FREQUENTLY ASKED QUESTIONS

 

PRODUCT FEATURES

 

What is the PRUSAFE PLAN?

 

The PRUSAFE Plan is a 10-Year Term Insurance, which provides INCOME REPLACEMENT for the family and love ones in case the breadwinner passes away. It provides a lump sum cash benefit in case of untimely passing of the policyholder due to any cause (illness, accidents or natural causes) within the 10-Year period. The plan is payable for 10 years.

 

Q. What are the benefits covered under the PRUSAFE Plan?

1. The plan provides INCOME REPLACEMENT for your family with as much as P1,000,000 lump sum cash in case of your untimely demise.
2. Affordable monthly premiums fixed for 10 yrs and the CONVENIENCE of charging your monthly premiums to your CITIBANK credit card.
3. Most of all, you are entrusting your money with two global financial leaders: CITIBANK, and Pru Life U.K.

 

ENROLLMENT

 

Who can avail of this plan?
The PRUSAFE Plan is offered exclusively to all CITIBANK Cardmembers, who are 26 - 49 years old.

 

What if my spouse, child or relative is interested in availing of the PRUSAFE Plan?
Just in case your spouse or child is interested, he/she may enroll, for as long as they are between ages 26 - 49 years old and he/she is also a CITIBANK Cardmember (whether Principal or Supplementary).

 

I am over 49 years old, can I still avail of this plan?
I'm very sorry but for this special offer, the enrollment is only for CITIBANK Cardmembers 26 to 49 years old. 

 
Can I avail of this plan for my child who is below 26 years old?
I'm very sorry but this special offer is only for CITIBANK Cardmembers 26 to 49 years old.

 

PREMIUMS, MODE OF PAYMENT, BILLING

 How much do I have to pay if I avail of PRUSAFE Plan?

 

 

How long do I have to pay for the PRUSAFE Plan?
The PRUSAFE Plan is payable for 10 years.

 

How will I pay for my monthly contribution?
You must charge your premiums to your CITIBANK credit card.

 

When do I start paying for my monthly contribution?
After we have confirmed your application, please expect that your initial monthly premium will be reflected in your next month's billing statement.

 

What if I fail to pay the FIRST monthly premium?
If you don't pay for the first monthly premium, we cannot issue your policy and your PRUSAFE Plan will not take effect.

 

Can I pay in other modes, like quarterly or semi-annually?
Because we want to make sure that the plan will be affordable and manageable on your budget, we have limited the payment mode to MONTHLY and ANNUAL modes only.
 

What happens if I fail to pay my monthly contributions?
We will continue to charge you on your next month's billing but please expect that we will bill you for the previous unpaid month.

 

What if I fail to pay my premiums for two consecutive months?
Your policy will lapse and you shall receive a lapse notice from PRU LIFE U.K.

 

Can I pay my premiums via check payment?
I'm sorry this special offer is only available when you charge your premiums to your CITIBANK credit card.

 

If I am unable to pay my minimum amount due on my credit card, what happens?
If you are unable to pay your credit card expenses (which includes your PRUSAFE Plan premiums) after two consecutive months, your PRUSAFE PLAN policy will lapse and will be cancelled.

 

Will my insurance premiums be charged an interest fee?
If you are a revolver -- you do not pay the full outstanding balance of your credit card, your monthly insurance premium will be like any credit card purchase and the credit card interest rate for the unpaid balance will be applied.

 

Will my monthly insurance premiums be charged with 12% VAT?
No. The monthly insurance premiums just like your other credit card purchases (grocery, gas etc.) is NOT subject to 12% VAT. The 12% VAT is only applied to the interest charges on your credit card, if you are a revolver (i.e. You don't pay the full outstanding balance of your credit card) and NOT directly on your credit card purchases.

 

Will my premiums increase, as I get older?
No, your monthly contribution is based on your age upon enrollment and will be THE SAME for the next 10 years. The younger you are when you enroll, the lower your premiums will be.

 

Can I have a discount?
I'm sorry; the premiums for the PRUSAFE Plan are already fixed.

