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.

How I enrolled my BPI Save Up Account Online

To experience hassle-free banking, I opted to enroll my newly opened BPI Save Up account online. It's easy and very straightforward. The steps I followed are shown below:

How to Open a BPI Save Up Account with Free Insurance

I have been spending the 2nd half of my 25th year on earth eager to secure myself and my family finacially. For me, the first step would be having an emergency fund. Then, after some time, I realized I needed an insurance in case I wouldn't be here anymore to provide for my family. Not that I'm married but because only my sister and I can provide wherein I am the one shouldering the bulk of expenses for our extended family. I can't exactly recall how and when I started believing on the importance of insurance. Thanks to the internet for helping us millenials develop our research skills and learn about sensible stuff in the process. Oh yes, I'm considering myself a millenial for this matter though I really think I'm more of a 'tita' in so many ways. I still remember myself during college years and after graduation getting annoyed by the persistent agents scattered inside malls asking if you have an ATM/credit card, how much is your savings, do you know that they reward big-savers and offering insurance thereafter. Anyway, congrats to a 'budgetarian' like me for finding something which provides instant insurance by just saving automatically.

Then I found out about BPI Save Up with free insurance. I have read good and bad reviews but in the end, I still decided to open up an account. It's sad that it isn't possible to open a BPI Save Up account online anymore. I even emailed BPI Direct but did not receive any response. I realized that I really have to do it physically. So, last January 26, 2018, I went to BPI UP Town Center and got a queue number for customer service. When it was finally my turn, I said I want to open a BPI Save Up account. The lady asked where I live, checked my ID and asked for a 1x1 picture. I didn't have a 1x1 picture so she just gave me the customer information sheet and told me to go back with the accomplished sheet and picture. But I really wanted to achieve something that day so I went directly to BPI TriNoma. Luckily, I was able to open a BPI Save Up account because the one who attended to me was resourceful.  She photocopied my photo-bearing ID and cut out my picture from there. I just filled out the customer information sheet, another white card for the Save Up account information and the BPI Save Up application form.