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As of SEPTEMBER 30, 2024
BASIC LIFE INSURANCE
PHP 211,593,883.50
CREDIT LIFE INSURANCE
PHP 43,504,371.60
DAILY HOSPITAL INCOME BENEFIT
PHP 4,881,480.00
TOTAL AMOUNT OF CLAIMS PAID
PHP 259,979,735.10
BASIC LIFE INSURANCE PLAN
Basic Life Insurance Plan is the primary product of SEDP MBA which covers life protection to members and their families on unforeseen event especially during untimely death of member and/or his qualified dependents.
With a minimum of Eighty Pesos (P 80.00) monthly contribution the member can avail of the following benefits:
1. DEATH BENEFIT
Member can avail of Fifty Thousand Pesos (P50,000.00) maximum benefit in the event of natural cause of death and One Hundred Thousand Pesos (P100,000.00) maximum benefit during accidental death.While dependent spouse and parent can avail of Fifteen Thousand (P15,000.00) maximum benefit for natural cause of death and Thirty Thousand Pesos (P30,000.00) for accidental death.Finally, for dependent children and siblings a maximum of Ten Thousand Pesos (P10,000.00) each for natural cause of death and Twenty Thousand Pesos (P20,000.00) in the event of accidental death. (For complete list please see table of benefits)
2. DISABILITY BENEFIT
Disability benefit covers only the member excluding dependents. From a minimum of Ten Thousand Pesos (P10,000.00) to a maximum of Fifty Thousand Pesos (P50,000.00) is provided to members who suffered from Total and Permanent Disability (TPD) during his/her membership with SEDP MBA either through sickness or accidental in nature.
3. LIVING BENEFIT
Fifty Percent (50%) Members Equity Value is reserved from the members contribution intended for refund when membership with SEDP MBA is terminated.
Termination of membership can be any of the following:
1. Upon Death or Total and Permanent Disability of the member
2. Upon Resignation of the member
3. Upon expiration of the 45 days grace period if no payment is received
4. Upon withdrawal of the equity value on the insurance certificate
5. If the member is terminated with cause by SEDP MBA
6. Upon reaching the exit/termination age of 66 years old
4. DAILY HOSPITALIZATION INCOME BENEFIT (DHIB)
A provision of Two Hundred Pesos (P200.00) a day is provided only to member if sickness or injury results in hospital confinement of not less than 12 hours on the first day and up to a maximum of Five (5) days within a year to cover loss of income during his/her confinement.No benefit shall be paid under DHIB for hospital confinement caused by any of the following:
- Self inflicted injuries
- Maternity related confinement
- Drug addiction
- Continued excessive or compulsive use of alcoholic drinks
- Declared or undeclared war or civil strife
- Acts in violation of the law
CREDIT LIFE INSURANCE PLAN
To cover loss of member’s Loan upon Death or Total and Permanent Disability (TPD), SEDP MBA insured the loan of the member with a minimal premium of 1.5% per annum computed based on the loan amount and term.
Credit Life Insurance Plan covers the principal amount of the loan within the prescribed loan term for the benefits stated below:
1. LOAN REDEMPTION
The outstanding loan balance of the member during his/her death or total and permanent disability is considered paid. SEDP MBA shall assume payment of the outstanding principal amount to the loan provider thereby considered full payment of the loan.
2. LOAN REFUND
SEDP MBA will compute the Principal amount paid by the member upon his/her death or total and permanent disability, in so doing the total amount paid by the member shall be refunded to the declared beneficiary.
BASIC LIFE INSURANCE PLAN
Living Benefits
Upon termination of membership Fifty Percent (50%) of premium contribution will be refunded to member
Daily Hospitalization Income Benefits
Eligibility & Benefits:
1. Hospital confinement of the member for not less than twelve (12) hours.
2. SEDP MBA shall pay Two Hundred Pesos (Php 200) daily hospitalization benefit up to five days within a year.
3....
Disability Benefits
The Total and Permanent Disability (TPD) shall mean disability caused by bodily injury or disease which prevents the member from engaging in any gainful activity
Disability with dismemberment
If a member...
AT A GLANCE
JANUARY 2024-JUNE 2024
Membership
Active Members
89,817
Insured Individuals
132,679
Total
222,496
Amount of Premium/Contribution
Basic Life Insurance Plan
59,181,153.00
Credit Life Insurance Plan
16,687,369.00
Total
75,868,522.00
Financial Update
Assets
488,061,544.00
Liabilities
279,360,444.00
Fund Balance
208,701,100.00
Number of Claims
Basic Life Insurance Plan
683
Credit Life Insurance Plan
227
DHIB
689
Total
1,599
Amount of Claims Paid
Basic Life Insurance Plan
18,860,500.00
Credit Life Insurance Plan
4,147,915.20
DHIB
535,800.00
Total
23,544,215.20
Amount of Calamity Assistance
4,000.00
Number of Beneficiaries
2
Claims Update
- 2024
- 2023
- 2022
PRESIDENT’S MESSAGE
REV. FR. JOSE VICTOR E. LOBRIGO
President and Chairman
WHY IS THE CHURCH INVOLVED IN THE MICRO-INSURANCE BUSINESS? To us at SEDP-MBA, the answer is simple: because we would like to serve the poor better. We started with (and still do) various programs for the poorest and most vulnerable – nutrition, disaster response, sustainable agriculture, coastal resource management, among others. Then some 25 years ago we piloted a social enterprise program to support women micro-entrepreneurs with micro-financing, skills training, and other support services. It has succeeded in helping many families of entrepreneurial poor to improve their overall well-being and progress out of poverty. It has since grown into the largest Church-based microfinance NGO in the country today, SEDP Inc.
Getting into micro-insurance, a decision made more than ten years ago, was a natural progression in line with SEDP’s mission to empower the poor in the spirit of the Gospel. Micro-insurance, especially in the mode of a members-oriented and members-led mutual benefit association (MBA), provides social protection that addresses vulnerabilities of significant income-loss due to death or illness in the family. Under the umbrella of SEDP MSI (Mutually Supporting Institutions), microfinance and business development services enable our members to move forward to better lives and more opportunities, while micro-insurance helps them sustain these gains by protecting them from setbacks along the way.
Soon we hope to provide more protection relevant to our members’ expanding needs, including risks due to climate-induced disasters, even as we seek to continuously improve our services and reach out to more sectors to fill-in their gaps in social protection.
Awards & Citations
Microinsurance MBA Association of the Philippines
Plaque of Membership
Social Initiative Against Catastrophe (SICAT)
Plaque of Appreciation
Insurance Commision
Plaque of Recognition
Best Accredited Partner Agent
2023 Balikat ng Bayan Award
ALBAYanihan: Pantawid Pamilya Convergence Caravan
Plaque of Commendation
1 Golden Arrow Award
ACGS Recognition
Simbag sa Emerhensya asin Dagdag Paseguro Mutual Benefit Association Inc. (SEDP MBA) © 2025 | ALL RIGHTS RESERVED
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