AMA Plans hotline: 576-9127 or 576-6628

THE AMA PENSION PLAN

WHAT IS AN AMA PENSION PLAN?

The AMA Pension Plan (AMAPP) is a fund accumulation program which allows a planholder to prepare for his retirement and other future needs by providing him with a systematic method of saving at an affordable rate over a fixed term.

How does the AMA Pension Plan Work?

The AMA Pension Plan is designed to assist the planholder in securing his future by planning ahead. A pension program is defined by the term or the number of years in which a planholder will have to invest and the maturity date wherein the benefits provided by the plan are due the planholder with the date when the planholder tendered his first payment as date of reckoning. The plan, depending on the program chosen, may mature starting on the eight (8th) year to the twentieth (20th) year.

The benefits due upon maturity are expressed in units with one (1) unit corresponding to Ten Thousand Pesos (Php 10,000). Therefore, a planholder who purchases 10 units of pension plan shall be entitled to a total benefit of One Hundred Thousand Pesos (Php 100,000). The pension plan maybe purchased in spot cash, annual, semi-annual, quarterly or monthly instalments. Consequently, the amount to be tendered shall vary depending on the payment term, the maturity and the number of units purchased.

The terms and maturity amounts offered by AMAPP makes the plan more flexible and affordable.

Who can purchase an AMA Pension Plan?

Any individual who is 18 – 65 years of age, of good health and a permanent resident of the Philippines can purchase an AMAPP.

WHAT ARE THE TYPES OF PLANS OFFERED?

BASIC PLAN

~ Is a pension program that does not carry a life or accidental death and dismembered insurance coverage.

Features

Benefits

With Group Credit Life Insurance

This assures payment of cash benefits even if planholder dies during the paying period.

Waiver of Installment Upon Disability

Plan installments are paid by insurance provider if the planholder becomes permanently disabled.

SPECIAL PLAN

~  is a pension plan program that carries life and insurance coverage until plan maturity date.

Features

Benefits

With Group Credit Life Insurance

This assures payment of cash benefits even if planholder dies during the paying period.

Waiver of Balance Upon Death

Balance is deemed paid if planholder dies during the paying period.

Waiver of Installments Upon Disability

Installments are waived as they fall due if planholder becomes totally and permanently disabled.

Group Yearly Renewable Term

Planholder’s beneficiaries will receive an amount equivalent to 100% of the plan’s maturity benefit if death is due to natural causes.

Accidental Death and Dismemberment

Planholder’s beneficiaries will receive another 100% of the maturity benefit if death is due accident. However, if planholder is dismembered, compensation shall be based according to dismemberment schedule.

HYBRID PLAN

~  is a special plan that allow planholders to withdraw 10% of the maturity benefit starting on the eight year.

Features

Benefits

With Group Credit Life Insurance.

Waiver of Balance Upon Death.

Waiver of installments Upon Disability.

Group Yearly Renewable Term.

Partial withdrawal of maturity benefit

Accidental Death and Dismemberment Insurance Coverage.

This assures payment of cash benefits even if planholder dies during the paying period.

Balance is deemed paid if planholder dies during the paying period.

Installments are waived as they fall due if planholder becomes totally and permanently disabled.

Planholder’s beneficiaries will receive an amount equivalent to the plan’s MATURITY BENEFIT if death is due to natural cause.

Planholder can withdraw 10% of the plan’s maturity benefit starting on the eight year.

Planholder’s beneficiaries will receive an amount equivalent to twice the MATURITY BENEFIT if death is due to accident. However, if planholder is dismembered, compensation shall be based on the severity of the accident.

*DISMEMBERMENT COVERAGE

2 HANDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . 100% of maturity benefit
2 FEET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100% of maturity benefit
2 EYES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100% of maturity benefit
1 FOOT & 1 HAND. . . . . . . . . . . . . . . . . . . . . 100% of maturity benefit
1 HAND & 1 EYE. . . . . . . . . . . . . . . . . . . . . . .100% of maturity benefit
1 FOOT & 1 EYE. . . . . . . . . . . . . . . . . . . . . . .100% of maturity benefit
1 EYE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50% of maturity benefit
1 HAND OR 1 FOOT. . . . . . . . . . . . . . . . . . . . 50% of maturity benefit

OTHER FEATURES

Grace Period

If no payment is made after due date, planholder is given 60 days to update plan. After 60 days, plan is considered lapsed and all benefits due to the planholder is suspended. However, planholder is given two (2) years to reinstate the plan, otherwise, all payments made shall be forfeited.

Reinstatement

  1. Redating: Planholder makes only one installment payment and maturity date is correspondingly adjusted.
  2. Updating: Planholder pays all arrears plus corresponding surcharge. No adjustment is made on the maturity date.
  1. The planholder, before full payment can surrender the plan to the company and get its corresponding Plan Termination.
  2. The Plan Termination in accordance with a fixed schedule presented to the planholder together with his/her policy contract.
  • Full payment of fees and penalties (no retention of commission allowed)
  • Duly accomplished form together with required insurance forms.
  • For amendment plan must be active.

Procedures:

  • Duly accomplished forms must be forwarded to Plan Administration for verification and computation of corresponding charges.
  • Upon approval, the cashier shall be instructed to accept payment to the planholder.
  • Plan Administration will prepare documentation for insurance enrollment and effect the necessary changes in the official records.

Types of Amendments

  • Planholder dies and insurance claim denied.
  • Planholder with a written request is unable to continue paying.
  • Plan certificate issued must be surrendered.
  • Written request.
  • Necessary documents must be submitted to support validity of request.
  • The difference has to be settled if the balance is to be paid within (30) days from last due date.
  • If payment is made beyond thirty (3) days-one full installment amount has to be collected.
  • Affidavit of lost.
  • Payment of policy fee.

Insurance coverage for special cases

Can be accepted up to 6th month of pregnancy, provided a one time Additional Insurance Premium (AIP) of P5.00 for every P1,000.00 coverage is paid. Planholder is not eligible for Waiver of Premium Upon Disability and Accidental Death and Dismemberment coverage. Eligibility will commence after 30 days of normal delivery and 60 days after caesarian.

  • Exam shall be for the account of the insurance company
  • Required to those aged 60 to 65 years old
  • Required for applicants with total plan coverage of more than 1 M
  • Applicants with MIB finds

An AIP of 0.20 for every P1,000.00 coverage per month shall be collected with a maximum of P200,000.00 coverage.

  • Planholder dies and insurance claim denied.
  • Planholder with a written request is unable to continue paying.
  • Plan certificate issued must be surrendered.
  • Written request.
  • Necessary documents must be submitted to support validity of request.
  • The difference has to be settled if the balance is to be paid within (30) days from last due date.
  • If payment is made beyond thirty (3) days-one full installment amount has to be collected.
  • Affidavit of lost.
  • Payment of policy fee.
  • nearest of kin
  • nephews, nieces, aunties, the like can be accepted
  • provided an addendum sheet is submitted
  • business partners with reciprocal business interests
    fiancé’ can be accepted on a case to case basis
  • The difference has to be settled if the balance is to be paid within (30) days from last due date.
  • If payment is made beyond thirty (3) days-one full installment amount has to be collected.
  • Nearest of kin.
  • Nephews, nieces, aunties, the like can be accepted.
  • Provided an addendum sheet is submitted.
  • Business partners with reciprocal business interests fiancé’ can be accepted on a case to case basis.
  • The planholder, before full payment can surrender the plan to the company and get its corresponding Cash Surrender Value.
  • The CSV is in accordance with a schedule formulated by the Securities and Exchange Commission.

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