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Pamana Savings Terms and Conditions


1. Certificate. This Certificate is not a contract of insurance but a mere confirmation of coverage in the applicable Group Term Life Insurance Policy. The Insurance Coverage is strictly subject to the terms and conditions of the Group Term Life Insurance, with Master Policy number 9900230277 for BPI Pamana Savings Account (Peso) or Master Policy number 9900230302 for BPI Pamana Savings Account (US Dollar), copies of which are available for viewing in any of the BPI Branches upon reasonable request.


The “Company” whenever used below shall refer to BPI-Philam Life Assurance Corp., while the “Policyholder” shall refer to BPI. “Insured Individual” or “Eligible Individual” whenever used below shall refer to “Insured Accountholder” or “Eligible Accountholder.”


2. Eligible Participants. A BPI Pamana Savings Accountholder shall be eligible for a free life insurance coverage, provided the accountholder is at least 15 years old, but not more than 60 years old at the time of account opening, and his/her place of work and/or residence is not in the list of the areas or places restricted by the Company per the relevant Master Policy.


For joint accounts, only one of the joint accountholders will be designated as the Insured, to be stated consistently in both the Application for Inclusion in a Group Term Life Insurance Coverage and the Certificate of Inclusion in a Group Term Life Insurance Coverage provided the designated Insured should be an Eligible Individual. No amendment of the designated Insured unless originally designated Insured becomes ineligible.


3. Effective Date of Insurance. An Eligible Individual shall accomplish the Application for Inclusion in a Group Term Life Insurance Coverage. The insurance shall take effect on the date the BPI Pamana Savings Account is opened by the Policyholder subject, however, to the EFFECTIVE DATE PROVISO stated below, as well as the other conditions stated in the Master Policy. The Company reserves the right to decline coverage to an Individual who fails to comply with this requirement.


4. Effective Date Proviso. An Eligible Individual who, on account of illness or disability is bedridden or confined in a hospital/clinic on the effective date of his/her insurance, as provided above, shall not be considered insured on such date. His/Her insurance shall take effect on the first day of his full recovery from the illness or disability or of his discharge from the hospital/clinic as a fully-recovered patient as certified by the attending physician of the Eligible Individual.


5. Amount of Insurance. The Amount of Insurance shall be equal to the lower of:


a) three times the account’s average Month-to-Date Average Daily Balance (MTD-ADB) of three calendar months immediately preceding the death of Insured Individual; or


b) P 2,000,000 for BPI Pamana Savings Account (Peso) or US$ 40,000 for BPI Pamana Savings Account (US Dollar),

regardless of the number of BPI Pamana Savings Accounts existing under the name of the Insured Individual at the time of his/her death. Any amount in excess of this limit shall be without insurance coverage. However, for the first three (3) calendar months of coverage from the Effective Date of Insurance, the following is the amount of insurance of the Insured Individual, subject to the maximum amount of P 2,000,000 for BPI Pamana Savings Account (Peso) or US$ 40,000 for BPI Pamana Savings Account (US Dollar).


1st monthThree times the account’s MTD-ADB during the 1st calendar month of coverage

2nd month

Three times the account’s MTD-ADB during the 1st calendar month of coverage
3rd monthThree times the account’s average MTD-ADB of the first two calendar months of coverage


Average Daily Balance is defined to be the sum of the daily end-of-day balances in the account for a calendar month divided by the number of days in that month. The formula for computing the ADB, except for the 1st calendar month of coverage is as follows:


ADB=Day 1 ending balance+Day 2 ending balance+…………+Day 30 or 31 ending balance
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Number of days in the calendar month


The MTD-ADB for the 1st calendar month of coverage is defined to be the sum of the daily end-of-day balances in the account for that month, divided by the number of days the account has been existing.


6. Subject to the terms and conditions of the applicable Master Policy, the following exclusions and restrictions on coverage apply:


a) Deaths due to pre-existing and critical illnesses or conditions, whether such illness or condition is known or not to the Insured Individual at the time of account opening, occurring within one year from the date the insurance takes effect.


b) Deaths occurring in restricted areas including but not limited to, Iraq, Iran and Lebanon and other areas listed in the Master Policy and as may be amended from time to time.


c) Deaths due to suicide occurring on the first year are not covered except as provided for by law.


For the complete lists of restricted areas, pre-existing and critical illnesses,
please visit http://www.bpi.com.ph > Bank > Savings Accounts > Deposit with Insurance


7. Beneficiary. An Insured Individual shall have the right to designate anybody, not disqualified by law, as his beneficiary or beneficiaries.


