February 04, 2020

Dir. Renato M. Villanueva

Chairman of the Board
UP Credit Cooperative
Fernandez Hall, Delos Reyes St. cor CP. Garcia Ave. UP Campus, Quezon City

Dear Dir. Villanueva:

Thank you for giving us an opportunity to submit our Group Credit Life proposal for UP Credit
Cooperative.

For your reference, attached is our proposal which includes the features, benefits, proposed rates and
requirements for the said plan.

Your Insurance Adviser, CHARDILENE KHAE SUMAIT, will discuss this further with you in detail,
at your most convenient time. Please let us know your preferred date and time by calling or sending an
SMS to +639175163337.

Thank you and we look forward to hear from you soon.

Sincerely,

JULIE SALAZAR
Business Development Specialist
Corporate Solutions

cc: CHARDILENE KHAE SUMAIT

DEMETER OF HERMES

The Manufacturers Life Insurance Co. (Phils.), Inc.

10th Floor NEX Tower, 6786 Ayala Avenue, Makati City, Philippines, 1229
 GROUP CREDIT LIFE (GCL)

***** UP Credit Cooperative *****

PROPOSAL DATE: February 04, 2020

ELIGIBILITY:
Insured Requirements
All borrowers who are at least eighteen (18) years old up to sixty nine (69) years of age at
All Eligible Borrowers* the inception of the plan and are physically and mentally able to perform the usual and
normal duties of their occupation shall be eligible under the plan.
No eligible borrower will be covered under the plan unless coverage is endorsed, in writing, to Manulife. Coverage for a borrower automatically
th
terminates on the policy anniversary following the borrower’s 70 birthday. Apart from automatic termination, a borrower’s coverage may also
terminate following conditions stated in the product description.

AMOUNT OF INSURANCE:
Description Credit Life and Total And Permanent Disability Benefit
Amount of Insurance is equal to Amount of Loan.

All Eligible Borrowers Minimum coverage per borrower is Php 30,000.00

Maximum coverage per loan type is Php 300,000.00
(Provident Loan, Petty Cash, Pera Loan, Bridge Loan, Special Seasonal Benefit Loan,
Productivity Loan, Restructuring)

NO EVIDENCE LIMIT:
Age Nearest Birthday Amount of Insurance
Up to age 64 y/o PhP 300,000.00
Ages 65 to 69 y/o First Peso Underwriting
The No Evidence Limit (NEL) is the maximum amount for which an enrolled person may initially be insured without furnishing evidence of
insurability.

COST ILLUSTRATION:
Benefits Monthly NET rate per PhP 1,000**
Credit Life (Up to 69 y/o) 0.35
Total And Permanent Disability Benefit (Up to 64 y/o) 0.05
Total Monthly NET rate per PhP 1,000** 0.40
*Above quote is being submitted as based on the data provided to Manulife. Should there be a significant difference or change in the assumptions
used, Manulife reserves the right to modify any or all parameters of this proposal.
**Monthly NET rate is applicable for premium computation other than annual.

Required Initial Premium and Headcount

At least PhP 10,000.00 premium and at least 10 approved borrowers

Required Annual Premium

At least PhP 1,000,000.00 for the entire group
The minimum annual premium must be satisfied during the policy year. Manulife reserves the right to terminate the contract if the annual
premium – during any policy year - for UP Credit Cooperative does not meet this minimum. However, such a termination though will not have
any effect on the individual coverage of borrowers who were endorsed to the plan prior to the effective date of contract termination.

PARTICIPATION REQUIREMENT:
Required Enrollment
100% of all borrowers eligible for coverage, at least 10 approved active borrowers per year

EXPIRATION DATE: April 30, 2020

 This is an illustration, not a contract. The terms and conditions that bind the parties are those provided for in the
policy contract.
 The cost is based on submitted information. Any difference in actual enrollment data may have an effect on the
premium cost.
 We have tried our best to ensure accuracy of this illustration; however, errors and omissions may still have occurred in
its preparation.

CONFORME:

Please affix signature to signify conformity with the terms specified above.

Dir. Renato M. Villanueva JULIE SALAZAR

UP Credit Cooperative Business Development Specialist -

Agency

CHERRYL ASINAS
CHARDILENE KHAE SUMAIT
Financial Advisor Head – Corporate Solutions
 MANULIFE GROUP CREDIT LIFE

BENEFIT
Manulife will pay an insured borrower’s designated beneficiary/ies an amount equal to his/her Credit Life Insurance coverage in
lump sum upon the death of the covered member from ANY CAUSE WHATSOEVER, except suicide on the first year of coverage.

