• Paramount Life Insurance

    Paramount Life Insurance

    Overview of Paramount Life Insurance

    In May 1950, Paramount Insurance and Surety Corporation officially started its non-life insurance business. It quickly gained attention and grew tremendously in a matter of a few years. In 2002 Paramount added life insurance to their portfolio as their acquired AEGON Life Insurance Philippines from AEGON Life N.V. of the Netherlands. After the Insurance Commission gave the company a composite license, Paramount was renamed to Paramount Life & General Insurance Corporation, which is what it’s called today.

    Today PLGIC has over 60 life branches nationwide and 25 non-life branches in Philippines. With the most extensive marketing and sales networks in the industry, it has established itself as one of the most successful and fastest growing insurance companies in the country. What’s more, Paramount is the foremost insurance provider for Overseas Filipino Workers (OFWs). So no matter where you and your family are in the world, you can rely on Pioneer’s insurance for your protection.

    Schemes offered by Paramount Life Insurance

    Individual Life Insurance

    Protection plans

    1. Prime Life:
    2. Prime Life is meant for those who are saving towards a certain plan, or for those who are thinking ahead at the future when they might not be around to provide for their family. This scheme is meant for clients between the ages of 3 months and 65 years of age. Payment can be done monthly, quarterly, semi-annually or annually. This scheme provides security, value and affordability.

      Features and Benefits:

      • The minimum life coverage is P100,000 and since it is payable for life, the premiums are very affordable.
      • Getting yourself this policy means that you will be eligible to accrue yearly dividends.
      • Paramount looks out for you and understands that there will be times in your life when you need to borrow from your policy (such as in the event of an accident). Thus, you do not need to look elsewhere at such instances; Paramount has created Prime Life with the possibility of accommodating such requests.
      • The whole life participating plan means that you are payable up to the age of 99 years. The sum insured will provide payment of the insured amount upon the death of the insured or when the insured becomes 100 years old.
    3. Prime Term:
    4. Paramount provides a great alternative for clients looking for a complete, no-frills term life insurance that does not require a long term commitment in the form of Prime Term 5. Prime Term 5’s flexible features will have the even the most cynical clients convinced. The best part about this policy is that it gives the client the liberty to re-evaluate their needs even as early as 5 years. They can choose to switch plans or upgrade, without presenting any evidence of insurability. Whatever it takes to make them satisfied about where they put their money.

      Features and Benefits:

      • Life coverage is a minimum of Php 500,000 and the premium cost is the lowest that Paramount offers.
      • No life-time commitment required. The term insurance can be renewed up to the age of 60, and can be converted to any permanent plan anytime. Further, you do not need to present any evidence of insurability, unless you wish to increase your coverage at renewal of conversion.
      • You have a choice of payment period between 5 and 20 years.
      • It is possible to upgrade the plan to a permanent insurance plan any time (after the first 5 years).
    5. Jumpstart:
    6. We all know the importance of a good life insurance plan. It’s the best safety net you can provide for your loved ones in the event of your death, which means you are at peace all the time.

      Features and Benefits:

      • The Jumpstart policy has flexible payment terms. You do not need to commit life-long. You can go for as short as a 5 year plan or as long as a 20 year payment plan. This means that you can make best use of your productive years.
      • Your family will be eligible to a minimum life coverage of Php300,000 in the event of your death or Paramount will pay you the sum when you become 85 years old.
      • Jumpstart provides you the possibility to earn in yearly dividends.
      • In case you have an emergency and are in need of some quick cash, Jumpstart has a loan option that you can take advantage of.

    Endowment plans

    Active advantage

    The Active Advantage plan helps you think ahead and protect your family in the event of your death. There is no alternative for you as a provider, but the safety of a good bank balance will take your family far. Paramount will let you sleep better every night, safe in the knowledge that your family will be taken care of. With the Active Advantage plan you can save to meet all your financial requirements in the future like retirement, travel, education or business capital.

    Features and Benefits:

    • The Active Advantage provides the client with a minimum of Php100,000 life coverage, plus every five years from your policy’s 5th to 20th year, Paramount will provide you with cash benefits to use as you see fit.
    • There is no lifetime commitement with this plan. The payment term is just for 20 years.
    • You have the opportunity to earn by accruing yearly dividends.
    • Incase of emergencies, the plan is designed in a way that it accommodates your requests for a quick loan.
    • Guaranteed, scheduled cash benefits:
    • 10% of Face Amount on the 5th year.