If the designation of the beneficiary in the Application is revocable, he may, from time to time, change his beneficiary or beneficiaries by filing a written notice through his branch of account, on a form satisfactory to the Company. If the designation of the beneficiary is irrevocable, the Insured Individual may not change his beneficiary or beneficiaries without the consent of the beneficiary irrevocably designated. The change of beneficiary shall take effect on the date the form is received by the Policyholder, provided that the said form is completely filled out and duly signed by the Insured Individual and irrevocable beneficiary/ies, if any, but without prejudice to the Company on account of any benefit payment made by it before such change is effected.


If any designated beneficiary should predecease the Insured Individual, or should be disqualified under the law, his interest as such shall thereupon automatically terminate. However, if two or more beneficiaries have been designated in one individual insurance policy, the interest in the share in the proceeds of anyone who may predecease the Insured Individual or who may be disqualified under the law shall accrue to the surviving beneficiary/ies, equally, unless the Insured Individual in the exercise of his right of revocation, should designate a new beneficiary/ies.


If no beneficiary is designated or if no designated beneficiary is qualified or survives at the time of death of the Insured, the proceeds of the Insurance will accrue to the estate of the Insured Individual and will be given to his legal heirs in accordance with law. Any minor’s share shall be paid to him in the manner provided for by law.


8. Payment of Insurance Proceeds. The designated beneficiary/ies shall receive an amount equivalent to the amount of insurance of the Insured Individual in effect at the time of his death, for as long as this insurance as well as the Master Policy are in force at the time of death. If the Insured Individual opens several BPI Pamana Savings Accounts per Master Policy and has subsequently designated several beneficiaries, the benefits shall be divided among the beneficiaries designated. Each beneficiary shall receive a portion of such benefits proportionate to the MTD-ADB amount of the account/s under which he/she has been named a beneficiary.


9. Incontestability. The insurance coverage of the Insured Individual, or any additional portion thereof, shall be incontestable after such insurance shall have been in force during the Insured’s lifetime for a period of one year from its effective date or last reinstatement date, subject to the provisions of the Master Policy.


No statement made by any Insured under this Policy relating to his insurability shall be used in contesting the validity of the insurance with respect to which such statement was made after such insurance has been in force prior to the contest for a period of one (1) year during such individual’s lifetime nor unless contained in a written instrument signed by him.


Any change in the designated Insured, if allowed under these Terms and Conditions and in the Master Policy, is subject to this Section on Incontestability.


10. Filing of Claim. When filing a claim, the designated beneficiary/ies should proceed to the branch of account and request for the appropriate insurance claim forms and a checklist of the required supporting documents. The claim form and supporting documents should be submitted to the branch of account. The claim request will be accepted ONLY IF THE NECESSARY FORMS AND DOCUMENTS ARE COMPLETE. All claims are subject to verification and approval of the Company.


11. Termination of Insurance. The Insured Individual’s coverage shall automatically terminate on the earliest of the following dates:


a) the first day of the Insured’s 61st birth month;
b) the date of termination of the Master Policy;
c) the date the Insured Individual's BPI Pamana Savings Account is terminated or closed;
d) the BPI Pamana Savings Account is discontinued or terminated in accordance with Clause 12 below.


12. Amendments. The Bank reserves the right to discontinue or terminate the BPI Pamana Savings Account product or otherwise amend and revise any of the terms and conditions thereof of the free Life Insurance Coverage, including the amount of Insurance Coverage and the ADB requirement to be qualified to avail of the free Insurance Coverage, subject to prior written notice. Notices may be mailed or delivered to the Accountholder’s last known mailing or electronic mail address appearing on the records of the Policyholder or may be displayed or advertised in BPI Branches or published or posted on the bank’s website.


13. Important Notice. The Insurance Commission of the Philippines, with offices in Manila, Cebu and Davao, is the government office in charge of the enforcement of all laws relating to insurance and has supervision over insurance companies. It is ready at all times to render assistance in settling any controversy between an insurance company and a Policyholder relating to insurance matters.


14. Dispute Resolution. Any dispute arising from this product shall be resolved by amicable negotiations between the parties and/or referred to a reputable mediation practitioner prior to resort to litigation or dispute resolution before a regulatory body.


15. General Terms and Conditions. This product shall be subject to the General Terms and Conditions applicable to deposit accounts of the bank.



Customer Support


For any questions or clarifications, you may contact BPI through the following channels:

  • Philippines (02) 889 10000
  • Domestic Toll Fee 1 800 188 89100 (where available)
  • help@bpi.com.ph