[Blueboard] ERRATUM: GROUP LIFE INSURANCE BENEFIT MANULIFE FLYER

Compensation and Benefits [HRMOD] compben.hrmod at ateneo.edu
Wed May 6 17:34:28 PHT 2015


[image: Inline image 1]

6 May 2015





MEMO TO:                    Group Life Insurance Members







FROM:                          MARIA VICTORIA T. CORTEZ

                                      Director



SUBJECT:                    *GROUP LIFE INSURANCE BENEFIT (MANULIFE)*



We are pleased to inform you that effective *01 April 2015*, the University
renewed its Employee Group Life Insurance Benefit with Manulife with the
following coverage:



·  *Group Yearly Renewal Term Life (GYRT)* - life insurance coverage for
employees aged 18 to 70 years old in the amount of Php 200,000.00.  The
life insurance cover (GYRT) is reduced to 50% upon attaining age 66.



·  *Accidental Death and Disablement (AD&D)* – double indemnity is provided
in the amount of Php 400,000.00 for death due to accident.



·  *Total and Permanent Disability* – a lump sum amount of Php 200,000.00
is given if the employee has a zero (0) chance of recovery from the
disability as attested by a qualified physician.



·  *Burial Benefit* - a financial assistance extended to the bereaved
family of the employee.  The burial benefit amounts to Ten Percent (10%) of
the GYRT or equivalent to Php 20,000.00.



·  *Terminal Illness Benefit* – Fifty percent (50%) of the life insurance
coverage may be paid in advance if the insured employee is diagnosed to be
terminally ill (with life expectancy of 12 months or less).  The advanced
amount shall be deducted from the total Life Insurance Benefit of the
employee.



Each qualified employee must designate beneficiaries for his or her
insurance plan by accomplishing the Manulife Enrollment Form for Group
Insurance which will be distributed to your unit/ department.  In
designating beneficiaries, please be reminded of the following:



1.   An employee may designate one or all of the following as his
beneficiaries: legal spouse, children, parent, siblings (brother or
sister), or wards (people who are financially dependent upon him or her for
support).



2.   An employee may designate any person who has insurable interest on his
life as his beneficiary, as long as the law does not prohibit such
relationship.  Examples of those prohibited by law include a spouse other
than the legal spouse, government officials, etc.



3. If you fail to designate a beneficiary, then the hierarchy indicated in
the Family Code of the Philippines shall be followed.



Kindly submit the accomplished Enrollment Form to OHRMOD no later than *30
June 2015*.


For more details about the Life Insurance plan, please refer to the
attached flyer.  You may also get in touch with Ms. Kathy Soriano or Ms.
Uanne Melaya at local nos. 4125 and 4127 for any clarification.
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