Loan Payment Protection Insurance

It is designed to make the debt die with the debtor relieving the co-maker and the heirs the responsibility of assuming the loan while the creditor is protected from lower repayment rate of loan.

Salient Features

  • Credit risk protection of cooperatives
  • Covers the loan of borrowers based on principal amount
  • Pays off the outstanding loan balance
  • Benefits in excess of loan balance is payable to designated beneficiary (Immediate Family)
  • Terms of coverage is coterminous with the loan
  • Non-medical limit of Php 5,000,000.00
  • One year contestability period for “NEW” entry
  • Can be covered up to 75 years old (If Renewal)

ELIGIBILITY
• 18 to 65 years old
• Loan Borrower (individual debtor)
• In good health
• Can perform activities of daily living