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| Covers you for 2x your loan amount during unforeseen events when you avail of Citi Loan Protect Plus* |
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| Give your family the security that they deserve with Loan Protect Plus, which offers the following benefits: |
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| Provides cash to pay off the outstanding balance of your loan |
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| Loan Protect Plus will pay for the remaining loan balance in case of the borrower’s death or total permanent disablement. |
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| Provides cash for immediate financial needs |
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| Loan Protect Plus covers TWICE your original loan amount, up to P2 million. The cash benefit from the additional insurance coverage can be used to pay immediate financial needs should anything happen to you. |
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| Pay one time, upfront for your premium |
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| The premium for Loan Protect Plus will be deducted from your loan proceeds upon approval of your loan. You will only be covered during the whole duration of your loan, which should remain current. See sample computation** for a P100,000 loan amount: |
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Amount of
Protection Benefit |
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24 months |
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30 months |
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36 months |
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48 months |
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P 200,000 |
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P3,636 |
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P4,420 |
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P5,146 |
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P6,454 |
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| ** In case of loan pre-termination, the Loan Protect Plus termination value will be applied to the outstanding principal loan balance at the time the loan is pre-terminated. However, the premium refund amount may be minimal because it will be based on the pre-termination schedule defined by the insurance company. |
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| * A one-time Documentary Stamp Tax will also be charged depending on my loan insurance coverage amount |
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| *For claims and other policy related inquiries, please call Pru Life UK at 857-0707 or via our Domestic Toll-Free Customer Hotline Number 1-800-10-778-54-33 (1-800-10-PRULIFE). You may also e-mail us at inquiry@prulifeuk.com.ph |
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| Simple, Hassle-free Enrolment & No Medical Exam |
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| Just fill out the Loan Protect Plus application form. |
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Click on  to expand and on  to minimise the details. |
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| PRODUCT FEATURES AND BENEFITS |
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| What is the Loan Protect PLUS? |
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| Loan Protect PLUS is an insurance product that can cover the borrower’s total approved loan amount , in the event of the borrower’s death or permanent disability, during the subsistence of the loan. Availment of the product is optional or is entirely up to you. The coverage multiple is fixed to 2x, up to a maximum of P2,000,000. In the event of claim, any amount in excess of the principal outstanding balance will be paid to the nominated beneficiaries. |
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| Why do I need Loan Protect PLUS? |
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| With Loan Protect PLUS, you and your family will have peace of mind. They need not worry about the outstanding principal balance of the installment loan if the borrower dies or becomes permanent disabled during the term of the loan. Loan Protect PLUS also softens the financial impact on your family especially if they have other financial obligations to fulfill. |
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| Is there a maximum benefit payable? |
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| Yes, the maximum benefit payable is 2x the loan amount up to P2,000,000 per borrower, in the event of the borrower’s death or permanent disability during the subsistence of the loan. |
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| ENROLMENT ELIGIBILITY |
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| Who can enroll in Loan Protect PLUS? |
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| All CSI installment loan borrowers between 21 & 59 years old, depending on loan tenor, can enroll in Loan Protect PLUS. |
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| If the loan tenor is: |
48 months – maximum age is 56 years old
36 months – maximum age is 57 years old
30 months – maximum age is 57 years old
24 months – maximum age of 58 years old
12 months – maximum age of 59 years old |
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| Do restrictions apply? |
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| Yes, Loan Protect PLUS benefits are not payable if death or permanent disablement is due to pre-existing conditions or illnesses that occurred within 12 months prior to the effective date of Loan Protect PLUS. |
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| Other permanent exclusions which are not covered under Loan Protect PLUS include: |
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Any injury which was deliberately self-inflicted. |
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The effects of or complications arising from pregnancy. |
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Travel in or descent from an aircraft or any other aerial device except with regard to a person traveling as a passenger and not as an operator or crew member, of an aircraft being used by a commercial passenger airline and operated by a licensed pilot over its established route. |
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Any kind of war, declared or not, strikes, riots, civil war, revolution, insurrection, or any war like operation. |
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Influence of alcohol or drugs, other than proper use of drugs as prescribed by a legally qualified medical practitioner. |
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Disablement which can be attributed to a specific condition or illness (or aggravated by a specific condition or illness) of which the Creditor had been notified prior to the effective date of the policy. |
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Any disablement resulting directly or indirectly from: Acquired Immunity Deficiency Syndrome (AIDS), Aids Related Complex (ARC) as defined by the World Health Organization, presence of Human Immunodeficiency Virus (HIV) as revealed by a positive HIV anti body or HIV test. |
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| What are pre-existing conditions? |
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| Pre-Existing conditions are medical conditions for which the cardholder is already suffering from or has been diagnosed or treated for by a medical practitioner, chiropractor, naturopath or any other practitioner of a similar kind within 12 months immediately prior to the effective date of the Loan Protect PLUS. |
