CFSI - CREDITSHIELD PREMIER

Shield your family from financial burden.

Shield your family from financial burden.

Protect you and your family from financial burden in case of life's unforeseen events with CreditShield Premier!

  • Card outstanding balance covered up to P2,500,000
  • Covers hospitalization and critical illness event
  • Affordable monthly premium of only P0.76 per P100 Citi Card balance
Benefits

New and improved product features effective July 1, 2015

Increased Citi Card balance protection of up to P2,500,000

  • CreditShield Premier is an optional card protection product which pays for the total card outstanding balance, including unbilled installment amount/s PLUS the sum of the statement balances for the past three (3) consecutive months immediately prior to date of first diagnosis of covered Critical Illness - Heart Attack, Cancer, or Stroke; or in case of death of the insured up to a maximum of P2,500,000 per life.
  • Where there is less than 3 months of statement balances, the benefit shall pay 300% of the average statement balance of the past one (1) or two (2) consecutive months immediately before the date of insured's death or diagnosis of critical illness; or where there is no previous statement balance available, the benefit shall pay 300% of the outstanding balance.
  • The benefit will be paid as follows: an amount equivalent to your Citi Card 's outstanding balance, subject to the applicable limit, shall be paid to Citibank, and any benefit amount in excess thereof shall be paid to your beneficiary/ies or to you, as the case may be.

*No Critical Illness Benefit is paid within 90 days from effective date of coverage.

Hospitalization Benefit for your total peace of mind

If you get confined in a hospital for 5 consecutive days or more due to accident or illness, CreditShield Premier shall pay 100% of your card outstanding balance as at first day of hospital confinement up to maximum coverage of P625,000 per insured per year.

*No Hospitalization Benefit is paid within 30 days from effective date of coverage.

Enjoy maximum protection at a minimum premium

Pay a monthly premium of 0.76% (or P0.76 for every P100) of the outstanding balance including any unbilled installment amount.

FAQ

Click on Plus Sign to expand and on Minus Sign to minimise the details.

CreditShield Premier is an optional credit card insurance which pays for the total card outstanding balance, including unbilled installment amount/s PLUS the sum of the statement balances for the past three (3) consecutive months immediately prior to date of first diagnosis of covered Critical Illness - Heart Attack, Cancer, or Stroke; or in case of death of the insured up to a maximum of P2,500,000 per life. Where there is less than 3 months of statement balances, the benefit shall pay 300% of the average statement balance of the past one (1) or two (2) consecutive months immediately before the date of insured's death or diagnosis of critical illness; or where there is no previous statement balance available, the benefit shall pay 300% of the outstanding balance.

If you get confined in a hospital for 5 consecutive days or more due to accident or illness, CreditShield Premier shall pay 100% of your card outstanding balance as at first day of hospital confinement up to maximum coverage of P625,000 per insured per year.

Please refer to below table that highlights the key differences between CreditShield Plus (old product) and CreditShield Premier (new product).

Event CreditShield Plus
CreditShield Premier
Death
  • Up to PHP1.8MM or 360% of credit limit whichever is lower and payout the balance of 3x Indebtedness less outstanding balance as a benefit.
  • 100% of Outstanding Balance*, plus Sum of Statement Balance^ of past 3 consecutive months immediately before the date of death or diagnosis of critical illness.
  • Where there is less than 3 months of Statement Balance: Benefit pays for 300% of the average Statement Balance of past one or two consecutive months immediately before date of death or diagnosis of critical illness.
  • Where there is no previous statement balance available: 300% of total Outstanding Balance.
  • Capped at P2.5MM.
Permanent Disability N/A
Temporary Disability
  • 5% of Indebtedness on 1st month and 10% of Indebtedness+ from 2nd month onwards of Temporary Disablement capped at 12 months;
  • No benefit will be paid for the first fifteen (15) days of the period of Temporary Disablement.
  • N/A
Critical Illness
  • Covers for 7 CI.
  • Up to PHP1.8MM or 360% of credit limit whichever is lower and payout the balance of 3x Indebtedness less outstanding balance as a benefit.
  • Covers 3 CI (Cancer, Stroke, Heart Attack).
  • Same coverage as Death Benefit.
Hospitalization Benefit
  • N/A
  • 100% of Outstanding Balance* as at the first day of hospital confinement, for hospital confinement of 5 days or more as a result of accident or illness; Capped at P625,000 per insured per year.
Premium
(php)
PHP0.69 for every PHP100 outstanding.
PHP0.76 for every PHP100 outstanding.

