What are the benefit availment options for the planholder upon maturity of his plan?
Upon maturity, the planholder may avail of his maturity benefits through the following availment options:
- LUMPSUM – one time payment of all maturity benefits.
- INTEREST PAYMENT – The planholder shall be paid an interest on the maturity benefit annually, semi-annually, quarterly or monthly at prevailing bank rates. The maturity benefit will be paid to the planholder should he decide to withdraw from or end this arrangement.
- FIXED PERIOD – The planholder shall be paid an amount over a fixed period selected in annual, semi-annual, quarterly or monthly mode.
- FIXED VALUE – The planholder shall be paid a fixed amount in installments at regular intervals.
- PARTIAL PAYMENTS – The planholder may elect to receive partial payment or not more than 50% of maturity benefits and leave the balance to be paid under options 2, 3 or 4.
What other protections are offered by AMAPP?
All AMAPP planholders shall be insured by the company under a Group Credit Life Coverage and shall be protected by the following benefits:
1. Waiver of Balance Upon Death (WBD) – if the planholder passes away during the paying period, the remaining balance of the plan is waived and the maturity benefit shall be paid to his beneficiary upon maturity.
2. Waiver of Balance Upon Disability (WID) – if the planholder becomes totally and permanently disabled during the paying period, the installments shall be waived as they fall due and the maturity benefit shall be paid to the planholder or his beneficiary upon maturity.
Optional insurance coverage:
1. Group Yearly Renewable Term (GYRT) – if the planholder passes away due to natural cause before the maturity, his family will receive a cash benefit equivalent to the Maturity Benefit of the plan.
2. Accidental Death and Dismemberment (ADD) – if the planholder passes away due to accident, his beneficiaries will receive a csh benefit twice the amount of the maturity benefit of the plan. In case of dismemberment of both eyes, hands, feet or any combination thereof, planholder or beneficiary is entitled to cash benefit of 100% of the Maturity Benefit of the plan. Likewise loss of an eye, foot or hand entitles the planholder or beneficiary a cash benefit of 50% o fthe Maturity Benefit of the Plan.
What other features of AMAPP can benefit the planholder?
The planholder will also benefit out of the following AMAPP features:
- TRANSFER – The planholder may transfer ownership of the plan to a qualified third party until one year before maturity of the plan.
- PLAN TERMINATION – The planholder before or after full payment of the plan can surrender his plan to the company and get its corresponding cash value according to a fixed schedule as presented.
- GRACE PERIOD – Should the planholder fail to pay his installments on his due date, he shall be given sixty (60) days to settle his unpaid installments.
- REINSTATEMENT – If the planholder fails to pay his unpaid installments within the grace period, his plan will lapse and shall no longer be binding. However, the company shall give the planholder a period of two (2) years to revive or reinstate the plan.
What is the guarantee that AMAPP can give all the benefits described above?
AMAPP guarantees the delivery of the benefits described above through:
- Trust Fund – AMAPP will deposit a certain percentage of its collection to its trustee bank, Metropolitan Bank and Trust Corporation, to ensure funding of all benefits as they become due.
- Insurance – AMAPP shall insure all planholders with a reputable Insurance Company authorized to transact business in the Philippines under a Group Credit Life Insurance Coverage.