FAQs


Individual

POLICY RELATED INQUIRIES

  1. What is a policy number?
  2. What is an Effectivity Date?
  3. What is contestability?
  4. Can I assign my policy?
  5. Who may be my beneficiary/ies?
  6. What are the rights of my beneficiary/ies?
  7. There are discrepancies in my policy, how can I make changes?
  8. When can I reinstate my lapse policy and what are the requirements for reinstatement?
  9. What is grace period?

POLICY BENEFITS

  1. What are dividends?
  2. What are my dividends option?
  3. What are Non-forfeiture Options?
  4. How can I avail of the Policy Loan?
  5. How do I pay my policy loan?
  6. What happens if I do not pay for my policy loan?
  7. How can I claim for my maturity benefit?
  8. What are anticipated endowments? How can I receive my anticipated endowments?
  9. How can I make a death claim?
  10. Can I delegate a representative to receive the death benefit or maturity benefit?

PREMIUM PAYMENTS and OTHER POLICY TRANSACTIONS

  1. What is a Bank Reference Number?
  2. How do I pay for my premiums?
  3. I lost my policy. How do I request for a replacement?
  4. What are the services available in 89-100?

POLICY RELATED INQUIRIES


1. What is a policy number?

Your policy number is the unique identifier of your policy with BPI-Philam (formerly Ayala Life). It is indicated in the front page of your policy. Your policy number will be helpful in your inquiries about your policy.

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2. What is an Effectivity Date?

The effective date of the policy is the start of your insurance coverage. It is indicated on the front page of your policy.

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3. What is contestability?

Contestability period is the time period during which the insurer is not obligated to pay a claim because of material misrepresentations found in the application. A policy becomes "incontestable" when the contestability period is over. The contestability period for is normally 2 years.

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4. Can I assign my policy?

Your policy can be assigned to a third party i.e. bank as a collateral. However, if you will assign your policy to a third party, BPI Philam Life should be informed in writing through the accomplishment of the Deed of Assignment Form. During assignment , your rights as the owner is transferred to the party to which the policy was assigned.

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5. Who may be my beneficiary/ies?

Your beneficiary is the individual you nominated to receive the death benefit of your policy. Your beneficiary could either be primary, which means the first in line to receive the proceeds upon demise of the insured, or contingent, which means the person who will receive the proceeds should the primary beneficiary die before the insured.

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6. What are the rights of my beneficiary/ies?

Your beneficiary could also be assigned as revocable beneficiary, which means that your beneficiary has no vested rights on your policy. The rights of a revocable beneficiary is limited to receiving the proceeds of the policy. While the irrevocable beneficiary, being part owner of the policy, has vested rights thus any changes made on the policy will require a written consent from him/her.

a. What happens if the beneficiary dies before the insured?

Should your beneficiary die before the insured, as owner of the policy, you can nominate a new beneficiary by amending your policy. If no beneficiary is named on your policy, the death benefit proceeds will be payable to the estate of the insured.

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7. There are discrepancies in my policy, how can I make changes?

If in case there are discrepancies/wrong information in your policy, you can correct it by applying an amendment for your policy. For further instructions on how to facilitate amendments, you may call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then press 7.

A. Financial

a. How can I decrease my Face Amount?

You may choose to decrease the face amount of your policy by accomplishing the following forms and submitted to any BPI-Philam Bancassurance Sales Executive assigned in BPI and BPI Family bank branches nationwide

  • Filled-out Amendment Form, indicating the new Decreased Face Amount
  • Client Information Update Form
  • Photocopy of Two Valid Identification Cards

b. Can I delete a rider to my basic policy?

A rider is a supplementary contract attached to your policy. It provides additional benefits at minimal cost. A rider is normally attached during purchase of the insurance policy but you also have the choice to remove a previously attached rider or add more to your existing riders.

To do this, the following must be submitted to BPI-Philam:
  • Filled-out Amendment Form, indicating the rider to be removed
  • Client Information Update Form
  • Two Valid Identification Cards

B. Non-Financial

a. How can I correct my name in my policy?

