1. When will my coverage take effect?
Personal Accident Coverage. Your coverage takes effect on the date of account opening.
Life Coverage. Your coverage takes effect on your 4th remittance, provided that these remittances are made within a 12-month period.
2. When will my coverage end?
Personal Accident Coverage. You are covered for a period of 90 days from effective date of coverage. At the end of 90 days, your coverage will end.
Life Coverage. As long as you have at least 4 remittances in the past 12 months, you are covered. Your coverage will end on whichever is the earliest of:
a. the Policy Anniversary date closest to your 56th birthdate.
b. the date your Policy is terminated.
c. the date your Pamana Padala account is closed, or
d. the Policy is discontinued by BPI.
*The date on which your Life coverage first began in a previous year.
3. What benefit does this provide?
Personal Accident Coverage. In case of death due to accident, a lump sum amount of Php100,000 will be given to your beneficiary/ies.
Life Coverage. In case of death due to any natural or accidental cause, your beneficiary/ies will receive an amount equal to the total amount of remittances you have sent in the past 12 months prior to death. Maximum benefit amount and exclusions apply.
4. Who can I declare as beneficiary?
Personal Accident Coverage and Life Coverage.
Your beneficiary must be someone who benefits from your continued existence and support and will suffer financial loss in the event of your death. A spouse, child, parent, or sibling can be typically designated as beneficiary.
A beneficiary can be revocable or irrevocable. For instance:
If you designated your spouse as a revocable beneficiary, you can make changes to your policy – including changing beneficiary/ies – at any time without the consent of your spouse.
If you designated your spouse as an irrevocable beneficiary, you are required to secure consent of your spouse before making any changes to your policy, including changing beneficiary/ies.
5. Is there a maximum amount that my beneficiary/ies can receive?
Personal Accident Coverage. The pay-out is fixed at Php100,000. If multiple Pamana Padala accounts exist under your name, a cap of Php500,000 applies.
Life Coverage. For Pamana Padala Peso accounts, a limit of Php300,000 applies, regardless of the number of Pamana Padala Peso accounts under your name.
For Pamana Padala USD accounts, a limit of USD6,000 applies, regardless of the number of Pamana Padala USD accounts under your name.
6. Are there any exclusions to the coverage that I should know?
Personal Accident Coverage. War, acts of terrorism and certain high-risk activities, among others, are not covered. Please refer to the Terms and Conditions at the back of your Certificate of Cover for the complete list of exclusions.
Life Coverage. Death due to pre-existing conditions* during the first year of coverage and death due to suicide for the first two years of coverage are not covered.
*Pre-existing condition means any illness or condition occurring before the effective date of the member’s coverage. For this purpose, an illness or condition has occurred when it has been investigated, diagnosed or treated or when its signs or symptoms have manifested with or without undergoing medical consultation.