Company Employee Benefit Options with Sun Life Philippines

GROUP INSURANCE POLICIES

5 Plus

Sun Life Philippines offers your company a unique opportunity to provide life insurance for your employees without need for evidence of insurability at very affordable premium rates.

If your company employs at least 5 "actively at work" employees who are 18 to 65 years old of age and are performing standard risk occupations, you can now avail of Sun Life Philippines' 5 Plus Group Insurance Plan.

Sun Life Philippines' 5 Plus Group Insurance Plan provides protection for your employee's in three ways:

1. Life Insurance
   Sun Life Philippines shall pay the amount of insurance to designated beneficiaries for loss of life of an insured employee.
2. Accidental Death, Dismemberment and Disability Income (ADD&D) Benefit
   Sun Life Philippines shall pay an additional amount of insurance for loss of life or a percentage thereof for dismemberment or disability due to accidents.
3. Total and Permanent Disability Income (TPDI) Benefit
   If the employee becomes totally and permanently disabled for his entire lifetime as a result of accidental injuries or illness, Sun Life shall provide a monthly income for a maximum period of 60 months.

Eligible Groups
Organizations employing at least five (5) but not more than fifty (50) people engaged in

1. standard risk industries
2. substandard occupations

Available Plans
The 5 Plus Plan is a yearly renewable Group Life Insurance program catering to small scale businesses. Available plans are as follows:

1. Plan A - insured amount of Ps 25,000.00
2. Plan B - insured amount of Ps 50,000.00
3. Plan C - insured amount of Ps 100,000.00
4. Plan D - insured amount of Ps 200,000.00

For standard risk industries, amount of insurance can be based on the positions or levels of employees within the company. The employer can also use multiple units of Plans A-D depending on the desired insured amount for each level or position. See examples below.

1. Managers can be given 5 units of Plan D - Ps 200,000.00. This is equivalent to an insurance amounting to P1,000,000.00
2. Supervisors can be insured at an amount of Ps. 400,000.00. This amount is computed by applying 4 units of Plan C - Ps.100,000.
3. If 3 units of Plan B - Ps. 50,000 is provided to Rank & File employees, the resulting amount of insurance will be Ps. 150,000.00.

Pro Family

Most accidents can be prevented. But even with the greatest care, accidents can and do happen when least expected. With the Pro Family Insurance Plan you and your dependents can avail of benefits to take care of accident related expenses.

Eligibility
To be eligible for insurance coverage, individuals must be permanent residents of the Philippines and they must satisfy the following age requirements:

• Principal Insured - 18 to 64 years of age
• Spouse - 18 to 64 years of age
• Children - 2 weeks but under 21 years of age
• Parents - up to 64 years old

Simplified Enrollment
All one needs to be covered is to complete the Information Sheet and submit it to Sun Life Philippines together with the premium for the chosen plan package.

Description
The Group Policy provides insurance against loss from accidental bodily injury as evidenced by a visible contusion or wound except in the case of drowning or internal injury revealed by a medical examination or an autopsy resulting directly and independently of all other causes sustained by any Member during the effectivity of this coverage.

Personal Accident (PA) Insurance
If injuries result in any one of the following losses, and such losses occur within 180 days from the date of accident, Sun Life shall pay, subject to the Exclusions, the corresponding percentage of the Personal Accident insurance for:

"Loss" as above used with reference to hand or foot means complete severance at or above the wrist or ankle respectively, and as used with reference to eyes, means total and irrecoverable loss of sight. If the Member shall sustain more than one of such losses as a result of one accident, payment of the amounts shown above shall be made only for that one loss for which the largest amount is payable. Losses sustained as a result of any subsequent accident shall be considered for payment separately from and independently of other losses sustained in a previous accident. The aggregate amount of all percentages payable under the Accidental Dismemberment Benefit with respect to any one or more accidents shall not exceed 100%.

The amount of benefit payable for loss of life arising from independent, unrelated accident shall always be 100% of the Amount of Insurance regardless of the amount(s) paid under the Accidental Dismemberment Benefit.

If a Member has suffered the loss of one hand, one foot or sight of one eye prior to the Effective date of his insurance, the benefit of any subsequent loss of one hand, one foot or sight of one eye shall be one-half of the Amount of Insurance.

Medical Reimbursement
If a Member while insured sustains accidental bodily injury, and

1. Receives treatment commencing within 30 days from the date of such accident from a qualified Physician or while confined in a Hospital; and
2. Incurs expenses for medical, hospital or surgical treatment of such bodily

Injury only; Sun Life Philippines shall reimburse the actual, necessary, reasonable and customary expenses which the Member may have incurred for no more than fifty two (52) weeks after the injury up to the maximum amounts specified in the Amount of Insurance, subject to the Exclusions and other provisions of the Policy and this Medical Reimbursement Benefit.