In cases that the name in the policy is not consistent with your name in your birth certificate, you can apply for a change of name amendment. The following are the requirements:
  • Filled-out Amendment Form, indicating your correct name
  • Photocopy of your Birth Certificate
  • Client Information Update Form
  • Affidavit of Discrepancy (may not be required if due to typographical error)
  • Two Valid Identification Cards

b. How can I update my contact information?

You can change your contact information, primarily your address, home telephone number and mobile number. To do this, just call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0 to talk to BPI-Philam Customer Service Representative. Changes can be effected real time and paperless during the call under Phoneinsurance.

c. How can I change my status?

1. Single to Married
Submit to any BPI-Philam Bancassurance Sales Executive assigned in BPI and BPI Family bank branches nationwide:
  • Filled-out Amendment Form, indicating your new status and your new name
  • Marriage Contract
  • Client Information Update Form
  • Photocopy of your 2 Valid Identification Cards which has been changed to your new name and bearing your new signature

2. Married to Separated

Submit to any BPI-Philam Bancassurance Sales Executive assigned in BPI and BPI Family bank branches nationwide:
  • Filled-out Amendment Form, indicating your new status and your new name, if applicable
  • Court Order formalizing the separation
  • Client Information Update Form
  • Photocopy of your 2 Valid Identification Cards which has been changed to your new name and bearing your new signature, if applicable

d. Can I make changes on my beneficiary/ies?

You normally nominate your beneficiary/ies upon application for insurance. However, you may change your beneficiary/ies anytime after the policy has been issued. The following are the requirements in change of beneficiary/ies:
  • Filled-out Amendment Form, indicating your beneficiary to be added or deleted, whichever is applicable.
  • For addition, to establish insurable interest and relationship of the beneficiary to the insured, the following needs to be submitted:
    1. Birth certificate of the beneficiary
    2. Marriage Contract, if beneficiary to be added is a married child of the owner
    3. Letter establishing insurable interest, if beneficiary to be added is only a dependent of the insured and is not immediate family
  • Client Information Update Form
  • Photocopy of 2 Valid Identification Cards

e. How can I correct my birthdate in my policy?

For cases that there are discrepancies in the birth date indicated in your policy and the birth date indicated in your birth certificate, you can amend the one in the policy by submitting the following:
  • Filled-out Amendment Form, indicating your correct birth date
  • Birth Certificate showing your correct birth date
  • Affidavit of Discrepancy (may not be required if due to typographical error)
  • Client Information Update Form
  • Photocopy of 2 Valid Identification Cards

f. How can I change my mode of payment?

You are allowed to change your mode of payment during the anniversary of your policy (i.e.from annual to semi-annual, semi-annual to quarterly or vice versa). You may request your new modal premiums by calling our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0.

Once you have the information, deposit the payment using your Premium renewal bank reference number in any BPI or BPI Family Bank nationwide using the following account numbers:

For Peso Policies

  • BPI 0321-0174-44
  • BFB 6001-0443-44
For Dollar Policies
  • BPI 1734-0089-11
  • BFB 6004-0181-31
Payments must be made within 3 banking days from date of phone request.

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8. When can I reinstate my lapse policy and what are the requirements for reinstatement?

Your policy can be reinstated within 3 years from last due date. Once you reinstate, you return your policy to its inforce status and can once again start enjoying the benefits of your policy. For reinstatement, you have to pay for all you past due premiums and overdue interest. Reinstatement can be done paperless subject to Phoneinsurance parameters. For more details, please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0.

You may deposit your payments, using your Premium renewal bank reference number indicated in the upper portion of your statement, in any BPI or BPI Family Bank Branches Nationwide using the following account numbers:

For Peso Policies

  • BPI 0321-0174-44
  • BFB 6001-0443-44
For Dollar Policies
  • BPI 1734-0089-11
  • BFB 6004-0181-31
Your deposit date must be the same with the date indicated in your request for quotation.

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9. What is grace period?

If you are unable to pay for your premiums during your date, you have a 31-day grace period in which you will be allowed to pay without interest. During the period of grace, your policy is still inforce. If death occurs during the period of grace, the unpaid premiums and any indebtedness, shall be deducted from the death benefit. Once the grace period expires, the policy will lapse and you have the option to reinstate within 3 years to make your policy inforce.

