KGI-MBA provides a micro-insurance program for the poor and has the following products:
• Basic Life Insurance Plan (BLIP)
• Hospitalization Assistance Pamilya Insurance (HAPI)
• Credit Life Insurance Plan (CLIP)
BENEFITS
1. NATURAL OR NON-ACCIDENTAL DEATH
A. Natural or Non-accidental Death of Member: upon the death of the member due to natural or non–accidental causes, KGI–MBA shall indemnify the beneficiary/ies the amount of:
• TEN THOUSAND PESOS (PhP 10,000) if death happen less than Three (3) months from the date of membership or reinstatement.
•THIRTY THOUSAND PESOS (PhP 30,000) should the death occur in Three (3) months or less than Six (6) months of membership or from the date of last reinstatement.
•SIXTY THOUSAND PESOS (Php 60,000), if otherwise.
B. Natural or Non-accidental Death of Legal Dependents KGI–MBA is not liable to any death claim due to natural death of legal dependents occurring in less than Three (3) months prior to the date of last reinstatement.
•FIVE THOUSAND PESOS (Php 5,000) Dependents (Legal Spouse/Common Law and Children) Partner that have Three (3) months to less than Six (6) months membership.
•TEN THOUSAND PESOS (PhP 10,000) for dependents with membership from Six (6) months or more.
2. ACCIDENTAL DEATH
A. Accidental death of member: upon death of the member due to accident, the beneficiary
will be indemnified an amount equal to ONE HUNDRED TWENTY THOUSAND PESOS (PhP 120,000).
B. Accidental death of legal dependents Upon death of the member’s legal spouse or children due to accident, KGI–MBA shall indemnify the member an amount equal to TWENTY THOUSAND PESOS (PhP 20,000).
3. TOTAL AND PERMANENT DISABILITY
Total and permanent disability (TPD) shall mean disability caused by bodily injury or disease which prevents the member from engaging in any gainful activity and must continue uninterruptedly for at least six (6) months.
There are two types of TPD coverage:
i. Disability with dismembermentThe loss of both arms, or both legs, of one arm and one leg, or of both eyes, shall be considered total and permanent disability. Loss of both arms and both legs shall mean dismemberment by amputation of the entire hand or foot; with respect to eyes, entire and irrecoverable loss of sight. This type of TPD can be settled immediately upon submission of complete claims documents.
ii. Disability without dismembermentIf a member or his/her spouse becomes sick or met an accident resulting to complete inability to engage in any gainful employment and becomes bedridden, he/she can be considered as total and permanent disabled if after six (6) months the health condition has not improved. After such confirmation of a competent physician, the member or his/her spouse will receive the full amount for TPD according to the Table of Benefits for TPD.
A. TPD benefit of memberIf the member becomes totally and permanently disabled as confirmed by a competent physician, KGI–MBA shall indemnify the member an amount equal to:
•FIVE THOUSAND PESOS (PhP 5,000) if the member is less than Three (3) months from the date of it's membership or it's last reinstatement.
•TWENTY THOUSAND PESOS (PhP 20,000) if he/her have membership Three (3) month to less than Six (6) months.
•SIXTY THOUSAND PESOS (PhP 60,000) if otherwise.
It is understood that upon full payment of the member’s total and permanent disability benefit, his/her certificate of membership is automatically terminated.
B. TPD benefit of legal dependentsKGI–MBA is not liable to any disability of the legal dependents occurring in less than Three (3) months of membership or from the date of last reinstatement.
However, if the disability of the member’s spouse/common-law partner occurs within Three (3) months to less than Six (6) month, an amount of FIVE THOUSAND (PhP 5,000) will be receive, while legal spouse/common-law partner with a membership of Six (6) months or more, KGI–MBA shall indemnify the member an amount equal to TEN THOUSAND PESOS (PhP 10,000) but KGI–MBA is not liable for the disability of the member’s child.
MEMBERSHIP
• Applicants must be at least eighteen (18) years old but not more than sixty (60) years old.
Existing member-insured renewing their insurance cover must not be more than sixty-five
(65) years old.
• Only members and his/her spouse or common-law partner,who are insured under the
Basic Life Insurance Plan (BLIP) and in good health, shall be eligible for coverage under
HAPI Plan.
LEGAL DEPENDENTS
• If a member-insured is married (or has a common-law partner) his/her legal dependents
are his/her:
° Legal spouse, at least eighteen (18) but not more than sixty-five (65) years old or
common-law partner at least eighteen (18) but not more than sixty-five (65) years old,
provided that they have been living together as husband and wife for at least five
(5) years without any legal impediments to enter into marriage;
° Single, biological or legally adopted children, at least two (2) weeks old but not
more than eighteen (18) years old, or biological or legally adopted children over
eighteen (18) years old, single, with congenital disability, incapacitated to work, and
chiefly dependent on support.
• If a member-insured is unmarried with children only those enumerated in the second
bullet list shall be considered as his/her legal dependent.
BENEFICIARIES
• The member-insured shall be the beneficiary of the hospital confinement benefit.
• In the case of member-insured's death during the hospital confinement period, or in any
case that the member-insured's is not able to receive the insurance benefits.
The beneficiary as designated under Basic Life Insurance Plan shall receive the
benefits
CLIP is insurance on the life of a DEBTOR in connection with a specific loan to provide payment equivalent to the insured Loan Amount.
BENEFITS
Upon the death of the Insured DEBTOR, KGI MBA will pay the Loan Amount insured during the period of coverage in the following manner:
a. The amount of benefit should be first applied to the outstanding loan balance of the Insured DEBTOR, excluding interest charges. This amount is payable to the CREDITOR.
b. The remaining balance after deducting from the insured loan the amount stated in (a) is payable to the secondary beneficiary/ies declared in the Debtor’s Application
for Credit Life Insurance.