What is BPI insurance?

Asked by: Dario Herzog III  |  Last update: April 22, 2023
Score: 4.1/5 (41 votes)

BPI AIA Life Assurance Corporation (BPI AIA) is a strategic alliance between two leading financial companies in the Philippines: AIA Philippines Life and General Insurance Company, Inc. (AIA Philippines) and Bank of the Philippine Islands (BPI).

What is the benefits of BPI Philam life insurance?

It is a science-backed health and wellness program that boosts protection coverage by as much as 50% and provides rewards from partner establishments. Integration with Philam Vitality will provide additional coverage upon death, total and permanent disability, personal accident, and critical illness.

Does BPI have insurance?

A maximum of Php 2 million or $40,000 insurance coverage applies per account holder, regardless of the number of accounts opened. **BPI-Philam Life Assurance Corp., is an insurance company governed by the Insurance Commission. It is a subsidiary of Philam Life and an affiliate of BPI.

How do I claim my BPI insurance?

1. To file a claim, cardholder should notify BPI through 24-hour BPI Contact Center at (02) 889-10000 or 1-800-188-89100 within three (3) weeks from date of incident.

How do I check my BPI Philam insurance?

Call our BPI-Philam Customer Service at (02) 8528-5501 or PLDT Domestic toll-free 1-800-188-89100 (Press IVRS Option 4+2+1).

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Can I cancel my BPI-Philam insurance?

Right to Cancel the Policy

It must be signed and sent directly to the insurance company. After which, the premium you paid will be refunded, and the policy will be cancelled.

Can I withdraw my life insurance?

Withdrawing Money From a Life Insurance Policy

Generally, you can withdraw money from the policy on a tax-free basis, but only up to the amount you've already paid in premiums. Anything beyond the amount you've already paid in premiums typically is taxable. Withdrawing some of the money will keep your policy intact.

How do I make an insurance claim?

To make a claim, get a form from your insurer or write to the other driver or their insurer, giving details of the accident and the other driver's policy number. Tell your insurer about any independent witnesses and send them witness statements if you can.

Can I pay BPI insurance online?

TO PAY: Step 1: Log on to BPI Online (https://online.bpi.com.ph) using your web browser and select: Payment/Load. The Account you will pay from.

How is a claim filed?

file a claim in Insurance

If you file a claim, you make a request to an insurance company for payment of a sum of money according to the terms of an insurance policy. The elimination period is the time which must pass after filing a claim before a policyholder can collect insurance benefits.

What is Vul in BPI?

Variable Universal Life Insurance Plans | BPI AIA.

What is the meaning of BPI AIA?

BPI AIA Life Assurance Corporation (BPI AIA) is a strategic alliance between two leading financial companies in the Philippines: AIA Philippines Life and General Insurance Company, Inc. (AIA Philippines) and Bank of the Philippine Islands (BPI).

Is Philam life different from BPI-Philam?

BPI-Philam, a strategic alliance that allowed the AIA Philippine American Life and General Insurance Company (AIA Philam Life) to offer insurance through the Bank of the Philippine Islands (BPI), has unveiled its new identity as BPI AIA.

What is BPI-Philam build life plus?

Build Life Plus is a savings and life insurance plan that lets you choose from a variety of funds to suit your needs. Get returns on your chosen investments depending on the market conditions, all while enjoying peace of mind. With Build Life Plus, you could bring your dreams to life.

How much is the life insurance in the Philippines?

Annual premiums for life insurance can range from PHP 24,000 to PHP 55,000 and even higher if you opt for supplementary benefits. On average, that is a monthly payment of PHP 3,300 (more or less PHP 40,000 per year) you'll have to pay over five to 30 years, depending on your chosen term.

Can I pay insurance with credit card?

Yes, you can generally pay for your car insurance with a credit card and doing so may lead to certain benefits like cash back or other credit card perks. Due to the prevalence of insurance apps and e-commerce, paying for insurance with a credit card is commonplace.

Is AIA and Philam the same?

On August 9, 2021, Philam Life officially changed its name to AIA Philippines.

Where can I pay my BPI AIA?

You can pay your premiums via ePayment in My AIA. Log on to My AIA to make payments using your Visa, Mastercard, and JBC credit cards (except AMEX and UnionPay).

When should I claim insurance?

A good rule to follow is to only make a claim in the event of a big loss and avoid filing it in case of little mishaps, such as a minor dent on the bumper. Accidents can occur anytime and anywhere. When it comes to accidents related to one's car, the insurance cover comes to mind.

What happens when I make an insurance claim?

Once your insurance company receives your claim, they will send out an adjuster to look at the property damage. They will determine if you will get funds (a settlement) to make repairs or reimburse you for a total loss.

How long do you have to claim on insurance?

Usually, you will need to declare any incident that's happened in the last five years. For some insurance providers, this could be between three and five years, so it's best to check.

Do I get money back if I cancel my life insurance?

What happens when you cancel a life insurance policy? Generally, there are no penalties to be paid. If you have a whole life policy, you may receive a check for the cash value of the policy, but a term policy will not provide any significant payout.

How long does it take to get money from a life insurance policy?

How Long Does It Take to Collect Life Insurance? Once a valid claim has been made, it will typically take between 14 and 60 days to receive the payment from the insurance company, and usually it occurs within 30 days.

What is life insurance used for?

Life insurance policy benefits can be used to help pay for final expenses after you pass away. This may include funeral or cremation costs, medical bills not covered by health insurance, estate settlement costs and other unpaid obligations.