Overview of Philam Life Insurance
Established as The Philippine American Life and General Insurance Company in 1947 with a noble cause to help Filipinos recover from the ruins of World War II, the founders’ vision was to have a Philam life insurance policy in every home. Since its inception, the group has been providing a wide range of solutions represented by plans to answer insurance needs such as life, health, retirement, investment, savings etc.
Philam Life is an integral part of AIA Group Limited, a pan-Asian life insurance company operating in across 18 markets in Asia - Pacific with branches in India, China, Singapore, Australia, Indonesia to name a few. At the end of November 2014, the group held assets worth a little over $167 billion. Listed on the Hong Kong Stock Exchange, the group has an extensive network of offices and subsidiaries around the world.
Life Insurance Products Offered by Philam Life in Philippines
Being a domain expert, Philam life offers a salient range of life insurance options to Filipinos along with other insurance solutions such as Health and Accident plans.
|Unit Linked Protection Plans||
|Whole Life Protection Plans||
|Term Life Plans||
Features and Benefits of Philam Life Insurance
Unit Linked Protection Plans
- Family Secure
A market linked insurance plan which assures a high coverage for life at humble premium payments. It not only covers life and ensures a secure future for your family, but also acts as a smart retirement plan disbursing attractive returns to help you manage your post-retirement life. It multiplies your savings over a period of time owing to expertly managed investment by Philam Asset Management, Inc.
- Depending on the age of the insured, get a protection of up to 95x of the annual payment for as low as P44 a day. Should anything happen to you, be assured that your loved ones will never suffer a financial crisis.
- This plan also acts as a long term savings plan disbursing high returns since your hard earned money is carefully invested in a market linked fund chosen by you. Flexibility to choose from three diversified funds based on your risk taking preference - PAMI Philam Bond Fund, PAMI Philam Strategic Growth Fund and PAMI Philam Fund.
- Option to boost your Retirement Benefit by topping up the funds at regular intervals. Start with as little as P1,000 every year and a potential to invest up to 5 times the yearly payment.
- Get a Protection Bonus of 10% on the coverage by simply making your premium payments on time. No strings attached, no additional payments required. Also get a free increase in coverage value as and when your family grows without additional costs. As a privileged insured member, you can be eligible for up to 5 guaranteed increases during the policy period.
- With the Coverage Protector feature, your family will be eligible for uninterrupted coverage for the first 10 years regardless of the performance of underlying investment fund.
- In case of TPD(Total or Permanent Disability) or critical illness, you don’t have to pay the regular premiums with the rider option.
A unit linked life insurance plan which offers all round protection with relatively short payment options of 3, 5, 7 or 10 years. Enjoy uninterrupted coverage and savings since the monies invested is pooled into a market linked fund chosen by you. In case of unfortunate death of the insured, the nominee(s) are eligible to receive a cover of up to 25 times the yearly payments.
- Your hard earned money is carefully invested by experts from the Philam Asset Management, Inc. (PAMI) to help you build savings over a period of time.
- After the pay period is over, if the account value does not have sufficient balance to pay for the charges, top ups are allowed to ensure continuity in coverage.
- Flexibility to add riders such as Accident, Disability, Additional Health are easily available at nominal costs to enhance the Family Provider cover.
- In case of TPD(Total and Permanent Disability) or diagnosis of a critical illness, the Waiver of Premium Rider ensures that no further premium payment from the insured is required whilst keeping all benefits intact.
- This is an ideal plan for a beginner who is looking for their first unit linked insurance plan as one can get started for a premium as low as P2,500 per month under the Family Provider option.
- Freedom to choose from three distinctive PAMI Funds - Philam Bond Fund, Philam Strategic Growth Fund and Philam Fund as your primary source of investment.
Whole Life Plans:
- Vanguard 100
A whole life insurance plan that not only guarantees life protection at pleasing premium rates, but also tailor made benefits that are customizable on the basis of your needs. No matter what happens, your family’s immediate needs will be taken care of by this plan.
- Enjoy worry free payment terms of short duration with no premium increases during the entire payment period.
