1. What are dividends?
Dividends are the policyowner’s share in the company’s income surplus. This is given to policyholders who owns a participating policy. It is normally payable on the 2nd or 3rd year provided that your policy is inforce. Dividends are dependent on the company’s experience in terms of mortality, investment earning and expenses. Thus, they are not guaranteed.
2. What are my dividends option?
The four kinds of dividend options are the following:
- a. Left with the company to accumulate with interest
- Under this option, your dividends accumulate and earns interest. The interest rate is declared at the same time dividends are declared. You can withdraw the dividends any time as long as the policy remains inforce. If in case there has been no withdrawals on the dividend accumulation, it will be paid out together with the death benefit/maturity benefit, whichever is applicable.
The following are the requirements for withdrawal of accumulated dividends:
Filled-out payout form, indicating intention to withdraw the dividends and indicate your nominated payout option (either by credit to BPI account number or BPI branch check pick up)
Photocopy of 2 valid identification cards
If dividend withdrawable proceeds is P15,000 or below, you may avail of this transaction via paperless insurance. For more details, please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 4 + 2 (for Insurance) + 1 (for BPI Philam).
The proceeds will be credited to your nominated BPI account or the check will be available for pick-up in your nominated BPI branches nationwide within 3-5 banking days.
- b. Use dividends as payment for premium due
- Under this option, the dividends will be used to pay for your premium due. If in case the dividends is insufficient to pay for your premiums, a billing notice will be sent to you. If, however, the dividends exceeds your premium due, the excess amount will accumulate with the company.
- c. Paid in Cash
- Under this option, upon declaration of the dividends, our Customer Service department shall write a letter advising you to claim your dividends.
- d. Use dividends to purchase paid-up additions
- The dividends will be used as a single premium to purchase additional insurance coverage for the insured. By purchasing a paid-up additions, the death benefit will increase so as the cash values of your policy.
- If no dividend option is elected upon application of insurance, the dividends will be left with the company to earn interest.
3. What are Non-Forfeiture Options?
The non-forfeiture option of your policy is a provision which allows you to enjoy the benefits of your policy even if you were unable to pay for your premiums after the grace period. The NFO makes use of your cash value to ensure that your coverage will continue. Note, however, that NFO will only apply to policies with accumulated cash values, which normally starts on the 2nd or 3rd policy year.
- There are four Non-Forfeiture Options available. These are:
- a. Extended Term Insurance
- Under the extended term option, your policy’s available cash values will be used a single premium to purchase a term insurance providing a coverage equivalent to your original coverage but for a shorter term. If there is an excess in your cash value after purchasing the term insurance, it will be paid out in the form of pure endowment.
- b. Reduced Paid-Up insurance
- Under the reduced paid-up option, your policy’s available cash value will be used to purchase a paid-up insurance providing a coverage with term equivalent to your original policy. However, the face amount isnormally reduced if your policy is converted to a paid-up insurance.
- c. Surrender
- Under this option you are allowed to surrender your policy and receive the available cash value and accumulated dividends, if any. Once a policy has been surrendered, it is no longer reinstatable.
- d. Automatic Premium Loan
- Under the automatic premium loan option, after the grace period (31 days) of the policy, the premium due ill automatically be deducted from your cash value and will be charged on your account as a loan and will accumulate interest as well. If the cash value is insufficient to pay for the modal premium (i.e. annual,semi-annual and quarterly), it will automatically be converted to the next modal premium as long as it is not less than the quarterly modal premium due.
If no option is elected upon application, the extended term insurance will apply upon premium default.
You may change your NFO anytime, as long as the policy is in force. To do this, please submit the following:
Filled out amendment form, indicating your new Non Forfeiture Option
Photocopy of 2 valid identification cards
4. How can I avail of the Policy Loan?
A maximum of 88% of the cash value can be loaned by the policyowner. The loan is subject to a 10% annual interest rate. Annual Compounding of loan will commence every policy anniversary.
To avail of the policy loan, the following should be submitted to Ayala Life:
Filled-out payout form requesting for a loan. The payout form should be signed by the owner of the policy and the irrevocable beneficiary, if applicable.
Photocopy of 2 valid Identification Cards
If gross loan proceeds is PHP 50,000 or below, you may avail of this transaction via paperless insurance. For more details, please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 4 + 2 (for Insurance) + 1 (for BPI Philam).
