Keeping a life insurance policy is so simple when you are guided accordingly. Here are some tips on maintaining your policy:

 

When do I pay my premium?

 

You are strongly encouraged to pay your policy's premium on or before the specified due date in order to ensure that your insurance protection remains in force. In case you forget to do so, a grace period of 31 days after the due date, without interest charge, shall be allowed for the payment of your policy's renewal premium.

 

Where do I pay my premium?

 

Please refer to the enclosed PRU Bayad Center for the detailed list of the convenient facilities.

 

What happens if I pay my premium beyond grace period?

 

Your policy will lapse and all benefits will be fortified in case a claim arises.

 

However, if your policy has already earned sufficient cash value, the company will automatically effect you non-forfeiture option (NFO).

 

How do I reinstate my lapsed insurance policy?

 

Just visit any of our branches and submit a duly accomplished Health Statement Form. Our Customer Service Officers will inform you if there are other requirements that you need to submit.

 

For PRU Life UK policies, you can choose to reinstate either through Updating or Redating. Updating may be availed of within 5years from your policy's lapse date. While Redating can be availed of for as long as the policy has no cash value, or 2 to 3 years depending on the type of your plan.

 

For ING Life Policies, reinstatement can be done through Updating. This option may be availed of within 3 years from the due date of premium default.

 

Upon reinstatement, the policy will be contestable for 2 years.

 

What is Reinstatement by Updating?

Reinstatement by Updating requires payment of all unpaid premiums and overdue interest policy. The original policy effectivity date and schedule of dividend earnings will not be affected. Submission of evidence of insurability satisfactory to the Company is needed.

 

What is Reinstatement by Redating?

 

Redating requires payment of current premium, premium difference in case of change in the insured's age, and interest on premium difference. Payment of the policy is computed based on the attained age of the life insured and approved evidence of insurability submitted to the Company is needed.

 

If there is a change in my insurance needs, can I change my insurance plan?

Yes. Provided you change it within 120 days from the policy's effectivity date. The new plan must be within the underwriting guidelines at the time of the original plan's effective date.

 

What other changes can I make on my policy?

You have the option to change you name, address, contact number, age, occupation, beneficiary, payor, premium payment schedule, etc. during the life time of the policy.

 

Changes in your policy may be classifies into major and minor amendments. Major amendments will affect the premium schedule and necessitates policy contract replacement.

 

What are the major policy amendments?

 

Major alterations on the policy includes:

• Change of Plan
• Conversion of term insurance
• Inclusion/deletion of riders
• Increase/decrease in sum assured

 

Consent of the irrevocable beneficiary/ies or assignee, and payment of the cost base on the requested changes should be submitted together with the accomplished Amendment Request Form.

 

What are the minor Policy Amendments?

Change of Personal data

Includes correction of insures or owner's name, change in civil status, occupation, and date of birth without change in age. The policy owner must accomplish an Amendment Request Form and submit the necessary documents such as birth certificate, marriage contract, specimen signature card or a valid ID.

 

Change of Address

Includes change sin the address and contact numbers of the insured or policyowner. Notify us in writing or submit an accomplished Amendment Request Form indicating you name, policy number and your new address and contact numbers.

 

Change in Premium Payment Schedule

All requests for change in your premium payment schedule are restricted o logical dates and should coincide with your policy's anniversary or due date. Request for change to a more frequent mode of payment (e.g. annual o quarterly) will take effect on the next premium renewal date. An accomplished Amendment Request Form is required.

 

Change of Beneficiary

If you decide to change you beneficiary, submit an accomplished Amendment Request Form signed by the irrevocable beneficiary/ies, if any. Minors designated as irrevocable beneficiaries have no legal capacity to give consent to policy transactions. If the share of the irrevocable minor beneficiary is more than 50,000 php, submission of a court order is required.

 

Change of Payor

 

If the original policyowner surrenders his right over the policy to another person exactly the same insurable interest to the insured, the new payor is required to submit an accomplishes amendment Request form together with a valid ID, the original policy page, and a specimen signature card.

 

Change of Non-forfeiture Option (NFO) and Dividend Option

 

You can request for a change of your chosen Non-forfeiture Option (NFO) and Dividend option anytime. Just submit an accomplished Amendment Request Form.

 

How can I apply for a Policy Loan?

 

Depending on the type of your life insurance plan, you can avail of the policy loan as soon as your policy has earned sufficient cash value, usually 2 to 3 years from effective date of your policy. Just submit an accomplished Loan Application Form signed by your irrevocable beneficiaries, if any, and 2 valid ID's. An assigned policy cannot avail of the policy loan without the consent of the Assignee.

 

How much can I borrow?

