Be A Member
NICOnnect

CLPP (COOP LOAN PROTECTION PLAN)

A group term insurance that covers the loan of the member/borrower of the cooperative/financial institution.

BENEFITS/COVERAGE

Benefits Coverage
Natural Death LPP Face Amount
Accidental Death Double the LPP Face Amount
Dismemberment Various, per Schedule
Total & Permanent Disability due to Accident LPP Face Amount

FEATURES

      • Loan Insurance Coverage of the Member-Borrower of a Cooperative or Financial Institution.
      • Premium is computed per thousand per month basis.
      • Protection is usually co-terminus with the term of loan.
      • Maximum term of thirty-six (36) months.

EFFECTIVITY

      • The effectivity of the Loan Protection shall commence on the date loan is released.

ELIGIBILITY

      • Must be a member of the Cooperative or Financial Institutions.
      • Must be 18–65 years old. For 66–69 years old, graduated rates are applied.
      • In good health, mentally competent and physically able.
      • Contestability period for pre-existing illness is one (1) year.

BASIC CLAIMS REQUIREMENTS

    1. Endorsement Letter from the cooperative
    2. Death Certificate (Original or Certified true copy from the original duly signed by the Local Civil Registrar)
    3. Proof of Beneficiaries (Marriage Certificate or Birth Certificate of Children, etc.)
    4. Police Report or Affidavit of Eye Witness original copy (for accident claim)
    5. Claimant Statement
    6. Identification
    7. 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).
    8. Proof of Remittance & Payment from the cooperative.
    9. Copy of the Loan Ledger