Our Products & Services
 KGI-MBA provides a micro-insurance program for the poor and has the following products:
  1. Basic Life Insurance Plan
  2. Credit Life Insurance Plan

Below are the Salient features of the products.

Basic Life Insurance
Length of Membership Cause of Death / Total and Permanent Disability (TPD) Benefits (in Php)
Member Spouse Child
Less than 1 Year Death/TPD due to pre-existing condition 2000 none none
Death due to Natural or Non-accidental cause 30,000 none none
Death due to Accident 120,000 20,000 10,000
TPD due Accidental or Natural/Non-accidental cause 15,000 none none
1 Year and above Death due to Natural or Non-accidental cause 60,000 10,000 5,000
Death due to Accident 120,000 20,000 10,000
TPD due Accidental or Natural/Non-accidental cause 30,000 5,000 none
Benefits
 PRE–EXISTING CONDITION

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 twelve (12) months prior to the effective date of membership or twelve (12) months prior to the date of last reinstatement.

 NATURAL OR NON-ACCIDENTAL DEATH

a. Natural or Non-accidental Death of Member Upon the death of the member due to natural or non–accidental causes, KGI–MBA shall indemnify the beneficiary/ies the amount of: THIRTY THOUSAND PESOS (PhP 30,000) should the death occur in less than one (1) year of membership or from the date of last reinstatement, or SIXTY THOUSAND PESOS (Php 60,000), if otherwise.


b. Natural or Non-accidental Death of Legal Dependents KGI–MBA is not liable to any death claim due to natural death of legal dependents occurring in less than one year of membership or within twelve (12) months prior to the date of last reinstatement. However, those with membership of one (1) year and above will receive the benefit amounting to TEN THOUSAND PESOS (Php 10,000) and FIVE THOUSAND PESOS (Php 5,000) for death of legal spouse and child respectively.


 ACCIDENTAL DEATH

a. Accidental death of member Upon death of the member due to accident, the beneficiary/ies will be indemnified an amount equal to ONE HUNDRED TWENTY THOUSAND PESOS (Php 120,000). .


b. Accidental death of legal dependents Upon death of the member’s legal spouse due to accident, KGI–MBA shall indemnify the member an amount equal to TWENTY THOUSAND PESOS (Php 20,000). Upon death of the member’s child due to accident, KGI–MBA shall indemnify the member an amount equal to TEN THOUSAND PESOS (Php 10,000

 TOTAL AND PERMANENT DISABILITY

Total and permanent disability (TPD) shall mean disability caused by bodily injury or disease which prevents the member from engaging in any gainful activity and must continue uninterruptedly for at least six (6) months

There are two types of TPD coverage:

.

i. Disability with dismemberment

The loss of both arms, or both legs, of one arm and one leg, or of both eyes, shall be considered total and permanent disability. Loss of both arms and both legs shall mean dismemberment by amputation of the entire hand or foot; with respect to eyes, entire and irrecoverable loss of sight. This type of TPD can be settled immediately upon submission of complete claims documents.

ii. Disability without dismemberment

If a member or his/her spouse becomes sick or met an accident resulting to complete inability to engage in any gainful employment and becomes bedridden, he/she can be considered as total and permanent disabled if after six (6) months the health condition has not improved. After such confirmation of a competent physician, the member or his/her spouse will receive the full amount for TPD according to the Table of Benefits for TPD.

a. TPD benefit of member

If the member becomes totally and permanently disabled as confirmed by a competent physician, KGI–MBA shall indemnify the member an amount equal to FIFTEEN THOUSAND PESOS (Php 15,000) should the disability occur in less than one year of membership or from the date of last reinstatement, or THIRTY THOUSAND PESOS (Php 30,000), if otherwise. It is understood that upon full payment of the member’s total and permanent disability benefit, his/her certificate of membership is automatically terminated.

b. TPD benefit of legal dependents

To maintain low contribution rates and to safeguard the funds of KGI–MBA, KGI–MBA is not liable to any disability of the legal dependents occurring in less than one year of membership or within twelve (12) months from the date of last reinstatement. However, if the disability of the member’s spouse occurs on the first year or onwards, KGI–MBA shall indemnify the member an amount equal to FIVE THOUSAND PESOS (Php 5,000) but KGI–MBA is not liable for the disability of the member’s child.

 HOSPITAL BILL REIMBURSEMENT BENEFIT (HBRB)

In case a member or his/her member’s legal dependents is hospitalized due to sickness or accident occurring after the date of membership and resulting in confinement for not less than 24 hours for treatment by a competent physician, KGI– MBA will reimburse the amount up to a maximum benefit of:

a. ONE THOUSAND FIVE HUNDRED PESOS (Php 1,500.00) for member per annum

b. SIX HUNDRED PESOS (Php 600.00) for the member’s spouse per annum

c. THREE HUNDRED PESOS (Php 300.00) for the member’s child for a maximum of three children per annum

  MEMBERSHIP
  1. Applicants must be at least eighteen (18) years old but not more than fifty-five (55) years old as of the enrolment date and shall exit at age 65.
  2. He/she must be an active member or employee of the organization.

      LEGAL DEPENDENTS

    The member’s legal dependents shall be defined as follows.

    1. If a member is married, his/her legal dependents are:

    a.the legal spouse

    b. all single biological and/or legally adopted children, two (2) weeks old but not more than eighteen (18) years old

    c. all biological children over 18 years old, single, disabled and incapacitated to work.

  3. If a member is single (unmarried) but with children, only those enumerated under 1b and 1c shall be considered as his/her legal dependents
  4.  2. CREDIT LIFE INSURANCE PLAN

    CREDIT LIFE INSURANCE PLAN (CLIP)

    CLIP is insurance on the life of a DEBTOR in connection with a specific loan to provide payment equivalent to the insured Loan Amount.

    CREDITOR

    CREDITOR means the lender of money for which payment is arranged through a credit transaction.

    DEBTOR

    DEBTOR means a borrower of money for which payment is arranged through a credit transaction

    ELIGIBILITY REQUIREMENTS FOR DEBTORS

    a. DEBTORS must be a member of organized groups recognized by KGI MBA in order to be eligible for coverage.

    b. DEBTORS must be insured under the Basic Life Insurance Program (BLIP) of KGI MBA.

    c. All new members must be at least eighteen (18) years old but not more than fifty-five (55) years old at the first loan release date.

    d. DEBTORS applying for renewal of coverage must not be more than sixty-four (64) years old.

    e. Must be in good health.

    BENEFITS

    Upon the death or total and permanent disability (TPD) of the DEBTOR during the period of coverage, KGI MBA will pay the Insured Loan Amount in the following manner:

    a. The amount of death or TPD benefit which is the insured Loan Amount shall be first applied to the outstanding loan balance of the DEBTOR. This amount is payable to the CREDITOR.

    b. The remaining balance, after deducting the amount stated above from the insured loan the amount, shall be payable to the secondary beneficiary/ies declared in the Debtor’s Application for Credit Life Insurance.


 

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