COOP FAMILY PLAN

(CFP)

PRODUCT CONCEPT:

The product is designed to give protection to all the family of the cooperative members and non-members. It is Group Yearly Renewable Term (GYRT) Insurance for the Family of at least Five (5) members.

PERSONS ELIGIBLE TO PARTICIPATE IN THIS GROUP PLAN:

All Members of any Cooperative, or, Non-members who are:

1. At least 18 and not more than 69 years old at last birthday (age at entry to the plan).
2. For Non-members of any Coop, the head of the family which is either the legal husband or the
wife aged 18 to 69 may also apply.
3. Their legitimate CHILDREN from age 1 to 17 may also participate in the Plan.
4. The following are also eligible to participate in the Family Plan:
Parents, brothers and sisters of the Planholder/Member, and grandparents, uncles, aunts, and
cousins up to the 4th civil degree when shown that they belong to the same family household. Inlaws are also eligible, provided that it can be shown that they belong to the same family
household of the Planholder/Member.
5. They must be in good health, able to perform the usual duties of their livelihood, and not afflicted
with life threatening diseases.
All others may also be included, but, only upon recommendation of the particular Coop and
approved by the Insurer.

PERSONS ELIGIBLE TO PARTICIPATE IN THIS GROUP PLAN:

At least five (5) members of the family.

The husband is usually the head of the Family. In some cases, the head of the Family is the Wife.

Example: if the husband died, and the wife became the head of the Family. Normally, the husband as the head applies, and includes the wife; 3 minor children may be added to it to make it 5 members.

Children 18 years and above may be included to fill-up the 3 original slots (if there are no such minor children.

Please note: Those children over 17 years will be entitled to the benefits corresponding only to those coverage for the children per schedule.

In excess of 3 children, the Planholder shall pay P71.50 additional premium per extra child.

WHO ARE DISQUALIFIED:

1. Those applicants whose Occupation are considered hazardous or those considered as “Risks Not Acceptable”;

2. Those who are not in good health and are afflicted with life threatening sickness or diseases, such as cancer, HIV, epilepsy.

3. Enemies of the State or Public Enemies: Bandits, notorious criminals, drug addicts, gamblers, persons of loose morals, and those with characters analogous to the foregoing are disqualified under the Family Plan.

PROCEDURE FOR PARTICIPATION (or, HOW to join the plan)

Every Planholder/Member must present to the coop (if he is a coop member) for transmittal to the Insurer (company) within ten (10) days, starting from the date of his eligibility as a member of the Coop a written request (Application for Insurance) in which he shall answer certain questions pertinent to his eligibility to participate, including those of his Family.

The new members of the coop who must first apply for membership to the coop, and whose Application has been approved by the Coop.

If he is not a member of any Coop, he just fill-up the Application for Insurance and submit it to the Insurance Company, thru the agent of the Insurance company (if possible), or submit it directly to the company.

WHEN WILL THE LIFE INSURANCE COVERAGE TAKE EFFECT?

It will take effect upon premium payment, and while the Planholder/Member is alive and is in good health.

HOW MUCH IS THE MINIMUM AMOUNT OF COVERAGE FOR ONE FAMILY, AND HOW MUCH IS THE MAXIMUM AMOUNT THAT CAN BE BOUGHT?

Minimum is P15,000.00 per family. The maximum is P100, 000.00 per family.

WHAT ARE THE SPECIFIC COVERAGE?

Coverage for the Husband

Coverage for the Husband

Coverage For the Children

(Ages: 1-17 years old; Minimum of 3 children)

Coverage for each extra child/sibling 18 years or over shall be limited to those mentioned below.
In excess of 3 children, the Planholder shall pay premium of P71.50 per extra child.