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POLICY BENEFITS

10. What are dividends?

Dividends are the policyowner’s share in the company’s income surplus. This is given to policyholders who owns a participating policy. It is normally payable on the 2nd or 3rd year provided that your policy is inforce. Dividends are dependent on the company’s experience in terms of mortality, investment earning and expenses. Thus, they are not guaranteed.

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11. What are my dividends option?

The four kinds of dividend options are the following:

a. Left with the company to accumulate with interest

Under this option, your dividends accumulate and earns interest. The interest rate is declared at the same time dividends are declared. You can withdraw the dividends any time as long as the policy remains inforce. If in case there has been no withdrawals on the dividend accumulation, it will be paid out together with the death benefit/maturity benefit, whichever is applicable.

The following are the requirements for withdrawal of accumulated dividends:

  • Filled-out payout form, indicating intention to withdraw the dividends and indicate your nominated payout option (either by credit to BPI account number or BPI branch check pick up)
  • Photocopy of 2 valid identification cards
If dividend withdrawable proceeds is P15,000 or below, you may avail of this transaction via paperless insurance. For more details, please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0.

The proceeds will be credited to your nominated BPI account or the check will be available for pick-up in your nominated BPI branches nationwide within 3-5 banking days.

b. Use dividends as payment for premium due

Under this option, the dividends will be used to pay for your premium due. If in case the dividends is insufficient to pay for your premiums, a billing notice will be sent to you. If, however, the dividends exceeds your premium due, the excess amount will accumulate with the company.

c. Paid in Cash

Under this option, upon declaration of the dividends, our Customer Service department shall write a letter advising you to claim your dividends.

d. Use dividends to purchase paid-up additions

The dividends will be used as a single premium to purchase additional insurance coverage for the insured. By purchasing a paid-up additions, the death benefit will increase so as the cash values of your policy.

If no dividend option is elected upon application of insurance, the dividends will be left with the company to earn interest.

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12. What are Non-Forfeiture Options?

The non-forfeiture option of your policy is a provision which allows you to enjoy the benefits of your policy even if you were unable to pay for your premiums after the grace period. The NFO makes use of your cash value to ensure that your coverage will continue. Note, however, that NFO will only apply to policies with accumulated cash values, which normally starts on the 2nd or 3rd policy year.

There are four Non-Forfeiture Options available. These are:

a. Extended Term Insurance

Under the extended term option, your policy’s available cash values will be used a single premium to purchase a term insurance providing a coverage equivalent to your original coverage but for a shorter term. If there is an excess in your cash value after purchasing the term insurance, it will be paid out in the form of pure endowment.

b. Reduced Paid-Up insurance

Under the reduced paid-up option, your policy’s available cash value will be used to purchase a paid-up insurance providing a coverage with term equivalent to your original policy. However, the face amount is normally reduced if your policy is converted to a paid-up insurance.

c. Surrender

Under this option you are allowed to surrender your policy and receive the available cash value and accumulated dividends, if any. Once a policy has been surrendered, it is no longer reinstatable.

d. Automatic Premium Loan

Under the automatic premium loan option, after the grace period (31 days) of the policy, the premium due will automatically be deducted from your cash value and will be charged on your account as a loan and will accumulate interest as well. If the cash value is insufficient to pay for the modal premium (i.e. annual, semi-annual and quarterly), it will automatically be converted to the next modal premium as long as it is not less than the quarterly modal premium due.

If no option is elected upon application, the extended term insurance will apply upon premium default.

You may change your NFO anytime, as long as the policy is in force. To do this, please submit the following:

  • Filled out amendment form, indicating your new Non Forfeiture Option
  • Photocopy of 2 valid identification cards

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13. How can I avail of the Policy Loan?

A maximum of 88% of the cash value can be loaned by the policyowner. The loan is subject to a 10% annual interest rate. Annual Compounding of loan will commence every policy anniversary.

To avail of the policy loan, the following should be submitted to Ayala Life:

  • Filled-out payout form requesting for a loan. The payout form should be signed by the owner of the policy and the irrevocable beneficiary, if applicable.
  • Photocopy of 2 valid Identification Cards
If gross loan proceeds is P50,000 or below, you may avail of this transaction via paperless insurance. For more details, please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0.

