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LAPSATION AND REINSTATEMENT
What is lapsation?
Lapsation is when a planholder fails to pay within 60 days from the due date of payment. When this happens, all rights, privileges and benefits will cease.
What can I do when my plan lapses?
You can still reinstate your plan within 2 years from the due date of the last unpaid installment.
How do I reinstate my plan?
- Updating by paying all installments from the last unpaid due date, plus an interest rate of 18% per annum on each instalment. At the same time, you will also have to pay the current amount due.
- Re-dating by paying only one (1) current installment. This will move forward the effectivity date, due dates of payments and the maturity date. This option is not available for education plans.
For either method, the contestability period of 1 year will be in effect from the date of reinstatement.
To apply for reinstatement on your lapsed plan, submit the following requirements to any Cocoplans business center near you:
- Filled out Application for Reinstatement/Change in Mode of Payment form
- Payments due (back installments + interest)
- P 280.00 processing fee
If there are no problems with the requirements submitted, you will be receiving an endorsement from us to notify you once your plan has been reinstated.
What happens if I do not reinstate my plan within 2 years?
When this happens, your pension or education plan is cancelled, and all payments made are forfeited. If you have forgotten the due date of your plan/s you can call your nearest Cocoplans business center and inquire on this.
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