      20% of Face Amount on the10th year.

      30% of Face Amount on the 15th year.

      100% of Face Amount on the 20th year.

    Universal Life Plans

    1. Universal Life Plan:
    2. Paramount’s Universal Life plan gives you the unique chance of getting more out your money; a complete life insurance coverage of a minimum of Php500,000, as well as an investment opportunity with minimal risk. This non-traditional plan protects and earns for you. It’s really killing two birds with one stone.

      Features and Benefits:

      • The flexible premium payments makes sure that you have complete control over the frequency and amount you pay as premium. You have the freedom to add or withdraw from your fund as you like. Since the comprehensive coverage never wavers, there is no need to worry, you are completely covered.
      • In case of emergencies, the plan is designed in a way that it accommodates your requests for a quick loan.
      • The premiums are payable until you are 85 years of age.
      • Minimum life coverage of Php500,000.
    3. Universal Life Premier
    4. Getting a life insurance is one of the best things you can do for your family who is completely dependent on you. It just makes sense. However, the reason many people are unsure about taking this important financial step is because they find it stressful to get into a life-long commitment of paying dues. The Universal Life Premier is your solution for all such issues. The benefits of a life insurance and savings is stuffed into this plan so that your savings are fast growing and you are completely protected. The payment option is short and sweet.

      Features and Benefits:

      • The plan has a regular and scheduled payment plan.
      • You have the option to choose from a 5-year payment plan and a 10-year payment plan.
      • You also have the option to add or withdraw from the policy whenever you like, while remaining covered. Once your payment is completed, your policy’s growth rate will be accelerated. Which means that as your policy grows, your security grows with it.
      • Minimum life coverage of Php500,000
      • In case of emergencies, the plan is designed in a way that it accommodates your requests for a quick loan
      • Clients between the ages 3 months and 70 years old are eligible.
    5. Universal Life Gold
    6. You need the protection of a life insurance, but you also want an investment where you can expect a growth in your investment. Paramount presents an investment-life insurance hybrid of these two needs in the form of Universal Life Gold. You will be hard pressed to find another life insurance policy with as good a benefit and coverage as Universal Life Gold.

      The complete, basic coverage of Universal Life plan, the short, convenient payment options of Universal Life Premier plan, combined with the annual Return of Investments in the form of yearly cash allowances, is what makes the Universal Life Gold plan the ideal life insurance plan.

      Features and Benefits:

      • From the 11th year of your policy onwards, you will be getting yearly cash allowances and the coverage is valid your entire lifetime.
      • In case of emergencies, the plan is designed in a way that it accommodates your requests for a quick loan
      • You stand to benefit from the yearly dividends.
      • Minimum life coverage of Php500,000
      • Choose between five year and ten year payment period options.
      • You will be covered until your death.
      • You are entitled to yearly cash allowances of 5% of the sum insured
      • Clients between the ages 18 and 50 years old are eligible.

    Retirement Plans

    1. Prime Opportunity
    2. Make the most of your money with the Prime Opportunity. With a minimum life coverage of Php100,000, and so many other benefits, Paramount makes sure that your loved ones are supported even after your death. Paramount also makes sure that you enjoy the fruits of years of work in your retirement period with four scheduled cash benefits every 5 years starting at the age of 45.

      So if you want to spend large after your retirement, whether it is a trip to Europe or paying for your child’s tuition at a foreign university, you can count on Prime Opportunity to meet your needs.

      Features and Benefits:

      • Minimum life coverage of Php100,000.
      • Guaranteed, scheduled cash benefits:
      • 10% of Face Amount at age 45.

        20% of Face Amount at age 50.

        30% of Face Amount at age 55.

        100% of Face Amount at age 60.

      • Take your pick among two payment term choices; either One-time payment or 5-year payment.
      • In case of emergencies, the plan is designed in a way that it accommodates your requests for a quick loan
      • You stand to benefit from the yearly dividends.
      • Clients between the ages 20 and 40 years old are eligible.
    3. Prime Life @65
    4. Prime Life @65 is one of the most flexible retirement plans you will find in the Philippine’s insurance market with four different payment options. The minimum life coverage of Php100,000 ensures the basic life coverage. Already feel like this is a retirement option that would fit your needs? Read on to see to be even more impressed.