All active and current Citibank principal cardholders between 18 to 60 years old can avail of CreditShield Premier. You can purchase CreditShield Premier for all your Citi Cards since coverage on CreditShield Premier is per card account basis.

Yes, there is a maximum benefit payable per benefit and below are the limits:

  1. Death and Critical Illness Benefit - P2,500,000 per insured.
  2. Hospitalization Benefit - P625,000 per insured per year.

Your premiums will be automatically charged to your nominated Citi Card every month and will be included in the Total Amount Due in your card statement. The premium rate is fixed at 0.76% of your outstanding balance (total amount due plus unbilled installments).

Your coverage will take effect when the first CreditShield Premier premium is charged to your Citi Card. The expenses incurred by your supplementary cardholder/s are charged to your card and are reflected in your monthly card statement.

Your coverage will be automatically cancelled when your Citi Card becomes delinquent or if the premium doesn't get successfully billed to your Citi Card for two (2) consecutive months. However, once the card becomes active, CreditShield Premier will be automatically reinstated.

You will receive your Certificate of Insurance within 4 weeks from your purchase date. The terms and conditions are specified in the certificate and you are strongly advised to review them.

To know the requirements in filing a claim and request to file a claim, please contact 24-Hour CitiPhone at 995 9999.

CreditShield Premier is underwritten by BPI-Philam Life Assurance Corporation (or BPLAC). BPLAC is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group. The product is not a bank deposit, or obligation of, or guaranteed by Citicorp Financial Services and Insurance Brokerage Phils., Inc. (CFSI, the broker), Citibank N.A., Citigroup, or any of its affiliates or subsidiaries.

How To Apply

Call our 24-Hour CitiPhone at (632) 995 9999(632) 995 9999.

Eligibility Criteria

Requirements

Active and current Citi Card principal cardholders from 18 to 60 years old are eligible to avail of CreditShield Premier. No benefit will be paid when the Insured has attained the age of 65.

How much does it cost?

Premium rate is fixed at 0.76% of your outstanding balance (total amount due plus unbilled instalments).

Insurance Disclaimer

Important: CreditShield Premier is underwritten by BPI-Philam Life Assurance Corporation (BPLAC) and brokered by Citicorp Financial Services & Insurance Brokerage Phils., Inc. (CFSI). All insurance applications are subject to the Insurer'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., 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 Group Master Policy. There are conditions whereby the benefits under the plan will not be payable. These are stated as exclusions in the certificate. You are advised to read the certificate for the full list of exclusions. For claims and policy related inquiries, please call 24-Hour CitiPhone at (02) 995-9999995-9999.

Terms and Conditions

General Policy Conditions

CreditShield Premier is an optional credit card insurance which pays for the total card outstanding balance, including unbilled installment amount/s PLUS the sum of the statement balances for the past three (3) consecutive months immediately prior to date of first diagnosis of covered Critical Illness - Heart Attack, Cancer, or Stroke; or in case of death of the insured up to a maximum of P2,500,000 per life. Where there is less than 3 months of statement balances, the benefit shall pay 300% of the average statement balance of the past one (1) or two (2) consecutive months immediately before the date of insured's death or diagnosis of critical illness; or where there is no previous statement balance available, the benefit shall pay 300% of the outstanding balance.

