Policy Services handles Policy Issuance, Servicing of Policy Loan and Cash Surrenders, Policy Conservation, and Request for Policy changes and amendments.
Servicing of Policy Loan and Cash Surrenders:
Policyholder must submit a duly accomplished application for loan or cash surrender to our Head Office accompanied by the original policy contract.
We determine policy loan/cash surrender value using computerized program, deducting all arrears from there and crediting overpayment and refund, if any, in the process.
The Conservation Section attends to premium collections through periodic preparation and distribution of premium notices according to monthly due dates to policyholders and religiously make follow-ups with agents/agency concerned to ensure that renewal premiums are paid.
A final notice is sent to policyholders if premium are not yet paid on or before due date and after the expiration of the grace period of 30 days.
Reinstatement of Lapsed Policy
A lapsed policy may be reinstated anytime within three (3) years from the due date of any premium in default subject to approval of health statement / medical examination required as proof of insurability and payment of corresponding premium due thereof.
Methods of Reinstatement:
1.Pure Reinstatement – Effective date of policy is not changed, policyholder shall pay the entire premium in arrears with corresponding interests and shall submit a duly accomplished health statement / medical examination as proof of insurability.
2.Reinstatement by Redating – Effective date of the policy is changed, premium shall be based on the attained age of the insured on the date the policy is re-issued; and the policyholder shall pay only the corresponding premium due depending on the mode of payment selected. Proof of insurability is likewise required as above-mentioned.
Automatic Premium Loan (APL)
A policy after three or more full years of premium payments, earns cash values and if any premium becomes due and unpaid after the 30 days grace period, the company shall advance as a loan portion of the cash value to be applied as premium payment plus interest to cover the premium due for the period.
- Policy loan application
- Cash Surrender
- Request for policy change
- Maturity policy claim
- Reduced Paid-up (RPU)
- Extended Term Insurance (ETI)