Coop Life Savings Plan

 

A group life insurance plan specially designed for the members investing their resources in the cooperative in the form of share capital or fixed and savings deposits.

Coop Life Savings Plan intends to protect the members’ investment, at the same time encourage them to put in more since they will be assured that their beneficiaries will receive not just their investment in the cooperative, but also another of the same amount from CLIMBS in case of natural death.

Coop Life Savings Plan is a group renewable term insurance plan that requires 100% participation for all eligible borrower-members with the minimum of 25, all availing at the same time.

 

Amount of Coverage
The amount of coverage of CLSP is based on the amount of share capital or fixed and savings deposits to be covered is 250,000 pesos.

 

Period of Coverage and Date of Effectivity

  • The protection offered by CLSP is co-terminus with the membership in the cooperative of the eligible member.
  • The effectivity of the insurance of an eligible member commences on the month of the first premium remittance up to the period the member withdraws his membership or is terminated from the cooperative or at the time of his death.
  • A grace period of 31 days after the due date is given to the cooperative during which the policy remains in force. Non-payment of premium beyond the grace period automatically cancels the coverage.

 

How much is the premium for CLSP
The premium for CLSP is equivalent to 1% of the total share/savings of the cooperative per year.Amount of Coverage


Amount of Coverage
The effectivity of the Life Savings Plan shall commence on the date of premium payment.

BENEFITS AMOUNT OF INSURANCE
Life Insurance Equal to the insured loan of member

 

GROUP ELIGIBILITY REQUIREMENTS

  • Registered entity with the Government
  • The organization must have been operating for the last 1 year.
  • 100% participation requirement of all eligible members.
  • Group average age of 44 years old.

 

INDIVIDUAL ELIGIBILITY REQUIREMENTS

  • Must be member-depositor of the cooperative of financial institution
  • 18 to 65 years old
  • Not mentally incompetent nor physically impaired
  • Able to do usual activities of livelihood and not suffering from mental or physical disability. Not suffering from any critical or terminal illnesses or life threatening diseases.