CARITAS FUND PROVIDER MABUHAY

CARITAS FUND PROVIDER MABUHAY is a systematic fund accumulation program designed to help you save for the future while you are still at you most productive years.


Features & Benefits

1. A disciplined SAVINGS scheme

You save only for 5 years and your contributions are scheduled either in annual, semi-annual, quarterly, or monthly installments, depending on your chosen payment mode.

A wide variety of program options and plan variants to fit your financial planning needs

2. Fixed and pre-determined PENSION BENEFIT upon maturity

The guaranteed amount of Pension Maturity Benefit focused yet flexible for variety purposes -- you can use it to pay for your future travels, your children's or grandchildren's education. or other interests that you may wish to pursue during your retirement years.

Upon maturity date, your Pension Maturity Benefit shall become due and may be availed thru any of the following:

Settlement Options

a. LUMP SUM PAYMENT. You will receive the Pension Benefit in one-time payment as full and final settlement of the Caritas Fund Provider Elite.

b. PERIODIC PAYMENT OF INTEREST. You may choose to leave your Pension Maturity Benefit and receive its interest earnings on a regular basis, either annual, semi-annual, quarterly, or monthly basis, computed at the duly agreed upon and guaranteed interest rate, subject to the then prevailing savings deposit interest rate at the time of maturity. At any time during the period of availment, you may opt to receive the full amount of the Pension maturity Benefit as full and final settlement of your plan.

c. PARTIAL WITHDRAWAL. Upon maturity, you may withdraw any portion of the Pension Maturity Benefit and subject the remaining amount to the PERIODIC PAYMENT OF INTEREST.

d. Other settlement which you may wish to arrange with Caritas Financial Plans.


3. Enhanced options for ADDED FINANCIAL PROTECTION

The New Caritas Fund Provider may be subscribed in 3 plan variants:

a. FUND PROVIDER CLASSIC will provide you the Pension Maturity Benefit and the basic protection of the Credit Life Insurance and Total Disability Benefit.

b. FUND PROVIDER ULTIMA will further provide a Longevity Benefit and the extra protection of a Term Life Insurance along whith the basic benefits under the Fund Provider Classic.

c. FUND PROVIDER ULTIMA PLUS will likewise provide the basic benefits featured under Fund Provider Classic, plus the Term Life Insurance coverage and an increased Longevity Benefit.

LONGEVITY BENEFIT
If you are alive at the maturity date of your plan, and you subscribed to the Ultima or Ultima Plus variants of the New Caritas Fund Provider, you will be entitled to a cash bonus, payable in lumpsum upon maturity date, as your Longevity Benefit in addition to the Pension Maturity Benefit. The amount of Longevity Benefit depends on the plan variant subscribed:

a. Fund Provider Ultima. The Longevity Benefit shall be equal to 100% of the Pension Maturity Benefit.
b. Fund Provider Ultima Plus. The Longevity Benefit shall be equal to 200% of the Pension Maturity Benefit.

4. Guaranteed Cash Benefit

Non-forfeiture of Contributions

In the event of a lapsed plan remains unreinstated after the prescribed reinstatement period, the plan will not be cancelled and you will still be entitled to a cash benefit upon maturity date anmounting to the total plan credits plus interest of 2%p.a. computed from last unpaid due date until maturity.

Termination Values

Should you decide to discontinue your plan while it is in force, you may surrender and request termination of the plan and be entitled to termination values as approve by the Insurance Commission.


5. Value-added Insurance Coverage

If you are 18 to 60 years of age, and in good health, you will be covered AT NO EXTRA COST with the following:

a. Credit Life Insurance that will fully pay your plan should you pass away during the paying period but before reaching age 70. Your beneficiary will enjoy the pension maturity benefit of your plan upon maturity.

b. Total Disability Benefit that will likewise fully pay your plan should you become permanently and totally disabled during the paying period but before your 60th birthday.

c. Term Life Insurance If you subscribed to the Ultima and Ultima Plus variants of the New Caritas Fund Provider, you will further be covered with Term Life Insurance in case of death prior to the maturity date but before your 70th birthday. Your beneficiary will be entitled to an amount equal to the Contract Price.


Other Features

Trust Fund

1. From the planholder's contributions, Caritas Financial Plans, Inc. maintains a Trust Fund for the exclusive purpose of discharging its obligation to its planholders as provided for in the pre-need plans subscribed. The Trust Fund is administered by a Trustee in accordance with the provisions of the Pre-Need Code of the Philippines.

2. To monitor the performance of the Trust Fund and the solvency of Caritas Financial Plans, Inc., actuarial valuation reports and audited financial statements are regularly submitted to the Insurance Commission.

No Medical Examination Required

Insurance coverage shall be on a "no medical examination" basis up to a maximum of P1,500,000.

Incontestability

Death or disability claims can no longer be constested after the plan has remained in force for an uninterrupted period of one (1) year from its effective date or date of last reinstatement.

Grace Period

The plan shall remain in force even after failure to settle any installment upon its due date within two (2) months from such date of default, only after which the plan shall be rendered lapsed and without force and effect.

Reinstatement

A lapsed plan may only be reinstated either by updating or redating within two (2) years from date of lapsation.

Transferability

While the plan is in force, you may transfer all your rights and privileges under the Agreement to another person as the new planholder.