Himlayang PIlipino Plans, Inc.
Himlayang Pilipino Plans, Inc. Himlayang Pilipino Plans, Inc.
Himlayang PIlipino Plans, Inc.
  • What is “contestability period”?
  • Answer: A one-year period commencing on the date of issuance/effectivity or reinstatement of the Contract within which the insurance company has the right to contest any insurance claim.

  • What is “delinquent plan”?
  • Answer: A Plan where any due installment as provided for in the contract has been unpaid.

  • What is “lapsed plan”?
  • Answer: A delinquent plan which has remained unpaid beyond the grace period of sixty (60) days from date of delinquency.

  • What is “reinstatement period”?
  • Answer: A period within which a lapsed plan may be reinstated which shall be within two (2) years from the lapse of the grace period.

  • What is “cancelled plan”?
  • Answer: A delinquent plan which has remained unpaid for more than two (2) years counted from the expiry of the grace period of sixty (60) days.

  • What is “termination value”?
  • Answer: An amount the planholder should be paid as provided in the contract upon surrender of an In-Force Plan prior to maturity or availment of full benefits.

  • What happens when I failed to pay my installments on the due date?
  • Answer: You have a 60-day grace period from due date within which to make the installment payment. Non-payment of installments at the end of the grace period automatically renders the Plan lapsed and all corresponding rights and benefits will end except the right to reinstate. A planholder is given within two (2) years from the lapse of the grace period to reinstate the plan.

  • What happens to my plan when I failed to reinstate within the reinstatement period?
  • Answer: If no reinstatement is made before the end of the two-year period from date of lapse of the grace period of sixty (60) days, the plan shall be automatically cancelled and all payments previously made shall be forfeited in favor of HPPI as liquidated damages.

  • What happens when a plan is considered cancelled?
  • Answer: A plaholder of a cancelled plan loses all rights and claims pertinent to the plan.
HPPI
Himlayang Pilipino Plans, Inc.