Free Burial Benefit
Promo Period: October 19, 2020 onwards
|Burial Benefit Amount||Cause of Death|
1. For Active Personnel - If cause of death is in line of duty
2. For Associate and Pensioners - if cause of death is while doing a heroic act
|Php 50,000||If cause of death is due to natural causes|
1. Any member who avails of a qualified loan starting 19 October 2020 onwards are automatically qualified to the free burial benefit program regardless of the member’s age, membership type (regular or associate), availed loan type (new or renewal), loan term and loan amount.
2. To qualify for the benefit, a member-borrower must avail a salary-deducted or pension-deducted (new or renewal) loans from October 19, 2020 onwards.
3. The following products are excluded from the list of eligible products for availment to qualify in the program, viz:
a. Dividend Loan (DL) f. Back-to-Back Loan
b. Net Pay Loan (NL) g. Collateralized Motorcycle Loan
c. Overpayment Loan (OP) h. Vehicle Loan
d. Bonus Loan i. Pre-owned Vehicle Loan
e. Real Estate Loan
4. Only one (1) burial benefit shall be given to the qualified member-borrower regardless of the number of loan accounts availed from the start of the program.
5. Member-borrowers who have existing loans prior to the start of the program BUT will not avail of a new loan or renew any of his/her existing loan accounts are NOT eligible to the burial benefit.
6. The burial benefit is renewed annually. Hence, as long as the qualified member-borrower has an active loan account from the time the program started until his/her untimely demise, the burial benefit shall remain active.
7. A qualified member-borrower’s burial benefit coverage shall be automatically discontinued subject to the following:
a. Member-borrower pays off all existing loans; or
b. Member-borrower has contracted a past-due account from any of his/her existing loan accounts
8. A disqualified member due to any reason as indicated in Item #6 can re-qualify to the burial benefit program provided the following:
a. For member-borrower with a past-due account, they must settle their past dues either by availing of a new loan or renewing an existing loan account.
b. For member-borrower with paid off loans, they must avail a new loan account to re-qualify
9. Claiming of the burial benefit shall be subject to the following parameters during the time of death, otherwise, the claim will be deemed disapproved, viz:
a. The member-borrower must have an active loan; and
b. The member-borrower must not have any past-due account.
For death due to the performance of a heroic act, the burial benefit claim is still subject to the assessment and approval of the insurance company.
10. Contestability period is applicable for qualified members with ages 75 years old and above.
11. For purposes of this program, "HEROIC ACT" refers to an act of defending, protecting or helping others in need despite the risk to life of the member, and which resulted in his/her death.
12. The Burial Benefit program shall remain in effect unless otherwise suspended or terminated by the Board of Trustees.