We provide microinsurance products for members of the Association and their families. We ensure that we cover their microinsurance needs from membership up to their retirement.
Family Security Plan (FSP) is a Group Yearly Renewable Term Plan which may be availed voluntarily by the member's age 18 to 65 years old to supplement the coverage he/she and his/her dependent/s currently enjoy under the Basic Life Insurance Plan (BLIP). In case of death or total and permanent disability of the insured/s (i.e. member and/or the member’s qualified dependent/s), the designated beneficiaries shall be indemnified in accordance with the table of the benefit of Family Security Plan.
The amount of benefit payable varies according to the cause of death or disability of the member or member’s legal dependent as illustrated in the table of benefits above.
The member will pay ONE THOUSAND PESOS (Php 1,000.00) per year or TWENTY PESOS (Php 20.00) per week for the benefits of the Family Security Plan.
The covered legal dependents of the member in this plan are the following:
1. If the member is married, his/her legal dependents are his/her legal spouse; biological and/or legally adopted children, single, and fourteen (14) days old but not more than twenty-one (21) years old; and biological and/or legally adopted children, over twenty-one (21), single, has a congenital disability and incapacitated to work.
2. If the member is single and unmarried without biological children, his/her legal dependents are her biological parents who are sixty (60) years old and above.
3. If the member is single and unmarried but with children, his/her legal dependents are his/her biological and/or legally adopted children, single, and fourteen (14) days old but not more than twenty-one (21) years old; and biological and/or legally adopted children, over twenty-one (21), single, has a congenital disability and incapacitated to work.
REMITTER PRROTEK PLAN
Remitter Protek Plan is a group-personal accident insurance cover that provides benefits for death, dismemberment/disablement, and daily hospitalization caused by an accident. This plan also provides Motor Vehicular Accident Hospitalization Benefit in case the insured encountered a vehicular accident.
The insured under this plan refers to the member elected in a Center meeting who is tasked to remit the collection of the Center to the Unit Offices, Bank Lite Unit (BLU), or Branches of CARD MRI Microfinance Institutions and other organizations recognized by and affiliated with CARD MBA.
This plan is open to open to all active members of the Center who are at least eighteen (18) years old but less than sixty-five (65) years old. The corresponding premium for this plan is two hundred pesos (PHP200.00) per center per year. The benefit amount payable under the Remitter Protek Plan is as follows:
Basic Life Insurance Program Retirement Fund (RF)
Retirement Fund is an administered fund intended for the retirement of members that can be availed in a lump sum upon reaching of the mandatory age of 70 years old or optional retirement ages of 65, 66, 67, 68 or 69, provided that the member has at least five (5) years continuous membership with CARD MBA prior to retirement. An active member pays Php 5.00 weekly contributions until s/he reaches the retirement age. These contributions are being invested in high yielding investment instruments to assure members of their retirement pays.
If a member decides to resign from CARD MBA prior to age 70 or prior the optional retirement ages, a member shall be entitled to all total contributions made to Retirement Fund plus interest at a rate to be determined by the Board of Trustees in a quarterly basis but in no case less than the prevailing savings deposit rate of the commercial bank.
Loan Redemption Fund (LRF) Plus gives full loan protection to member-borrowers and protects CARD MBA’s accredited lending institutions by ensuring 100% collection of loans extended to the members in case of death. An ordinary LRF pays only the balance of the loan but this program pays the total amount of loan of the deceased member-borrower.
The amount of contribution is based on the principal amount and term of loan extended to the members.
- 1.5% of the principal amount for a one-year loan term
- 0.75% of the principal amount for a six-month loan term
- 0.38% of the principal amount for a three-month loan term
Upon receipt and approval of due proof of death, CARD MBA will pay:
- the lending institution – the balance of the loan at the time of death; and
- the beneficiary – the paid portion of the loan at the time of death.
Automatic Loan Offsetting After Disability (Auto LOAD) Benefit
In case of total and permanent disability (TPD) of a member-borrower, as certified by a competent physician, CARD MBA will pay the balance of the loan to the lending institution at the time when the member-borrower becomes TPD. However, the paid portion of the loan will not be reimbursed to him/her because s/he is only totally and permanently disabled.
The benefit under Loan Redemption Fund (LRF) Plus is on top of the life insurance benefit that the beneficiary can get from the Basic Life Insurance Program of CARD MBA.
Golden Life Insurance Program
This is an OPTIONAL PROGRAM.
Payment Period : 10 years
Coverage : up to 100 YEARS OLD
Eligibility : 70 years old and continuing members of the Basic Life Insurance Program [BLIP]. Members shall be entitled to Refund of Contributions and retirement (RSF) Benefit and shall be given the option to enroll to the program.
- Covers the member only (no more legal dependents)
- No more riders (RF, TPD, MVAH)
- No more Waiting (Contestability) Period
- If the member wishes to discontinue the Golden Life Insurance Program, the member has an option to surrender the policy:
- For its Cash Surrender Value, which is at least 50% of the all the paid premiums or
- Convert it to a Reduced Paid-up Insurance.
