Things You Need To Know About Jr. One Account:
 

:: Jr One Savings Account is for youngsters aged below 18 years old. The account may be opened either by the parent, as an “In Trust For” Account or the child’s own personal account depending on age or preference. ::  Regardless of how the account is opened and maintained, the personal accident insurance will have the parent or guardian as insured and the child as beneficiary. The insured person must be 18-65 years of age at date of account opening.  ::  The Free Personal Accident (PA) Insurance and Dental and Health Care benefits/products are provided by Philam Insurance and PhilamCare as arranged by Security Bank. Terms and Conditions of Philam Insurance’s PA Insurance and PhilamCare’s Dental & Health Care Plan shall apply. The disposition & benefits of the Plan shall be the sole responsibility of Philam Insurance and PhilamCare. ::  PA Insurance. The plan provides for a lump sum payment upon accidental death or permanent and total disablement at 10

times the account’s balance subject to a maximum limit of P 750,000 per life; plus a monthly income benefit for the next 60 months computed at 5% of the Principal Sum (=10x the account’s previous month’s Month-to-Date Average Daily Balance (MTD-ADB)) up to a maximum limit of P 2,250,000 per life. The monthly income benefit is payable only if accident results to loss of life. Balance shall be based on the account’s previous month’s MTD-ADB from time of occurrence. The total payout of the Plan shall not exceed P 3,000,000 regardless of the number of active accounts that qualified for coverage. For joint accounts or if the owner of the account is more than 1 person, the amount of coverage shall be divided equally between or among the account holders such that the total payout does not exceed the maximum limit of P 3,000,000. The insurance coverage under the Plan shall automatically terminate without need of prior notice on the date the Insured Person reaches the age of 72 years old; or on the date that the Master Policy of the Plan terminates, or on the date the account is closed, whichever occurs first. ::  Dental & Health Care. Health Buddy unlimited consultations shall be honored in all PhilamCare Clinics nationwide subject to the availability of the specialists; and valid for one year from date of first clinic availment. Availment of the service will only be allowed at the PhilamCare clinic where the first availment was made. Dental service availments shall be honored by all PhilamCare accredited Dental Channel member dentists nationwide, valid for one year from date of first dental service availment. This product is subject to the terms and conditions as provided for by PhilamCare as stated in their product package. ::  Other terms and conditions on the PA and Dental & Health Care shall be contained in appropriate communication materials to be provided for at time of account opening.