BPI Save Up Account Life Insurance Policy

This is the insurance policy that will take effect when you open a BPI Save UP with Free Life Insurance account as of this posting. Original (and updated) text can be found on this link.

BPI-Philam Life Assurance Corp. General Provisions

1.    CERTIFICATE. This document together with the Info Card shall constitute the Certificate of insurance. The Certificate is not a contract of insurance. It contains only brief details for the Insured’s information, and is subject always to the terms and conditions of the Group Term Life Insurance, with Master Policy number 9900000985, a copy of which is available for inspection upon reasonable request at BPI Direct Savings Bank Head Office.

The “Company” whenever used below shall refer to BPI-Philam Life Assurance Corp., while the “Policyholder” shall refer to BPI Direct Savings Bank. “Insured Individual” or “Eligible Individual” whenever used below shall refer to “Insured Accountholder” or “Eligible Accountholder.”

2.    ELIGIBLE PARTICIPANTS. All individual accountholders of an existing Save Up Account of BPI Direct Savings Bank shall be eligible to participate in this insurance, provided that they are at least 15 years, but not more than 60 years old.

For joint accounts, all accountholders shall be considered eligible, provided each fulfills the eligibility requirements.


3.    EFFECTIVE DATE OF INSURANCE. The insurance of an eligible accountholder shall take effect on the date the account is confirmed opened by the Policyholder subject, however, to the EFFECTIVE DATE PROVISO stated below, as well as the other conditions stated in the Master Policy.

4.    EFFECTIVE DATE PROVISO. Any eligible Individual, who on account of illness or disability is bedridden or confined in a hospital / clinic on the date his insurance would normally take effect, as provided above, shall not be considered insured on such date. His insurance shall take effect only on the first day of his full recovery from such illness or disability or of his discharge from the hospital / clinic as a fully-recovered patient.


5.    AMOUNT OF INSURANCE. The Amount of Insurance shall be in accordance with the following:

Basic Life : Five times the account’s average Month-to-Date Average Daily Balance (MTD-ADB) of the past three calendar months (i.e. prior to the Insured’s demise), up to a maximum of P2,000,000 regardless of the number of accounts opened by the Insured Individual. Any amount in excess of this limit shall be without insurance coverage.

Accidental Death: Additional Five times the account’s average Month-to-Date Average Daily Balance (MTD-ADB) of the past three calendar months (i.e. prior to the Insured’s demise), up to a maximum of P2,000,000 regardless of the number of accounts opened by the Insured Individual. Any amount in excess of this limit shall be without insurance coverage.

Accidental Dismemberment : In accordance with the following multiples applied to the account’s average Month-to-Date Average Daily Balance (MTD-ADB) of the past three calendar months (i.e. prior to the Insured’s demise), up to a maximum amount specified below. Any amount in excess of this limit shall be without insurance coverage.

Loss	Indemnity / Multiple
Both Hands	5 times ; maximum of P2,000,000
Both Feet	5 times ; maximum of P2,000,000
Sight of Both Eyes	5 times ; maximum of P2,000,000
One Hand and One Foot	5 times ; maximum of P2,000,000
One Hand and Sight of One Eye; or	5 times ; maximum of P2,000,000
One Foot and Sight of One Eye
One Hand or One Foot or Sight of One Eye	2.5 times ; maximum of P1,000,000

Loss of hand means severance at or above the wrist. Loss of foot means severance at or above the ankle joint. Loss of sight means total and irrecoverable loss of sight.

If more than one of the losses specified in this schedule are sustained as a result of one accident, payment shall be made only for the loss for which the largest benefit is specified. Losses sustained as a result of any subsequent accident shall be considered

for payment separately from and independently of other losses sustained in a previous accident.

The Company, before making any payment, shall have the right and opportunity to examine the body of the insured individual and make an autopsy thereof in case of accidental death.

However, for the first three (3) calendar months of coverage from the Effective Date of Insurance, following is the Amount of Insurance of the Insured Individual, subject to the maximum amount specified above:

Basic Life and Accidental Death:

1st month	:	Five times the account’s MTD-ADB during the 1st calendar month of coverage
2nd month	:	Five times the account’s MTD-ADB during the 1st calendar month of coverage
3rd month	:	Five times the account’s average MTD-ADB of the first two calendar months of coverage

Accidental Dismemberment:

In accordance with the multiples stipulated above applied to the following:

1st month	:	Account’s MTD-ADB during the 1st calendar month of coverage
2nd month	:	Account’s MTD-ADB during the 1st calendar month of coverage
3rd month	:	Account’s average MTD-ADB of the first two calendar months of coverage

Average Daily Balance is defined to be the sum of the daily end-of-day balances in the account for a calendar month divided by the number of days in that month. The formula for computing the ADB, except for the 1st calendar month of coverage is as follows:

ADB =	Day 1 ending balance + Day 2 ending balance + …… + Day 30 or 31 ending balance
	Number of days in the calendar month

The MTD-ADB for the 1st calendar month of coverage is defined to be the sum of the daily end-of-day balances in the account for that month, divided by the number of days the account has been existing.

For Joint AND/OR accounts, the amount of insurance shall be computed based on each eligible accountholder’s equal share of the account’s average MTD-ADB.