This Medical Reimbursement shall not cover hospital confinement, services, supplies, treatment or any other medical care for which benefits are payable under any other in-force Medical Reimbursement benefits of Sun Life Philippines within which the insured Member is covered unless the benefits payable under the said benefit/s are not sufficient to cover the claim applied for. In such event, Sun Life shall reimburse an amount up to the benefits provided under this Medical Reimbursement benefit. However, the total payments from this Reimbursement and all other Medical Reimbursement benefits of Sun Life shall not exceed the actual allowable medical expenses incurred by the insured Member.

Hospital shall mean any private or government institution legally constituted locally and operated hospital or clinic duly registered with the Bureau of Medical Services, Department of Health, and located within the Philippines. Physician shall mean a legally licensed physician or surgeon duly registered and practicing within the scope of his profession. A Physician cannot be the Member; or the brother, sister, parent, spouse or child of the Member, unless approved by Sun Life Philippines.

Plan Packages
The Pro-Family Plan is a yearly renewable Personal Accident program designed to provide indemnity for accident-related loss of life and dismemberment. There are several plan packages available to address various situations and needs:

1. Package I - Principal, Spouse and Dependent Children
2. Package II - Principal and Dependent Children
3. Package III - Principal and Dependent Parents
4. Package IV - Principal, Dependent Parents and Dependent Children

Each package has 4 plans available: Plan 500, Plan 1000, Plan 1500 and Plan 2000.

Maximum Amount of Insurance
The maximum aggregate amount of insurance on any one life for:

on all Pro Family plans bought with Sun Life Philippines. Sun Life Philippines shall not be liable for claims in excess of the maximum amount of insurance. The liability of Sun Life shall be limited to the return of premiums collected for the whole plan package.

Compute your own Pro Family Premium! Click here

No Evidence of Insurability Required
Insurance coverage is given without need of undergoing costly and tedious medical examinations.

One Year Coverage
Effectivity is on the date the fully accomplished Information Sheet is stamped received at the Group Insurance Dept. of Sun Life Philippines located at 15/F, Tower II, The Enterprise Center, 6766 Ayala Avenue Corner Paseo De Roxas,Makati City. Coverage shall be for one year from the Effective Date.

Exclusions

1. Persons belonging to the following occupations: non-commercial aviators, construction workers, detectives, divers, professional drivers, explosives makers, firemen, loggers, miners, military men, policemen, para-military personnel, sailors, secret service personnel, security guards and underground workers.
2. Death or Dismemberment or any loss caused directly or indirectly, wholly or partially, by;
   1. bodily or mental infirmity or disease of any kind, hernia, ptomaines, bacterial or viral infection other than infection occurring simultaneously with and in consequence of an accidental cut or wound; or
   2. suicide or attempted suicide while sane or insane, or self-inflicted injuries; or
   3. committing or attempting to commit any crime, felony or other illegal act; or
   4. homicide; or
   5. pregnancy, childbirth, miscarriage or any complications thereof; or
   6. poison, carbon monoxide or drug overdose; or
   7. war (declared or undeclared), insurrection, riots, rebellion, civil commotion or hostile action of armed forces; or
   8. entering, operating or servicing, ascending or descending from or with any aerial or submarine device or conveyance except while the Member is riding as a fare paying passenger in an aircraft operated by a commercial passenger airline or a scheduled air service over an established route; or
   9. while engaging in hunting, motor-cycling or pillion riding, mountaineering which necessitates the use of ropes or piton, racing of any kind other than on foot; hang gliding, ice or winter sports, water ski-jumping and tricks, yachting beyond five kilometers of a coastline, underwater activities involving the use of underwater apparatus or using woodworking machinery driven by mechanical power other than portable tools applied by hand and used solely for private purposes without reward.

Group Personal Accident

Sun Life Philippines shall pay to such Employee, if living, or to his beneficiary the corresponding percentage of the Accidental Death and Dismemberment Insurance in force for such loss on such date:

"LOSS" as used with reference to hand or foot shall mean complete severance at or above the wrist or ankle respectively and as used with reference to eyes means total and irrecoverable loss of sight.

If the Employee shall sustain more than one of such losses as a result of one accident, payment of the amounts shown above shall be made only for that one loss for which the largest amount is payable. Losses sustained as a result of any subsequent accident shall be considered for payment separately from and independently of other losses sustained in a previous accident. The aggregate amount of all percentages payable under the Accidental Dismemberment Benefit with respect to any one or more accidents in a policy year shall not exceed 100%.

In any policy year, the amount of benefit payable for loss of life arising from independent, unrelated accident shall always be the amount of Accidental Death and Dismemberment Insurance regardless of the amount(s) paid under the Accidental Dismemberment Benefit.

