ASKI MBA PRODUCTS
In line with its vision, mission, goals and core values in accordance to the definition of microinsurance and microinsurance product,
ASKI MBA offers life insurance for its members and their qualified dependents.
Applicants shall be charged a one-time THREE HUNDRED PESOS (PhP300) application fee in order to cover the expenses incurred in processing the application.
This fee is non-refundable and will not be included for the purpose of determining the member's accumulated and refundable contributions.
Alalay Sa Pamilya Plan (ASaP)
It is the basic life insurance plan offered by ASKI MBA to its members and their qualified dependents.
• At least eighteen (18) years old but not more than (60) years old as of the enrollment date.
• Active member of Alalay sa Kaunlaran Microfinance Social Development Inc., and other organized
group within the area of coverage of ASKI.
Membership Fee and Contribution
Membership Fee: Php 300.00 (one-time payment and non –refundable)
Weekly contribution: Php30.00
Insurance coverage of BLIP includes the member and the following legitimate dependent:
a.) Legally married spouse but not more than sixty (60) years old;
b.) The member’s three (3) oldest children, legitimate and/or legally adopted
children, living at home, and provided that they are at least ninety (90) days
old but no more than twenty-one (21) years old or are legitimate children over
twenty-one (21) years old but single and disabled to the degree where they are
incapacitated to work.
b.) Provoked murder due to benefit claim
c.) Fetal death
d.) Failure to pay due contribution after the 31-day grace period
e.) Member's parents
f.) Legitimate child/children below 21 years of age that is married
g.) Legitimate children above 21 years of age
h.) Children that are NOT legally adopted.
Table of Benefits :
1. Total and Permanent Disability Benefit applies to Member only.
2. It is understood that upon death or total and permanent disability of the member,
his/her certificate of membership is automatically terminated.
Alalay sa Kabuhayan Plan (AKaP)
AKaP is the credit life insurance product offered by the
association. It aims to cover the loss that an organization may carry upon
the death of a borrower, and relieve the borrower's family of the burden of
repaying the remaining loan.
Maximum Insurable Loan Amount
Shall not exceed five hundred times (500) times of the current daily minimum wage rate for nonagricultural workers in Metro Manila.
Shall not exceed five percent (5%) of the current daily minimum wage rate
for nonagricultural workers in Metro Manila computed on a daily basis.
Upon the death of the Insured Debtor, ASKI MBA will pay the Loan Amount insured during the period of coverage in the following manner:
a. The amount of death benefit should be first applied to the outstanding loan balance of the
Insured Debtor, excluding interest charges. This amount is payable to the CREDITOR.
b. The remaining balance after deducting from the insured Loan Amount, the amount
stated in (a) is payable to the secondary beneficiary/ies declared in ASKI MBA Form No. 10,
Debtor’s Application and Declaration of Good Health (Aplikasyon at Deklarasyon ng Magandang
Kalusugan at Kasegurohan).