6.    BENEFICIARY. The Company shall follow the class hierarchy of qualified beneficiaries in paying the applicable insurance proceeds. The hierarchy of qualified classes of beneficiary/ies in order of preference are:

   1. widow or widower
   2. surviving legitimate, legitimated, legally adopted and recognized illegitimate children;
   3. surviving illegitimate children;
   4. surviving parents;
   5. surviving brothers and sisters of the full blood;
   6. surviving brothers and sisters of the half blood; or
   7. the Insured’s estate

Unless stated otherwise, designation of the beneficiary is revocable. Settlement of insurance proceeds in favor of a minor beneficiary may entail court proceedings.

Payment to one class of beneficiary/ies would disqualify the other classes of beneficiary from receiving insurance proceeds.

If there are two or more beneficiaries in the same class entitled to the proceeds of the insurance, they shall share equally. Any minor’s share shall be paid to him in the manner provided for by law.

An Insured Individual can designate his preferred beneficiary if he chooses not to follow the above hierarchy by submitting an Application for Amendment of Beneficiary form and the required supporting documents. The change of beneficiary shall take effect on the date the form is received by the Company, provided that the said form is completely filled out and duly signed by the Insured Individual and the said required documents are submitted, but without prejudice to the Company on account of any benefit payment made by it before such change is effected.

If any designated beneficiary should predecease the Insured Individual, or should be disqualified under the law, his interest as such shall thereupon automatically terminate. However, if two or more beneficiaries have been designated in one individual insurance policy, the interest in the share in the proceeds of anyone who may predecease the Insured Individual or who may be disqualified under the law shall accrue to the surviving beneficiary/ies, equally, unless the Insured Individual in the exercise of his right of revocation, should designate a new beneficiary/ies.

7.    PAYMENT OF INSURANCE PROCEEDS. The designated beneficiary/ies shall receive an amount equivalent to the amount of insurance of the Insured Individual in effect at the time of his death, for as long as this insurance as well as the Master Policy are in force at the time of death. If the Insured Individual opens several Save Up accounts and has subsequently designated several beneficiaries, the benefits shall be subdivided among the beneficiaries. Each beneficiary shall receive a portion of such benefits proportionate to the MTD-ADB amount of the account/s under which he/she has been named a beneficiary.

For Accidental Dismemberment, benefits shall be payable to the Insured Individual.

8.    INCONTESTABILITY. The insurance coverage of the Insured Individual, or any additional portion thereof, shall be incontestable after such insurance shall have been in force during the Insured’s lifetime for a period of one year from its Effective Date or last reinstatement date, except for non-payment of premiums.

No statement made by any Insured under this Policy relating to his insurability shall be used in contesting the validity of the insurance with respect to which such statement was made after such insurance has been in force prior to the contest for a period of one (1) year during such individual's lifetime nor unless contained in a written instrument signed by him.

9.    EXCEPTIONS. The following exclusions and restrictions on coverage shall apply:

	a. Deaths due to pre-existing and critical illnesses or conditions, whether such illness or condition is known or not to the Insured Individual at the time of account opening, occurring within one year from the date the insurance takes effect, are not covered.
	b. Deaths occurring in restricted areas including but not limited to, Iraq, Iran and Lebanon are not covered.
	c. Deaths due to suicide occurring on the first year, except as provided for by law
	d. For the Accidental Death and Dismemberment coverage, no benefit shall be payable if the Insured Individual’s death or dismemberment shall result, either directly or indirectly, from any of the following causes:

	i.  Self-destruction or self-inflicted injuries whether the insured individual be sane or insane at the time of commission.
	ii.  Bodily or mental infirmity or disease of any kind.
	iii.  Poisoning or infection, other than infections occurring simultaneously with or in consequence of a cut or wound sustained in an accident.
	iv.  Any injury suffered (a) while on police duty in any military, naval or police organization (b) in any riot, civil commotion, insurrection or war or any act incident thereto; (c) while traveling as a fare-paying passenger or otherwise in any form of air or submarine transportation, or while engaging in aeronautics or submarine operations, except while the insured individual is a passenger in an aircraft operated by a passenger airline on a scheduled passenger trip over its established passenger route; (d) while or because the insured individual is affected by alcohol or any drug; or (e) in any violation of the law by the insured individual or assault provoked by the insured individual.
	v.  Atomic fission or radioactive gas.
	vi.  Death or bodily injury or loss occurring one hundred eighty days after the date of the accident causing the loss.

10.    FILING OF CLAIM. When filing a claim, the designated beneficiary/ies should call BPI ExpressPhone (89-100) and request for the appropriate insurance claim forms and a checklist of the required supporting documents. The claim form and supporting documents should be submitted to the Company. The claim request will be accepted ONLY IF THE NECESSARY FORMS AND DOCUMENTS ARE COMPLETE. All claims are subject to verification and approval of the Company.

11.    MISSTATEMENT OF AGE. In the event the age of the Insured has been incorrectly stated, and if according to the correct age of the Insured, the insurance coverage would not have become effective, or would have ceased prior to the acceptance of any premium or premiums, then the liability of the Company during the period the Insured is not eligible for coverage shall be limited to the refund of all the premiums paid for the period not covered by the Policy.

12.    TERMINATION OF INSURANCE. The Insured Individual’s coverage shall automatically terminate on the earliest of the following dates:

	a.    the first day of the month of the Insured’s 61st birthday;
	b.    the date of termination of the Master Policy;
	c.    the date the Insured Individual’s Save Up account is terminated;

13. IMPORTANT NOTICE. The Insurance Commission of the Philippines, with offices in Manila, Cebu and Davao, is the government office in charge of the enforcement of all laws relating to insurance and has supervision over insurance companies. It is ready at all times to render assistance in settling any controversy between an insurance company and a Policyholder relating to insurance matters.