Public Safety Mutual Benefit Fund Inc.

What are the insurance plans of PSMBFI?

The five insurance plans of PSMBFI are the: Equity Plan (EP), Basic Group Term Plan (BGTP), Special Group Term Plan (SGTI), Burial Assistance Benefit (BAB), and the Endowment at 56 (E-56). My LifePlus is an Equity Plan for civilian personnel working for public safety offices. 


What happens to the membership of uniformed personnel when they retire from service?
Upon retirement, the uniformed PSMBFI member will have two options:
 
  1. He can continue his Equity Plan membership until the age of 65; or
  2. He can claim his accumulated Equity Value which consist of a portion of his contribution and the interest earnings.
It is recommended that the retiree continue his PSMBFI membership to maintain his insurance protection. Also, the longer he is a member of PSMBFI, the higher his accumulated Equity Value becomes. 
 
For those retiring from the service and want to continue their PSMBFI membership, they may get in touch with the Insurance Department at (02) 725-4725, or the Regional Extension Officers (REO). 

How can one become a member of PSMBFI and when will his membership take effect?
Membership with PSMBFI is through the Equity Plan. 
 
For PO1 recruits who have already taken their oath as well as for lateral entrants, the effectivity of membership is the date of receipt by PSMBFI of the duly filled-out and signed Membership Application Form (MAF) together with the Authority to Deduct (ATD). This is to ensure them of insurance protection while undergoing training. 
 
For other applicants, the effectivity of insurance coverage shall be the date of actual collection or deduction of the first monthly contribution from their salary.

Who may be assigned as beneficiaries?

The beneficiaries are the persons designated by the member insured to receive the proceeds of the insurance upon his death. Eligible as beneficiaries are the legal spouse; legitimate, illegitimate or legally adopted children; parents or adoptive parents; brothers/sisters; or any individual/groups or entities the member will declare as long as they are not disqualified by law. In designating the beneficiaries, the designation shall not be contrary to morals, customs, and public policy.


Can a member replace his beneficiaries?

Yes, a member may change, add, or delete his designated beneficiaries by written notice to PSMBFI, which shall take effect only if the notice is recorded by PSMBFI. This shall be effective beginning on the date that the notice is duly signed by the member. The change will not affect any payment of contributions already made by the member to PSMBFI. 


Who may avail of the Accidental Disablement Benefits?

Members who suffer total permanent loss or partial permanent loss as a result of accident are entitled to the Accidental Disablement Benefits.  The amount depends on the loss suffered by the member. 


What are the credit facilities of PSMBFI?
Members can avail of the following credit facilities: the Salary Loan Plus, Policy, Calamity, Multi-Purpose and Emergency loans. 
 
For the Salary Loan Plus, members can avail up to the maximum amount of P500,000.00 with minimal requirements. The loan shall be renewable after payment of at least 30% of the total loan amount. Maximum term is 60 months.
 
The Emergency Loan facility helps members during financial difficulties for them to meet their emergency requirements and day-to-day expenses. It has an interest rate of 12% per year and members can borrow up to P100,000.00 and the maximum loan term is up to 48 months. 
 
For the Multi-Purpose Loan facility, the loanable amount is up to P60,000.00 payable up to 48 months with 10% per year.
 
For the Policy Loan, the loanable amount shall be 90% of the total accumulated equity value of the member, with an interest rate of 8% per annum payable in 24 months.
 
For the Calamity Loan, members residing and/or assigned in NDCC calamity-declared areas are qualified to avail of the loan within 30 days from the declaration. Maximum loanable amount is P50,000.00 at an interest rate of 9% per year payable up to 24 months.
 

What are the details of the deductions appearing on your payslip?

This is an image of the PNP's payslip/Payee's Copy