Allied Bank

Site Sections

News

Branches

ATMs

BROWSE

	ONLINE BANKING

	FUND TRANSFER CODES

FOREIGN EXCHANGE

As of Jun-17-2013
CURRENCY	BUY	SELL
US Dollar	42.4000	43.0000
Japanese Yen	0.4282	0.4642
Euro	54.8900	58.5800
Hong Kong Dollar	5.2500	5.5800
Bahrain Dinar	107.1700	114.7800
More

T - BILLS

Treasury Bills Auction Date: 3 June 2013
	91-DAY	182-DAY	364-DAY
High	0.900%	1.000%	1.250%
Low	0.900%	1.000%	1.250%
Average	0.900%	1.000%	1.250%
Ave. Inc.(+)/Dec. (-) over the past week	0.683%	0.602%	0.648%

MAXI ALLY PRODUCT PRIMER < PNB LIFE INSURANCE, INC. < BANCASSURANCE < PRODUCTS & SERVICES

MAXI ALLY PRODUCT PRIMER

Product Description:

Maxi Ally is a single-pay Unit-link Plan, with a guaranteed acceptance feature and requires no medical examinations. It is basically the standard UL Maxi with Level Death Benefit Option and without any riders, except that death benefit in case of death due to illness within 2 years from effective date or from top-up date, is equal only to the return of the corresponding Fund Value and charges.

Main Feature: Guaranteed Acceptance

Application for Maxi Ally shall be issued on a guaranteed basis regardless of the current state of health of the applicant subject to certain coverage limits. The Guaranteed Acceptance Endorsement should be signed by the applicant and submitted together with the application form (Please see Annex A). Note that original Guaranteed Acceptance Endorsement form should be used. A photocopy of the form is not acceptable.

In principle, the Guaranteed Acceptance Endorsement alters the death benefit as follows:

1) If the Insured's death is the result of an Injury or accident, the death benefit will be the higher of the Fund Value and the sum assured

"Injury" in this Endorsement means accidental bodily injury which

a) is sustained while this Policy is inforce

     b) death occurred within one hundred eighty (180) days from the date of
         accident
     c) is not due to sickness, disease, infirmity or physical condition existing at
        the time of accidental bodily injury
     d) is not due to suicide, murder or provoked assault.

2) If the Insured's death resulted from causes other than Injury, where the death of the Insured occurred within the first two (2) years from the Policy Effective Date, the Death Benefit payable shall be equal to the Total Fund Value plus all insurance and service charges.

3) If the Insured's death resulted from causes other than Injury, where the death of the Insured occurred two (2) years after the Policy Effective Date but prior to the Policy Termination Date, the Death Benefit payable shall be as stipulated in the Policy Contract exclusive of Sum Assured increase due to Top-up premiums paid within two (2) years before the date of death. The Fund Value, including insurance and service charges corresponding to all excluded Top-ups, shall be refunded.

All other product features such as available type of funds, switching, withdrawals, premium directions etc., that are applicable to Big Apple Maxi are also applicable to the Maxi Ally.

Policy Limits

The issue limits applicable for Big Apple Maxi is also applicable to Maxi Ally, except for the maximum accumulated sum assured.

1) If there is no previous policy is inforce with the company on the life of the proposed insured, the maximum sum assured of the Maxi Ally is P5 million (or $100,000) for ages below 55, and 2.5 million ($50,000) for ages 55 and above. The table below shows the sum assured limits.

Issue Ages	Maximum Premium	Maximum Sum Assured*
Below 55 years old	P4 million ($80,000)	P5 million ($100,000)
55 to 60 years old	P2 million ($40,000)	P2.5 million ($50,000)

*including sum assured from top-ups and prior policies inforce.

Maximum issue age is 60 years old.

2) If the proposed insured have previous policies inforce with the company, the sum assured applied for plus the sum assured of previous policies inforce should not exceed the maximum sum assured.

3) Note that every top-up has a corresponding increase in sum assured equal to 125% of the amount top-up. Hence, top-ups are limited to an amount that will not increase the accumulated Sum Assured to more than the specified limit above.

Screening and Underwriting Process

1) The standard insurance application package will still be followed. The application should be submitted together with a signed Guaranteed Endorsement Form, Sales Illustration and Acknowledgement of Variability. Note that Maxi Ally should be chosen.

2) Screening process of the insurance application remains unchanged where all the information, questions and answers in our application documents must be completely and legibly answered. None or NA should be indicated for questions that are not applicable. No question should be left blank.

3) In case there are affirmative answers to some health questions e.g. asthma, additional forms need not be submitted e.g. asthma questionnaire.

4) The underwriters will automatically accept and issue all completely answered MAXI ALLY applications regardless of the current health status of the applicant. However, the occupational or residential flat extra rating or declinable risk as per our existing underwriting guidelines shall remain applicable. This means that policy may still be issued with a flat extra rating. If there are declared ratable occupations or avocations e.g. diving, the supplemental questionnaire should be submitted e.g. diving questionnaire.

5) In determining the maximum acceptable amount of insurance, all in-force life insurance policies with our company shall be considered.

Procedure in Generating MAXI Ally Sales Proposal

Maxi Ally can now be illustrated in our Sales Illustration. The user can select either Peso Maxi Ally or Dollar Maxi Ally as show in the following screenshots.