The Creditor shall be the primary and irrevocable beneficiary of each insured Borrower to the extent of the unpaid balance of
Indebtedness to the Creditor at the time of death of the insured Borrower.

Any amount of insurance payable in excess of this Indebtedness shall be paid to a beneficiary designated by the Borrower.

ELIGIBILITY
All borrowers who secured loan from UP Credit Cooperative and who are at least 18 but not over 69 years of age, and are in
good health at the inception of the policy, shall be eligible for coverage under the plan. Future borrowers who will secure loan
from UP Credit Cooperative shall be enrolled upon eligibility.

PARTICIPATION
Regardless of coverage, the level of participation required to establish and maintain such coverage shall be:

100% of all eligible borrowers who will secure loan from UP Credit Cooperative.

NO EVIDENCE LIMIT (NEL)

The maximum amount for which an enrolled person may initially be insured without furnishing evidence of insurability. All
enrollees are required to provide evidence of insurability and the insurance shall not become effective until the date of approval
by Manulife of the said evidence of insurability.

TOTAL AND PERMANENT DISABILITY BENEFIT

Should and insured member become totally and permanently disabled for a period of six (6) consecutive months resulting from
any bodily injury or disease, and is prevented from engaging in any and every occupation, profession or business for
compensation or profit and will be disabled for life, Manulife will pay the member in lumpsum, an amount equivalent to the
Death Benefit to compensate for the member’s lost income.

EXCLUSION
No benefit shall be made for any loss resulting from or caused by:

 Suicide or intentionally self-inflicted injury or any similar attempt whether sane or insane, or
 Any drug, poison, gas or fumes, voluntarily or otherwise taken, administered, absorbed or inhaled other than or as a
result of an accident arising from a hazard incident to the member’s occupation, or
 Travel or flight in or descent from any aircraft, if the insured person is a member of the crew or a pilot of the aircraft,
or if the flight is made for instructional or training purposes, or
 Riot, civil commotion or insurrection, or
 Earthquake, volcanic eruptions, tidal waves, or
 Nuclear weapons or fissionable material, ionizing radiation or contamination by radioactivity from any nuclear fuel or
from any nuclear waste, or from the combustion of nuclear fuel, and for the purpose of this exclusion, combustion
shall include any self-sustaining process of nuclear fission or fusion, or
 Murder or Provoked assault, or
 Pregnancy, childbirth, miscarriage or abortion, or
 Insanity, or
 Congenital anomalies or conditions arising therefrom, or
 Insect bites, or
 Any violation or attempt of violation of the law or resistance to arrest.
 Any kind of disease, sickness or infection other than bacterial infections occurring as a consequence of an accidental
cut or wound, or
 War or any act incident to war, whether declared or undeclared, or service in the armed forces of any country at war or
in a civilian force auxiliary thereto. "War" means any war whether declared or undeclared, or any conflict between
armed forces of countries, international organizations or combinations thereof. "The armed forces of any country at
war" means the military, naval or air forces and will be deemed to include the armed forces of any international
organization engaged in war; or
 Any loss in which the proximate cause was the member’s attempt at, or commission of or willful participation in any
act or crime punishable under the Revised Penal Code of the Philippines or any other statute except crimes of reckless
imprudence as defined in Article 365, or similar laws of any country in which the crime was attempted or committed,
or resistance to lawful arrest.

TERMINATION
This benefit will automatically terminate on the date of termination of the master policy, or the policy anniversary following the
64th birthday of the insured employee, or the date a member ceases active full time work, whichever comes first.

CORPORATE PROFILE

The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and
later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in
the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation, among the world’s largest life insurance
companies by market capitalization.

Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big
financial decisions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth
asset management solutions for individuals, groups and institutions. At the end of 2015, we had approximately 34,000 employees, 63,000 agents,
and thousands of distribution partners, serving 20 million customers. At the end of September 2016, we had $966 billion (US$736 billion) in
assets under management and administration, an in the previous 12 months we made more than $24.4 billion in benefits, interest and other
payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100
years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under
‘945’ in Hong Kong.

Follow Manulife on Twitter @ManulifeNews or visit manulife.com or johnhancock.com