Schedule of Idemnity

In the event of death of the child
for 4 years old and below

IMPLEMENTING GUIDELINES

• The applicants must fill-up an application form provided by the company.
• o Ages as Principal holder shall be 18 to 69 years old (usually the Husband or the Wife).
• o Ages for Children benefits shall be 1 to 17 years old.
  • If there are less than 3 children, the following may be qualified for the children slots:
    • Parents, brothers and sisters of the Planholder/Member, and grandparents, uncles,
      aunts, and cousins up to the 4th civil degree when shown that they belong to the
      same family household. In-laws are also eligible, provided that it can be shown that
      they belong to the same family household of the Planholder/Member.
    • If the spouse is deceased already, the eldest child shall fill-up the Spouse slot.
  •  Members and Non-members of the cooperative can avail the plan.
  •  Submit the accomplished application form together with the premium payment to the
    coop or agent in-charge.
  •  A Master Policy shall be issued to the Principal holder.All others may also be included, but, only upon recommendation of the particular Cooperative and approved by the Insurer.

QUESTIONS AND ANSWERS:

• SUPPOSE THE MINOR CHILDREN ARE LESS THAN 3 IN NO., HOW MUCH SHALL BE PAID IN PREMIUM?
  The amount of premium corresponding to the coverage will still be paid in full.
• UNDER THE SAME SITUATION, CAN OTHER CHILDREN WHO ARE 18 AND ABOVE BE INCLUDED TO COMPLETE THE MINIMUM NO. OF 3 CHILDREN?
  Yes! But, their benefits will be like those of the minor children. Meaning, their coverage will be for Life, Cash Burial benefit, and Hospital confinement daily benefit due to sickness/accident.
•  SUPPOSE THERE ARE NO CHILDREN, WHO ELSE CAN BE INCLUDED IN THE FAMILY PLAN?
  Anybody from among those listed as “Persons Eligible to Participate” may be included, such as:Parents, brothers, and sisters, grandparents, uncles, aunts, and cousins up to the 4th degree, etc.
  Their benefits and coverage will be those allowable to the minors, even if they are already of age.
•  CAN THE WIFE BE A PLANHOLDER INSTEAD OF THE HUSBAND?
  Yes. As long as she is within the age limit, and also is in good health.
•  CAN THE GRANDFATHER OR GRANDMOTHER BECOME THE PLANHOLDER?
  Yes! As long as they are all within the age limits and are in good health.
•  AT WHAT AGE WILL THE PLAN BE TERMINATED?
  When the Planholder reaches age 70.
•  SUPPOSE THE PLANHOLDER FOR ONE REASON OR ANOTHER HAS TERMINATED HIS MEMBERSHIP IN THE COOP. WHAT WILL HAPPEN?He or she can continue with his/her protection by availing of the Conversion Privilege by simply informing the company. Then the company will issue to him/her an Individual Policy, but without any disability benefit. Provided however, that the amount of the Individual Policy which will be issued to him/her will be equal or less than the amount of his/her life insurance under this Group Plan. The individual policy will be chosen from among the customary plans issued by the company, except, term insurance. The premium on the individual plan will be based on his present occupation and present age. That, he must have to apply for the individual policy and pay the corresponding premium within 31 days from his termination as member of the coop.
•  IS THERE A GRACE PERIOD WITHIN WHICH TO PAY PREMIUM?
  Yes. The company allows a 31-day Grace Period after either the Annual, Semi-Annual or Quarterly mode of premium payments. But, NO SUCH privilege is given to monthly premium payments.
•  SUPPOSE THE INSURED MEMBER OR PLANHOLDER COMMITTED SUICIDE, IS IT COMPENSABLE?
  It depends. If he committed suicide within one (1) year from the date of effectivity or renewal, and that he committed suicide while sane, we will not pay. But if he committed suicide because he was INSANE, then, we will pay. However, if he commits suicide AFTER one year, whether sane or insane, we will pay.
•  WHAT IF ALL OR SOME DIED AT THE SAME TIME?
• The contract is completed upon payment of the loss, which is for only just one. There will be no more coverage.
• WHAT IF ONE DIED AHEAD?
  Once the claim is paid, there will be no more contracts for the others. Meaning the others is no longer insured.
•  WHAT IF ONE OF THEM WAS DISABLED OR DISMEMBERED AND WE PAID THE PRINCIPAL SUM?
  There will be no more coverage for all because the Principal Sum is also the maximum amount of insurance. So that, once the company pays any of those mentioned in the Schedule of Benefits where the Principal Sum is payable, there will no longer be any coverage for the others, since the contract is automatically terminated.
• WHAT IF THE HUSBAND/PLANHOLDER DIES ON THE SAME DAY WITH THE WIFE OR ANY MEMBER OF THE FAMILY, HOW MUCH WILL THE COMPANY PAY?
  The Company will pay for the one who died first or ahead of the other. If it cannot be determined who died ahead, then, it is presumed that they died at the same time and hence, the Company will pay for only one.
•  IF ANYONE OF THEM DIED AND THE PROCEEDS WERE PAID BY THE COMPANY, CAN ANY OF THE REMAINING MEMBER APPLY?
  Yes, if he or she is qualified.
•  SUPPOSE ONE OR MORE OF THE MEMBERS OF THE FAMILY IS IN A FAR AWAY PLACE AND DOES NOT LIVE WITHIN THE HOUSEHOLD OF THE PLANHOLDER, CAN HE OR SHE BE INCLUDED?
  Yes. But upon approval of the company.
•  CAN WE INCLUDE “OTHERS” LIKE HOUSEHELPERS, GARDENERS, COOKS, LABANDERA, ETC?
  Yes. But with explanations and with the approval of the company.
•  IF WE BUY 100,000.00 AS PLANHOLDER, DOES IT MEAN THAT ALL THE OTHERS ARE ALSO INSURED FOR 100,000.00 EACH?
  Yes.
•  CAN WE BUY AS A START 15,000.00 AND THEN INCREASE IT TO 50,000.00 OR 100,000.00?
  Yes.

