Basic Life Insurance Plan
A Basic Life Insurance Plan is a financial protection policy that provides a guaranteed cash benefit to the insured member’s beneficiaries in the event of their passing. Unlike traditional term insurance, this plan also builds equity value, allowing members to accumulate financial benefits over time.
Key Features
- A fixed death benefit for financial security.
- Equity value accumulation, providing long-term financial benefits.
- Affordable premiums, ensuring accessibility for all members.
- Straightforward coverage with minimal requirements.
At Magdiwata Basic Care Mutual Benefit Association, Inc., we are committed to providing a life insurance plan that not only protects your loved ones but also helps you build financial stability for the future.
Eligibility for Membership
Applicants must be at least 18 years old but not more than 70 years old on the enrollment date and should be in good health.
Coverage Details
- Must be a member of MBC – MBA
- Dependents
- Legal Spouse who is not more than seventy-five (75) years old
- Common-law partner who is not more than seventy-five (75) years old, both must be single or widowed and has been living together for over five (5) years and has no legal impediments to enter into marriage
- Parents below 75 years old – for single members with biological children
- Children:
- 4 Biological or legally adopted children
- 2 weeks to 18 years old
Frequently Asked Questions
- Enrollment age is 18 years old but not more than 70 years old
- Must be a member of MBC – MBA
- Member of any organized group
- Member of our Partner Coop and Micro-Finance Organization
- Marriage Contract
- Certification for Live-in partners
- Birth Certificate or any document which shows the date of birth such as:
- Baptismal Certificate
- Philhealth MDR
- Voters Certification
- Joint Affidavit of Two Disinterested Persons
- Legal Adoption Papers for Adopted Children
- Death Certificate
- Claim Form
- Doctor’s Certificate
- Police Report
- Claim Form
- Police Report
- Death Certificate
- Claim Form
- Doctor’s Prescription
- Original Receipts of Medicines
- Claim Form
- Police Report for Vehicular Accident
- Any member who fails to pay his/her contribution shall be given a grace period of forty-five (45) days within which to remit the contributions.
- In case of death, total and permanent disability due to accident, or hospital confinement of the member or his/her dependent during the grace period, the balance of the contribution in arrears shall automatically be deducted from the benefits payable.
- If after the forty-five (45) days grace period and no payment is received, the membership shall lapse and in the event of subsequent death, total and permanent disability due to accident or hospital confinement of member or his/her dependents, no benefit accrues to the member or to the beneficiaries of the deceased member other than the member’s Equity Value, provided, he/she has been a member for a least three (3) continuous years.
The Basic Life Insurance Plan provides the following benefits:
- Natural Death Benefit
- Accidental Death Benefit inclusive of burial expenses
- Accidental Disablement Benefit
- Accidental Medical Reimbursement Benefit
Natural Death
A Natural Death Benefit is the guaranteed cash benefit provided to the beneficiaries of an insured member in the event of their passing due to natural causes. This includes deaths resulting from aging, illness, or medical conditions such as heart disease, stroke, or organ failure, without external factors like accidents or violence.
At Magdiwata Basic Care Mutual Benefit Association, Inc., our Natural Death Benefit is designed to provide financial security and support to the families of our members during difficult times. This benefit ensures that loved ones receive the necessary assistance to help with funeral expenses, outstanding debts, or daily living needs.
Key Features:
- Guaranteed payout to beneficiaries in case of death due to natural causes.
- Financial protection to ease the burden on surviving family members.
- Simple claims process for quick and hassle-free benefit disbursement.
By offering this benefit, we aim to provide peace of mind and stability to our members and their families.
Accidental Death Benefit inclusive of burial expenses
The Accidental Death Benefit is a financial benefit provided to the beneficiaries of an insured member in the event of death caused by an accident. This includes unforeseen and sudden events such as traffic accidents, falls, drowning, or other external and unintentional causes.
At Magdiwata Basic Care Mutual Benefit Association, Inc., our Accidental Death Benefit is designed to offer increased financial support to the family of the insured during difficult times. In addition to the death benefit, this coverage also includes burial expenses, ensuring that families receive immediate assistance for funeral and memorial costs.
Key Features:
- Higher payout for accidental death compared to natural death benefits.
- Inclusive of burial expenses, reducing the financial burden on the family.
- Covers accidental fatalities caused by unforeseen and external events.
- Quick and hassle-free claims process for immediate support.
