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GLAFI (Group Life and Accident with Fire Insurance)

It is a group term insurance designed to give protection to cooperative members at a very economical premium.

COVERAGE/BENEFIT

Item Amount Accidental Death, Disablement and Dismemberment PHP 50,000.00 Murder or Unprovoked Assault PHP 25,000.00 Cash Burial Benefit due to Accident PHP 15,000.00 Life Insurance (Death due to natural causes) PHP 15,000.00 Fire Insurance for household contents PHP 10, 500.00 Annual Premium PHP 300.00

GROUP ELIGIBILITY REQUIREMENTS

      • Registered entity with the Government
      • The Organization must have been operating for at least one (1) year
      • Minimum of 25 persons
      • Group average age of 44 years old
      • Group must choose only 1 option

INDIVIDUAL ELIGIBILITY REQUIREMENTS

      • Must be an active member of the group
      • 18–69 years old
      • Not mentally incompetent nor physically impaired
      • Able to do the usual daily activities of livelihood and not suffering from any mental or physical disability. Not suffering from any critical or terminal illnesses or life-threatening diseases

INSURANCE PROVISIONS

      • 1 year Contestability period
      • Life insurance ends on the 70th birthday
      • ADD Coverage ends on 65th birthday
      • Death by self-destruction or suicide is not compensable within 1 year from effectivity date of insurance.