Your checking account comes with FREE Group Life Insurance and Group Accidental Death Benefit
Start living the high life while you save! In partnership with FWD, AllAccess accounts now come with FREE Group Life Insurance and Group Accidental Death Benefit:
AllAccess Checking accountholders and new-to-bank clients with an AllAccess account (P25,000 maintaining balance) may be eligible for the free life insurance provided that they are between 18 to 60 years old and have no adverse health statements or declaration made in the Group Life Insurance Form.
The benefit amount shall be equal to the accounts year-to-date (YTD) Average Daily Balance (ADB) for the past three months immediately preceding the death of the Insured subject to a maximum amount of Php3,000,000. This is regardless of the number of AllAccess Checking Accounts under the name of the Insured at the time of his/her death. Any amount in excess of this limit shall be without insurance coverage.
Age | Life Insurance | Accident Death Benefit |
18 to 50 years old | 3 x ADB | 1 x ADB |
51 to 60 years old | 1 x ADB | 1 x ADB |
DEFINITION
The “Bank” or “Policyholder” whenever used below shall refer to Security Bank Corporation, while “Insured” or “Eligible Accountholder” shall refer to AllAccess Checking accountholder eligible for the free group life insurance and group accidental death benefit.
“ADB” or Average Daily Balance is defined to be the sum of the daily end-of-day balances in the account for the past three calendar months divided by the number of days in that period.
“Master Policy” refers to the Group Insurance Policy entered into by Security Bank Corporation with FWD Life Insurance Corporation
ELIGIBLE ACCOUNTHOLDER
An AllAccess Checking accountholder may be eligible for the free group life insurance and group accidental death benefit provided that the following criteria are present at the time of enrolment:
The accountholder shall continue to be eligible for free group life insurance and group accidental death benefit for as long as conditions (i) and (ii) above are met based on the Bank’s evaluation as of the last banking day of each month.
For joint accounts, only the primary accountholder will be designated as the Insured.
EFFECTIVE DATE OF INSURANCE
The free group life insurance and group accidental death benefit shall take effect on the date of enrolment of the Eligible Accountholder subject to the terms and conditions stated in the Master Policy.
BENEFIT AMOUNT
The benefit amount shall be equal to the account’s year-to-date (YTD) Average Daily Balance (ADB) for the past three months immediately preceding the death of the Insured subject to a maximum amount of Php3,000,000 regardless of the number of AllAccess Checking Account existing under the name of the Insured at the time of his/her death. Any amount in excess of this limit shall be without insurance coverage.
The benefit amount of the Insured shall be as follows:
Age | Group Life Insurance | Accidental Death Benefit | Family Assistance Benefit | Terminal Illness Benefit |
18 to 50 years old | 3 x ADB*, max of 3M | 1 x ADB*, max of 3M | up to P25,000 | 100% of life, max of 2M |
51 to 60 years old | 1 x ADB*, max of 3M | 1 x ADB*, max of 3M | up to P25,000 | 100% of life, max of 2M |
The Family Assistance benefit provides a fixed amount of up to P25,000 to the family of the Insured to help cover for the sudden funeral expenses. This amount is advanced from the Benefit Amount.
Terminal Illness Benefit advances the payment of the Group Life Insurance benefit amount up to P2,000,000 if the insured is diagnosed with Terminal Illness.
For the first three (3) calendar months of coverage from Effective Date of Insurance, the following is the amount of Insurance of the Insured Individual:
18 to 50 years old | |
1st month | 3x of the account’s YTD ADB during the 1st calendar month of coverage |
2nd month | 3x of the account’s YTD ADB during the 1st calendar month of coverage |
3rd month | 3x of the account’s YTD ADB during the first two calendar months of coverage |
4th month | 3x of the account’s YTD ADB for the past three calendar months of coverage |
51 to 60 years old | |
1st month | 1x of the account’s YTD ADB during the 1st calendar month of coverage |
2nd month | 1x of the account’s YTD ADB during the 1st calendar month of coverage |
3rd month | 1x of the account’s YTD ADB during the first two calendar months of coverage |
4th month | 1x of the account’s YTD ADB for the past three calendar months of coverage |
The YTD ADB for the 1st calendar month of coverage is defined to be the sum of the daily end-of-day balances in the account for that month, divided by the number of days the account has been existing.
