Products and Services

The CARD MBA provides a micro-insurance program for the poor. It has the following product and services for the members:

  1. LIFE INSURANCE PROGRAM
    Upon payment of the first Php 15.00 weekly contribution for life insurance, a member and her legal dependents have life insurance coverage, the amount of which depends on the length of membership.

    1. The legal dependents of a legally married member are the following:
      1. the legal spouse;
      2. all biological and/or legally adopted children who are single and 14-DAY but 21 years old and below;
      3. all biological and/or legally adopted children who are single and more than 21 years old but disable and incapacitated to work;
    2. If a member is single without children, legal dependents are parents 60 years old and above.
    3. If a member is single with children, legal dependents are the first children as described in 1.1.b. and 1.1.c. and not the parents.

     In case of death of the member or any of her legal dependent, the beneficiary will be indemnified according to the Table of Life Insurance Benefits (Annex 1).

  2. TOTAL AND PERMANENT DISABILITY (TPD) RIDER
    TPD is a rider of the Life Insurance Program. There are two types of TPD under this program:

    1. Loss of both sights and Dismemberment resulting to:

      1. loss of both hands; or
      2. loss of both feet; or
      3. loss of one foot and one hand.

      This type of TPD can be settled immediately upon submission of complete claims documents.

    2. Without dismemberment – If a member or the legal dependent becomes sick or met an accident without dismemberment resulting to complete inability to engage in any gainful employment and becomes bedridden, s/he can be considered as total and permanently disabled if after six (6) months the health condition has not improve. After such confirmation of a competent doctor, s/he will receive monthly benefits according to the Table of Monthly Benefits for Total and Permanent Disability (Annex 2).

  3. MOTOR VEHICLE ACCIDENTAL HOSPITALIZATION (MVAH) BENEFIT
    In case an eligible member or member’s legal spouse is hospitalized due to vehicular accident occurring after the date of membership and resulting in hospital confinement for at least 24 hours for purpose of treatment by a qualified physician, CARD MBA will pay the actual medical expenses incurred within six (6) months from the date of accident for such treatment such as hospital charges and nurses fees up to a maximum of TEN THOUSAND PESOS (Php 10,000.00). This amount is good for the whole duration of membership.

    It is understood that vehicular accident means that accident involved land or water transport whether public or private that are registered with proper regulating agencies like Land Transportation Office (LTO) and MARINA even though the motor vehicle registration is expired at the time of accident. Also, accident must involve contacts between vehicles or vehicle against hard objects or falling into a ravine which resulted to bodily injury to the assured.

    It is also understood that the vehicle involved must be driven by a licensed driver even though the Driver’s License is expired at the time of accident.

    Payment of benefits will be based on the amount stated in the hospital billing which must be validated at the hospital level and on the Police Report. Claimant should accomplish Notice of Hospital Confinement (MBA Form No. 7C).

  4. RETIREMENT SAVINGS FUND
    Retirement Savings Fund is an administered fund intended for the retirement of members that can be availed of in lump sum at age 65. An active member pays Php 5.00 weekly contributions until she reaches the retirement age of 65. These contributions are being invested in high yielding investment instruments to assure members of their retirement pay.

    Depending on the entry age of a member in the CARD MBA, the Table of Benefits at Age 65 (Annex 3) shows the accumulated fund at age 65 assuming default-free-contributions and the retirement funds allotted to the members.

    For example a member enrolled at the age of 30, the total contribution from age 30 to 65 will be Php 8,440.00 but the retirement benefit at the age 65 is Php 42,412.82 which can be used in any way the member wants.

    But if a member decides to resign from CARD MBA prior to age 65 and has completed a minimum of three (3) years of continuous membership in the Association, a member shall be entitled to an equity value equivalent to 100% of the total contributions plus regular savings interest and not the calculated amount of benefits at age 65 as shown in the Table of Benefits at Age 65.

  5. ALL LOANS INSURANCE PACKAGE
    All Loans Insurance Package (ALIP) is an innovation of the Loan Redemption Fund (LRF) to give full loan protection to member-borrowers and also to protect the CARD MBA’s accredited lending institutions by ensuring 100% collection of loans extended to the members in case of death. The ordinary LRF pays only the balance of the loan but the program pays the total amount of loan of the dead member-borrower.

