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Group Yearly Renewable Term (GYRT)

Group Yearly Renewable Term (GYRT) with partner company, First Life Insurance Inc. 

I. Schedule of Benefits, Annual Premium, Eligibility

A. Existing members

Eligibility Life Insurance Coverage Annual Premium
Eligible Members Issue Age
Regular and Associate Member 2 – 74 years old P100,000.00 P600.00

B. For new/ future regular members and their dependents

Eligibility Life Insurance Coverage Annual Premium
Eligible Members Issue Age
Regular and Associate Member 2 – 64 years old P100,000.00 P600.00

Regular and associate members refer to all new/future married and single members.

C. Eligibility

All regular and associate members of CCF in good standing, who are actively at work and able to do Normal Activities of Daily Living, shall be eligible for coverage hereunder, provided they have:

1. Regular Members (Spouses and Single):

2. Associate Members (Immediate Family of Regular Members):

The following associate members shall also be eligible for coverage:

Married Members:

Single Members:

Single Parents:

*Insurance Age is the age of a person at which, for purposes of insurance, a fraction of a year of six months or more is counted as one year but a fraction of less than six months is not counted

*Existing members are regular members and dependents enrolled with MB Life from Dec. 4, 2013 – Dec. 3, 2014.

Notes on Good Health Condition:

The eligible member must possess sound health and have the ability to perform the normal activities of daily living.

New members are required to fill up the Health Declaration form truthfully and honestly and submitted to 1 st Life Insurance.

Annual Premium

The Annual Premium is P600.

The Insurance effectivity date is Dec. 4, 2014 until Oct 9, 2015. Thus the coverage for the first year is only for 10 months. Succeeding renewal will be for One (1) year coverage.

The Premium for Existing and New members is on a pro-rated basis depending on the date of enrollment.

II. Contestability

All members previously enrolled with MB Life from Dec. 4, 2013 – Dec. 3, 2014 and covered for more than 1 year will no longer be subjected to the 1 year contestability period. However, members who were covered for less than 1 year in MB Life, contestability will apply to complete the 1 year contestability requirement.

The one (1) year contestability period applies to all new and future enrollees.

III. Enrollment

1. Existing members

The primaries are required to submit a Master list of the members enrolling in 1 st Life Insurance. (See attached format).

CCF has submitted the list of Existing members to 1st Life Insurance pending payment of premium. The deadline for enrollment and premium payment of Existing members is January 31, 2015. If CCF does not receive confirmation and payment from the member-primary until January 31, 2015, the enrollment will be nullified.

2. New members

All new members shall fill up the Enrollment Form. The Primaries will submit the forms together with the Masterlist and deposit slip (as proof of payment) to the Federation.

Note:

Account Name: CFC Co-operatives Federation

BPI CA# 3371006884

Chinabank CA# 129-172421-7

IV. Enrollment form

All members enrolling in 1 st Life insurance are expected to fill up the enrollment form completely and honestly.

The enrollment forms and the lists to be submitted should tally otherwise, the application of the members will be held pending.

An advance copy of the masterlist and enrollment forms can be sent via email. The original enrollment forms of new members must be submitted to 1st Life Insurance via CCF within 2 months from the date of submission of the scanned copy for the enrollment to take effect.

CCF will submit the forms and premium payment to 1st Life Insurance on a weekly basis.

V. Claims procedure

1. In the event of a death, the following requirements must be submitted :

Additional requirements for accidental death

Additional requirements for deaths that occurred abroad

2. Processing

1 st Life Insurance will be released the Death claims checks 15 days from submission of complete requirements.

3. Acknowledgment

VI. Beneficiary

The Insurance Amount for which any Insured is covered under this Group Policy shall be payable at his death to the person designated by him as his Beneficiary. Unless irrevocably designated the Insured may, from time to time and without the consent of the Beneficiary, change the Beneficiary by filing written notice of such change to the Insurance Company through the Policyholder. The Insurance Company shall, upon receipt of such notice, acknowledge the change. The change shall be effective as of the date the notice was signed whether or not the Insured is living at the time the acknowledgment is made, but without prejudice to the Insurance Company on account of any payment made by it before acknowledgment of change.

Should the beneficiary be a minor and irrevocably designated, a judicial guardian for such minor, need to be appointed.

If more than one Beneficiary is designated and no specification is made as to the respective interests of the Beneficiaries, the Beneficiaries shall share equally. If any designated Beneficiary predeceases the Insured, the interest of such Beneficiary shall terminate and his share shall be payable equally to such Beneficiary/ies as may survive the Insured, unless written request is made by the Insured to the contrary.

Any amount payable under this Group Policy for which there is no Beneficiary shall be paid by the Company to the Insured’s nearest surviving relative/s in accordance with the provisions on succession in the Civil Code of the Philippines. However, the Company, at its option, may pay a part of such amount not exceeding five hundred pesos (P500.00) to any person appearing to the Insurance Company to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the Insured.

VII. Settlement

The Death Benefit check will be in the name of the Coop Primary and deposited to the Coop Primary’s designated Bank Account. It would be the Coop Primary’s responsibility to give the benefit to the designated beneficiary.

VIII. Other Provisions

Other Provisions of the Guidelines can be found in the Policy Contract and General Provisions.

See attached Enrollment and Health Declaration Form.