• ASA Microinsurance is ASA Philippines’ way of providing Nanays financial security and peace of mind in times of crisis (example: death in family).
• Microinsurance provides Life and Personal Accident Insurance Coverage
• ASA Microinsurance Program is a collaboration between ASA Philippines and Sun Life Grepa.
Sun Life Grepa Financial, Inc. (Sun Life Grepa) is a trusted life insurance company in the country with over 70 years of experience in the Philippines. Sun Life Grepa provides the most ideal insurance coverage for Nanays compared to other life insurance companies.
- Comprehensive coverage
- Affordable annual premium
- Fast claims payout
Aside from providing Nanays financial security in times crisis, the objective of ASA Microinsurance is to help MFOs and ASA Branches with:
- New Business Acquisition – Helps MFOs acquire more Nanays.
- Anti-Attrition – Helps MFOs retain more Nanays
- Revenue generation – Helps MFOs by making Nanays continuously borrow from ASA.
• You’re helping your Nanay Members and their families have peace of mind.
• It adds meaning to your work—you’re not just providing loans, collecting payments, you’re helping families stay secure even in tough times.
• The success of this program will mean more income for ASA. More income for ASA means more benefits to ASA Members and Employees.
In times of crisis (loss of Nanay or a family member), the family suffers emotional loss and financial loss. Insurance lessens the financial loss by providing up to 200K in cash benefits to replace income of lost breadwinner until family get back on their feet or to cash benefits can be used to pay final expenses (eg. Burial).
The Member-Only Insurance Plan is Mandatory; with an option to upgrade to the Family Coverage Insurance Plan.
• Family Coverage Insurance Plan provides the Nanay better value for money as the Plan covers up to a total of 5 people of their family.
• If Nanay settles only for Mandatory Member-Only Insurance Plan and changes her mind after, she can only enroll for Family Coverage Insurance Plan after 1 year, when Member-Only Insurance Plan expires.
1. Member-only Insurance– Protection for the Nanay only.
2. Family Coverage Insurance – Protection for the Nanay, Spouse, Children, Parents, and Siblings depending on their civil status.
Individual Insurance Plan
Member-Only Insurance Plan
• All ASA Philippines Members on their 2nd cycle and up
• 18 – 75 years old
• Healthy (not prevented from performing all his normal activities because of injury or illness or is not hospital confined)
Family Coverage Insurance Plan
- All ASA Philippines Members on their 2nd cycle and up
- Age eligibility of Nanay (Principal Member), Spouse or Parents: 18 – 75 years old
- Age eligibility of Children or Siblings: 1 – 21 years old, unmarried and unemployed
This cannot be availed by 1st cycle ASA Philippines members as we’re utilizing the rebates given to 2nd Loan Cycle members and up for our Nanays. At the same time, this is to ensure that continuing membership and loan activity from our Nanays.
Nanay just needs to fill out the ASA Philippines Group Insurance Enrollment Form during 2nd cycle loan application and submit form to her ASA MFO. See below summarized steps for enrollment:
Please refer to below for detailed step-by-step process of Microinsurance Enrollment:
Step #1:
Step #2:
Step #3:
Step #4:
Step #5:
Step #6:
Step #7:
Step #8:
Coverage shall start same date as loan approval and disbursement and shall be in effect for one whole year.
No. Coverage is automatically renewed every year. Annual premium Annual premium is automatically deducted from the Nanay’s Capital Build Up (CBU) Account
No cash out for the Nanay- premium will be automatically deducted from her Capital Build Up (CBU) Savings account.
This is a life insurance coverage for 1 year that provides Php 100,000 death benefit in case of illness, accidents or natural causes. Suicide is an exclusion only during the first policy year.
Pays benefit on top of Life Insurance benefit in case of death due to accident. Example: If Nanay dies due to accident, she gets Php 200,000.00
In case of dismemberment due to accident, payout benefit will follow schedule:
Suicide is an exclusion only during the first policy year. It is no longer excluded in the subsequent renewal years.
Payment of any benefit shall not be made for any claim resulting from;
- Bodily or mental infirmity or disease of any kind, or infection other than infection occurring simultaneously with and in consequence of an accidental cut or wound; or
- Suicide or attempted suicide while sane or insane, or self-inflicted injuries, or
- Committing or trying to commit any crime, felony or other illegal act, or
- Killing by another person under any circumstance/s, murder or provoked assault; or
- Pregnancy, childbirth, miscarriage or any complications thereof, or
- Poison, carbon monoxide or drug overdose, or
- War (declared or undeclared), insurrection, civil commotion or hostile action of armed forces, riots, rebellion; or
- Insect bites, or
- Wtomic explosion, nuclear fission, or radioactive gas, or any aviation or marine activities, except while the Member is riding as a fare paying passenger in an air or marine device operated by a commercial airline or shipping line on a scheduled passenger trip over its established passenger route; or
- While engaging in motor-cycling; or
- While engaging in hunting or pillion riding, mountaineering which necessitates the use of ropes or piton, racing of any kind other than on foot; hang gliding, ice or winter sports, water ski-jumping and tricks, yachting beyond five kilometers of a coastline, underwater activities involving the use of underwater apparatus or using woodworking machinery driven by mechanical power other than portable tools applied by hand and used solely for private purposes without reward.
