Basic Life Insurance Plan (BLIP) is provided to all client-beneficiaries and staff members of Kasagana-Ka Development Center, Inc. as well as to client-beneficiaries of KMBA partner microfinance institutions and other organized community or basic sector groups
Qualification for K-MBA Membership
- Client-beneficiary of KCOOP
- Staff member of KCOOP, KDCI or KMBA
- Between 18 and 60 years old
- For associate members: Member of an organized community or basic sector and development organizations
Documents Required from Membership Applicants
- Birth certificate, if single
- Marriage contract, if married
- Birth certificates of unmarried legitimate children below 21 years old
- If not married and without dependent children, marriage contract of dependent parents (above 60 years old)
Amount of Weekly ContributionPHP20 =
- PHP15 for insurance premium and
- PHP5 for the retirement savings fund
Membership Benefits
- Life insurance with total and permanent disability. This benefit is given upon the death (other than suicide) or permanent disability of a member or the legitimate spouse or children below 21 years old
- Motor vehicle accident and hospitalization benefit. This is given for at least 24-hour hospital confinement due to vehicular accident of a member or the legitimate spouse. Total claims during the entire insurance coverage should not exceed PHP10,000 for both the member and the spouse.
- Retirement savings fund. The weekly PHP5 contribution, which earns 2 percent annual interest, will be refunded upon termination of membership.
- Refund of insurance premium. After three years of uninterrupted membership, a member is entitled to at least 50 percent of the equity value of the total contribution.
KMBA's insurance coverage is terminated upon a member's
- Resignation
- Disqualification
- Retirement
- Death
- Permanent disability
- Failure to remit contribution after the 45-day grace period
Contestability Period
- On the first year of membership, KMBA will not pay claims on the death or permanent disability of a legitimate spouse or dependent children, if the cause is due to a pre-existing condition.