As an association, we take our community development programs as our social responsibility to create impact to socioeconomically challenged families. We transfer our technologies to cooperatives so that they, too, can reach out to members of the community. We also conduct mass weddings, provide immediate relief assistance to calamity-stricken areas, and participate in other nation-building activities of CARD in health, livelihood, and education.
Every year, CARD Scholarship Program (CSP) of CARD MRI help thousands of students across the country achieve their dream of earning a college degree.
CARD MBA implemented the BOAT Program to promote mutuality and the benefits of microinsurance program for the marginalized sector in the country through MBAs.
The BOAT Program is a package of technology that includes setting-up a community-based microinsurance program. It is designed for interested organized groups (OGs) that have the burning desire to provide microinsurance protection to their member-clients but do not have the financial and technical capacity to institutionalize a microinsurance scheme in their organization.
Value propositions of the BOAT Program
- Members of the BOAT partner will be members of CARD MBA enjoying the same insurance benefits as regular CARD members.
- During the three-year engagement period, there will be technical assistance and transfer of technology in the management of a mutual benefit association.
- After three (3) years, should the BOAT Partner decide to put up its own MBA, all those entitled for the refund of contribution will be turned over to the BOAT partner’s own MBA together with their refund of contribution to become their seed capital.
Mass Wedding is an additional service being for the members who have live-in partners and have been members of the Association for at least 7 months prior to the wedding celebration. This is one of the highlights of the Branch Convention.
However, the CARD MBA management is advising all concerned members not to wait for the Convention to get married so that the live-in partner can be considered a member’s legal dependent enjoying the full benefits from the Association.
CARD MRI Disaster Relief Assistance Program (CDRAP)
CARD MRI Disaster Relief Assistance Program or CDRAP is a non-financial service that aims to give immediate relief and assistance to affected CARD members in disaster-affected areas due to natural calamities or fire with the following guidelines:
Type of Calamity
(Signal No. 1)
For the survivors of natural calamities like fire, typhoon, flood, landslide, earthquake or volcanic eruption they are entitled to receive:
- Pack of rice
- Medicine pack c/o BotiCARD
This will be given to members who are severely affected by calamities or fire.
Other Community Development Activities
CARD Mutual Benefit Association collaborates with the different CARD institutions to provide our members with access to social services to improve their general well-being. We actively participate in programs in health, education, livelihood, resource mobilization, and communication.
For more information about CARD MRI’s community development programs, please visit www.cardmri.com.
CARD Scholarship Program for BOAT Program Partners
Every year, CARD Scholarship Program (CSP) of CARD MRI help thousands of students across the country achieve their dream of earning a college degree. Often, these students receive scholarships from a variety of sources—including individuals, community foundations, and businesses—in addition to those that they receive from our institution. CARD MBA, Inc., as a member of CARD MRI grant scholarships through CSP to our Build-Operate-And-Transfer (BOAT) partners as an additional provision for the loyal and performing members.
CARD MBA supports the scholars through the quarterly financial assistance amounting to Php 3,000 or a total of Php 12,000 per year from first year to fourth year college. The total financial support is Php 48,000 per scholar.
Name: Dhian C. Villaruel (Cumlaude)
Name of Partner: USWAG Development Foundation
Home Address: Bangbang, Calizo, Balete, Aklan
Course: BS in Customs Administration
School: Aklan Polytechnic College
CARD Scholarship Program’s Qualifying Examination in Kalibo, Aklan (USWAG – BOAT Partner, May 2018)
a. Donations for children who are less than 14 days old –Php 1,000.00 donation for the death of member’s children who died less than 14 days old from the time of birth.
b. Donation for the death of the member or legal spouse in case of suicide committed within one (1) year of membership -Php 2,000.00 in case the member or legal spouse committed suicide within one (1) year of membership.
c. Donation in case of fetal death –Php1,000.00 donation for the death of member’s biological or legally adopted children less than 14 days old
d. Donation in case of death of members’ biological children without birth certificate nor registry number –Php1,000.00 in case of death of a newborn whose Birth Certificate has no registry number or has no birth certificate or baptismal certificate.
e. Donation in case of death of member’s live-in partners –Php 1,000.00 donation for the death of member’s live-in partner on the following conditions:
i. Member has at least one (1) year membership with the Association;
ii. Member and live-in partner should be living together for at least one (1) year which must be supported center resolution and validated by MBA coordinator and/or CARD MRI staff;
iii. Both member and live-in partner have no legal impediment to marry each other, meaning, they must be either single or widow/widower.
iv. Live-in partner must be the co-borrower of the member as declared in the promissory note.
f. Donation for single members’ biological parents who are less than 60 years old at a time of death –A Php 1,000.00 donation for the death of parents of a single member who died below 60 years old will be given. However, no donation will be given if the cause of death is a pre-existing condition during contestability period or one-year waiting period.