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| How do i enrol? |
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| Contact your personal banker for more information on how to enrol to the Loan Protect Plus. |
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| PREMIUMS AND OTHER CHARGES |
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| How much is the premium? |
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| The premium is based on an applicant’s age, loan amount, and loan tenor. For example, if the total loan amount approved is P150,000 for 24 months for a 30 yr old accountholder, then the Loan Protect Plus premium is P3,805. |
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| What about Documentary Stamps Tax (DST) – won’t this be charged to me as well? |
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| The Documentary Stamps Tax (DST) to be charge depends on the sum assured as follows: |
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- If the sum assured is <= Php100,000, no DST shall be billed
- If the sum assured is > Php100,000 but <= Php300,000, DST of P10.00 shall be billed
- If the sum assured is > Php300,000 and <= Php500,000, DST of P25.00 shall be billed
- If the sum assured is > Php500,000 and <= Php750,000, DST of P50.00 shall be billed
- If the sum assured is > Php750,000 and <= Php1,000,000, DST of P75.00 shall be billed
- If the sum assured is > Php1,000,000, DST of P100.00 shall be billed
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| How do I pay for the premium? |
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| Your total premiums will be automatically deducted from your loan proceeds- in one amount upfront - and will cover the entire duration of your loan already. |
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| How will the charges appear in my loan statement? |
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| The charges will not appear in your loan statement. Since the entire premium is charged upfront, the amount you paid for insurance will appear in your Welcome Letter and Disclosure statement as “LOAN PROTECT PLUS PREMIUM” and will be automatically computed based on your approved amount due. |
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| When does my coverage begin/take effect? |
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| Your coverage will take effect at the time your loan is approved and the Loan Protect PLUS premiums are deducted. Coverage will continue until the end of your loan term. |
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| What if I pre-pay my loan? |
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| If you pre-pay the loan, the insurance coverage will terminate as well. The unearned premiums will be refunded to the customer following the Termination schedule provided by the Insurance Company. |
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| What if I decide to re-structure or re-avail of the loan? |
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| If you decide to re-structure or re-avail of a new loan, you are entitled to a refund of the premium you paid. However, premium refunds will only be made on the unearned portion of the loan’s tenor, based on the Termination Schedule provided by the Insurance Company. A check will be paid to the customer, representing the premium refund amount from the pre-terminated loan. Then, if you decide to avail again of the insurance - a new premium will be computed on the basis of the new loan amount to be taken. |
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| If I cancel my Loan Protect Plus policy, will premium be refunded to me? |
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| In case of policy pre-termination, the unearned premiums will be refunded to you. However, please do not expect a prorated amount to be refunded. As you may know, you are already protected by the policy on the day of approval. Likewise, the insurance provider (Prulife) already assumes the risk from day 1. Refund will be computed based on the Cash Value Rate indicated on the Termination Schedule provided by the Insurance Company. The termination details and the schedule of termination values are detailed in the insurance certificate which you will receive. |
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| Can I be disapproved for a claim? |
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| Yes, you may be disapproved for claims that are not covered under the terms and conditions of the Loan Protect PLUS coverage which are outlined in the certificate of coverage that will be sent to you. |
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| Who is my beneficiary? |
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| Beneficiaries are CSI up to the principal outstanding balance and your nominated beneficiaries for any coverage in excess of the principal outstanding balance. |
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| OTHERS |
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| Are you issuing the policy? |
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| No, Prulife is issuing the policy because they are the underwriter for Loan Protect PLUS. Prulife is one of the leading life insurance companies in the Philippines. |
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| When will I receive my insurance certificate? |
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| You will receive your insurance certificate by mail/delivery within four (4) weeks from your enrollment date. You are advised to read the policy contract for the full list of exclusions, including your right to policy examination, which states that you have the right to examine your policy and return it within a certain number of days from receipt thereof. |
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| *The availment of Citi Loan Protect Plus is optional. |
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| Disclaimer : |
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- Loan Protect Plus is underwritten by Prulife U.K. All insurance applications are subject to Prulife U.K.’s underwriting and acceptance. It is not a bank deposit or obligation of or guaranteed by Citicorp Financial Services & Insurance Brokerage Philippines, Inc., Citibank, N.A., Citibank Savings, Inc, Citigroup or any of their affiliates or subsidiaries. All Claims under the policy will be solely decided upon by the Insurance Company. Citibank, Citigroup or any of their affiliates and group entities hold no warranty and do not make any representation about the insurance, the quality of claims processing and shall not be responsible for claims, recovery of claims, or for clearing of claims, in any manner whatsoever.
- This material is for general information only and is not a contract of insurance. Accordingly, the information should be read and construed in light of and subject to all terms, conditions and exclusions contained in the policy contract. Full details are stated in the policy contract. There are conditions whereby the benefits under the plan will not be payable. These are stated as exclusions in the policy contract. You are advised to read the policy contract for the full list of exclusions.
- The insurance policy is subject to the risk that Prulife U.K. may be unable to pay any amounts due under the policy. In such cases, the entire insured amount and any other amounts due under the policy may come under risk of complete or partial loss. Investors are therefore exposed to credit risk of the Insurance Company.
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