Each recurring premium plan under MOMPATI must be arranged for a minimum term of 10 years. Where life cover is included, the minimum sum assured, i.e. the minimum sum guaranteed to be paid in the event of eligible death is P10 000.
The premium (the regular monthly payment) you pay is determined by you, subject to minimum premium requirements and minimum premium levels if life cover is taken. Ancillary benefits, for example, disability benefit, accidental death benefit, family funeral benefit, etc. may be added, or removed on any anniversary during the term of the policy.
An anti-inflation annual premium update facility may be incorporated in the plan and if elected, the basic death benefit may also be automatically increased. Subject to certain constraints, the premium, the sum assured, update options or ancillary benefit levels may be changed at any time.
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