The loan proceeds will either be credited to your nominated BPI account or the check will be available for pick-up in your nominated BPI branches nationwide within 3-5 banking days.

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14. How do I pay my policy loan?

You may pay your policy loan at any time and at any amount convenient to you. Your outstanding loan balance will be reflected in your statement of account. You may deposit your payments in any BPI or BPI Family Bank Branches nationwide using your Loan Repayment Bank Reference Number at the following account numbers:

For Peso Policies

  • BPI 0321-0174-44
  • BFB 6001-0443-44
For Dollar Policies
  • BPI 1734-0089-11
  • BFB 6004-0181-31
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15. What happens if I do not pay for my policy loan?

Your policy loan accumulates an interest on an annual basis and is compounded. Non-repayment of the loan may deplete your cash values and may lead to cancellation of your policy and termination of your benefits.

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16. How can I claim for my maturity benefit?

Please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0 to inform us of your preferred mode of settlement. The maturity proceeds can either be credited to your clients BPI account or via check payment to be claimed at your nominated BPI Branch.

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17. What are anticipated endowments? How can I receive my anticipated endowments?

Anticipated endowments are scheduled cash benefits payable to the owner of the policy. If your policy includes anticipated endowment benefits, BPI-Philam shall send you a letter indicating that there is an anticipated endowment and the date that it will be payable. Please call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0 to inform us of your preferred mode of settlement. You may provide your BPI account number for credit to account or nominate a BPI branch where you want to pick-up the check.

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18. How can I make a death claim?

To make a death claim, the beneficiary shall submit the following documents to any BPI-Philam Bancassurance Sales Executive (BSE) assigned in any BPI or BPI Family Bank branch. Benificiary can call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0 for further instructions.

a. Standard Requirements

  • Policy Contract
  • Death Certificate – Certified True Copy & Registered at the Local Civil Registry Office
  • Birth Certificate of Insured – Certified True Copy
  • Birth Certificate of Claimant if beneficiary is a child/sibling – Certified True Copy
  • Marriage Contract if beneficiary is spouse – Certified True Copy
  • Claimant’s Statement – Notarized
  • Physician’s Statement – Notarized
  • Brgy Chairman’s Cert (death & residence)
  • Voter’s Affidavit/ID or 2 valid IDs of insured & claimant
  • Proof of payment

  • b. Additional Requirements if death is due to
    Violent Death
    Accidental Death Death Abroad
    Police or NBI Report Driver’s License (if vehicular) Foreign Proof of Death
    Affidavit of Witnesses Registration Papers of the Vehicle (if vehicular) Phil. Foreign Affairs Certification of Death
    Autopsy Report Franchise to Operate Conveyance (if vehicular) Permit to Transfer of Cadaver
    Newspaper Clippings, if any Insured’s Passport or Travel Visa Foreign newspaper clippings

    c. If Beneficiary is Minor

    1. If guardian is not a natural parent (regardless of face amount)
    • Court order of guardianship
    • Letters of Guardianship
    • Guardianship Bond
    2. If guardian is a natural parent
    • If Face Amount is P500,000 or less – Affidavit of Support and Custody
    • If Face Amount is more than P500,000
    • Verified petition for the approval of the bond
    • Court Order approving the bond
    • Guardianship Bond
    Processing takes 5 to 10 days from submission of complete requirements if claim is incontestable. A maximum of 60 days processing time is observed for contestable claims.

    Death claim proceeds shall be via check payment which can be picked up at 12F Ayala Life FGU Bldg or at any BPI or BPI Family bank branch where a BSE is assigned. To claim the check, the beneficiary needs to present of 2 valid IDs and sign a quit claim.

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    19. Can I delegate a representative to receive the death benefit or maturity benefit?

    You may send your representative to claim the death benefit provided that the following are presented:

    • If amount is P50,000 or less – Authorization letter
    • If amount is more than P50,000 – Notarized Specific Power of Attorney (SPA) or Consularized Specific Power of Attorney (SPA) if abroad
    • Photocopy of 2 Valid IDs of claimant
    • Photocopy of 2 Valid IDs of the representative
    The same requirements shall apply for other transactions done on behalf of the client.

