Basic Life Insurance Program (BLIP)
The Basic Life Insurance Plan (BLIP) is a policy that provides death and disability benefit to the beneficiary designated by the policyholder. This type of coverage aims to protect the loved ones of the insured member in case of death or total and permanent disability (TPD). The member-insured shall be charged P230.00 monthly as contribution for insurance coverage. Payment of this contribution shall entitle the member to an insurance coferage under this insurance program.
| TABLE OF BENEFITS | ||
|---|---|---|
| Length of Continuous Insurance Coverage | Contingent Event | Member |
| Less than six(6) months | Natural or Non-Accidental Death | 50,000.00 |
| Accidental Death | 200,000.00 | |
| Total and Permanent Disability (TPD) | 25,000.00 | |
| Six(6) months or more | Natural or Non-Accidental Death | 100,000.00 |
| Accidental Death | 200,000.00 | |
| Total and Permanent Disability (TPD) | 50,000 | |
Upon reachin the termination age of 65 years old, the member shall be entitled to payment of the Equity Value equivalent to 50% of his/her total gross contributions paid.