CLIP - Casic Life Insurance Plan
Protect your family from loan burdens with coverage that settles balances and returns payments to beneficiaries.
0917-624-0230
0905-219-3673
mba4k@yahoo.com
09:00 am - 05:00 pm
Description
CLIP is insurance on the life of a DEBTOR in connection with a specific loan or other credit transaction of five years’ duration or less, to provide payment equivalent to the outstanding loan balance of the loan to a CREDITOR and a return of total principal payments to the BENEFICIARIES, in the event of death of a DEBTOR.
Key Product Features
Maximum Insurable Amount
The maximum insurable loan amount under CLIP shall be the lesser of PhP 120,000 or 500 times the daily minimum wage rate of non-agricultural workers in Metro Manila.
Death Benefit
Upon the death of the Insured DEBTOR, 4K- MBA will pay the following benefits to the corresponding beneficiaries:
- The outstanding balance of the loan at the time of death of the DEBTOR, excluding interest charges, payable to the CREDITOR, and
- The sum of principal payments made on the loan at the time of death of the DEBTOR, payable to the BENEFICIARY declared in the Application Form for Credit Life Insurance Plan.
Contributions and Identifiable Charges
- DEBTORS shall be charged a lump sum amount of PhP 15.00 per PhP 1,000 of approved loan amount per year or equivalently, 1.5% of the approved loan per year for the benefits described in Section 4 above.
- The credit life insurance contributions shall be deducted upfront from the loan amount.
Requirements:
- Death Certificate
- Birth Certificate of the Member
- Proof of Relationship (Marriage Contract/ Birth Certificate) of the claimants
- Photocopy of 2 valid Id of the Claimants (beneficiaries)
- Physician Statement if died at the hospital
- Certification from the barangay that the person really died
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