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    PREMIUM PAYMENTS and OTHER POLICY TRANSACTIONS


    20. What is a Bank Reference Number?

    The Bank Reference Number is a 13-digit number assigned to you by the company which will be used when making payments. There are two types of BRN:

    • Premium Renewal BRN – will be used when paying for your renewal premiums, reinstatement and lost policy fee
    • Loan Repayment BRN – will be used when paying for your policy loan
    To know your bank reference number , you may refer to your statement of account or call 89-100 or call our 24 Hour BPI Express Phone at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+2.

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    21. How do I pay for my premiums?

    BPI Philam shall send you billing statement 20 days before your due date. You may pay your premiums in any BPI or BPI Family Bank branches nationwide using the following account numbers:

    For Peso Policies

    • BPI 0321-0174-44
    • BFB 6001 -0443-44
    For Dollar Policies
    • BPI 1734-0089-11
    • BFB 6004-0181-31
    When paying, use your Premium renewal bank reference number (BRN) to ensure proper crediting of your payment. You may refer to the upper portion of your statement of account for your BRN.

    Cash and check payments are accepted. When making a check payment, ensure that the check is payable to BPI-Philam (formerly Ayala Life).

    You may also pay for your premiums using your BPI Expressonline account. To do this, you have to enroll BPI-Philam (formerly Ayala Life) as a merchant.


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    22. I lost my policy. How do I request for a replacement?

    You may request for replacement of your lost policy by submitting the following to BPI-Philam:

    • Declaration of lost policy form
    • Photocopy of 2 Valid Identification Cards
    • Proof of payment for the P200 policy replacement fee
    You may deposit the policy replacement fee using your Premium Renewal Bank Reference Number in any BPI or BPI Family Bank branches nationwide using the following account numbers:

    For Peso Policies
    • BPI 0321-0174-44
    • BFB 6001 -0443-44
    For Dollar Policies
    • BPI 1734-0089-11
    • BFB 6004-0181-31

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    23. What are the services available in the “89-100” 24-Hour BPI Express Phone?

    You can now call 89-100 ( or PLDT Domestic Toll Free No. 1-800-188-89100) then press 7 for the following services:

    • Inquire about the details and status of your policy.
    • Know your premium and loan payment reference number.
    • Get a Reinstatement quotation,
    • Find-out how much you can loan from your policy.

    a. Policy Status/ Premium Payment Inquiry- to know your Policy Status and for Premium Payment Inquiries, press 7 + 1 + Access Number (Policy Number) + 1 + 1

    b. Inquiry about Payment Bank Reference Number- to know your Payment Bank Reference Number, press 7 + 1 + Access Number (Policy Number) + 1 + 2.

    c. To get a Reinstatement Quote- to get a Reinstatement Quote, press 7 + 1 + Access Number (Policy Number) + 1 + 3.

    d. To know your Outstanding Loan- if you want to know your Outstanding Loan, press 7 + 1 + Access Number (Policy Number) + 1 + 4.

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    24. What is Phoneinsurance?

    Phoneinsurance is the new BPI-Philam facility that provides clients the convenience of paperless and real time processing of financial and non-financial insurance transactions. Phoneinsurance is only applicable to policies with no irrevocable beneficiary and transaction amounts within certain parameters. Clients can call our Customer Service hotline at (02) 89-100 (PLDT toll-free 1-800-188-89100) then Press 7 +1+Access Number (Policy Number)+1+0 for further details.

    Phoneinsurance covers the following transactions:

    NON-FINANCIAL

    • Change of premium payment terms/ mode
    • Enrollment of BPI Credit Card for Auto-Charge Arrangement
    • Reinstatement
    • Change of contact information & mobile# enrollment for SMS notification

    FINANCIAL
    Surrender
    Loan
    Dividend Withdrawal
    Maturity
    Anticipated Endowment
    Ordertaking only, Limit of P50,000
    Limit of P50,000
    Limit of P15,000
    Limit of P100,000
    For Ordertaking, Limit of P250,000

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    Contact a Bancassurance Sales Executive

    Contact us at 89-100
    Visit the BPI Branch nearest you.

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