Income Assure 10

Product Primer

(For Advisor’s use only. Not for distribution)

About the Primer:

The Income Assure 10 Primer is your reference for this product and its features. This contains
the product’s description, underwriting guidelines and other salient information which can be
used in the solicitation process.

About the Product:

Income Assure 10 is a Single Pay Peso-denominated Endowment Plan with guaranteed cash
benefits and guaranteed life insurance coverage for ten (10) years.

Clients will enjoy three key benefits with Income Assure 10:

I. Guaranteed returns on your investment

With Income Assure 10, you will enjoy better-than-bank cash returns that are guaranteed over 10
(10) years. On each policy anniversary for the next 10 years, if the policy is in-force and no
claims are made, you will get a cash payout of 5% of your initial payment, which gives you a total
return of 5% over 10 years. In addition, your initial payment will be returned at the end of the
plan.
II. Guaranteed Life Insurance Benefit
For ten (10) years, you will have a life insurance, so you won’t have to worry about your loved
ones. In case of the unexpected, they will receive a guaranteed cash benefit equal to 125% of
your single payment.

This material is for reference only. The complete terms and conditions of the insurance product are found in the Policy Contract
itself. In the event of conflict between this material and the Policy Contract, the Policy Contract will prevail. Vers. Oct 2022
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 Income Assure 10
Product Primer

(For Advisor’s use only. Not for distribution)

If you have availed this product under Guaranteed Insurability Offer (GIO), the Death Benefit shall
follow the rules below:

1. If death occurred during the first two (2) policy years:

a) If death is due to injury, the Death Benefit is equal to the Face Amount less cash
loans, if any.
b) If death is due to causes other than injury, the Death Benefit is equal to the single
premium less any cash loans and paid out cash benefits:
[Death Benefit = Single Premium – (Cash Payouts + Cash Loans)]

2. If death occurred after the first two (2) policy years: The Death Benefit is equal to the
Face Amount less cash loans, if any.

III. Guaranteed Issue

You are sure to enjoy these benefits as this product is offered via Guaranteed Issue Offer (GIO),
subject to the GIO limits (see page 3).

How it works:

1. Each cash payout will be equal to a guaranteed rate of 5% of your single premium. Cash benefits will only be paid if you
are still alive at the end of every policy anniversary.
2. Your life insurance coverage is equal to 125% of your single premium.
3. Cash benefit and Maturity benefit will only be paid if you are still alive at the end of the Policy.

This material is for reference only. The complete terms and conditions of the insurance product are found in the Policy Contract
itself. In the event of conflict between this material and the Policy Contract, the Policy Contract will prevail. Vers. Oct 2022
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 Income Assure 10
Product Primer

(For Advisor’s use only. Not for distribution)

IV. Product Limits

ISSUE AGES Minimum Maximum

Policy Owner 18 99
Policy Insured 0 65
BENEFIT TERM 10 Years
CURRENCY Philippines Peso
Minimum Maximum
PREMIUMS
250,000 Capacity to pay
1. Credit-to-Account (CTA) – Default Option
MODE OF PAYOUT RELEASE 2. Pick-Up Anywhere (PUA) – Maximum of
Php 500,000

V. New Business, Underwriting, and Processing Guidelines

A. Application Form
For Income Assure 10, we will use the approved GIO Application Form for Ordinary Life Plans.

B. Guaranteed Issue Offer (GIO) and Regular Underwriting

This product will be sold under Guaranteed Issuance Offer (GIO), subject to prevailing GIO
coordination guidelines.

Age Single Premium

0 – 60 PHP 100,000,000
61 – 75 PHP 50,000,000

These GIO coordination limits apply to all aggregated Single Premium and Top-Up
Premiums made per life within a period of 2 years. For Single Premium that will exceed the
GIO coordination limits, regular application and regular underwriting shall apply.

For applications that will go through regular underwriting, only standard cases will be
accepted. For substandard cases, application will automatically be rejected.

C. Medical and/or Non-Medical Requirement

The company’s non-medical limit, which differs for different ages, and the Advisor’s Non-
Medical Authority (NMA) will apply in determining the allowable Underwriting Net Amount
at Risk (UWNAR) and total non-medical insurance (applied and in-force policies) for every
proposed Insured. If the coverage is above the allowable UWNAR for non-medical
insurance and NMA of the Advisor, the following may be required:

This material is for reference only. The complete terms and conditions of the insurance product are found in the Policy Contract
itself. In the event of conflict between this material and the Policy Contract, the Policy Contract will prevail. Vers. Oct 2022
3
 Income Assure 10
Product Primer

(For Advisor’s use only. Not for distribution)

• Medex and HIV test requirements due to occupation or place of destination/work

• Signature/ thumb mark of juveniles
• Maximum amount limits for specific risks (i.e. juveniles, politicians, etc.)

