August 9, 2017
Dear SESLA Member,
As our group life insurance coverage with Phil-Am Life Insurance Company is to end by August 27, 2017, the board wishes to announce that membership coverage for the period August 28, 2017 to August 27, 2018 will be renewed with Sunlife Grepa Financial. Improved package with Accidental Death, Permanent Disability and Terminal Illness benefits were offered with an option to avail of the following insurance coverage without medical requirement:
| Insurance Coverage | Annual Premium Rate | Accidental Death Benefit | Permanent Disability Benefit | Terminal Illness Benefit |
| 100,000.00 | 288.00 | 100,000.00 | 100,000.00 | 100,000.00 |
| 500,000.00 | 1,440.00 | 500,000.00 | 500,000.00 | 500,000.00 |
| 1,000,000.00 | 2,880.00 | 1,000,000.00 | 1,000,000.00 | 1,000,000.00 |
| 2,000,000.00 | 5,760.00 | 2,000,000.00 | 2,000,000.00 | 2,000,000.00 |
| 3,000,000.00 | 8,640.00 | 3,000,000.00 | 3,000,000.00 | 3,000,000.00 |
The primary beneficiary of this group life insurance is SESLA. However, SESLA can only claim up to the amount of enrollees outstanding loan balance from the association. In case the enrollee has fully paid his loan during the insurance coverage period, his beneficiaries will automatically receive the full claim.
I wish to emphasize that all member-borrowers with outstanding loans over P100,000 are required to enroll in this annual life insurance equivalent to the amount of loan balance at the beginning of each renewal in favor of SESLA as the primary beneficiary, and must submit their Enrollment Form for confirmation of claim.
Member borrowers with loan balance of less than P100,000 may at their option be also enrolled in this program.
Lastly, payment of annual premium may be made through the following:
- Check payable to SESLA
- Direct Debit to CapCon
Kindly fill up the attached Enrollment Form and submit to SESLA office not later than August 23, 2017.
We trust you find everything in order.
For: Shell Employees Savings and Loan Association, Inc.
MILAGROS C. AZANZA
President