      Prime Life@65 knows how hard you work to provide for your family’s future as well as secure a comfortable retirement life. That is why they have incorporated a 50% cash benefit of the sum insured as soon as you reach 65 years. So while you maintain full coverage, you can splurge on something to celebrate the beginning of your retirement, like that way-too-expensive car.

      Features and Benefits:

      • Minimum life coverage of Php100,000.
      • Payable up to the age of 65, after which the client will receive 50%. The whole payment will be done at the event of the client’s death or when the client becomes 99 years old.
      • You stand to benefit from the yearly dividends
      • Clients between the ages of 3 months and 55 years old are eligible.
      • Cash benefit of 50% of the sum insured at the age of 65 (in addition to the continued coverage)
      • In case of emergencies, the plan is designed in a way that it accommodates your requests for a quick loan
      • Client can choose between Annual, Semi-annual, Quarterly and Monthly payment options.

    Educational Plans

    Goldstar

    Everyone knows the importance of a great education. It secures your life, and a secured life is exactly what you want for your child. Paramount’s Goldstar helps you provide your child with the best education so he/she can achieve their dreams. Goldstar is an endowment plan designed in a way that provides four annual cash benefits when your child is in the age of attending college. Whats more, Goldstar gifts your child with a Graduation Gift when he/she turns 21 years old.

    Features and Benefits:

    • Gold Star provides four annually increasing cash benefits which is payable when the child finishes 17 years of age.
    • Minimum coverage of Php200,000.
    • 5 year payment plan.
    • When the child is 17 years old, Goldstar pays 20% of the Face Amount of the policy.
    • When the child is 18 years old, Goldstar pays 23% of the Face Amount of the policy.
    • When the child is 19 years old, Goldstar pays 26% of the Face Amount of the policy.
    • When the child is 20 years old, Goldstar pays 31% of the Face Amount of the policy.
    • When the child turns 21 years old, Goldstar will present the child with a Graduation Gift of 20% of the Face Amount of the policy.
    • You stand to benefit from the yearly dividends
    • Clients between 3 months and 10 years old are eligible

    Group Life Insurance

    Group Credit Life

    The Group Credit Life insurance provides cover for your borrowers’ lives up to their indicated short-term loan amount or outstanding balance.

    Features and Benefits:

    • Life coverage which is equal to the amount of the loan or outstanding balance (as long as the balance does not exceed an aggregate of Php2 million).
    • Clients between the ages of 18 years and 65 years are eligible for this plan
    • The clients must also be in good health at the time of application to be eligible.
    • The loans covered are: Salary Loans, Appliance Loans, Agricultural Loans, Personal Loans and other short-term loans.

    Group Mortgage Redemption Insurance

    Getting a mortgage is a huge responsibility for you and a huge risk for the financial institution. However, a loan is always helpful for you to buy yourself anything you desire. Paramount helps you in getting everything you need and when you are in an unexpected financial crisis, you can count on Paramount to help you out.

    Features and Benefits:

    • The Group Mortgage Redemption Insurance plan offers dependable life coverage in the amount of the loan you specify or outstanding balance.
    • Life coverage equivalent to the amount of the specified loan or outstanding balance.
    • The clients must also be in good health at the time of application to be eligible.
    • Clients between the ages of 18 years and 65 years are eligible for this plan
    • To be eligible, the client must be working.
    • The loans covered are Motor Vehicle Loans, Housing Loans, Real Estate Loans and other such long-term loans. Check out the main information for more information regarding this.

    Group Association Insurance Plan

    You may have many passions outside of work, Paramount understands and supports this. The Group Association Insurance Plan is a Group Yearly Renewable Term life insurance created just for groups and associations, to support your passions.

    Features and Benefits:

    • Life coverage up to the amount chosen for the policy.
    • Annual payment plan.
    • Premiums that are affordable.
    • Customizable for your organization and its needs.
    • Must be an active member of the applying organization.
    • Clients between the ages of 18 years and 65 years are eligible for this plan
    • The clients must also be in good health at the time of application to be eligible.
    • The extensions available are Accidental Death Benefit, Accidental Death and Dismemberment Benefit, Total and Permanent Disability Benefit and Burial Benefit.