If you get confined in a hospital for 5 consecutive days or more due to accident or illness, CreditShield Premier shall pay 100% of your card outstanding balance as at first day of hospital confinement up to maximum coverage of P625,000 per insured per year.

DEFINITION OF KEY TERMS

"Effective Date of Insurance" means the date on which the insurance coverage of a particular Insured takes effect and shall be the date the initial premium charge appears in the billing statement of the Insured's Citi Card.

"Death" means loss of life arising Injury or Illness while the Insured's insurance coverage is effective except as may be excluded under the Policy.

"Critical Illness" means the first diagnosis of a Medical Practitioner acceptable to the Insurer of any of the following Illnesses first occurring at least 90 days after the Effective Date of Insurance coverage: Cancer, Heart Attack, and Stroke; provided that the advice or treatment for that disease or sickness was not sought or obtained from a medical practitioner, chiropractor, naturopath, or any other practitioner of a similar kind within 12 months immediately prior to the Effective Date.

"Hospitalization Confinement" means admission in a hospital as an In-Patient for a minimum period of six (6) hours upon the recommendation of a Physician of an Insured, who must continuously stay in the Hospital prior to his discharge.

Definitions of Covered Critical Illness

Cancer is defined as a malignant tumor positively diagnosed with histological confirmation and characterized by the uncontrolled growth of malignant cells and invasion of tissue. The term malignant tumor includes leukemia, lymphoma, and sarcoma. For the aforementioned definition, the following are not covered:

  1. All cancers which are histologically classified as pre-malignant, non-invasive; carcinoma in situ; having either borderline malignancy; or having low malignant potential
  2. All tumors of the prostate, thyroid, and urinary bladder histologically classified as T1N0M0 (TNM classification)
  3. Chronic Lymphocytic Leukemia less than RAI Stage 3
  4. All cancers in the presence of HIV
  5. Any skin cancer other than malignant melanoma

"Heart Attack" means the death of a portion of the heart muscle (myocardium), as a result of inadequate blood supply and being evidenced by all of the following criteria:

  1. A history of typical prolonged chest pain
  2. New electrocardiographic changes resulting from this occurrence
  3. Elevation of the cardiac enzyme (CPK-MB) above the generally accepted laboratory levels of normal or troponins recorded at the following levels or higher: Troponin T > 1.0ng/ml or equivalent threshold

Angina is specifically excluded.

"Stroke" is defined as a cerebrovascular accident or incident producing neurological sequelae of a permanent nature, having lasted not less than three (3) months. Infarction of brain tissue, hemorrhage, and embolization from an extra-cranial source are included. The diagnosis must be based on changes seen in a CT scan or MRI and certified by a neurologist. Specifically excluded are cerebral symptoms due to transient ischemic attacks or any reversible ischemic neurological deficit, vertebrobasilar ischemia, cerebral symptoms due to migraine, cerebral injury resulting from trauma or hypoxia and vascular disease affecting the eye or optic nerve or vestibular functions.

DEBTORS/CARDHOLDERS ELIGIBLE FOR INSURANCE
  • A primary cardholder of Citi Card (Mastercard/Visa), and/or other co-brand/affiliate of credit cards issued by Citibank N.A. Philippine Branch
  • Cardholder must be 60 years old and below
EFFECTIVE DATE OF INSURANCE

Purchase of CreditShield Premier will be allowed using any of the methods stated below:

  • Recorded Telephone enrollment via CitiPhone or through Citi accredited telemarketing service provider
  • Signed CreditShield Premier Application form
  • Signed Application form downloaded from Citibank Online transmitted by facsimile

Each eligible cardholder shall become insured on the later of the following dates provided that the initial premium has not been paid, thus:

  1. Date of Sales or "Sale Date" of CreditShield Premier to the cardholder as indicated in the appropriate billing statement issued by Citibank to the cardholder where such Date of Sales or "Sales Date" of CreditShield Premier first appears;
  2. Date on which any increased premium rates or any special conditions are accepted by the cardholder
KEY EXCLUSIONS

