Insular Life's 3-in-1 Money Back Plan

[boybi]

saw their ad in the newpapers. mukhang ok.

up to P2M life insurance protection
- provides cash benefits from death due to natural causes during the 10-yr paying period.

up to P2M accidental death benefit
- doubles your benefit in case of death due to accident. your beneficiaries will receive as much as P4M in cash.

up to P2M hospitalization benefit
- get as much as P3000/day or P90,000/mo. for Plan 2000, up to a maximum of P2M. benefits start on the first day if confined due to accident or injury and on the fourth day if due to sickness.

If you stay health and no claims are made during the 10-yr period of the policy, you get all your cash back. Money back plan will return all the premiums you paid in ten years.

Monthly Premiums for ages 20-35:
Plan 200 P203.80
Plan 500 P509.50
Plan 1000 P1,019.00
Plan 2000 P2,038.00

premium increases as age increases, and have a minimal discount for quarterly, semi-annual or annual premium payments.

anyone here have this kind of insurance?

ang gusto ko lang malaman is if once lang ako na-confine in the 10-year paying period, does that mean i won't get a single cent at the end of 10 years, kahit maliit lang nagastos sa hospital?

[the_wildthing]

ang gusto ko lang malaman is if once lang ako na-confine in the 10-year paying period, does that mean i won't get a single cent at the end of 10 years, kahit maliit lang nagastos sa hospital?

Big possibility, yes. If you make a claim... That's the "bet" they take, and that's how they priced it - based on risk.

I understand from your previous posts, you are self-employed. If you can get small group health insurance for your company and get you and your family covered, that would be better, then just get ordinary whole life insurance for death plus accidental death and dismemberment.

[_Qwerty_]

10 years ka lang insured.. tapos kung mag claim ka kahit once lang.. wala ka nang money back.. if you get 2T per month.. that's 24T per year or 240T for the duration of the plan.. tapos nag claim ka nang worth 10T lang.. wala na yung 230T mo..

I got a sort of similar plan sa ING.. 10 years paying duration.. insured ka nang 2M for life.. then anytime.. you can withdraw your money with dividends.. pwede ring yung dividends lang i withdraw and insured ka pa rin.. or you can withdraw everything plus principal.. kaya lang di ka na insured..

[Asus700]

from what i know from certain insiders, not too many are applying for this plan, now. nag taper off na. however, they continue issuing the print ad, mainly sa panorama ng manila bulletin as a way of making themselves visible continuously.

just make sure how much of the premium they will return after 10 years. some return the hospitalization premium only and not the insurance premium. and still others return the insurance premium and not the hospitalization premium. you have to clarify, para hindi ka mabulaga.

tama sila na once you make a claim no matter how small, forfeited na yung money back.

you have to clarify though, if they will return the premium for the life insurance part of the product if you make a claim on the hospitalization.

kasi ganito yung scenario: if they will return all the money you paid (life insurance and hospitalization) after 10 years, then para kang nag savings na walang interest.

kung forfeited lahat ng premium, if for example you made a claim on hospitalization, then you get nothing back after 10 years.

that is why you have to clarify kung matatanggap mo yung premium sa life insurance portion of the product.

the issue is moot if something happens to you, of course.

[van_wilder]

money back? so parang nagpautang ako without interest... yun money supposedly nagdouble up in 5 years, so laki kita nila kasi hindi naman 1 out of 5 mamatay eh...

[j_avonni]

Matagal na itong Money Back Plan na ito - about more than 20 years na.

It's just like savings for 10 years without interests. But if you made a single claim, wala na ang savings mo. Sana ang money back plan ay total amount of premium paid minus the amount of claim/s.

[oldblue]

delikado pa yan, baka i-sideswipe sa kalsada any of your family para mag-claim ka

[odell]

ser boybi,

text mo ako pag interested ka.. my mom is with insular.. baka makatulong

[boybi]

delikado pa yan, baka i-sideswipe sa kalsada any of your family para mag-claim ka

hindi naman covered ang members of the family. yung insured lang.

odell, parang hindi ganun kaganda. sayang kasi yung premium kung wala naman akong mapapala after 10 years. thanks for the offer.

[1D4LV]

here let me help. i used to work with insular life.

the 3 in 1 money back plan is a direct marketing plan which, can be issued to a specific individual without the need for a medical examination. meaning, the company will take the risk in insuring you.

this plan is like a savings plan, wherein you need to pay your premiums for 10 years in which, the total proceeds will be given to you IF YOU HAVE NOT MADE ANY HOSPITALIZATION CLAIMS DURING THE DURATION OF THE POLICY. which means, that IF YOU MADE JUST ONE CLAIM, WALA NA MONEY BACK MO.

but if you don't, you get the entire premiums you've paid. let's say, you are paying for 10,000/year, which means 10,000 * 10 = 100,000. no interests are paid, no dividends are paid. what you paid is what you will get.

if you will ask me, DO NOT GET THIS PRODUCT. lugi ka. the target market of this product are those who are rejected by other life insurance companies due to health concerns (MIB) or those people who are overaged and cannot get the normal life insurance products.

hth.