- As a privileged policyholder, the Vanguard 100 lets you choose the amount of coverage based on your personal requirements. If you’re looking at a comprehensive cover that encapsulates all possible risks, you can add supplementary riders for all round coverage.
- Vanguard 100 is an affordable plan that offers life protection with a minimum face amount of just P150,000. The premium payable remains fixed throughout the policy period, shielding you from premium increases during the short paying period.
- This policy offers protection up until the age of 100 with assured option to increase accident and health coverage up to the age of 72.
- A wave of rider benefits such as Accident & Health Rider Plus, Mediguard, Disability Waiver of Premium etc. are available at your disposal to enhance the value of Vanguard 100. Each of these riders come with exclusive benefits and features answering all those needs that are not covered under the standard policy terms.
- Dividend earnings are available for withdrawals after official announcement and dividend amount not withdrawn will accumulate interest at prevailing rates.
Term Life Plans:
- Life Save
- LifeSave Silver: Extends the flexibility to add optional accident and hospitalization benefits to the base plan so that you get that additional financial support in case of a mishap.
- LifeSave Gold: Along with the basic coverage, one has the option enhance the coverage benefits by adding supplementary options such to cover accidental death, disability and dismemberment as a top up to the basic plan.
- LifeSave Platinum: A flagship term plan from Philam that extends the most comprehensive coverage along with cash providing benefits upon hospitalization and accidental death as a top up option to the basic plan.
For those of you looking for a high coverage amount at low premium prices, the Life Save Term Life plan from Philam Life is the right answer for you. This is a comprehensive insurance option valid for 10 years and provides protection against Loss of Life and Critical and Terminal Illness. This also includes TPD(Total & Permanent Disablement).
The Life Save term plan comes in three variants, each one carrying exclusive benefits based on popular requirements.
Along with the heavy life coverage extended by this plan, you can choose to attach additional rider options to the basic plan as preferred.
The Live Save Term Plan from Philam Life comes with three Add On benefit options to help you get more out of your life insurance as an addition to coverage for life.
Accident & Health(A&H) - Provides medical reimbursement and weekly income as a top up option in case of death, TPD or dismemberment.
Mediguard - Extends benefits to the insured in case of surgery, continuous hospitalization or ICU confinement in the form of daily hospital income.
Accidental Death Benefit(ADB) - Assures additional monetary support to the family in case of death due to accident.
A term insurance plan from Philam that comes with convenient payment terms, customizable as per your budget. A slew of rider options are available to enhance the policy value and to cover all possible risks. This policy also allows the insured to convert this term plan into a different type of life insurance after the coverage period is over.
Along with A&H, HIB and ADB rider options(described in the plan above), the Guardian also offers the rider options below as an addition to the policyholder.
WP/WP+(Waiver of Premium/Waiver of Premium Plus) - In case of TPD(Total or Permanent Disablement), the premium payments will be waived along with disbursal of an annual disability income equivalent to the value of the waived premium.
Lifeline(LL) - Upon diagnosis of a critical illness covered, a one time lump sum payment is provided by Philam to deal with the ailment.
News About Philam Life Insurance
Philamlife understands the increasing demand for insurance
Philamlife, one of the largest insurers in Philippines, stated that there is a great opportunity for the insurance industry to grow, as the population demands for it. By the year 2020, cumulative gap between insurance protection amount of the population and what the population needs actually has been projected to reach P 25.1 trillion. The penetration rate is less than 2 percent of GDP. This is because the people in Philippines still think that insurance is for the dying and the sick.
06th May 2016
Philam Life partners with BPI
BPI-Philam Life Assurance Corporation stated that it wishes to sell more insurance products to increase presence. Chief executive and president of BPI-Philam, Ariel Cantos, mentioned that the company has been operating at eighty percent of the country’s 800 BPI branches. Gross premiums of P 20.9 billion were booked by BPI-Philam in the year 2015. It witnessed a steep increase by 44 percent from the year 2014. BPI-Philam is a 5 year old company which has assets worth P 76.43 billion and total revenues of P 22.14 billion. In the year 2016, the group is expected to witness a stronger growth.
05th May 2016