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GROUP PRODUCT LINE
GROUP LIFE INSURANCE
GROUP YEARLY RENEWABLE TERM INSURANCE (GYRT)
A term life insurance covering the lives of a group of people under a single policy. It is designed to provide economical protection for the group-members’ family against the financial consequences of the group-member’s death. Coverage may be based on multiples of salary, rank, tenure or uniform to everybody –it’s all up to the group to decide which option suits them best.
RIDERS: These are supplementary insurance contracts that enhance the term life insurance plan.
Accidental Death and Dismemberment (AD&D)- This rider provides an additional amount for death due to accident. If living, the insured gets paid the corresponding percentage of the amount of insurance for a loss by dismemberment of a body part as compensation for such loss. (schedule of indemnity – optional)
Medical Expense Reimbursement (MER) – provides reimbursement for the treatment of an injury caused by an accident. Cocolife will pay the actual expenses incurred but not to exceed the amount of insurance for this benefit.
Total and Permanent Disability Pension (TPDP) – provides monthly pension up to 60 months in the event that the group- member has become totally and permanently disabled for a continued period of 6 months. If the group-member dies before all pensions are paid, Cocolife will pay in lump sum the remaining pensions to his designated beneficiaries.
Terminal Illness Living Benefit (TILB) - provides cash benefit to a group-member diagnosed to be terminally ill, subject to approval of Cocolife. The benefit is equivalent to 50% of the group life insurance coverage, up to a maximum of P 500,000.00.
GROUP CREDITLIFE/MORTGAGE REDEMPTION/GROUP TERM INSURANCE
A term life insurance covering the lives of loan availors under a single policy. The policy is issued in the name of the creditor. In case of death of an insured loan availor, Cocolife will pay the outstanding balance of the loan to the creditor.
RIDERS:
Accidental Death Benefit (ADB) – this rider pays a specified amount to the loan availor’s designated beneficiary/ies if the loan availor dies due to an accident
Waiver of Premium (WP) – this rider waives the payment for all the unpaid installments or premiums falling due in the event that the loan availor becomes total and permanently disabled.
GYRT DOLLAR PLAN
This is also a term life insurance, which uses the strength of the US $ currency, to provide coverage for a group of people under a single policy. It is designed to provide economical protection for the group-members’ family against the financial consequences of the group-member’s death. The GYRT Dollar Plan is the best hedge not only against life’s uncertainties but also against the very unpredictable currency fluctuations.
DOLLAR PLAN RIDERS:
The following additional benefits (using US $ denomination) may also be attached to the basic term plan.
Accidental Death and Dismemberment (AD&D)
Total and Permanent Disability Pension Benefit (TPDP)
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