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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) Php 2,000,000 for BPI Pamana Savings Account (peso) or USD 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 Php 2,000,000 for BPI Pamana Savings Account (peso) or USD 40,000 for BPI Pamana Savings Account (US dollar).

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For immediate concerns, such as lost or stolen BPI debit and credit cards, please call our 24-hour BPI Contact Center:

For phones in the Philippines, international calls, and domestic long- distance:

(+632) 889-10000

For domestic toll-free calls:

1-800-188-89100

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