December 18, 2020
Dear SESLA Member,
As our group life insurance coverage with Pioneer Insurance Company is to end by December 28, 2020, the board wishes to announce that membership coverage for the period December 29, 2020 to December 28, 2021 will still be renewed with Pioneer Insurance Company. Package includes benefits such as:
- Accidental Death & Dismemberment or Disablement (ADDB);
- Additional Basic Life Benefit (ABL);
- Living Care Benefit (Terminal Illness) Rider (LCB);
- Unprovoked Murder and Assault (UMA) and
- Total & Permanent Disability Lump Sum Benefit Rider (TPDL)
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 total outstanding loan balance of P100,000 and above 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
We trust you find everything in order.
For: Shell Employees Savings and Loan Association, Inc.
ALMA P. CALUB