CLAIMS REQUIEMENTS

In case of Death due to Accident

– Endorsement/Covering Letter

– Policy or Original Certificate of Life Insurance

– Original Death Certificate or Certified true copy from the Local Civil Registrar

– Original or Xerox copy of Marriage Contract/Certificate (if beneficiary is the spouse)

– Birth/Baptismal Certificate, or other evidence of age (if beneficiary/ies were children)

– Attending Physician’s Report/Statement duly notarized (if hospitalized)

– Police Accident Report

– Others (when required)

– Autopsy Report or Post mortem Examination Report (if autopsy was undertaken)

– Affidavit of Guardianship (of guardian if the declared beneficiary/ies were minors)

– Sworn Statement/Affidavit of eye-witness/es (if any in medico legal cases

In case of Death due to Natural Causes

– Endorsement/Covering Letter

– Policy or Original Certificate of Life Insurance

– Original Death Certificate or Certified true copy from the Local Civil Registrar

– Original or Xerox copy of Marriage Contract/Certificate (if beneficiary is the spouse)

– Birth/Baptismal Certificate, or other evidence of age (if beneficiary/ies were children)

– Attending Physician’s Report/Statement duly notarized (if hospitalized)

– Others (when required)

– Autopsy Report or Post mortem Examination Report (if autopsy was undertaken)

– Affidavit of Guardianship (of guardian if the declared beneficiary/ies were minors)

Accidental Dismemberment and Hospitalization Claim

– Police or Accident Report (for accident only)

– Attending Physician’s Report stating details of the nature of loss and extent and period of disability (for accident only)

– Xerox copy of policy or certificate of cover

– Hospital bills, receipts and doctor’s prescription during confinement

– Medical Certificate

COOP FAMILY PLAN (CFP)

PREMIUM RATES

In excess of 3 children, the principal member will additional premium per extra child.

Premium per Additional Child

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