EXCLUDED CIRCUMSTANCES
Deaths due to suicide occurring on the first year of coverage are not covered except as provided for by the law.
In addition, the additional Group Accidental Death benefit shall not be payable if the death of the Insured results primarily or secondarily, wholly or partly, from any of the following excluded circumstances:
LIMITATION ON BENEFITSM
We will limit the total amount payable on all claims from any Individual Insurance and any FWD insurance policies of the Insured to Php2,000,000 if the Accidental Death is a result of murder.
INCONTESTABILITY
The information provided by the Insured in the Group Life Insurance Enrolment Form is used to determine whether to offer the Insured the free group life insurance and group accidental death benefit. Except for non-payment of the Policy or the Individual Premiums, the Policy shall be incontestable after one (1) year from the Policy Effective Date or the date of reinstatement. The Individual Insurance may be nullified within one (1) year from the Effective Date or date of reinstatement, whichever is later, if FWD determines the statements by the Insured relating to his/her insurability to be incorrect.
BENEFICIARIES
Benefits shall be paid to any one of the Insured’s surviving family members as beneficiaries in the following order: (1) Spouse, (2) Children, (3) Parent/s, (4) Sibling/s, (5) Insured’s estate.
FILING A CLAIM
The beneficiary/ies should proceed to the branch of account and request for the appropriate insurance claim forms and a checklist of the required supporting documents. The claim form and supporting documents should be submitted to the branch of account. The claim request will be accepted only if the necessary forms and supporting documents are complete. All claims are subject to verification and approval by FWD.
PAYMENT OF INSURANCE PROCEEDS
The beneficiary shall receive an amount equivalent to the Benefit Amount as described above at the time of the Insured’s death, for as long as this insurance as well as the Master Policy are in force at the time of death.
TERMINATION OF INSURANCE
The Individual Insurance of an eligible accountholder will automatically terminate on the earliest of the following date:
AMENDMENT
The Bank reserves the right to discontinue or terminate this free life insurance and accidental death benefit or otherwise amend or revise any of the terms and conditions thereof, including the benefit amount and the ADB requirement to be qualified to avail of the free life insurance and accidental death benefit, among others, subject to prior written notice. Notices may be mailed or delivered to the accountholder’s last known mailing or electronic mail address appearing on the records of the Bank or may be displayed or advertised in the Bank’s branches or published or posted on the bank’s website.
DISPUTE RESOLUTION
Any dispute arising from this product shall be resolved by amicable negotiations between the parties and/or referred to a reputable mediation practitioner prior to resort to litigation or dispute resolution before a regulatory body.
Age | Group Life Insurance | Accidental Death Benefit | Family Assistance Benefit | Terminal Illness Benefit |
18 to 50 years old | 3 x ADB*, max of 3M | 1 x ADB*, max of 3M | up to P25,000 | 100% of life, max of 2M |
51 to 60 years old | 1 x ADB*, max of 3M | 1 x ADB*, max of 3M | up to P25,000 | 100% of life, max of 2M |
* YTD ADB for the past three months Computation of Insurance coverage: 1st month of coverage – Three times the account’s ADB for the 1st calendar month of coverage 2nd month of coverage – Three times the account’s ADB for the 1st calendar month of coverage 3rd month of coverage – Three times the account’s ADB for the past two calendar months of coverage 4th month of coverage – Three times the account’s ADB for the past three calendar months of coverage 5th month of coverage – Three times the account’s ADB for the past three calendar months of coverage
If no beneficiary from (1) – (4) is qualified or survives at the time of death of the Insured, the proceeds of the Insurance will accrue to the estate of the Insured Individual and will be given to his legal heirs in accordance with law. Any minor’s share shall be paid to him in the manner provided for by law.
Additional requirements may be prescribed as necessary to process the claim.