[j_avonni]

here let me help. i used to work with insular life.

the 3 in 1 money back plan is a direct marketing plan which, can be issued to a specific individual without the need for a medical examination. meaning, the company will take the risk in insuring you.

this plan is like a savings plan, wherein you need to pay your premiums for 10 years in which, the total proceeds will be given to you IF YOU HAVE NOT MADE ANY HOSPITALIZATION CLAIMS DURING THE DURATION OF THE POLICY. which means, that IF YOU MADE JUST ONE CLAIM, WALA NA MONEY BACK MO.

but if you don't, you get the entire premiums you've paid. let's say, you are paying for 10,000/year, which means 10,000 * 10 = 100,000. no interests are paid, no dividends are paid. what you paid is what you will get.

if you will ask me, DO NOT GET THIS PRODUCT. lugi ka. the target market of this product are those who are rejected by other life insurance companies due to health concerns (MIB) or those people who are overaged and cannot get the normal life insurance products.

hth.

Wala ba syang age limit?

[1D4LV]

Wala ba syang age limit?

as far as i can remember, they can accept up to age 70.

[boybi]

but the older you are, the higher the premium.

ok siguro ito kung high risk/accident prone ang job mo everyday.

[BRROOOMMMM]

siguro dapat yang insurance na yan e para doon sa mga dangerous job, and parang lugi k dyan kung ganon ang policy

[1D4LV]

siguro dapat yang insurance na yan e para doon sa mga dangerous job, and parang lugi k dyan kung ganon ang policy

hmmm. imho. hindi rin ito para sa mga may high risk jobs eh... kung high risk job ang work mo and you need to pay cheaper premiums + limited coverage, may term life insurance ka na lang, in which, coverages are limited to 10 or 20 years. tapos you have the option to convert it into a regular life insurance policy after the expiration of the term.

[1D4LV]

you have to clarify though, if they will return the premium for the life insurance part of the product if you make a claim on the hospitalization.

the life insurance part is different from the hospitalization claim. if you make a claim in the middle of the 10 year coverage, you will not get you money back, but you are still protected under the life insurance coverage until the 10 year coverage expires. so if for example, you made a claim on your 5th year. hindi mo na makukuha yung remaining premiums that were paid and are still to be paid. but you still have to pay for the life insurance coverage, na pag may nangyari sa iyo babayaran ka pa din nung entire face amount nung policy.

[109]

usually ang beneficiary ng isang tao ay spouse.

pano kung may mangyari sa mag-asawa, sino tatanggap ng benefits kung walang anak? yung magulang ng lalaki (insured) o magulang ng babae o hati?

[1D4LV]

usually ang beneficiary ng isang tao ay spouse.

pano kung may mangyari sa mag-asawa, sino tatanggap ng benefits kung walang anak? yung magulang ng lalaki (insured) o magulang ng babae o hati?

kung may mangyari sa magasawa and hindi naka state sa beneficiary ng policy, the proceeds of the insurance will be paid to to the couples estate. although may right yung immediate family members like the parents and the siblings, may court ruling pa yan to determine if those family members are "really" family members.

hindi basta-basta ibibigay ng life insurance company yung proceeds ng insurance ng walang court ruling IF THE POLICY DOES NOT STATE YUNG OTHER BENEFICIARIES OUTSIDE OF WHAT IS STATED DUN SA POLICY.

[109]

kung may mangyari sa magasawa and hindi naka state sa beneficiary ng policy, the proceeds of the insurance will be paid to to the couples estate. although may right yung immediate family members like the parents and the siblings, may court ruling pa yan to determine if those family members are "really" family members.

hindi basta-basta ibibigay ng life insurance company yung proceeds ng insurance ng walang court ruling IF THE POLICY DOES NOT STATE YUNG OTHER BENEFICIARIES OUTSIDE OF WHAT IS STATED DUN SA POLICY.

thanks for the reply.
more likely sa magulang ng insured? o sa kapatid?

[1D4LV]

thanks for the reply.
more likely sa magulang ng insured? o sa kapatid?

estate is defined in insurance lingo, na somewhere that the insured has interests too.

pwedeng magulang, kapatid, aso, pusa, etc...

basta dapat mapatunayan sa court na may interest/relationship ka sa insured.
pero mostly, puro portion or percentage lang ang napupunta sa estate (e.g. 10% sa parents, tig-10% sa siblings, etc....), kung baga, hindi isang tao lang ang makikinabang.