There is no medical requirement but there is a waiting period of 60 days starting from the date of coverage becomes effective. Please also note that, at the time of enrollment, Nanay must be heathy (not prevented from performing all his normal activities because of injury or illness or is not hospital confined).
The Life Insurance benefit they will receive is limited to 50% of the full coverage amount (e.g., Php 50,000 for a Php 100,000 policy). The exact amount payable will depend on the member type.
The Life Insurance and Personal Accident Insurance benefits they will receive is limited to 50% of the coverage amount. The exact benefit payable will vary depending on the member type.
Legal Spouse/Common-Law Spouse/Parent (maximum of 2) and up to 3 Child dependents (children/siblings- unmarried and unemployed)
Annual mode of payment but no cash out for the Nanay since this will automatically be deduced from her Capital Build-Up (CBU) Savings account.
MFO will fill out and place a Confirmation of Insurance Coverage to the Nanay’s passbook, a Confirmation of Insurance Coverage Pad will be provided to the branch. Proof of Cover (POC) will be printed and provided to each Insured Nanay only upon their request.
Coverage terminates on expiry date (1 year from effective date).
Dependent coverage is simultaneous with the Nanay coverage. If Nanay dies, insurance plan is terminated.
Nanay will submit all claims documents to ASA MFOs.
- Qualified Beneficiaries submit the claim documents to ASA MFO.
- ASA MFO submits completes documents to ASA Branch.
- ASA Branch forwards complete claim requirements to ASA Microinsurance Team.
- ASA Microinsurance Team provides complete claim requirements to Sun Life Grepa.
- Sun Life Grepa makes a decision and releases the claims benefit:
Life Insurance (death due to natural cause, sickness or accident)
- Decision is released within 2 working days from submission of complete documents
- Once approved, claims proceeds are paid within 2 working days after receipt of complete documents
Personal Accident Insurance (accidental death or loss of body part)
- Decision may take longer than 2 working days since further investigation may be required.
Please refer to below for detailed step-by-step process of Microinsurance Claims Processing:
Step #1:
Step #2:
Step #3:
Step #4:
Step #5:
Step #6:
Step #7:
Life Insurance (death due to natural cause, sickness or accident)
- Decision is released within 2 working days from submission of complete documents
- Once approved, claims proceeds are paid within 2 working days after receipt of complete documents
Personal Accident Insurance (accidental death or loss of body part)
- Decision may take longer than 2 working days since further investigation may be required.
Beneficiary assignment depends on the plan, see table below:
Important: Names of beneficiaries and dependents must match their birth certificate or valid supporting documents to avoid issues during claims.
They can initially provide an attestation/group leader resolution together with pictures of the wake/standee/guest book/any proof or documents from the funeral parlor/medical certificate attesting the death within 10 calendar days from date of death. However, it’s still a mandatory requirement to submit a death certificate afterwards even after the claim has been paid.
This will be tagged as Accounts Receivable (AR) from the branch, including: Branch Manager & MFO.
Life/Natural Death Claim
- Duly signed photocopy or digital copy of SLGFI Claimant’s Statement Form by the beneficiaries
- Photocopy or digital copy of the Death Certificate from the Local Civil Registrar (LCR) with the registry number (issuance is same day) of the insured (deceased); in lieu of the Death Certificate, the affidavit of the Nanay Leader and a picture of the wake/standee/guest book/any proof or documents from the funeral parlor/medical certificate attesting the death will be submitted within 10 calendar days from date of death
- Photocopy or digital copy of Birth Certificate of the Deceased or any substitute identification document:
• The deceased’s government-issued IDs (SSS, GSIS, passport, voter ID, etc.).
• Marriage Contract, Baptismal Certificate
• ASA ID - Requirements for the beneficiaries
• If Legal Spouse: Marriage Contract with government-issued IDs (SSS, GSIS, passport, voter ID, etc.).
• If common law spouse: Within Six (6) months Certificate of No Marriage (CENOMAR) from PSA of member and beneficiary/dependent
• If Child/Children: Birth Certificate or Baptismal Certificate
• If Parent: Birth certificate of ASA Member, Baptismal Certificate, or government ID (SSS, GSIS, passport, voter’s/barangay ID, etc.).
• If Siblings: Birth Certificate of each sibling/s, Baptismal Certificate or government-issued ID (SSS, GSIS, passport, voter’s/barangay ID, etc.). - Photocopy of ASA Group Insurance Enrollment Form
Additional Requirements for Accidental Death/Dismemberment Claim
- Police Report
- Driver’s License (for vehicular accident if insured is the driver)
- Autopsy report (drowning incident)
Nanay will need to make a deposit to her Capital Build-Up (CBU) Account to ensure that they meet the maintaining balance requirement for the CBU account after the deduction of the premium payment.
The Member-Only Insurance Plan is a mandatory requirement for all Nanays from 2nd cycle renewal and up because it keeps protection affordable and fair for everyone. The premium is only Php 650 per year, which is low compared to the benefits received. If only those who feel sick or at risk get insurance while the healthier ones refuse, the costs would go up for everyone—a problem called anti-selection. By requiring all Nanays to join, the risk is shared, the premium stays low, and everyone is protected.
We’re currently working for our Nanays who have recently renewed their loans to be able to avail of the Microinsurance. However, what they can do in the meantime is do early payment of their existing loan & avail of a new loan to be able to avail of the Microinsurance.