March 25, 2020
KMBA's Response to Members Affected by the Enhanced Community Quarantine (ECQ) due to the COVID19 Outbreak
1. Basic Life Insurance Plan (BLIP)
KMBA shall enforce a 45 days grace period for the payment of insurance premiums/contributions. This is also in compliance with IC-Circular 2020-18 which encourages all regulated entities to extend the grace period for the payment of insurance premiums/contributions by 31 days. Therefore, all members are given a 76 days grace period beginning March 15 until May 30, 2020. Members and their dependent/s are hereby covered and can claim in case of death /TPD/MvaH. The amount of premium contributions pertinent to the lapsed weeks shall be deducted from the claims settlement.
2. Credit Life Insurance Plan (CLIP)
All loans covered by CLIP that will mature during the ECQ period (March 15- April 14) is given an extension of 1-month in their loan term.