This benefit provides peace of mind knowing that in the event of an unexpected loss, families will have financial protection to cover both death-related and funeral expenses.
Accidental Disablement Benefit
The Accidental Disablement Benefit provides crucial financial support in the event that an insured member suffers a total and permanent disability or dismemberment due to an accident. This benefit ensures that members who experience life-altering injuries receive the financial assistance needed to manage the physical, emotional, and financial impacts.
At Magdiwata Basic Care Mutual Benefit Association, Inc., our Accidental Disablement Benefit helps ensure that members are not left financially burdened if they suffer permanent disabling injuries due to accidents.
Key Features:
- Total and Permanent Disability (TPD) – A benefit provided if the insured becomes totally and permanently disabled, rendering them unable to work or perform daily tasks due to an accident.
- Dismemberment – Covers the loss of a limb or other critical body part (such as a hand, foot, or eye), providing financial support for recovery and adjustments.
- Financial relief for medical bills, rehabilitation, and daily living expenses, following a qualifying accident.
- Quick claims process to ensure timely assistance when it's most needed.
With this coverage, we aim to provide peace of mind to our members, ensuring that life’s unexpected accidents don’t leave them struggling financially.
Accidental Medical Reimbursement Benefit
The Accidental Medical Reimbursement Benefit provides financial assistance to cover medical expenses incurred as a result of any type of accident. This benefit is designed to help insured members manage the cost of treatment, hospitalization, and other necessary medical care following an accident.
At Magdiwata Basic Care Mutual Benefit Association, Inc., our Accidental Medical Reimbursement Benefit offers up to PHP 5,000 per year, ensuring that members have access to the medical support they need after an unforeseen accident.
Key Features:
- Reimbursement of medical expenses – Covers the cost of hospitalization, treatments, medications, and medical consultations following an accident.
- Up to PHP 5,000 per year – A fixed reimbursement amount to help cover accident-related medical costs annually.
- No limitation on the type of accident – This benefit applies to any accident, whether it results in minor injuries or more serious health issues.
- Quick reimbursement process – Fast processing of claims to ensure you get the support you need without delays.
This benefit helps reduce the financial burden of medical costs resulting from accidents, so you can focus on your recovery.
Equity Value
Equity value refers to the portion of your premium payments that accumulates and builds financial value within your insurance policy.
At Magdiwata Basic Care Mutual Benefit Association, Inc., 50% of your total premium contribution is allocated toward building this equity value, ensuring that a significant portion of your payments grows over time. This accumulated value serves as a financial asset, which can be utilized in various ways, either by you during your lifetime or by your beneficiaries.
Key Features of Equity Value (50% of Total Premium Contribution):
- 50% of premiums allocated – Half of your premium payments directly contribute to building equity value.
- Long-term growth potential – The equity value can increase over time, enhancing your policy's overall worth and financial protection.
- Access to accumulated funds – Members can access the equity value through policy loans, withdrawals, or as part of the death benefit.
- Increased financial flexibility – The growing equity value offers additional support for future financial needs or emergencies, making it more than just a life insurance policy.
This feature helps you build financial security over time while ensuring your premium payments provide both coverage and value.
Termination of Coverage
Coverage ends under the following conditions, whichever occurs first:
- Death or total permanent disability of the member
- Resignation from Magdiwata Basic Care - MBA
- Expiration of the grace period without payment
- Withdrawal of the equity value on the policy
- Termination with cause by Magdiwata Basic Care - MBA
- Dependent coverage ends when the member’s coverage terminates.
- Member reaching the age of 75
- Dependent coverage ends when the member’s coverage terminates.
Fees and Contributions
- Membership Fee: PHP 200 (non-refundable)
- Yearly Contribution: ₱560.00
- Weekly Contribution: ₱12.00
Pre-Existing Condition
- is a condition for which the member received medical treatment or has consulted a physician for medical treatment or has been taking medications during the six (6) months prior to the effective date of membership or six (6) months prior to the date of last reinstatement.
- During this time, MBC-MBA is not liable to any loss claim (death, total and permanent disability, hospital confinement) occurring during the first six (6) months of membership or within six (6) months from the date of last reinstatement except if caused by accident and/or diseases acquired within that period as certified by a competent physician other than Two Thousand Pesos (PhP2,000.00) gratuity for loss occurring during the first six (6) months from effective date of insurance coverage or within six (6) months from the date of last reinstatement.
