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INSURANCE COVERAGE
What is the Waiver of Installment Due to Total and Permanent Disability (WITPD) insurance cover?
The WITPD protects the planholder in case of total disability by waiving all premium payments.
What is the Group Creditor's Life Insurance (GCLI) cover?
The GCLI ensures that the plan will still remain in force even if the planholder dies. This means that the plan becomes fully paid. The beneficiaries will receive a lump sum (maturity value) as scheduled in the program.
What is the Group Yearly Renewable Term (GYRT) insurance cover?
The GYRT is an insurance rider that provides cash assistance for the beneficiaries. This is applicable only to packages 3 and 4 of both pension and education plans. The amount of cash assistance depends on the program.
What is the Accidental Death & Dismemberment (AD&D) insurance cover?
Applicable to packages 3 and 4 of both pension and education plans, the AD&D is an insurance rider that provides the following cash assistance in case of accidental death or dismemberment:
- Accidental death - an additional amount equal to the GYRT cash assistance. In effect, if it's an accidental death, the beneficiaries will receive cash assistance provided by the GYRT, plus an additional cash assistance provided by AD&D.
- Accidental full dismemberment - cash assistance is given if there is either loss of both hands, both feet, or sight in both eyes, as the result of an accident.
- Accidental partial dismemberment - cash assistance is given if there is either loss of one hand, one foot, or sight in one eye, caused by an accident. The amount is only half of the cash assistance provided for accidental full dismemberment.
Can a 65 year old avail of the Comprehensive Investment Protection Plan (Pension Package 4)?
Yes, but with the following provisos:
- Your Accidental Death & Dismemberment (AD&D) and Waiver of Installment Due to Total and Permanent Disability (WITPD) insurance covers will no longer be in effect once you reach the age of 66.
- Your Group Yearly Renewable Term (GYRT) and Group Credit Life Insurance (GCLI) covers will only be good until you reach 70 years old. In short, at 71 years of age, no insurance cover will be in effect. However the investment is still there, which is the main reason for availing of a pension plan package.
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