|
1. The Promo is open to Security Bank Car Loan borrowers whose auto loans are booked / approved during the promo period; ages 23 to 60 years old, and are able to independently perform and carry out normal daily activities. Co-borrowers are not covered by the Promo Incentives (life insurance and ADD).
2. The promo period runs from May 14 to August 15, 2009.
3. To qualify for the free life insurance coverage and accidental death and dismemberment benefit:
| |
3.1 |
Security Bank Car Loan must be approved and availed during the
promo period. |
|
| |
3.2 |
Borrower must be within the prescribed age limit. |
|
| |
3.3 |
Borrower must be physically able to independently perform and
carry out normal daily activities For borrowers who are not
physically able to independently perform and carry out normal
daily activities at the time of the approval of his Security Bank
Car Loan, his insurance coverage shall take effect only upon his
return to active performance of his daily normal activities
(please refer to Item No. 5.1 for the additional requirements). |
|
4. Qualified borrowers shall be provided with FREE life insurance and ADD benefits for a period of one (1) year based on the terms and conditions stipulated in the Credit Life Insurance Package for Security Bank Car Loan Program provided by Philamlife.
The table below provides the summary of benefits:
Type of
Insurance |
Car Loans of
P1.5-Million and Below |
For Car Loans above P1.5-Million |
| Life |
Php100,000 |
Php200,000 |
| Accidental Death and Dismemberment
(ADD) |
Php1,000,000 |
Php2,000,000 |
| Loss of |
AD&D Benefit |
| Life |
100% of Principal Sum |
| Sight of Both Eyes |
100% of Principal Sum |
| Both Hands |
100% of Principal Sum |
| Both Feet |
100% of Principal Sum |
| 1 Hand & 1 Foot |
100% of Principal Sum |
| 1 Hand & Sight of 1 Eye |
100% of Principal Sum |
| 1 Foot & Sight of 1 Eye |
100% of Principal Sum |
| 1 Hand |
50% of Principal Sum |
| 1 Foot |
50% of Principal Sum |
| Sight of 1 Eye |
50% of Principal Sum |
| |
|
| Note: Certain exclusions apply. Full
description of the AD&D rider shall be in the Supplementary
Contract attached to the Master Policy. |
5. Philamlife shall observe the following underwriting procedures:
| |
5.1 |
Security Bank Car Loan borrowers who are physically able to independently perform and carry out normal daily activities shall not be required to fill-up health declaration forms, undergo medical examinations, or submit any evidence of insurability. |
|
|
5.2 |
In case a borrower is not actively performing his daily normal activities on the date that his Security Bank Car Loan has been approved, his insurance shall take effect only upon his return to active performance of his daily normal activities. The borrower shall submit to Security Bank Consumer Lending Division the required medical documents and evidence of insurability which in turn shall be submitted to Philamlife for further evaluation. |
|
| |
5.3 |
The underwriting procedure shall be subject to pre-existing clause
for a period of one (1) year. A pre-existing condition clause
states that death occurring within the first 12 months of coverage
due to a pre-existing condition shall not be covered. |
|
| |
|
A pre-existing condition is defined as a condition for which
preceding the effective date of coverage, the policyholder has: |
|
|
|
|
· |
received medical treatment and diagnosis |
|
|
|
|
· |
gone for consultation |
|
|
|
|
· |
used prescribed drugs |
|
6. The insurance on the life of a Security Bank Car Loan borrower
automatically terminates if any of the following events occur:
|
6.1 |
The Policy is terminated, |
| |
6.2 |
The indebtedness is fully paid, |
|
6.3 |
The indebtedness is in arrears for more than three (3) months, |
|
6.4 |
The borrower attains his 61st birth anniversary, |
|
6.5 |
The indebtedness is discharged or transferred to another creditor, |
|
6.6 |
The borrower enters military, air or naval service. |
7. No benefit shall be paid except for a return of
premiums paid by the Assured if the insured borrower dies by suicide
within one (1) year from the effective date or last reinstatement of
his individual insurance coverage. However, if suicide is committed
while the insured borrower is in a state of insanity, such is
compensable regardless of the date of commission.
8. Claimants will be required to submit the standard claims
requirement such as Attending Physician Statement, Claimants
Certificate, Death Certificate (in case of death of the insured
borrower), Medical Records (if any). Upon submission, Philamlife will
review all documents, and if deemed necessary, Philamlife may require
for the submission of additional documents.
9. Clerical error in keeping the records shall not invalidate the
insurance otherwise validly in-force, nor continue insurance otherwise
validly terminated. If the age or date of birth or other relevant
facts relating to any insured Borrower shall be found to have been
misstated and if such misstatement affects the amount of insurance or
has anything to do with the terms and conditions of the Policy, the
true age and facts shall be used in determining whether insurance is
in force under the terms of the Policy, and the amount thereof, and an
equitable adjustment of premium shall be made
10. Any payments made for a proposed coverage shall be considered as
premium deposits only and shall be returned to the Assured if the
application is declined. Additional premiums shall be requested from
the Assured if the proposed coverage is approved at a substandard
rate.
Per DTI-NCR Permit No. 2386, Series of 2009
|
Consumer Loan
