Last Tuesday I was in Bank of the Philippine Island (BPI) to
pay something over the counter when I noticed this spot that says BPI-Philam
Insurance. I was eager to know and to learn something about Philam products
because I heard a lot of good things from blogs and forums.
I also know that insurance
is something that I am planning to avail next year so as to start my emergency
fund.
The beautiful lady in the desk told me that for me who is
earning minimum wage but also have gigs and online business alongside that can
add to my income I should go for BPI Philam Savings/ Protection under the Build
Plus Peso.
It is a type of invests that provides earning potential for
your peso investment and has a guaranteed life protection. This means that you
are not just saving a portion of your money but also you will earn a life
insurance.
The great benefits of this plan are the following:
- · You may choose to diversify your investment to maximum of three types of funds in the following lists:
o
BPI-Philam Peso Bund
o
BPI-Philam Balanced Fund
o
BPI-Philam Equity Fund
o
BPI-Philam Odyssey Bond Fund
o
BPI-Philam Odyssey Balanced Fund
o
BPI-Philam Odyssey High Conviction Equity Fund
- · You can do top-ups or simply means you can save more than what the initial investment says. This will also create a better investment return.
- · You will have a guaranteed life protection coverage of 500% of the annual premium you invested plus 125% of top ups less 125% of each partial withdrawal or they call as a percentage of the Account Value to which is higher than the two.
o
You can also have your beneficiaries up to 2nd
to 3rd degree and not other plans that will only allow your parents
(if you are single) or your spouse (if you are married).
o
You have the life protection valid until age 100
as long the plan is in force
o
You have guaranteed premium bonus when you continuously
pay and no withdrawal will be made, that is equal to 5% of the annual
investment at the end of the 10th year.
o
You will
also have accident and health coverage until the age of 72.
- · You will also have additional optional riders like medical reimbursements and weekly income riders that they will explain further.
The only sad factors I see on this plan are the following
- · The product is at ₱ 50,000 minimum investment.
o
THOUGH, you can choose to pay quarterly meaning every
3 months you will pay 14,000 pesos. But with this type of payment that we can
call partial payment the total annual will be 58,000 pesos that will count as a
partial due.
- · You are only allowed to withdraw after the 10th year.
o
Please check this matter because this is my
understanding to what the beautiful lady said to me.
- · You are required to have a BPI account.
Also take note that though BPI and Philam
are partners all financial products of BPI-PHILAM Life Assurance Corporation
are not insured by the Philippine Deposit Insurance Corporation and are not
guaranteed by Bank of the Philippine Islands. Also note that all investments
have risk factors so please ask about all the details.
If you are from Parañaque, Macapagal Ave and
nearby area you may visit the BPI Aseana Power Station Branch. The beautiful
lady I got to talk to is Ms. Ria Orit. Or you can visit the nearest branch to
you.
Goodluck!
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