The loan proceeds will either be credited to your nominated BPI account or the check will be available for pick-up in your nominated BPI branches nationwide within 3-5 banking days.
5. How do I pay my policy loan?
You may pay your policy loan at any time and at any amount convenient to you. Your outstanding loan balance will be reflected in your statement of account. You may deposit your payments in any BPI or BPI Family Bank Branches nationwide using your Loan Repayment Bank Reference Number at the following account numbers:
- For Peso Policies
- - BPI 0321-0174-44
- - BFB 6001-0443-44
- For Dollar Policies
- - BPI 1734-0089-11
- - BFB 6004-0181-31
What happens if I do not pay for my policy loan?
Your policy loan accumulates an interest on an annual basis and is compounded. Non-repayment of the loan may deplete your cash values and may lead to cancellation of your policy and termination of your benefits.
7. How can I claim for my maturity benefit?
Please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 4 + 2 (for Insurance) + 1 (for BPI Philam) to inform us of your preferred mode of settlement. The maturity proceeds can either be credited to your clients BPI account or via check payment to be claimed at your nominated BPI Branch.
8. What are anticipated endowments? How can I receive my anticipated endowments?
Anticipated endowments are scheduled cash benefits payable to the owner of the policy. If your policy includes anticipated endowment benefits, BPI-Philam shall send you a letter indicating that there is an anticipated endowment and the date that it will be payable. Please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 4 + 2 (for Insurance) + 1 (for BPI Philam) to inform us of your preferred mode of settlement. You may provide your BPI account number for credit to account or nominate a BPI branch where you want to pick-up the check.
9. How can I make a death claim?
To make a death claim, the beneficiary shall submit the following documents to any BPI-Philam Bancassurance Sales Executive (BSE) assigned in any BPI or BPI Family Bank branch. Benificiary can call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 4 + 2 (for Insurance) + 1 (for BPI Philam) for further instructions.
- a. Standard Requirements
- - Policy Contract
- - Claimant’s Statement – Notarized
- - Death Certificate – Certified True Copy & Registered at the Local Civil Registry Office
- - Physician’s Statement – Notarized
- - Birth Certificate of Insured – Certified True Copy
- - Brgy Chairman’s Cert (death & residence)
- - Birth Certificate of Claimant if beneficiary is a child/sibling – Certified True Copy
- - Voter’s Affidavit/ID or 2 valid IDs of insured & claimant
- - Marriage Contract if beneficiary is spouse – Certified True Copy
- - Proof of payment
- b. Additional Requirements if death is due to:
- - Violent Death
- - Accidental Death
- - Death Abroad
- - Police or NBI Report
- - Driver’s License (if vehicular)
- - Foreign Proof of Death
- - Affidavit of Witnesses
- - Registration Papers of the Vehicle (if vehicular)
- - Phil. Foreign Affairs Certification of Death
- - Autopsy Report
- - Franchise to Operate Conveyance (if vehicular)
- - Permit to Transfer of Cadaver
- - Newspaper Clippings, if any
- - Insured’s Passport or Travel Visa
- - Foreign newspaper clippings
- c. If Beneficiary is Minor
- 1. If guardian is not a natural parent (regardless of face amount)
- - Court order of guardianship
- - Letters of Guardianship
- - Guardianship Bond
- 2. If guardian is a natural parent
- - If Face Amount is PHP 500,000 or less – Affidavit of Support and Custody
- - If Face Amount is more than PHP 500,000
- - Verified petition for the approval of the bond
- - Court Order approving the bond
- - Guardianship Bond
Processing takes 5 to 10 days from submission of complete requirements if claim is incontestable. A maximum of 60 days processing time is observed for contestable claims.
Death claim proceeds shall be via check payment which can be picked up at 12F Ayala Life FGU Bldg or at any BPI or BPI Family bank branch where a BSE is assigned. To claim the check, the beneficiary needs to present of 2 valid IDs and sign a quit claim.
10. Can I delegate a representative to receive the death benefit or maturity benefit?
You may send your representative to claim the death benefit provided that the following are presented:
If amount is PHP 50,000 or less – Authorization letter
If amount is more than PHP 50,000 – Notarized Specific Power of Attorney (SPA) or Consularized
Specific Power of Attorney (SPA) if abroad
Photocopy of 2 Valid IDs of claimant
Photocopy of 2 Valid IDs of the representative
The same requirements shall apply for other transactions done on behalf of the client.