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Occupational Disability Benefit
This benefit is an accelerator payable on total and permanent disability through injury or illness. The benefit pays when the life assured is totally and permanently disabled through sickness or accident and is therefore unable to earn a living.
There are two types of disability benefits available:
- Own
To pursue the normal occupation in which he was gainfully employed at the time of disablement
- Own or similar
To pursue the normal occupation in which he was gainfully employed at the time of disablement, or any other occupation for gain or reward to which he would be reasonably suited by education, training, status or experience.
Benefits
- It affords you the opportunity of being paid your cover before death
- It is treated as an accelerated death benefit
- The benefit paid out is the amount of cover selected by the proposer, subject to the maximum. (See limitations).
Premium Calculations
Monthly Capital Disability Premium Rates per P10,000 for own or similar.
|
Rate |
Rate |
35 |
4.14 |
5.26 |
36 |
4.16 |
5.29 |
37 |
4.18 |
5.31 |
38 |
4.26 |
5.41 |
39 |
4.29 |
5.45 |
40 |
4.32 |
5.49 |
41 |
4.67 |
5.68 |
42 |
5.07 |
5.85 |
43 |
5.48 |
6.05 |
44 |
5.93 |
6.24 |
45 |
6.33 |
6.42 |
46 |
6.50 |
6.60 |
47 |
6.65 |
6.76 |
48 |
6.80 |
6.91 |
49 |
6.91 |
7.04 |
50 |
7.02 |
7.12 |
51 |
7.46 |
7.56 |
52 |
7.94 |
8.02 |
53 |
8.44 |
8.52 |
54 |
8.94 |
9.02 |
55 |
9.48 |
9.54 |
Note: For own Occupation it is the above rates, multiplied by 1.5. I.E. For own
|
Rate |
Rate |
35 |
6.21 |
7.89 |
36 |
6.24 |
7.94 |
37 |
6.27 |
7.97 |
38 |
6.39 |
8.12 |
39 |
6.44 |
8.18 |
40 |
6.48 |
8.24 |
41 |
7.00 |
8.52 |
42 |
7.60 |
8.78 |
43 |
8.22 |
9.08 |
44 |
8.90 |
9.36 |
45 |
9.50 |
9.63 |
46 |
9.75 |
9.90 |
47 |
9.98 |
10.14 |
48 |
10.20 |
10.37 |
49 |
10.37 |
10.56 |
50 |
10.53 |
10.68 |
51 |
11.19 |
11.34 |
52 |
11.91 |
12.03 |
53 |
12.66 |
12.78 |
54 |
13.41 |
13.53 |
55 |
14.22 |
14.31 |
Limitations
- BLIL must be notified within 3 months of the occurrence
- 6 Month window period, (From the time the claimant advises BLIL of the disability) in which the claimant can prove disability, and BLIL can assess validity of claim.
BLIL will also at this stage establish whether there was any pre-existing
condition which may have contributed to the disability
- The claimant must, at his own expense furnish certificates, information and evidence, as BLIL, may reasonably require
- The insured must submit to medical examination, in respect of the alleged injury or sickness,, as often as is required by BLIL (at BLIL’s expense)
- The insured must undergo surgical procedure or follow medical treatment, as may be reasonably required.
- Minimum age at entry is 18 (A.N.B)
- Maximum age at entry is 55 (A.N.B)
- Benefit ceases when the member reaches age of 65
- Maximum benefit is the lesser of P 500, 000 or 7.5 multiplied by the insured's annual net earnings at the time of claim.
- Benefit reduces the sum of the basic cover by the pay out value.
I.e., if the basic cover on the original schedule, is greater than the benefit payment made in the event of a Capital Disability Benefit; the Basic policy will continue to term, with a sum assured equivalent to the difference between the Disability payment, and the original cover
- When the benefit is added to any other disablement benefit from any other source it should not exceed 75% of the insured average net monthly earning during the 12 months prior to commencement of the total disablement.
The reason for this, is to prevent profiteering.
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