What are the insurance plans of PSMBFI?
The five insurance plans of PSMBFI are the: Equity Plan (EP), Basic Group Term Plan (BGTP), Special Group Term Plan (SGTI), Burial Assistance Benefit (BAB), and the Endowment at 56 (E-56).
What happens to one’s membership when the PNP personnel retires from the service?
Upon retirement from the service, the PSMBFI member has two options:
1.He can continue his Equity Plan membership until the age of 65; or
2.He can claim his accumulated Equity Value which consist of a portion of his contribution and the interest earnings.
It is recommended that the retiree continue his PSMBFI membership to maintain his insurance protection. Also, the longer he is a member of PSMBFI, the higher his accumulated Equity Value becomes.
For those retiring from the service and wants to continue their PSMBFI membership, they may get in touch with the Insurance Department at (02) 725-4725, or the Regional Extension Officers (REO).
How can one become a member of PSMBFI and when will his membership take effect?
Membership with PSMBFI is through the Equity Plan.
For PO1 recruits and lateral entrants, the effectivity of membership is the date of receipt by PSMBFI of the duly filled-out and signed Membership Application Form (MAF) together with the Authority to Deduct (ATD). This is to ensure them of insurance protection while undergoing training.
For non-Equity Plan members, the effectivity of insurance coverage shall be the date of actual collection or deduction of the first monthly contribution from their salary.
Who may be beneficiaries?
The beneficiaries are the persons designated by the member insured to receive the proceeds of the insurance upon his death. Eligible as beneficiaries are the legal spouse; legitimate,illegitimate or legally adopted children; parents or adoptive parents; brothers/sisters; or any individual/groups or entities the member will declare as long as they are not disqualified by law.In designating the beneficiaries, the designation shall not be contrary to morals, customs, and public policy.
Can a member replace his beneficiaries?
Yes, anytime. A member can change, add, or delete his designated beneficiaries by written notice to PSMBFI, which shall take effect only if the notice is recorded by PSMBFI. This shall be effective beginning on the date that the notice is duly signed by the member. The change will not affect any payment of contributions already made by the member to PSMBFI.
Who may avail of the Accidental Disablement Benefits?
Members who suffer total permanent loss or partial permanent loss as a result of accident are entitled to the Accidental Disablement Benefits. The amount depends on the loss suffered by the member.
What are the credit facilities of PSMBFI?
Members can avail of the following credit facilities: the salary, policy, calamity and emergency loans.
For the salary loan, members can avail up to the maximum amount of P200,000.00 with minimum requirements. The loan shall be renewable after payment of at least 30% of the total loan amount. Maximum term is 5 years.
The emergency loan facility helps members during financial difficulties for them to meet their emergency requirements and day-to-day expenses. It has an interest rate of 12% per year and members can borrow up to P100,000.00 and the maximum loan term is up to 30 months.
For the calamity loan, members residing and/or assigned in NDCC calamity-declared areas are qualified to avail of the loan within 30 days from the declaration. Maximum loanable amount is P50,000.00 at an interest rate of 9% per year.
For the policy loan, the loanable amount shall be 90% of the total accumulated equity value of the member, with an interest rate at an average of 8% per annum payable in 2 years. No co-maker is required.
Who are qualified to be designated as beneficiaries?
The beneficiaries are the persons designated by the member insured to receive the proceeds of the insurance upon his death. Eligible as beneficiaries are the legal spouse; legitimate or legally adopted children; parents or adoptive parents; brothers/sisters; or any other individual/group or entities the member will declare as long as they are not disqualified by law. In designating the beneficiaries, the designation shall not be contrary to morals, customs, and public policy.
The details of the deductions appearing on your payslip?