    The amount of contribution is based on the principal amount and term of loan extended to the members.

    1. 1.5% of the principal amount for a one-year loan term;
    2. 0.8% of 0.75% of the principal amount for a six-month loan term;
    3. 0.4% of 0.38% of the principal amount for a three-month loan term.

     Upon receipt and approval of due proof of death, CARD MBA will pay:

    1. the lending institution - the balance of loan at the time of death.
    2. the beneficiary - the paid portion of the loan at the time of death.

     Automatic Loan Offsetting After Disability (Auto LOAD) Benefit

    In case of total and permanent disability (TPD) of a member-borrower as certified by a competent physician, CARD MBA will pay the balance of loan at the time when the member-borrower becomes TPD. However, the paid portion of the loan will not be reimbursed to her because she is only totally and permanently disable. But she will continue to receive her TPD monthly benefits for 18 months.

    This is on top of the life insurance benefit that the beneficiary can get from the Life Insurance Program of CARD MBA.

  6. REFUND OF CONTRIBUTION
    Upon resignation before the age of 65 and after three (3) years of continuous membership, the member is entitled to:

    1. Fifty (50) percent refund of all the contributions made for Life Insurance. No more deduction of benefits availed of from the proceeds.
    2. And 100 % of all contributions made for Retirement Savings Fund plus regular savings interest.

     

  7. MASS WEDDING
    Mass Wedding is an additional service being for the members who have live-in partners and have been members of the Association for at least 10 months prior to the wedding celebration. This is one of the highlights of the Branch Convention.

    However, the CARD MBA management is advising all concerned members not to wait for the Convention to get married so that the live-in partner can be considered as member’s legal dependent enjoying the full benefits from the Association.

  8. CREDIT BUREAU
    CARD MBA has established its database for the general membership of the Association in order to establish member’s history and tract down possible double membership within CARD system and its affiliates. This is made possible through Microinsurance Underwriting and Claims Evaluation Tool (MUnCET).

  9. CLAIMS SETTLEMENT
    Being own and manage by the members, CARD MBA assures that in claims settlement, members are involved through the Board of Awards or through MBA Coordinators who are members elected by co-members of the branch where s/he belongs. But final approval will be done by the branch manager or CARD MBA staff as a check-valve in claims settlement.

    There are two procedures that the Association has established for early settlement of claims, the 24-hour Procedure (Annex 4) if the dead body can still be seen and the 1-3-5-day Procedure (Annex 5) if the dead body is already buried at the time of notification.

    1. PENALTY
      Any willful misstatement in the claim process and documentation that would render the claim compensable when in actuality it is not, a fine of not less than Php 1,000.00 but not more than Php 3,000.00 representing expenses in validation will be charged to the defrauding member. And in the event that such claim was paid due to misstatement, CARD MBA has all the rights to take it back from the member or from the beneficiaries when such misstatement is known.

  10. CAUSE OF DEATH THAT ARE NOT CONSIDERED ACCIDENTAL IN NATURE
    Please refer to Annex 5.

  11. Build-Operate-And-Transfer Program
    (BOAT PROGRAM)

     

    CARD MBA implemented the BOAT Program to promote mutuality and the benefits of microinsurance program for the marginalized sector in the country thru MBAs.

     

    The BOAT Program is a package of technology that includes setting-up a community-based microinsurance program. It is designed for interested organized groups (OGs) that have the burning desire to provide microinsurance protection to their member-clients. But they do not have the financial and technical capacity to institutionalize a microinsurance scheme in their organization.

     

    VALUE PROPOSITIONS of the BOAT PROGRAM

     

    1. The members of BOAT Partner will be members of CARD MBA enjoying the same insurance benefits as regular CARD members.. 

     

    2. During the 3-year period, there will be technical assistance and transfer of technology in the management of a mutual benefit association.

     

    3. After three (3) years, all those entitled for the refund of contribution will be turned over to the BOAT partner’s own MBA together with their refund of contribution to become their seed capital.

     

    Having partnership with CARD MBA thru the BOAT Program, BOAT partners have no cash outlay in case of claims.  Instead, 2.0% of the gross contribution collected from their members will be paid to the  BOAT partners as collection expense.

     

     

 

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