Family Insurance Plan (FIP)

For the Cooperative Members of Tagum Cooperative

The plan is Family Insurance Plan (FIP) that covers the Cooperative members as well as their dependents.

Schedule of Benefits & Premiums

Family Insurance Plan (FIP)

• Principal holder must be members of the cooperative who are 18 to 69 years old are eligible. Exit age is on the 70th birthday.
• Dependents of the member must be the immediate family members:
  • for married member: spouse 18 to 69 years old and children from 4 years old who are able to do the normal daily activities of livelihood;
  • for single member: parents who are not more than 69 years old.
  • for single parents: Parents who are not more than 69 years old or Children 4 years old who are able to do the normal daily activities of livelihood.
  • Coverage of the co-insured is co-terminus upon death of the principal member.
  • Non-medical, provided at the effective date of insurance they are in good health, able to do their usual daily activities and not afflicted with life threatening diseases or terminal illnesses.
  • Must fill-up the application for insurance.

Participation & Requirements: Participation requirement is 100% of all eligible members

Exclusion & Limitations:

• Deaths due to pre-existing conditions whether such illness or condition is known to the insured member or not, occurring within one year from the date the insurance coverage takes effect or the last reinstatement date are not covered. (Pre-existing illness/condition is defined as an illness/condition with manifestations prior to the effective date of the individual’s insurance coverage.)
• Death due to suicide whether the insured member was sane or insane at the time of committing such act is not payable if it occurs within one year from the date the insurance coverage takes effect or the last reinstatement date, are not covered.
• Other standard exclusions apply.

Contestability: One (01) year contestability period from the effective date of insurance coverage.

Effective Date and Term of Coverage:

The term of coverage is for one (1) year from the effective date, which must be no later than 90 days from the date of this quotation.

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