FPP (Family Protection Plan)
A rider of the Coop Loan Protection Plan (CLPP) provides additional protection to the dependents of cooperative members.
AMOUNT OF INSURANCE/COVERAGE
| Benefits | Primary Co-Insured | Secondary Co-Insured (Maximum of 3) |
|---|---|---|
| Life Insurance | PHP 10,000.00 | PHP 5,000.00 each |
PREMIUM
| Premium | Primary Co-Insured |
|---|---|
| Monthly Premium | PHP 17.00 |
| Annual Premium | PHP 190.00 |
ELIGIBILITY
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- Principal holder must have an active CLPP coverage in the cooperative
- Coop Member (Policy holder): 18–69 years old
- Spouse & Parents of Coop Member: 18–69 years old
- Children of Coop Members: 4–17 years old
- Dependents to enroll:
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- Primary: Single - Parent 1; Married - Spouse; Single Parent - Child #1
- Secondary: Single - Parent 2; Married - Children (3); Single Parent - Children (#2,3,4)
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- Any co-insured dependents will cease its effect if the person becomes a principal holder
- Any co-insured dependent(s) should be declared upon application and cannot be declared again by another principal borrower.
- In event that the principal holder dies, this policy will automatically be terminated
- Contestability period for pre-existing illness is one (1) year.
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PARTICIPATION REQUIREMENTS
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- 100% of all eligible members with active CLPP coverage
- Note: If any of the family are both members of the cooperative, the FPP policy applies to one member only.
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BASIC CLAIMS REQUIREMENTS
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- Endorsement Letter from the cooperative
- Death Certificate (Original or Certified true copy from the original duly signed by the Local Civil Registrar)
- Proof of Beneficiaries (Marriage Certificate or Birth Certificate of Children, etc.)
- Claimant Statement
- Identification
- Attending Physician Statement (If died in the hospital) or Barangay Certificate or Investigative Report stating the place and cause of death (If died at home).
- Proof of Remittance & Payment from the cooperative.