 

Will the policy be in-force even if I only pay the minimum amount due on my credit card?
Yes, the plan will be in-force even if you pay only the minimum amount due on your credit card, regardless if the premium is more than the minimum amount due, for as long as you keep your credit card ACTIVE.

 

POLICY

 

Are you issuing the policy?
The PRUSAFE Plan is underwritten by PRU LIFE U.K. PRU LIFE U.K. is the insurance provider who will issue your Insurance Policy.

 

The PRUSAFE Plan is an obligation only of the insurance company, PRU LIFE U.K.  It is not a bank deposit nor obligation of or guaranteed by CITIBANK, or any of its affiliates or subsidiaries, including CITIBANK Insurance Brokers."

 

When will I receive my Policy Contract?
You will receive your policy within 20 working days from enrollment. Provided that your first monthly contribution is successfully charged to your CITIBANK credit card. Your policy will be delivered to you via courier.

 

When will my PRUSAFE Plan take effect?
The effective date of your Policy shall be the date when your premiums are successfully charged to your CITIBANK Credit Card.  Upon receipt of your application, PRU LIFE U.K will get credit card approval to charge the premium to your nominated CITIBANK card account before we can issue your policy.    Also, please make sure that you pay your FIRST monthly premium in order for your policy to take effect.

 

What if I die before I finish paying for the premiums for my PRUSAFE Plan? What happens to the policy? What will my beneficiaries receive?
Your beneficiaries will receive the proceeds of your life insurance coverage.

 

What will happen if I am unable to pay or continue paying for my monthly premium because of financial constraints?
If you are not able to pay your monthly premiums, your life insurance coverage will eventually LAPSE.

 

Who can I assign as beneficiary/ies of my PRUSAFE Plan policy?
You may assign any of your immediate family members as beneficiary for the plan.
Parents, Children, Brother/Sister

 

CANCELLATION

 

What if I already cancelled my CITIBANK Card and still want to continue with my contributions?
You may call PRUSAFE HOTLINE at 857-0707 to make arrangements regarding your new payment facility.

 

What if I want to cancel my PRUSAFE Plan? What should I do?
You will be required to submit a cancellation letter addressed to PRU LIFE U.K before any cancellation will take effect.

 

Why do I need to send/fax a cancellation letter?
A cancellation letter is necessary to ensure that you cancelled the coverage.  This also prevents any future problems in case of a claim.

 

If I want to cancel my PRUSAFE Plan Policy, will I get anything / how much will I get after cancellation?
Once you cancel your Insurance Coverage, you will not get anything in return. You will remain covered only if your policy is in-force.

 

CLAIMS

How can I claim the benefits?
You may contact PRUSAFE HOTLINE 857-0707 and advise them of your claim. 

 

Is the cash benefit taxable?
The insurance company will pay the full benefit stated in the policy. However, it is the responsibility of the beneficiary to declare the amount in their ITR.

 

OTHERS

 

Who/What is Pru Life U.K.?

PRU LIFE U.K. is a fully owned Philippines subsidiary of the financial services giant, Prudential plc. Prudential has an extensive network of life insurance and mutual funds operations around the world, active in UK, Europe, the United States and 12 countries in Asia, where it employs over 5,000 full time staff. Globally, Prudential has more than 13 million customers and approximately 20,000 full time employees. Prudential has a market capitalization of $US16.2 billion (June 15 2002) and US$ 238 billion in assets under management. They were the Best Life Insurance company by the Consumers Union of the Phils. In 2004.
 
You may call PRU LIFE U.K Customer Service Hotline at 857-0707

 

What if PRU LIFE U.K. decides to pull out of its Philippine operations?
We understand your concern; in fact it has happened to other foreign investors in the country. However, we want to assure you that PRU LIFE U.K has heavily invested in our country, not to mention that PRU LIFE U.K. has formally acquired All State Life in 2001 and ING Life insurance businesses in 2002, broadening its capacity to provide the best service to its customers.  

 

What is the relationship between CFSI, CITIBANK and PRU LIFE U.K?
CFSI, its subsidiary CITIBANK, and PRU LIFE Insurance Corporation of U.K., the insurance provider, have an agreement to offer PRUSAFE Plan to selected CITIBANK cardmembers.  This offer is made exclusive for CITIBANK cardmembers only.