🛡️ Features

• • Loan insurance coverage for member-borrowers of OIC
• • Upon death of borrower, insured loan is paid by the insurance provider
• • Reduces financial burden on beneficiaries at time of mourning
• • Renewable upon insurance expiry date
• • Effectivity begins on the date of loan release

📋 Contestability

• • 1-year contestability period from effective date of loan insurance coverage

💰 Premium Formula

• • Formula: Loan Amount × Rate × Term ÷ 1,000
• • Ages 18–64: ₱0.55 gross rate
• • Ages 65–69: ₱0.55 gross rate
• • Ages 70–75: ₱5.15 gross rate

Eligibility: OIC member, ages 18–75. Graduated premium rates apply for ages 66–75. Not mentally incompetent or physically impaired.

💰 Member Benefits

• • Life Insurance: ₱30,000.00
• • Accidental Death & Dismemberment (ages 18–65): ₱30,000.00
• • Annual Premium: ₱270.00

👨‍👩‍👧 Family Benefits (Married Member)

• • Spouse Life Insurance: ₱10,000.00
• • Children Life Insurance: ₱15,000.00 (divided equally among declared children)
• • Annual Premium: ₱150.00 | No limit on number of children

👤 Family Benefits (Single Member)

• • 1st Enrollee: ₱10,000 | 2nd–4th Enrollee: ₱5,000 each
• • Annual Premium: ₱150.00 | Maximum of 4 individuals
• • Hierarchy: Children → Parents → Siblings → Niece/Nephew

📋 Contestability

• • Not subject to contestability for existing members and new members below 65
• • New members ages 65–69: 6-month contestability period
• • Co-insured dependents: 6-month contestability for new enrollees

Eligibility: Incoming/new member ages 18–69 (exit at 70th birthday). Family members ages 1–64. Co-insured spouse exits at 65th birthday.

💰 Coverage

• • Accidental Death, Disablement & 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: ₱250.00

Eligibility: Active OIC member, ages 18–69. Not mentally incompetent. Able to perform usual daily activities of livelihood.

👥 Group Eligibility

• • Registered entity with the Government
• • Organization must have been operating for at least 1 year
• • Minimum of 25 persons
• • Group average age of 44 years old
• • Group must choose 1 plan option

📋 Coverage

• • Comprehensive Group Accident Insurance Coverage
• • Includes Natural Death Benefit

Eligibility: Active member of the group, ages 18–69. Not mentally incompetent. Able to perform usual daily activities of livelihood.

📋 Key Terms

• • Renewable term insurance for OIC member’s child educational program
• • Protection is co-terminus with membership in the cooperative
• • Coverage ends when member withdraws savings for child’s college education, is terminated from the cooperative, or upon death

💰 Death Benefit

• • Benefit paid to Oro Integrated Cooperative, credited to member’s savings
• • Withdrawable by the declared nominee stated in the SAFE Plus Application Form
• • Waiver and Assignment of Claim must be submitted with claim documents

Eligibility: OIC member enrolled in the SAFE Plus savings program for their child’s education. Nominee must be declared upon application.