The Insurer shall not be liable to pay any benefits in respect of any claims directly or indirectly resulting or consequent upon or attributable to by any of the following:

Death Benefit -

  1. Death from suicide within 12 months from Effective Date of Insurance
  2. Death due to illness occurring within 30 days from Effective Date of Insurance
  3. Death after payment of Critical Illness Benefit

Critical Illness Benefit -

  1. Critical Illness occasioned or contributed to by HIV infection or AIDS related conditions
  2. Critical Illness diagnosed prior to or within 90 days from Effective Date of Insurance
  3. Critical Illness caused directly or indirectly by pre-existing condition which existed within 12 months prior to Effective Date of Insurance
  4. Critical Illness caused by self-inflicted injuries

Hospitalization Benefit -

  1. Confinement in a hospital occurring within thirty (30) days from the Effective Date of Coverage stated in the Certificate of Insurance
  2. Treatment or Surgery for tonsils, adenoids, hernia, or a disease peculiar to the female generative organs until the Insured has been continuously covered under this contract for a period of one hundred and twenty (120) days
  3. Due to Pre-existing condition
  4. Any medical or physical abnormalities existing at the time of birth as well as neo-natal physical abnormalities developing within six (6) months from the time of birth. This include hernias of all types, and epilepsy except when caused by a trauma which occurred after the date the Insured was continuously covered under this contract and any congenital conditions which has manifested or diagnosed before the Insured attains seventeen (17) years of age
  5. War, declared or undeclared, strikes, riots, civil war, revolution, or any warlike operations
  6. Service in the armed forces, in time of declared or undeclared war or while orders of warlike operations or restoration of public order
  7. Pregnancy or any related complications arising from it
  8. Any violation or attempted violation of the law or resistance to arrest
  9. Mental or nervous disorders, treatment of alcoholism, alcohol or drug abuse, or any other complications arising therefrom or any drug incident
  10. Cosmetic or plastic surgery or any elective surgery
  11. Any form of dental care or Surgery unless necessitated by Injury but excluding the replacement of natural teeth, placement of denture and prosthetic services such as bridges and crowns or their replacement
  12. Routine health checks, any investigation(s) not directly related to admission diagnosis or disability
  13. Any treatment or investigation which is not medically necessary, or convalescence, custodial or rest care
PAYMENT OF PROCEEDS

Citibank, N.A. shall be the sole and irrevocable beneficiary of each cardholder to the extent of the unpaid balance on the insured credit card at the time of cardholder's death, first diagnosis of covered critical illness, and hospital confinement (but not exceeding the Maximum Insurance Coverage). Any amount payable under the Policy shall be paid directly to Citibank, N.A.. The amount so paid shall be applied to the payment of the credit card balances of the cardholder. Any benefit amount in excess shall be paid by BPLAC to the insured's beneficiary/ies in accordance with the following:

  1. To the cardholder in the event of Benefits arising from Critical Illness or Hospital Confinement; and
  2. To the beneficiary/ies designated by the Insured Debtor upon his Application or request for amendment of beneficiary designation. Where no beneficiary has been designated, by the Insured Debtor, the amount of Death Benefit in excess of the Outstanding Balance shall be paid by the INSURER to the first surviving class of the following classes of successive preference beneficiaries: the cardholder's (1) widow/widower, (2) surviving children, (3) surviving parents, (4) surviving brother/sister, (5) executors or administrators, in the event of Benefits arising from Death.
TERMINATION OF INDIVIDUAL INSURANCE

The insurance shall automatically terminate immediately upon the earlier of the following dates:

  1. The Insured's attainment of age 65
  2. The Creditor's failure to pay the premium in respect of the Insured
  3. The Death or diagnosis of Critical Illness of the Insured whichever shall occur first
  4. The date the Insured's Credit Facility becomes delinquent (non-payment of premium). However upon reinstatement of the Credit Facility, the coverage will continue except where the delinquent period exceeds ninety (90) days. During the delinquency period, the INSURER will not be liable for any claim arising from the Insured
  5. Upon receipt of written notice or voice recorded request to cancel the insurance coverage from the Insured
  6. Upon termination of the Credit Facility by the Creditor
REINSTATEMENT

The Insured may again be reinsured under the Group Master Policy upon reinstatement of the Insured's Credit Facility, the coverage will continue except where the delinquent period exceeds ninety (90) days. During the delinquency period, the INSURER will not be liable for any claim arising from the Insured.

