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BPI-PHILAM Savings/Protection First Impression

November 22, 2013

Lazada Philippines

Last Tuesday I was in Bank of the Philippine Island (BPI) to pay something over the counter when I noticed this spot that says BPI-Philam Insurance. I was eager to know and to learn something about Philam products because I heard a lot of good things from blogs and forums.
 I also know that insurance is something that I am planning to avail next year so as to start my emergency fund. 
The beautiful lady in the desk told me that for me who is earning minimum wage but also have gigs and online business alongside that can add to my income I should go for BPI Philam Savings/ Protection under the Build Plus Peso.
It is a type of invests that provides earning potential for your peso investment and has a guaranteed life protection. This means that you are not just saving a portion of your money but also you will earn a life insurance. 
The great benefits of this plan are the following:

  • ·         You may choose to diversify your investment to maximum of  three types of funds in the following lists:
o   BPI-Philam Peso Bund
o   BPI-Philam Balanced Fund
o   BPI-Philam Equity Fund
o   BPI-Philam Odyssey Bond Fund
o   BPI-Philam Odyssey Balanced Fund
o   BPI-Philam Odyssey High Conviction Equity Fund

  • ·         You can do top-ups or simply means you can save more than what the initial investment says. This will also create a better investment return.
  • ·         You will have a guaranteed life protection coverage of 500% of the annual premium you invested plus 125% of top ups less 125% of each partial withdrawal or they call as a percentage of the Account Value to which is higher than the two.
o   You can also have your beneficiaries up to 2ndto 3rd degree and not other plans that will only allow your parents (if you are single) or your spouse (if you are married).
o   You have the life protection valid until age 100 as long the plan is in force
o   You have guaranteed premium bonus when you continuously pay and no withdrawal will be made, that is equal to 5% of the annual investment at the end of the 10th year.
o    You will also have accident and health coverage until the age of 72.

  • ·         You will also have additional optional riders like medical reimbursements and weekly income riders that they will explain further.
The only sad factors I see on this plan are the following

  • ·         The product is at ₱ 50,000 minimum investment.
o   THOUGH, you can choose to pay quarterly meaning every 3 months you will pay 14,000 pesos. But with this type of payment that we can call partial payment the total annual will be 58,000 pesos that will count as a partial due.

  • ·         You are only allowed to withdraw after the 10thyear.
o   Please check this matter because this is my understanding to what the beautiful lady said to me.

  • ·         You are required to have a BPI account.
 Also take note that though BPI and Philam are partners all financial products of BPI-PHILAM Life Assurance Corporation are not insured by the Philippine Deposit Insurance Corporation and are not guaranteed by Bank of the Philippine Islands. Also note that all investments have risk factors so please ask about all the details.
If you are from Parañaque, Macapagal Ave and nearby area you may visit the BPI Aseana Power Station Branch. The beautiful lady I got to talk to is Ms. Ria Orit. Or you can visit the nearest branch to you.
Goodluck! 
Clariza Glino

Izza of SavingsPinay promotes financial literacy for the young and young at heart by providing insights and tips on budgeting, saving, investing and online entrepreneurship. Aside from this blog she also writes at www.izzaglino.com, a beauty and lifestyle blog for frugal Pinays and manages, www.izzagevents.com, a wedding and event business since 2011. For inquiries, topic suggestions or future collaborations email her at izza@savingspinay.ph

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