    Paramount Group Package

    Your employees are the biggest asset in your company, and Paramount helps to secure and support them with the Paramount Group Package which is a Group Yearly Renewable Term life insurance.

    Features and Benefits:

    • Life coverage up to amount chosen for the policy.
    • Annual payment plan.
    • Premiums that are affordable.
    • Paramount customizes their plans to meet yours and your business’s needs.
    • The client must be a regular, full-time employee of the business.
    • The employees in the group must be between the ages of 18 and 60 years old.
    • The clients must also be in good health at the time of application to be eligible.
    • The extensions available are Accidental Death Benefit, Accidental Death and Dismemberment Benefit, Total and Permanent Disability Benefit, Burial Benefit and Terminal Condition Rider.

    Security Guard Protection Plan

    Whether running an establishment, maintaining a building or putting up the front line of defense for an entire neighborhood, we all need help securing our assets. For trained and professional protection, security organizations are our natural resource. However, even these organizations needs support of their own. Danger and risk are a natural part of their job description.

    We tend to take the security provided by the security guards around us for granted. Their job can be quiet risky which is why Paramount has created the Security Guard Protection Plan. This plan is a group life insurance plan designed just for the security guards employed by Security and Manpower Agencies, because even the security needs protection.

    Features and Benefits:

    • Life insurance coverage up to the amount chosen for your policy.
    • Annual payment plan.
    • Premiums that are affordable.
    • Paramount customizes their plans to meet yours and your business’s needs.
    • To be eligible, members of the security organization must be aged between 18 and 60 years old.
    • Members must be in good health at the time of application.
    • The extensions available are Accidental Death Benefit, Accidental Death and Dismemberment Benefit, Total and Permanent Disability Benefit and Burial Benefit. These extensions are available for an additional premium so that you can enhance the protection for the security guards.

    Teacher’s Group Insurance Plan

    Teachers are some of the most influential individuals in your child’s life. Paramount aims to protect and support teachers with the Teachers' Group Insurance Plan. Show your faculty exactly how important they are to you with this comprehensive plan

    Features and Benefits:

    • Life coverage up to the amount chosen for your policy.
    • Annual payment plan that is both simple and convenient
    • Premiums that are affordable.
    • Paramount customizes their plans to meet your educational institution and its needs.
    • To be eligible, they must be regular, full-time teachers, administrative staff or other personnel the institute.
    • To be eligible, employees must be aged between 18 and 60 years old.
    • Members must be in good health at the time of application.
    • The extensions available are Accidental Death Benefit, Accidental Death and Dismemberment Benefit, Total and Permanent Disability Benefit and Burial Benefit. These extensions are available for an additional premium so that you can enhance the protection for your faculty.

    Student Yearly Renewable Term

    The youth, or the students are our future. So doesn’t it sound reasonable to secure your future by securing the students? Student Yearly Renewable Term insurance by Paramount is created to give you, your students and their parents peace of mind while your students are busy being molded into tomorrow’s leaders.

    Features and Benefits:

    • Life coverage up to the amount preferred for your policy.
    • Annual payment plan that is both simple and convenient
    • Premiums that are affordable.
    • Paramount customizes their plans to meet your educational institution and its needs.
    • The students must be officially enrolled for the academic year to be eligible.
    • Students between the ages of 5 to 25 years old are eligible.
    • The extensions available are Accidental Death Benefit, Accidental Death and Dismemberment Benefit, Unprovoked Murder and Assault, Total & Permanent Disability Benefit, Accidental Medical Reimbursement, Daily Hospital Income Benefit and Burial Benefit. These extensions are available for an additional premium so that you can enhance the protection for your students.

    Barangay Association Insurance Plan

    A Group Yearly Renewable Term life insurance plan designed for Barangay officials and staff.

    Features and Benefits:

    • Life insurance coverage up to the amount chosen for your policy.
    • Annual payment plan that is both simple and convenient
    • For members between the ages of 18 and 65 years.
    • Go for an extensions for the plan by paying an additional premium.
    • Premiums that are affordable.
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