 

Your loanable amount is 90% of your available Cash Surrender Value. Applicable interest charges are based on the prevailing market rates.

 

How can I assign my policy contract?

 

Your insurance policy contract can be used as part of a collateral agreement wherein the proceeds of your policy are shared to your Assignee (the party receiving full of part of your insurance proceeds). To assign your policy contract, submit an accomplished and notarized Assignment of Policy Form signed by your irrevocable beneficiaries, if any, and previous release of assignment, I any.

 

How can I release the assignment of my Policy Contract?

 

As soon as your financial obligation is fully settled, you may request for release of your policy's assignment. Submissions of the policy contract, accomplished Release of {Policy Assignment Form, Policy Amendment Request Form (for change of beneficiary) and Secretary's Certificate of Board Resolution (if the Assignee is a Corporation) authorizing an officer to sign for the Company are required.

 

How do I replace lost policy contract?

 

You can request for replacement of your lost insurance policy contract by submitting an accomplished and notarized Agreement Pertaining to Loss or Destruction of Policy Form and payment of the policy replacement fee of 150.00 Php.

 

What are Non-forfeiture Options?

 

If the premiums remain unpaid at the end of the 31-day grace period, then one of the following Non-forfeiture Options can apply depending on the option you selected provided the policy has available cash values as stipulated in your insurance policy contract.

 

There are four (4) non-forfeiture options that your can choose from.

 

Reduced Paid Up (RPU)

 

RPU is a non-forfeiture option where in your policy's cash value will be used to purchase a life insurance converage at a reduced face amount without payment of future premiums. However, you reduced Paid Up policy will no longer earn dividends.

 

Automatic Premium Loan (APL)

 

APL is a non-forfeiture option where in any premiums unpaid within the 31-day grace period will be automatically paid us the policy's cash value to keep the policy in force. This is treated as a policy loan and will accumulate interest (if still unpaid) based on the prevailing rate. The remaining cash value will be used to purchase term insurance coverage equivalent to the original face amount if it is no longer sufficient to pay for one quarterly premium. The policy can still be reinstated within 5 years from lapsation date with the submission of duly accomplished proof of insurability. Loan replacement may be made anytime upon reinstatement.

 

Cash Surrender Value (CSV)

 

CSV is a non-forfeiture option where in a portion of your paid premiums accumulated dividends and the cash value of your insurance policy will be returned to you, less any outstanding loans and interests. Once the computed amount has been paid to you, your insurance coverage automatically terminates.

 

Extended Term Insurance (ETI)

 

ETI is a non-forfeiture option wherein the amount of insurance shall be the face amount of the policy less any loan. The period of insurance shall be what the Cash Surrender Value will buy when applied as a net single premium at the attained age of the insured.

 

What are dividends?

 

Dividends are savings on the premiums paid which are considered as your share in the company's profits.

 

There are four (4) dividend options you can choose from:

 

Paid in cash

 

Starting from the third year and every year thereafter, the Company will refund to you an amount equivalent to the earned dividends of your insurance policy.

 

Left to Accumulate and Earn Interest

 

You policy's dividend earnings are left with the Company to accumulate and earn interest which can be used to pay for future premiums.

 

Use to pay for a Portion of your Premiums

 

From your policy's third anniversary and onwards, the company will automatically deduct your policy's earned dividends from your premiums.

 

Use to Buy Paid-up Insurance

 

Every year, your policy's dividend earnings is used to purchse an additional paid-up insurance which is added to your original insurance coverage.

 

What are the basic requirements in Filing a Claim?

 

1.  Claimant's Statement Form

2.  Attending Physician's Statement (APS)

3.  Death certificate (Original or Certified True Copy)

4.  Policy Contract/s (official receipts should be attached, if available)

5.  Birth, Baptismal Certificate of the Deceased

6.  Proof of relationship - Required if the beneficiary is not the child, spouse, brother or sister of the deceased - insured

7.  Marriage Contract/Certificate

8.  Deed of Assignment (if any)

9.  Will (if any)

10. Letters of Guardianship (if beneficiary is a minor)

11. Crisis Cover Form

12. Disability Form

13. PRU Lady Core Benefits Form

 

How to file for a Claim?

 

The following documents are required when filing for a claim:

 

Death Claim

Submit the basic requirements from numbers 1 to 10.

 

Crisis Cover Claim

Submit the basic requirements from numbers 2, 4 and 11.

 

Disability Claim

Submit the basic requirements from numbers 2, 4 and 12

 

PRU Lady Core Benefits

Submit the basic requirements from numbers 2, 4 to 13.

 

Policy Maturity Claim

The Company will send you a letter stating when you can receive the Company-sent letter and 2 valid ID's.