The COOPCARE
To be there when needed is what motivated the adoption of the CoopCare program of the cooperative. The departure from life of a family member, leaves behind problems that are mostly associated with cash.
Who can participate?
The program is compulsory to all members; regular & associate alike, except in the branches where the program is optional to its associate members.
Who can participate?
The program is compulsory to all members; regular & associate alike, except in the branches where the program is optional to its associate members.
How to participate?
Upon signing the application for membership, the member is required to pay the annual dues in the amount of P300.00. Payment shall continue for a period of 5 years. However, payment of the annual dues may be made in monthly installments.
What is the benefit derived from the program?
A maximum amount of P40,000.00 and a minimum amount of P20,000.00 for natural death, depending on the share capital of the member as presented in the Table of Benefits. If the death of the member is caused by an accident, the benefit amount will be double the amount for natural death.
How does paying the annual dues in installment affect the benefit amount?
The benefit amount will be computed pro rata, actual amount paid for the year divided by P300.00.
Is there period of contestability?
CoopCare has a contestability Period of two years. Benefits of Death occurring within 24 months after membership shall be prorated. 1/24 for 1 mo.; 2/24 for 2 mos., etc.
Upon signing the application for membership, the member is required to pay the annual dues in the amount of P300.00. Payment shall continue for a period of 5 years. However, payment of the annual dues may be made in monthly installments.
What is the benefit derived from the program?
A maximum amount of P40,000.00 and a minimum amount of P20,000.00 for natural death, depending on the share capital of the member as presented in the Table of Benefits. If the death of the member is caused by an accident, the benefit amount will be double the amount for natural death.
How does paying the annual dues in installment affect the benefit amount?
The benefit amount will be computed pro rata, actual amount paid for the year divided by P300.00.
Is there period of contestability?
CoopCare has a contestability Period of two years. Benefits of Death occurring within 24 months after membership shall be prorated. 1/24 for 1 mo.; 2/24 for 2 mos., etc.
TABLE OF BENEFITS
|
SHARE CAPITAL |
BENEFIT AMOUNT |
| P15,000.00 and above | P40,000.00 |
| P13,900.01 - P14,999.99 | P38,180.00 |
| P12,800.01 - P13,900.00 | P36,362.00 |
| P11,700.01 - P12,800.00 | P34,544.00 |
| P10,600.01 - P11,700.00 | P32,726.00 |
| P9,500.01 - P10,600.00 | P30,908.00 |
| P8,400.01 - P9,500.00 | P29,090.00 |
| P7,300.01 - P8,400.00 | P27,272.00 |
| P6,200.01 - P7,300.00 | P25,454.00 |
| P5,100.01 - P6,200.00 | P23,636.00 |
| P4,000.01 - P5,100.00 | P21,818.00 |
| P1,000.00 - P4,0000.00 | P20,000.00 |
| Below P1,000.00 |
P10,000.00 |
