Insurances

FAMILY MORTUARY PROGRAM (FMP)

ANNUAL PREMIUM: FOUR HUNDRED TWENTY PESOS (₱ 420.00)

An insurance plan to cover the mortuary benefits of the member of OIC including spouse and children. The coverage will also include Father, Mother and siblings of members of OIC who are single.

TERM OF COVERAGE: One (1) Year / Yearly Renewable

MEMBERSHIP: Compulsory (for Regular Members)

ELIGIBILITY: All Regular and Associate Members 18-69 years old

AGE REQUIREMENT

Principal Enrollee (Regular/Associate Member) - 18-69 years old

Family Member / Nominee - up to 65 years old

REQUIREMENTS FOR MEMBERSHIP

Note:

• No limit as to the number of children to be insured as long as it is declared upon enrollment in the FMP.
• Death Benefit on Children will be divided equally to the declared insured
• Family to be insured for SINGLE member will be according to the following hierarchy: Children (If single Parent)/ Parents /Brother or Sister (from eldest to youngest) / Niece or nephew (from eldest to youngest)
• Maximum number to be insured for SINGLE member is up to four (4) individuals only 
• Death Benefit on 2nd to 4th Nominee will be divided equally to the declared insured

Contest-ability

Existing Members already enrolled in the FMP on or before May 31, 2011 shall not be subject to a contest-ability period except for non-payment of Annual Premium.

New Members below 65 years old shall not be subject to a contest-ability period except for non-payment of Annual Premium.

New Members 65 years old and above shall be subject to a six (6) months contest-ability period. In case of death of new member within the contest-ability period, the death benefit shall be subject to ex-gratia settlement.<.p>

Family members and nominees enrolled in the FMP shall be subject to a six (6) months contest-ability period. In case of death of family member or nominee within the contest-ability period, the death benefit shall be subject to ex-gratia settlement.

Contest-ability Conditions:

Death as a result of the following dreaded or terminal illness such as; any form of Cancer or Malignant Tumor, HIV and AIDS; any form of stroke; alcoholic or drug addictions; Diabetes with complication like Myocardial Infarction, Chronic Renal Disease or Kidney Failure; Liver Cirrhosis, Lung Illness, Heart Diseases and any other dreaded diseases, and have undergone major operation or hospitalization within six (6) months from date of application shall be subject to ex-gratia settlement.

Death as a result of a not pre-existing condition will NOT be subject to ex-gratia settlement.