Life Plan

Features

• Loan insurance coverage for member-borrowers of OIC
• Upon death of borrower, insured loan is paid by the insurance provider
• Reduces financial burden on beneficiaries at time of mourning
• Renewable upon insurance expiry date
• Effectivity begins on the date of loan release

Contestability

• 1-year contestability period from effective date of loan insurance coverage

Premium Formula

• Formula: Loan Amount × Rate × Term ÷ 1,000
• Ages 18–64: ₱0.55 gross rate
• Ages 65–69: ₱0.55 gross rate
• Ages 70–75: ₱5.15 gross rate
• Eligibility: OIC member, ages 18–75. Graduated premium rates apply for ages 66–75. Not mentally incompetent or physically impaired.

Member Benefits

• Life Insurance: ₱30,000.00
• Accidental Death & Dismemberment (ages 18–65): ₱30,000.00
• Annual Premium: ₱270.00

Family Benefits (Married Member)

• Spouse Life Insurance: ₱10,000.00
• Children Life Insurance: ₱15,000.00 (divided equally among declared children)
• Annual Premium: ₱150.00 | No limit on number of children

Family Benefits (Single Member)

• 1st Enrollee: ₱10,000 | 2nd–4th Enrollee: ₱5,000 each
• Annual Premium: ₱150.00 | Maximum of 4 individuals
• Hierarchy: Children → Parents → Siblings → Niece/Nephew

Contestability

• Not subject to contestability for existing members and new members below 65
• New members ages 65–69: 6-month contestability period
• Co-insured dependents: 6-month contestability for new enrollees
• Eligibility: Incoming/new member ages 18–69 (exit at 70th birthday). Family members ages 1–64. Co-insured spouse exits at 65th birthday.

Coverage

• Life Insurance: ₱60,000.00
• Accidental Death & Dismemberment: ₱60,000.00
• Cash Burial Benefit: ₱10,000.00
• Annual Premium: ₱547.00

Terms

• Yearly renewable term insurance
• 1-year contestability for pre-existing illnesses
• Exit age: 65th birthday
• Eligibility: OIC member ages 18–64. Exit at 65th birthday.

Coverage

• Accidental Death, Disablement & Dismemberment: ₱50,000.00
• Murder or Unprovoked Assault: ₱25,000.00
• Cash Burial Benefit (due to accident): ₱15,000.00
• Life Insurance (death due to natural causes): ₱15,000.00
• Fire Insurance for household contents: ₱20,000.00
• Annual Premium: ₱250.00
• Eligibility: Active OIC member, ages 18–69. Not mentally incompetent. Able to perform usual daily activities of livelihood.

Group Eligibility

• Registered entity with the Government
• Organization must have been operating for at least 1 year
• Minimum of 25 persons
• Group average age of 44 years old
• Group must choose 1 plan option

Coverage

• Comprehensive Group Accident Insurance Coverage
• Includes Natural Death Benefit
• Eligibility: Active member of the group, ages 18–69. Not mentally incompetent. Able to perform usual daily activities of livelihood.

Coverage (per unit)

• Life Insurance: ₱10,000.00 (maximum of 10 units)
• Cash Burial Benefit (natural causes): ₱5,000.00
• Annual Premium per member: ₱50.00

Terms

• Group yearly renewable term insurance
• Parent or legal guardian fills out the enrollment form as application-owner-payor and principal beneficiary
• Eligibility: Youth members ages 7–17. Not mentally incompetent or physically impaired. Parent/guardian must enroll as application-owner-payor.

Key Terms

• Renewable term insurance for OIC member’s child educational program
• Protection is co-terminus with membership in the cooperative
• Coverage ends when member withdraws savings for child’s college education, is terminated from the cooperative, or upon death

Death Benefit

• Benefit paid to Oro Integrated Cooperative, credited to member’s savings
• Withdrawable by the declared nominee stated in the SAFE Plus Application Form
• Waiver and Assignment of Claim must be submitted with claim documents
• Eligibility: OIC member enrolled in the SAFE Plus savings program for their child’s education. Nominee must be declared upon application.