The Underwriting Net Amount at Risk (UWNAR) is equal to 25% of Single Premium.

VI. Policy Owner Service

A. Non-Forfeiture Options
Income Assure 10 may be surrendered for a guaranteed Cash Value (CV) any time after the
policy issue date. Once the plan has been surrendered, the release of guaranteed cash
payouts will also stop.

Premium Loans, Reduced Paid-up Insurance, and Extended Term Insurance are not
applicable for this product.

B. Cash Loans
The policy owner may apply for cash loans, given that the loan applied for is less than the
Cash Value of the policy, less the cash benefits payable.

C. Payment Facilities

Over the Counter

✓ Use the Bills Payment Form
✓ Indicate the Policy Number in the reference number field
• Banco De Oro
• Bank of the Philippines Island
• China Bank Savings
• East West Bank
• Metrobank
• Philippine National Bank
• Security Bank
• Sterling Bank of Asia
• Unionbank
Payment Centers
✓ Bring the statement of account
✓ Indicate the Policy Number as you pay
• SM Payment Center
• Bayad Center
• Philam Life Branches
• MLhuillier

This material is for reference only. The complete terms and conditions of the insurance product are found in the Policy Contract
itself. In the event of conflict between this material and the Policy Contract, the Policy Contract will prevail. Vers. Oct 2022
4
 Income Assure 10
Product Primer

(For Advisor’s use only. Not for distribution)

D. Lapse
If cash loans have exceeded the Cash Value, the Policy will lapse, and all its benefits will
end.

E. Reinstatement
If the policy has lapsed, reinstatement may be allowed within three (3) years from the date
it lapsed subject to two (2) conditions:

1. The Insured is still insurable according to the company rules

2. At least 50% of cash loans, if any, are paid with interest at the prevailing policy
loan interest rate of the company

However, the policy can no longer be reinstated if it has been surrendered for cash.

F. Policy Changes
The following policy changes are allowed but subject to submission of existing routine
requirements per type of request.
Change/correction in:
• Contact information
• Policy restriction (assignment, duplicate, beneficiary, etc.)
• Birth date (without change in age)
• Request for duplicate policies
• Addition/ deletion/ change in beneficiary
• Designation/ change/ cancellation of trustee for minor beneficiaries
• Designation/ cancellation of policy assignment

G. Contractual Policy Changes

The following contractual changes shall be allowed subject to submission of existing
routine requirements:

• Correction of date of birth that will result to change in age

• Change or correction in name of insured/ owner/ payor/ honorifics.
• Change in payor-owner

However, changing of plan to any other plans offered by the Company and change of Benefit
Term will not be allowed.

H. Customer Notices
The main correspondence that will be given to customers is the Statement to Policy Owners
which serves as the notice of the annual cash payouts. This will be generated 60 days before
each policy anniversary (letter or e-notice).
This material is for reference only. The complete terms and conditions of the insurance product are found in the Policy Contract
itself. In the event of conflict between this material and the Policy Contract, the Policy Contract will prevail. Vers. Oct 2022
5
 Income Assure 10
Product Primer

(For Advisor’s use only. Not for distribution)

I. Surrender
Cash payout would not be equal to the initial premium paid but to its corresponding cash
surrender value when terminated early.

J. Termination
The Policy will terminate in the event of any of the following:

• Death of the insured

• End of the policy term (Maturity)
• When policy is lapsed
• Upon written notice of termination (Surrender)

K. Commission
1. Basic Commission and Overrides
Single Premium Band Commission Rate
250,000 and up 2.0%
The commission rates shall be subject to the usual overrides.

2. Claw-Back
If a policy is surrendered via its Cash Surrender Value within the first year, the
commission and overrides of the advisor will be subject to full claw-back.

L. Production Credit
10% of the Single Premium will be counted as First Year Premium (FYP).

M. Persistency
Single pay policies are not included in the agent’s persistency calculation.

N. Authorization and Licensing Requirements

Only duly authorized, trained, and licensed (Ordinary Life license) advisors can solicit
business for this product.

O. Policy Assignment
The ownership of the policy may be assigned as collateral.

This material is for reference only. The complete terms and conditions of the insurance product are found in the Policy Contract
itself. In the event of conflict between this material and the Policy Contract, the Policy Contract will prevail. Vers. Oct 2022
6