March 15, 2006
Cocoplans gets SEC nod to sell new pre-need plan

The Securities and Exchange Commission (SEC) has granted Cocoplans, Inc. a license to sell P200 million worth of its new product – OptiMax Life Plan.

“We envision our new product, the OptiMax Life Plan, as a new avenue for us to render outstanding service to the Filipinos. As always, it is what is beneficial for the planholders that is ultimately on top of our minds in each of our products. We believe that the Filipinos deserve no less than our absolute commitment to make their lives a little better,” Cocoplans President Caesar T. Michelena was quoted in a statement.

OptiMax is a fixed-value life plan that is available in seven packages. It offers memorial service benefit, initial expanded benefit, cash difference benefit, living benefits, comprehensive insurance benefits, and personalized professional administration of memorial services.

It also safeguards the planholder against inflation with its yearly or annual increment feature.

With OptiMax, the planholder is also given the option to avail of insurance riders such as group credit life insurance, accidental death and dismemberment, waiver of installment due to total and permanent disability, and personal accident family cover.

As of November 2005, Cocoplans reported a trust fund worth P1.05 billion, comprising P875.2 million for pension and P179.4 million for education.

It is the pre-need arm of the United Coconut Planters Bank group. Aside from the OptiMax Life Plan, it sells fixed-value education and pension plans.

Recently, the company received its second Most Outstanding Pre-Need Plans Provider award from the Consumers Union of the Philippines.

Cocoplans assured planholders of 100% release of maturity benefits. It has never sold traditional education plans since its inception, the statement said.

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