If an Employee has suffered the loss of one hand, one foot, or sight of one eye prior to the effective date of his insurance, the benefit of any subsequent loss of one hand, one foot, or sight of one eye shall be one-half of the Accidental Death and Dismemberment Insurance.

Creditor's Group Life

The Sun Life Financial Creditor's Group Life Insurance (CGLI) gives your institution distinct benefits and advantages - all designed to help you fast-track your loan collection, and improve your non-performing loans ratio.

Protects Creditors From Loan Loss

A debtor's untimely death usually results in loan loss, especially if he or she was the sole or primary bread-winner for the family. The CGLI protects by insuring all your eligible debtors and guaranteeing that loans will be repaid. As such, the CGLI also complements your efforts at maintaining or enhancing your loan loss reserves as well.

Assures Prompt, Convenient Settlement of Loan Balance

With its prompt, convenient settlement of a debtor's outstanding balance, a creditor saves on the time, extra cost , paperwork and labor involved in the repossession and resale of the deceased debtor's property.

Removes the Added Risk of Repossessing Inadequately Valued Property

Because the CGLI eliminates the need to repossess and resell a debtor's property, you also avoid running the risk of acquiring property whose value may not even cover the loan amount or balance, much less compensate for the added time, money and effort involved in the repossession and resale processes.

Enhances the Creditor-Debtor Relationship

While the first three benefits of the Sun Life Financial CGLI are obviously of value to every financing or lending institution, this fourth benefit, although non-quantifiable, is equally significant. When your debtors are covered by the CGLI, you are telling them that their long-term financial wellbeing matters to you... That you would like their families or dependents to be free from risk of having to shoulder their loan balances, in the case of their untimely death.

General Banking Law requires that banks "...must ascertain that the debtor is capable of fulfilling his commitments to the bank..." before granting a loan or other credit accommodation. Your debtors will appreciate the CGLI program as a means for your financial institution to follow the spirit behind the said requirement.

Group Yearly Renewable Term Plan

Death Benefit
Sun Life Philippines shall pay the amount of insurance of an Employee, in the event of his death, to his designated beneficiary or beneficiaries indicated to Sun Life Philippines in writing.

Suicide
If an Employee dies by suicide less than one year after the Effective Date or date of reinstatement of his insurance, the pertinent provisions of the Insurance Code shall apply. Where no death benefit is payable, Sun Life Philippines shall refund all premiums paid from the Effective Date or date of reinstatement of his insurance to date of death.

Conversion Privilege
Each Employee shall have the privilege to convert his group insurance into an ordinary life insurance policy without Evidence of Insurability.

Free Coverage During Conversion Period
Whether or not the Employee actually applied for conversion and pays the first premium, the amount of insurance he is entitled to convert shall remain in force during the 31 day conversion period.

MUTUAL FUNDS

Savings and Investment Plan For Emploees (SIMPLE)

The Sun Life Investment Management Plan for Employees (SIMPLE) is a savings program through which the company enables employees to make voluntary contributions from their salaries towards investment in the Sun Life Prosperity Funds, a family of mutual funds managed and distributed by Sun Life Asset Management Co.  We offer you a choice of investments in Sun Life Prosperity Bond Fund, Sun Life Prosperity Balanced Fund, Sun Life Prosperity Equity Fund or a combination thereof. Together with the fund management service via the Prosperity Funds, SLAMC has a system that will record, monitor, and update the investments of each of the participating employee in the savings program.

What can SIMPLE do for the organization?

A voluntary savings plan such as this program promotes the culture of savings among the company’s employees.

The company is able to provide an additional benefit to its employees by making this program accessible via salary deduction.

The program may provide or supplement the company’s retirement package.

With this program, the company is able to show concern for their employees’ financial welfare, giving the latter more reason to remain committed to their jobs.

What can SIMPLE do for the employees/members?

The program gives them convenient access to savings or investment instruments with higher earning potential.

It allows employees to invest on a regular basis without shelling out a large amount.

Because it is available through salary deduction, it allows them to develop the discipline and habit of saving.

It allows them to start building up their retirement funds early.

What are the key features of SIMPLE?

Efficiency - Employees’ contributions are done through periodic salary deductions and deposited though the various accredited SLAMC correspondent banks

Individual records - Separate records are maintained for each of the employees for the proper monitoring of their individual investments

Automation - Enrolment of participants, subscriptions and redemptions into the Fund are done electronically

Portability - An employee may continue his investment even after retirement or resignation, as long as minimum balance requirements are met.

Periodic reporting - Both the company and the employees will be provided investment status reports on a periodic basis.

What is the minimum holding period for these investments?

Because these are meant to be long term investments, minimum holding period for each investment is 3 years.

Two options under SIMPLE program

Be informed. Ask a financial adviser.
Call or text +63922-8142684