A Contestable Claim is the period where your claim can still be denied.
For Individual policies - If you pass away during the first two policy years or within two (2) years from the date of reinstatement, the claim is considered contestable.
For Group policies - If you pass away during the first policy year or within first year from the date of reinstatement, the claim is considered contestable.
You can change beneficiary designation by submitting a written notice OR updated enrollment form to your Financial Adviser OR Allianz PNB Life Head Office.
If the beneficiaries are designated in the enrollment form are irrevocable, a written consent of all living irrevocable beneficiaries must be submitted in addition to the written notice or updated enrollment form.
If the beneficiary is revocable, a written consent is not needed.
The following classes of beneficiaries, in this order, shall be deemed named by you as your contingent beneficiary/ies:
- Your widow or widower;
- Your surviving children born to or legally adopted;
- Surviving parents;
- Surviving brothers and sisters;
- Executors or administrators.
Note: If there are two or more beneficiaries in the same class entitled to the proceeds of the insurance, they shall share equally.
Minors cannot transact or enter into contracts in their own behalf.
The Trustee or Guardian would be the immediate reference of Allianz PNB Life, with whom they could transact regarding the proceeds of the minor child. Hence, the trustee shall be the one to provide the following documents:
- Affidavit of Guardianship & Undertaking if the minor's share does not exceed Php500,000
- Guardian's Bond if the minor's share exceeds Php500,000
- Judicial guardian
- Eldest brother or sister at least eighteen (18) years of age
- Any relative who has actual custody of the minor insured or beneficiary
Without the necessity of a court authority or the giving of a bond, the Guardian may exercise certain rights under the policy where the interest of the minor in the particular act involved does not exceed Five Hundred Thousand Pesos (P 500,000) or in such reasonable amount as may be determined by the Insurance Commissioner.
Please note that payment to the Guardian relieves Allianz PNB Life from any liability under the policy.
It is a court document which the insurance company requires a person who assumes the legal custody to a minor beneficiary wherein the insurance proceeds of the latter exceeds Php500,000.00. That is intended to protect the proceeds of the minor child against any unfavorable actions.
Under the Insurance Code of the Philippines (PD 612 as amended by RA 10607), Guardian’s Bond for the death claim of employee is required for the processing of claims for minor beneficiaries exceeding Php500,000.
This Guardian’s Bond is determined by the Court and shall not be less that of Ten Percent (10%) of the market value of the minor’s property.
HOW TO PROCESS A GUARDIAN BOND?
- File a Petition in Court for the approval of the Guardian’s Bond;
- The Petition is filed:
- in the place where the minor resides, or
- if the minor resides in a foreign country, the place where the property of the minor is situated;
- The Court shall determine the amount of the Guardian’s Bond through a Court Order;
- Petitioner secures a Guardian’s Bond from a Non-Life Insurance Company;
- Petitioner submits to the Court the Guardian’s Bond;
- Court issues an Order or Decision approving the Guardian’s Bond.
The No Evidence Limit (NEL) is the maximum amount of money that Allianz PNB Life can insure you without the need for medical evidence or underwriting regardless of your current health condition, provided you are still actively at work or can actively perform the daily normal chores of life at the time of enrollment.
WHAT IS ACTIVELY-AT-WORK UNDER GROUP INSURANCE?
You are considered “actively at work” at the time your coverage takes effect if you report for work your designated shift at your usual place of employment outside your home and are able to perform your duties on a regular, full-time basis.
If your usual place of employment is your own home, you will be considered “actively at work” if you are neither confined in a hospital nor has a disability which prevents you from reporting to your usual place of employment and performing your duties on a full-time basis.
WHAT IS THE ACTIVE PERFORMANCE OF DAILY CHORES OF LIFE?
You are able to actively perform your daily chores of life if you are able to perform daily routine tasks, such as bathing, eating, cooking, walking, etc. without the need for assistance.
Policy Surrender and Withdrawal
When you surrender your policy and then buy a new policy or other investment product, you will incur new charges. These may include:
- Administration Charge (For Unit-Linked policies)
There could be a sales charge/withdrawal fee for each new policy / investment product. Please refer to your Policy Contract for applicable charges.
- Policy Fee
A policy fee is usually incurred for each policy.
When your traditional policy has earned cash value, you can either withdraw it fully or you may choose to do the following so that you can still enjoy your policy benefits:
- Apply for a cash loan to meet short term financial needs; OR
- Convert to a reduced or paid-up extended term insurance policy.