash Burial Benefit due to Accident | 15,000.00 |
| Life Insurance (Death due to natural causes) | 15,000.00 |
| Fire Insurance for household contents | 20,000.00 |
| ANNUAL PREMIUM | 250 |
GROUP ACCIDENT DEATH, DISABLEMENT DISMEMBERMENT
Group Eligibility Requirements
- Registered entity with the Government
- The Organization must have been operating for at least one (1) year
- Minimum of 25 persons
- Group average age of 44 years old
- Group must choose 1 option
Individual Eligibility Requirements
- Must be an active member of the group
- 18 – 69 years old
- Not Mentally incompetent
- Able to do the usual daily activities of livelihood and not suffering from any mental or physical disability.
It is a comprehensive Group Accident Insurance Coverage with Natural Death Benefit.
YOUTH SAVERS CLUB (YSC)
- Group Yearly Renewable Term
- Life insurance with cash burial benefit
- 7-17 years old
- Not mentally incompetent or physically impaired
- Those who are able to perform the usual duties of their livelihood
- The parents (Father/Mother) or legal guardian must fill-up the enrollment application form as the application-owner-payor and be the principal beneficiary.
| BENEFITS | AMOUNT OF INSURANCE PER UNIT |
| LIFE INSURANCE (MAXIMUM OF 10 UNITS) | 10,000.00 |
| CASH BURIAL BENEFIT (NATURAL CAUSES) | 5,000.00 |
| ANNUAL PREMIUM PER MEMBER | 50.00 |
SAFE PLUS
- A renewable term insurance designed for Oro Integrated Cooperative Member’s child educational program
- Payment of Benefit in case of Death will be made payable to Oro Integrated Cooperative provided that it will be put to the savings and can be withdrawn of the Members’ Nominee stated in the members’ Safe Plus Application Form and that a Waiver and Assignment of Claim duly signed by the principal or nominee will be submitted together with other claim documentary requirements.
- Nominee should be declared upon application
- TERM OF INSURANCE
- Protection is co-terminus with the membership in the cooperative of the eligible member, or
- Up to the period the member withdraws his/her savings for Child’s College Educational Program or is terminated from the cooperative or at the time of his death.