Pamana Padala Terms and Conditions

Free Personal Accident Coverage

Terms and Conditions of The Free Personal Accident Coverage


1. Certificate. This Certificate is not a contract of insurance but only a confirmation of insurance coverage, which shall be subject to the terms and conditions of the Group Master Policy (the “Policy”), with Master Policy number 9900230865 for BPI Pamana Padala, copies of which shall be made available for viewing in any of the BPI Branches upon reasonable request.


The words “the Company”, “we”, “us” and “our” whenever used below shall refer to BPI-Philam Life Assurance Corp.; the words “Assured” and “Bank” shall refer to Bank of the Philippine Islands (BPI); the words “Insured Individual” and “Eligible Individual” shall refer to an insured and eligible accountholder, respectively; and any pronouns used shall, when applicable, apply to either gender.


2. Eligible Participants. A BPI Pamana Padala accountholder shall be eligible for a free personal accident coverage, provided the accountholder is (a) a Remitter, who is a Filipino staying overseas for employment reasons and is expected to return to the Philippines at end of work contract; and (b) at least 18 years old, but not more than 55 years old at the time of account opening.


For joint accounts, only the primary accountholder shall be designated as the Insured Individual, whose name shall be stated consistently in both the Application for Group Life Insurance Coverage and Certificate of Coverage for 90-Day Personal Accident Insurance, provided that the designated Insured Individual is an Eligible Individual. No amendment of the designated Insured Individual shall be allowed, unless the originally designated Insured Individual becomes ineligible.


3. Effective Date of Insurance. An Eligible Individual shall accomplish the Application for Personal Accident Insurance Coverage upon account opening. The insurance shall take effect for ninety (90) days following the approval of such application, subject to the Effective Date Proviso stated below and to other conditions stated in the Policy. The Company reserves the right to decline coverage to an individual who fails to comply with this requirement.


4. Effective Date Proviso. The insurance of an Eligible Individual who, on account of illness or disability, is bedridden or confined in a hospital or clinic on the date his insurance would otherwise have become effective as provided above, shall take effect on the first day of his full recovery from the illness or disability, or his discharge from the hospital or clinic as a fully-recovered patient as certified by his attending physician.


5. Accidental Loss of Life Benefit. When Injury, as defined in the Policy, results in the loss of life of the Insured Individual within one hundred eighty (180) days after the accident, we will pay the Principal Sum of Php 100,000 to his beneficiary.


6. Exclusions. We will not pay any benefit for Injury caused directly or indirectly, wholly or partly: (a) by intentionally self-inflicted injury, suicide or any attempt thereat, while sane or insane; (b) by war, invasion, act of foreign enemy, acts of terrorism, hostilities or warlike operations (whether war be declared or not), mutiny, riot, civil commotion, strike, civil war, rebellion, revolution, insurrections, conspiracy, military or usurped power, martial law or state of siege, or any of the events or causes which determine the proclamation or maintenance of martial law or state of siege, seizure, quarantine, or nationalization by or under the order of any government or public or local authority; (c) by any weapon or instrument employing atomic fission, thermonuclear fusion or any form of radiation, whether in time of peace or war; (d) by homicide or any attempt thereof, or physical injuries, occasioned by the provocation of the Insured Individual; (e) by congenital anomalies and conditions arising therefrom; (f) by pregnancy and resulting childbirth, miscarriage or abortion; (g) by cosmetic or plastic surgery, except as a result of Injury; (h) while the Insured Individual is in active service in the Armed Forces of any country or any international authority; (i) while in any attempted commission of, or willful participation by the Insured Individual in any crime punishable under any prevailing law or ordinance of the Philippines or of any country in which the crime was attempted; (j) while resisting lawful arrest; (k) while entering, leaving, operating, servicing, or being in, on, or about any aerial or submarine device or conveyance except as specifically provided herein; (l) by dental care or surgery except to natural teeth as occasioned by Injury; (m) while under the influence of alcohol or unprescribed drugs; (n) by alcoholism or drug addiction; (o) by disease, bacterial infection or out of or consequent upon or contributed to by Acquired Immune Deficiency Syndrome (AIDS) or AIDS Related Complex (ARC); (p) by hernia, ptomaines, or other bacterial infections which are not pyogenic infections occurring at the same time with or because of any accidental cut or wound; (q) by circumcision, sterilization, artificial insemination, sex transformation, diagnosis and treatment of infertility, congenital deformities and defects; (r) by mental or nervous disorders; (s) by poison, gas or fumes voluntarily or involuntarily taken; (t) by automobile and motorcycle racing, judo, karate and similar martial arts, scuba diving, hang gliding and sky-diving; (u) routine health checks, any investigation(s) not directly related to admission diagnosis, illness or injury, or any treatment or investigation which is not medically necessary, or convalescence, custodial or rest care; (v) Pre-Existing Condition, as defined in the Policy.


