Terms and Conditions

In line with our mission to help more Filipinos get the most out of life, Pru Life UK is offering Group Creditor Life (GCL). It is a group credit life insurance product designed to cover insured Borrowers by covering the latest Statement Balance of their GCredit line, found in GCash, a mobile wallet app, in the event of death or total and permanent disability.

Definitions:

1. “Borrower” or “insured Borrower” or “Insured Debtor” means an individual who has a Statement Balance under GCredit, and who is eligible, enrolled, and insured for the benefits provided for members under the Group Creditor Life Policy.
2. “Certificate of Cover” is the proof of coverage sent to the Borrower by the Insurer through designated digital channels or through a physical copy, as may be applicable.
3. “Creditor” or “Policyholder” refers to CIMB Bank Philippines, Inc.
4. “GCredit” means the revolving credit line of the Creditor exclusively available in the GCash app.
5. “Statement Balance” refers to the unpaid purchases from the previous and current billing period in your GCredit Statement of Account.
6. “Group Creditor Life” or “GCL” refers to the insurance coverage that may be availed with GCredit, with the following benefits:
   

   Benefits	Benefit Description	Coverage Amount
   Death Benefit (Basic Life)	A Death Benefit amounting to the Coverage Amount will be paid to the Creditor. Any excess proceeds from the Coverage Amount after the unpaid latest Statement Balance has been settled shall be payable to the beneficiaries following the order of preference as reflected in the Assigning Your Beneficiary portion of this document.	1x of the latest Statement Balance.
   Total and Permanent Disability Benefit	A Total and Permanent Disability Benefit amounting to the Coverage Amount will be paid to the Creditor. The borrower or their beneficiaries will receive any excess proceeds from the Coverage Amount after the unpaid latest Statement Balance is settled.	1x of the latest Statement Balance.

   *Coverage shall only be limited to the amount stated on the Borrower’s latest Statement Balance as of the insured’s date of death or total and permanent disability.
7. “Insurer” shall mean Pru Life Insurance Corporation of U.K.
8. “Effective Date” shall mean the start date of the Coverage Period which is the day of the successful generation of a Group Creditor Life insurance premium charge on the Credit Line Statement of the Borrower, as stated in the Certificate of Cover.

Effectivity of Insurance Coverage: Coverage starts on the day the insurance premium for Group Creditor Life insurance is successfully charged, and ends on the day before the following statement date. Unless the Borrower has opted out by tapping the Deactivate button in the Group Creditor Life Insurance Screen inside GCredit, the individual insurance coverage will continue on each following statement date, provided that the Borrower remains eligible and another successful generation of a Group Creditor Life insurance premium charge on his/her Credit Line Statement is completed.

Eligibility Requirements:

The Borrower must meet the following requirements:

1. Must have an active GCredit account with CIMB Bank Philippines;
2. Must have successfully paid for the applicable premium amount in the form of a charge/fee added to their Credit Line Statement on the statement generation date;
3. Must not have any past due amounts at the time of renewal of the GCL coverage.
4. Must be 21-64 years old at the time of application;
5. Must be a Filipino citizen residing in the Philippines at the time of application;
6. Must:
   1. be in good health;
   2. have no physical or medical impairment;
   3. In the last five (5) years, have not consulted nor been treated or examined for more than two (2) weeks by a doctor for any disease or injury;
   4. have not undergone any medical diagnostic test and procedure other than for routine pre- employment purposes;
   5. have not been confined in a hospital for any length of time or had any surgical procedure.
   6. be performing the daily normal activities of his/her life; and
7. Must be compliant with the Insurer’s Anti-Money Laundering (AML), Counter Terrorist Financing (CTF) and financial economic sanctions regimes (“Issuances”) and financial underwriting guidelines.

Death Benefit Exclusions

Benefits payable upon the Death of the Insured Debtor under the Policy shall be in accordance with the provisions for Misstatement of Age, Incontestability and Suicide, as defined in the Master Policy Contract.

Total and Permanent Disablement Benefit Exclusions

Disability benefits herein shall not be paid if the disability results from any of the following:

1. pregnancy, childbirth, abortion, or miscarriage or complications thereof;
2. psychiatric disorders, drug or alcohol abuse;
3. injuries or illness due to military service or suffered under conditions of war, whether declared or not, insurrection, rebellion, or mutiny;
4. intentional self-inflicted injuries or illness, caused by attempts at suicide, or incurred as a result of or while participating in the commission of a crime;
5. engaging or taking part in driving or riding in any kind of race, professional sports or hazardous sports, underwater activities involving the use of breathing apparatus, flying or aerial activities other than as a fare-paying passenger, or
6. AIDS or AIDS-related complex.

Assigning Your Beneficiaries

The Creditor shall be the sole and irrevocable beneficiary of each Borrower to the extent of the unpaid Statement Balance of the Borrower’s indebtedness with the Creditor at the time of the Borrower’s death or total and permanent disability. The proceeds in excess of the indebted amount under the GCL Policy shall be paid to the person or persons then surviving the Borrower, in the following order of preference:

The Borrower’s

1. widow or widower
2. surviving legitimate or illegitimate children or those legally adopted by the Borrower
3. surviving parents
4. surviving brothers and sister
5. estate (represented by the executor or administrator).

Termination

The individual coverage of a Borrower shall terminate on the earliest of the following dates, as may be applicable:

1. The date the GCL Policy terminates;
2. The Borrower’s sixty-fifth (65th) birthday;
3. The date the term of the individual insurance of the Borrower expires;
4. The date the Borrower enters into any military service, whether ground, naval, or air service or any non-combatant unit auxiliary to said military service of any country at war whether or not such was declared;
5. The date the Borrower's loan transaction is fully paid, whether through refinancing and renewal or by other means;
6. The date the Borrower's loan transaction is transferred to another Borrower;
7. The date of foreclosure of the property mortgaged;
8. The date the ownership of such indebtedness is transferred to another creditor; or
9. The date of the expiration of the last period for which the Borrower has paid any charges for insurance.

Termination of this Policy or of individual insurance for any cause shall be without prejudice to any claim arising prior to the effective date of termination.

Premium Rates

Premiums are paid monthly based on the latest Statement Balance at the beginning of each Credit Line Statement generated monthly. The premium rate of this product is 0.75 per Php100.00 of GCredit Statement Balance.

Some sample* Statement Balances and premium charges are shown below.

Statement Balance	Premium Charge
PHP 1,000	PHP 7.5
PHP 1,500	PHP 11.25
PHP 2,000	PHP 15.00
PHP 3,500	PHP 26.25
PHP 5,000	PHP 37.50
PHP 7,500	PHP 56.25
PHP 10,000	PHP 75.00

*Samples are based on common Statement Balances. Each Borrower’s Statement Balance and premium charges will vary and may change from month to month.

Policy Contract

The Group Creditor Life Insurance Policy contains all of the terms and conditions of the insurance coverage specified in this document. Should there be any inconsistency between the Terms and Conditions stated herein and the Group Creditor Life Insurance Policy, the latter shall prevail.

Availability of Policy Contract

Prior to enrollment to the GCL, you may request for a copy of the Group Creditor Life Insurance Policy which you may inspect, read, or copy, by reaching out to CIMB Bank Philippines Inc. at https://www.cimbbank.com.ph/en/help-and-support/get-help.html.