AUTOMATIC INSURANCE  – for regular members


            MODIFIED BASIC INSURANCE FOR AFP PERSONNEL

 

Comparison of Old Basic and Modified Basic

Particular

Old Basic

Modified Basic

 Life Insurance

Whole Life

 Term Insurance

 Monthly Contribution

 Fixed Amount depends on rank

 0.5% of Base Pay - 1st year                             1.0% - 2nd year;          1.5% - 3rd year onwards

 Living Benefit

 Cash Value (CV)

 Member's Equity + earned CV at conversion

 Loan

Policy Loan at 6% interest per annum

 Equity Loan at 6% interest per annum

 Dismemberment/ disability benefit

 Depends on Face Amount

 Higher benefit depending on Face Amount

Death Benefit (natural)

Face Amount

Face Amount + Equity Fund

 Death Benefit (accidental)

 Face Amount

150% of Face Amount    + Equity Fund

 Death Benefit (KIA)

 Face Amount

 150% of Face Amount + P50,000 + Equity Fund

 



UPGRADED BASIC FOR BFP AND BJMP PERSONNEL

                                            Comparison of Old Basic and Upgraded Basic
Particular

Old Basic

Modified Basic

 Life Insurance

Whole Life

 Term Insurance

 Monthly Contribution

 Fixed Amount depends on rank

 Certain percentage of base pay but not more than 1.5%

 Living Benefit

 Cash Value (CV)

 Member's Equity + earned CV at conversion

 Loan

Policy Loan at 6% interest per annum

 Equity Loan at 6% interest per annum

 Dismemberment/ disability benefit

 Depends on Face Amount

 Higher benefit depending on Face Amount

Death Benefit (natural)

Face Amount

Face Amount + Equity Fund

 Death Benefit (accidental)

 Face Amount

200% of Face Amount    + Equity Fund

 Death Benefit (KIA)

 Face Amount

 150% of Face Amount + P50,000 + Equity Fund

   

SPECIAL GROUP TERM INSURANCE (SGTI)

  • Coverage of P16,000 for natural deaths & P32,000 for KIA
  • With P1,000 funeral benefit
  • With disability benefit

 

    

ADDITIONAL INSURANCE

    for regular and associate members. This entitles policyholder to policy, salary and housing loans as well as MEDAL (for non-AFP personnel).

 

Premium Paying Period

Maturity Date

Dividends

Bonus

Other Features and Benefits

Loan Priviledges

College Educational Plan (for children 0-11 years old)

5 years

Policy Anniversary month following child’s 17th birthday

Starting on the 4th policy year up to policy anniversary date prior to child’s 16th birth date

None

Waive premium payment for death or total & permanent disability of payor

Policy

Salary

MEDAL

Endowment at 10/15/20 Years

10/15/20 years

After 10/15/20 years

Starting on the 4th policy year up to the year before maturity date, if participating

None

None

Policy

Salary

MEDAL

Anticipated 20-Year Endowment

20 years

After 20 years

None

20% of face amount on the 5th, 10th, 15th policy anniversary dates

None

Policy

Salary

MEDAL

Easy Pay (10-20 Plan)

10 years

After 20 years

Starting on the 4th policy year up to the year before maturity date

None

None

Policy

Salary

MEDAL

Saver’s Protection Plus (10-15 Plan)

10 years

After 15 years

Starting on the 4th policy year up to the year before maturity date

20% of face amount yearly starting on the 10th-14th policy anniversary dates

Double Insurance coverage in case of death from 6th-15th year

Policy

Salary

MEDAL

20 Pay Life

20 years

Lifetime

Starting on the 4th policy year up to age 98, if participating

None

None

Policy

Salary

MEDAL

Whole Life

Lifetime

Lifetime

Starting on the 4th policy year up to age 98, if participating

None

None

Policy

Salary

MEDAL

Endowment at 56(for uniformed personnel only)

Up to last month prior to insured’s 56th birth date

On the insured’s 56th birthday

    Starting on the 4th policy year up to age 55

None

·         Premium is 3% (PNP, BFP, BJMP) or 5% (AFP & PCG) of Basic Pay

·         Increase in pay of insured increases the premium and coverage

·         Double indemnity for accidental death

·         With disability benefit for accident

·         Maturity benefit can be claimed in lump-sum or 3-yr staggered

·         With burial benefit of P5,000 (3% premium) or P10,000 (5% premium)

Policy

Salary

MEDAL


POLICY LOAN

  • 6% interest rate per annum
  • loanable amount based on the cash value of the insurance
  • available after 2 years of premium payment (for endowment plans) or after 3 years (for life plans)

MEMBER'S EDUCATIONAL ASSISTANCE LOAN (MEDAL)

  • for members  with active additional insurance
  • maximum of P50,000
  • 7% interest rate per annum
  • payable within one year
  • available as soon as one month premium contribution has been remitted to the association thru payroll deduction
  • No co-maker required

COLLEGE EDUCATIONAL PLAN

Other Product and Services

Endowment at Age 56 Plan

Saver’s Protection Plus (10-15 Plan)

Anticipated 20-Year Endowment Plan

Endowment Plan (10, 15, 20 years)

Easy Pay Plan (10-20 Plan)

20-Pay Life Plan

Whole Life Plan

20-Pay Life Plan

Special Whole Life Plan

Group Insurance Plan

Subpages (1): Loan Facilities