7. Beneficiary. By default, beneficiary designation shall be in accordance with law. Unless stated otherwise, beneficiary designation is revocable. If the designation of the beneficiary is revocable, he may, from time to time, change his beneficiary/ies 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/ies without the consent of the beneficiary irrevocably designated. The change of beneficiary shall take effect on the date the form is received by the Company, 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 (2) 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 no designated beneficiary is qualified or survives at the time of death of the Insured Individual, the proceeds of the Insurance will accrue to the estate of the Individual and will be given to his legal heirs in accordance with the law. Any minor’s share shall be paid to him in the manner provided for by law.


8. Payment of Insurance Proceeds. Insurance proceeds shall be paid in one (1) lump sum. If the Insured Individual opens several BPI Pamana Padala accounts, and becomes eligible for insurance under the Policy for more than one of those account openings and has subsequently designated several beneficiaries, the benefits shall be divided equally among the designated beneficiaries, up to a maximum of Php500,000 regardless of number of accounts opened.


9. 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 within ninety (90) days after the Member’s death. 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.


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

a. The anniversary of the Policy nearest the Insured Individual’s 56th birthday

b. The date of termination of the Policy;

c. The date the Insured Individual’s BPI Pamana Padala Account is terminated or closed; or

d. The date the Policy is discontinued or terminated in accordance with Amendments provision below.


11. Amendments. The Bank reserves the right to discontinue or terminate the Policy providing insurance coverage to BPI Pamana Padala accountholders, or otherwise amend and revise any of the terms and conditions thereof, including the amount of insurance coverage and the number of Foreign Inward Remittance required to qualify for the coverage, subject to written notice not less than 60 days prior to effectivity of amendments, which take effect on the anniversary of the Policy. Notices may be mailed or delivered to the accountholder’s last known mailing or electronic mail address appearing on the records of the Bank or may be displayed or advertised in BPI Branches or published or posted on the Bank’s website.


12. 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 the Assured relating to insurance matters.


13. 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.

Free Life Insurance Coverage

Terms and Conditions of the Free Life Insurance Coverage


1. Certificate. This Certificate is not a contract of insurance but only a confirmation of insurance coverage, which shall be subject to the terms and conditions of the Group Life Insurance Policy (the “Policy”), with Master Policy number 9900230865 for BPI Pamana Padala, copies of which shall be made available for viewing in any of the BPI Branches upon reasonable request.


The words “the Company”, “we”, “us” and “our” whenever used below shall refer to BPI-Philam Life Assurance Corp.; the words “Assured” and “Bank” shall refer to Bank of the Philippine Islands (BPI); the words “Insured Individual” or “Eligible Individual” shall refer to an insured and eligible accountholder, respectively; and any pronouns used shall, when applicable, apply to either gender.


2. Eligible Participants. A BPI Pamana Padala accountholder shall be eligible for a free life insurance coverage, provided the accountholder (a) is a Remitter, who is a Filipino staying overseas for employment reasons and is expected to return to the Philippines at end of work contract; (b) is at least 18 years old, but not more than 55 years old at the time of account opening; and (c) makes at least four Foreign Inward Remittances over a period of twelve months.


For joint accounts, only the primary accountholder shall be designated as the Insured Individual, whose name shall be stated consistently in both the Application and the Certificate for Group Life Insurance Coverage, provided that the designated Insured Individual is an Eligible Individual. No amendment of the designated Insured Individual shall be allowed, unless the originally designated Insured Individual becomes ineligible.


3. Effective Date of Insurance. An Eligible Individual shall accomplish the Application for Group Life Insurance Coverage upon account opening. The insurance shall take effect on the date of the fourth Foreign Inward Remittance made within a 12-month period, subject to the Effective Date Proviso stated below and to other conditions stated in the Policy. The Company reserves the right to decline coverage to an individual who fails to comply with this requirement.