The date of reinstatement of the Insured's insurance shall be the date when the INSURER determines that the evidence submitted to it is satisfactory and that no payment on the Statement Balance is more than two months overdue.

PREMIUMS

All premiums payable by the Insured under this contract shall be paid to the INSURER monthly with the amount of premium due from the Insured being charged to the account of the Insured's Credit Facility.

The monthly premium rate for this insurance is PhP 7.60 or such prevailing rate per PhP1,000 of covered Outstanding Balance and a documentary stamp tax charged pursuant to prevailing governmental regulations.

CLAIM PROCEDURES

No Benefits shall be payable under this Policy unless:

  1. Written notice is given to the INSURER within 90 days after any of the Events giving rise to a Benefit. Failure to give notice within the time provided in this Policy shall not invalidate or reduce any claim if it can be shown that it was not reasonably possible to do so and that notice was given as soon as reasonably possible;
  2. The Claimant completes the standard claims form issued by the INSURER and produces at no cost to the INSURER such evidence to substantiate the claim to the INSURER satisfaction and as it may reasonably require;
  3. The Claimant provides proof the Insured Debtor's age when required by the INSURER.
  4. A post mortem examination of the Insured Debtors is carried out, unless forbidden by law, if required by the INSURER, at the latter's expense.

For the avoidance of doubt, if the Insured Debtor claims from more than one benefit (Death, diagnosis of Critical Illness, or Hospital Confinement) at the same time, only one benefit will be payable under this Policy.

INCONTESTABILITY

The individual Insurance of the Insured or any additional portion thereof shall not be contested after it has been in force during the lifetime of the Insured Debtor for a period of two (2) years from the Effective Date of the individual insurance of the Insured Debtor; or from the date of last reinstatement of the Insured Debtor's individual insurance, whichever is later, except for non-payment of premium.

MISSTATEMENT OF AGE

If the age of a Debtor has been misstated, the insurance payable will be the amount to which he is entitled to under this Policy, but adjustments on premium payments will be made so that the Creditor shall pay the INSURER the actual premiums at the true age of the Debtor. If according to the correct age of a Debtor he is not eligible for coverage under this policy, the liability of the INSURER shall be limited to the refund of all the premiums paid.

SUICIDE

If an Insured Debtor dies by suicide within one (1) year from the Effective Date or date of approval of last reinstatement of his insurance, the pertinent provisions of the Insurance Code shall apply. Where no death benefit is payable, the INSURER shall refund all premiums paid from the Effective Date of the Insured Debtor's coverage or date of reinstatement of his insurance as defined under the Reinstatement Provision of the Policy to the date of death.

FREE-LOOK PERIOD

The Insured Debtor is entitled to cancel the insurance from its inception within a 30-day "Free-Look" period, with the Creditor notifying the INSURER. Any premiums paid will be refunded accordingly.

"Free-Look" period shall start from the later of

  1. The day the Policy is fully executed; or
  2. The day of the payment for the first premium; or
  3. The Effective Date for insurance coverage.
THIS MATERIAL MERELY SUMMARIZES THE PROVISION OF THE GROUP MASTER POLICY PRINCIPALLY AFFECTING THE INSURED AND DOES NOT IN ANY WAY CONSTITUTE A CONTRACT. THE BENEFITS DESCRIBED ARE ALL SUBJECT TO THE PROVISIONS, TERMS AND CONDITIONS OF THE GROUP MASTER POLICY.