Services

Basic Life Insurance Plan (BLIP)

SEDMFI MBA provides life insurance coverage to its members and his/her legal dependents in accordance with a schedule of benefits agreed upon by the Board of Trustees (BOT), and general assembly, and with the written approval of the Insurance Commission (IC).

The Table below summarizes the key product features of SEDMFI MBA. shall pay the benefits under the Certificate of Membership to its member or his/her beneficiary/ies in accordance with the following provisions:

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MBA Membership

Applications must be at least eighteen (18) years old but not more than sixty (60) years old at the time of enrollment.

Applicant for insurance coverage must be an active member of SEMFI or other organized groups defined in the Articles of Incorporation of SEDMFI.

Only those applicants who accomplished the prescribed application form will be eligible for membership, provided that the first contribution has been paid.

In case of multiple overlapping applications for insurance coverage, only the initial application shall be considered valid. Upon discovery of multiple insurance coverage of one person, the additional certificate/s of insurance coverage shall be automatically cancelled and the contributions for these overlapping certificates shall be refunded. In case of multiple claims for a single event by one member-insured, benefits will be paid only once as defined and due under the initial certificate.

Insurance Benefit of a Recognized Member

Natural or Non-Accidental Death Benefit - is defined as a loss of life due to natural causes, sickness, or non-accidental causes.

Upon death of the member-insured due to natural or non-accidental causes, SEDMFI MBA shall pay the designated beneficiary/ies an insurance benefit amount in accordance with the Table of Benefits.

It is understood that upon death of the member-insured, his/her Certificate of Insurance Coverage is automatically terminated.


Accidental Death Benefit - defined as the loss of life resulting directly, independently and exclusively of all other causes, of bodily injury effected solely by external, violent and accidental means, where, except in the case of drowning or if internal injury revealed by an autopsy (if it is not forbidden by law), there is evidence of a visible contusion or wound on the exterior of the body occurring within one hundred eighty (180) days from date of such injury.

The following causes of death shall not accrue an accidental death benefit, but the death benefit in the IRR shall be provided shall still be payable:

  1. Bodily or mental infirmity or disease of any kind;
  2. Self-destruction or self-inflicted injuries, or any attempted suicide regardless of the person's state of mind at the time the incident occurs;
  3. Murder or provoked assault;
  4. Driving any vehicle under the influence of alcohol; driving without a driver's license; the driver committed a traffic violation; the driver is a minor or while racing on wheels;
  5. Any injuries received while on police duty in any armed forces organization or civilian defense or local police forces;
  6. Flying, other than while travelling as a fare-paying passenger on a licensed aircraft;
  7. While traveling in any form of underwater transportation except as a fare paying passenger, or while engaging in any underwater operation but not limited to scuba diving;
  8. While traveling in any form of unregistered land transportation;
  9. In the commission or attempted commission of felony;
  10. Drug addiction, alcoholism, sexually transmitted diseases and HIV if diagnosed within five (5) years from effective date of coverage;
  11. Participation in any dangerous sports or activities;
  12. Acts of God or Natural Calamities;
  13. Any brawl, riot, civil commotion, war, terrorism, invasion, act of foreign enemy or warlike operations (whether declared or undeclared)
  14. Any loss as a result of medical malpractice;
  15. Ingested poison, gas or fumes voluntary or involuntary taken.


Total and Permanent Disability Benefit

Total and Permanent Disability (TPD) shall mean disability caused by bodily injury or disease which prevents the member-insured form engaging in any gainful activity and must continue uninterruptedly for at least six (6) months except in the case of disability with dismemberment where the disability is immediate and permanent.

There are two types of TPD coverage:

  1. Disability with dismemberment - The loss of both arms, or of both legs, or of one arm and one leg, or of both eyes, shall be immediately considered as total and permanently disability with dismemberment. Loss of both arms or both legs shall mean dismemberment by amputation of the entire hand or foot; with respect to eyes, entire and irrecoverable loss of sight.
  2. Disability without dismemberment - The complete inability to engage in any gainful employment and being bedridden due to sickness or accident without dismemberment shall be considered as total and permanent disability without dismemberment, provided the disability persists continuously for at least six (6) months, subject to confirmation of a licensed physician.

Upon total and permanent disability of the member-insured, SEDMFI MBA shall pay the member-insured an insurance benefit amount in accordance with the Table of Benefits outlined above