4. Effective Date Proviso. The insurance of an Eligible Individual who, on account of illness or disability, is bedridden or confined in a hospital or clinic on the date his insurance would otherwise have become effective as provided above, shall take effect on the first day of his full recovery from the illness or disability or his discharge from the hospital or clinic as a fully-recovered patient as certified by his attending physician.


5. Amount of Insurance. The amount of insurance under this Certificate shall be equal to the total amount of Foreign Inward Remittances made, regardless if consecutive or otherwise, in twelve (12) calendar months immediately preceding the death of the Insured Individual. This shall also be subject to a maximum of Php300,000 for BPI Pamana Padala (Peso) regardless of the number of BPI Pamana Padala peso accounts existing under the name of the Insured Individual at the time of death. For BPI Pamana Padala (USD), this shall likewise be subject to a maximum of USD 6,000 regardless of the number of BPI Pamana Padala Dollar accounts existing under the name of the Insured Individual at the time of death. The amount of Foreign Inward Remittances is defined as the final amount credited to the BPI Pamana Padala account, net of service charges. Only transactions from the following shall be qualified:

a. Foreign Inward Remittances initiated by an individual, excluding scheduled allotments arising from labor contracts;

b. Foreign Inward Remittance transactions which have passed through the Bank’s official remittance system (IRIS); and

c. Foreign Inward Remittances sent by the BPI Pamana Padala accountholder himself or by other individuals provided the same is remitted to the BPI Pamana Padala account


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

a. Deaths due to pre-existing conditions, whether such illness or condition is known or not to the Insured Individual at the time of account opening, occurring within one (1) year from the account opening shall not be covered.

b. Deaths due to suicide occurring within the first two (2) years shall not covered, except as provided for by law.


7. Beneficiary. By default, beneficiary designation shall be in accordance with law. Unless stated otherwise, beneficiary designation is revocable. If the designation of the beneficiary is revocable, he may, from time to time, change his beneficiary/ies 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/ies without the consent of the beneficiary irrevocably designated. The change of beneficiary shall take effect on the date the form is received by the Company, 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 (2) 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 no designated beneficiary is qualified or survives at the time of death of the Insured Individual, the proceeds of the Insurance will accrue to the estate of the Individual and will be given to his legal heirs in accordance with the law. Any minor’s share shall be paid to him in the manner provided for by law.


8. Payment of Insurance Proceeds. By giving proper written notice, any Insured Individual may elect (with the right to revoke or change such election) to have the whole or any part of the amount which would otherwise be payable to himself or to his beneficiary in a single sum, paid in installments or in any other manner that may be agreed to by the Company. The amount and terms of payment shall be in accordance with those customarily offered by the Company at the time of election. If the Insured Individual does not make an election, the beneficiary may do so after the Insured Individual’s death.


If the Insured Individual opens several BPI Pamana Padala accounts, and becomes eligible for insurance under the Policy for more than one of those account openings, and has subsequently designated several beneficiaries, the benefits shall be divided proportionately among the designated beneficiaries. Each beneficiary shall receive a portion of the insurance proceeds proportionate to the total Foreign Inward Remittance amount of the account/s under which he has been named a beneficiary.


Settlement of proceeds may be done in lump sum or in monthly installments over a period of twelve (12) months. The amount of monthly instalment must be at least Php 10,000; otherwise, lump sum settlement shall be applied.


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 Individual’s lifetime for a period of one (1) year from its effective date or last reinstatement date, subject to the provisions of the Policy.


No statement made by any Insured Individual under the 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 Individual, if allowed under these Terms and Conditions and the Policy, is subject to this Incontestability provision.


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 within ninety (90) days after the Member’s death. 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 anniversary of the Policy nearest the Insured Individual’s 56th birthday

b. The date of termination of the Policy;

c. The date the Insured Individual’s BPI Pamana Padala Account is terminated or closed; or

d. The date the Policy is discontinued or terminated in accordance with Amendments provision below.


12. Amendments. The Bank reserves the right to discontinue or terminate the Policy providing insurance coverage to BPI Pamana Padala accountholders, or otherwise amend and revise any of the terms and conditions thereof, including the amount of insurance coverage and the number of Foreign Inward Remittance required to qualify for the coverage, subject to written notice not less than 60 days prior to effectivity of amendments, which take effect on the anniversary of the Policy. Notices may be mailed or delivered to the accountholder’s last known mailing or electronic mail address appearing on the records of the Bank 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 the Assured 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.


Note: Seafarer's allotment is not included in the count of remittance.

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