CBMPC Oks Loan Protection Plan for Loan Availers

The CBMPC Board recently approved the group life insurance with the Cooperative Insurance System (CISP) and Country Bankers Life Insurance Corporation (CBLIC) for all CBMPC members with existing loans with the coop, except those whose loans are against their time deposit and share capital. Covered are loan availers aged 18 to 65 years under the basic plan, and those aged 66-70 years old under the extended plan.

Insurance premiums shall be paid by individual members who availed of loans with CBMPC and shall be deducted from the loan proceeds of said members. Insurance coverage is co-terminus with the loan and is equivalent to the loan of the member-borrower. In case of renewal, the amount of insurance shall be equivalent to the outstanding balance as of renewal date.

In case of death due to natural causes or accidental causes of member-borrower, the insurance proceeds shall accrue to CBMPC under its Loan Protection Plan.

The CBMPC reserves the right to select the insurance company for member-borrowers.