Group Plans

COOP LOAN PROTECTION PLAN

This plan is a term insurance that provides protection to both the coop (lender) and the member (borrower).

Benefits for the Member-Borrower’s Beneficiaries

  • Upon death of the borrower, CLIMBS will pay the borrower’s insured loan balance relieving the beneficiaries of the financial obligation of taking care of the loan.

Benefits for the Cooperative

  • Minimize loan payment delinquency due to member-borrower’s death.

Coop Loan Protection Plan comes with an optional Accidental Death and Dismemberment which provides indemnity for loss of life, limb, speech, hearing or sight, or total and permanent disability resulting from accidental bodily injury within 180 days from the date of the accident. Available only for members who are 18 to 64 years old.

CLPP is a group renewable term insurance plan that requires a 100% participation of all eligible borrower-members with the minimum number of twenty-five(25), all availing at the same time, to install the CLPP Coverage.

BENEFITS AMOUNT OF INSURANCE
Life Insurance Equal to the insured loan of member
OPTIONAL BENEFITS
Accidental Death and Dismemberment
Total and Permanent Disability
Equal to the life Insurance
Equal to the outstanding balance of loan

 

Who are eligible to Avail of CLPP?

  • Natural born persons, between 18 to 65 years old, in good health and able to perform the usual duties of their livelihood, and are not afflicted with life threatening diseases.
  • A special accommodation is offered to members aged 66 but not more than 70 years old. Coverage is limited to a maximum of One Hundred Thousand Pesos(Php 100,000) excluding the rider, and different premium rates are charged.
  • Another exceptional case for a borrower to be eligible to avail of the benefits of CLPP, excluding the rider, is when the loan exceeds the maximum amount of One Million Pesos (Php 1,000,000). Arrangements can be made to cover the excess amount subject to the submission of proof of insurability as may be required by CLIMBS.

Amount of Coverage

The amount of coverage of CLPP is based on the amount of loan of the borrower-member. The minimum amount of loan to be covered is One Thousand Pesos(P 1,000.00) and the maximum shall depend on the agreed ceiling between the cooperative and CLIMBS.

Period of Coverage and Date of Effectivity

  • The protection offered by CLPP is co-terminus with the term of the loan of the borrower-member.
  • The effectivity of the insurance of an eligible borrower commences on the date the proceeds of the loan are released until the maturity of the loan.
  • In case the borrower defaults in the payment of the principal or interest or both, the arrears must not be more than one year from the date of the amortization or when payments become due.

COOP LIFE SAVINGS PLAN

A group life insurance plan specially designed for the members investing their resources in the cooperative in the form of share capital or fixed and savings deposits.

Coop Life Savings Plan intends to protect the members’ investment, at the same time encourage them to put in more since they will be assured that their beneficiaries will receive not just their investment in the cooperative, but also another of the same amount from CLIMBS in case of natural death.

Coop Life Savings Plan is a group renewable term insurance plan that requires 100% participation for all eligible borrower-members with the minimum of 25, all availing at the same time.

Amount of Coverage

The amount of coverage of CLSP is based on the amount of share capital or fixed and savings deposits to be covered is 250,000 pesos.

Period of Coverage and Date of Effectivity

  • The protection offered by CLSP is co-terminus with the membership in the cooperative of the eligible member.
  • The effectivity of the insurance of an eligible member commences on the month of the first premium remittance up to the period the member withdraws his membership or is terminated from the cooperative or at the time of his death.
  • A grace period of 31 days after the due date is given to the cooperative during which the policy remains in force. Non-payment of premium beyond the grace period automatically cancels the coverage.

How much is the premium for CLSP

The premium for CLSP is equivalent to 1% of the total share/savings of the cooperative per year.

Amount of Coverage

The effectivity of the Life Savings Plan shall commence on the date of premium payment.

BENEFITS AMOUNT OF INSURANCE
Life Insurance Equal to the insured loan of member

 

GROUP ELIGIBILITY REQUIREMENTS

  • Registered entity with the Government
  • The organization must have been operating for the last 1 year.
  • 100% participation requirement of all eligible members.
  • Group average age of 44 years old.

INDIVIDUAL ELIGIBILITY REQUIREMENTS

  • Must be member-depositor of the cooperative of financial institution
  • 18 to 65 years old
  • Not mentally incompetent nor physically impaired
  • Able to do usual activities of livelihood and not suffering from mental or physical disability. Not suffering from any critical or terminal illnesses or life threatening diseases.

GROUP YEARLY RENEWABLE TERM

A term insurance that provides protection to cooperative members’ different needs at a lower cost.

Group Accident, Death, Disablement and Dismemberment Insurance (GADDDI)

Group Accident, Death, Disablement and Dismemberment Insurance and Funeral Service Assistance (GADDDI-FUSA)

Group Life and Accident with Fire Insurance (GLAFI)

Group Term Renewable Life (GRTL)

Coop Family Plan (CFP)

Family Insurance Plan (FIP)