More benefits for members approved by Insurance Commission
The Insurance Commission (IC) approved on February 2, 2017 the increase in benefits for PSMBFI members, particularly those enrolled in the Members Equity Plan (MEP).
For the Accident Hospitalization Benefit, a qualified member hospitalized for at least 24 hours due to accident will be paid P1,000 per day of confinement which increased from five to a maximum of seven (7) compensable days. This benefit is given for free, at no additional cost or contribution to the member.
Also, the increase in the Killed-in-Action (KIA) Benefit for major wounds sustained wherein 50% of the amount of the basic life insurance coverage is added to the member’s life insurance coverage. Thus, if a member is killed during legitimate PNP/BFP/PCG operations, the beneficiaries will receive an addition KIA Benefit.
While a civilian employee has more options whereby the monthly contribution now ranges from P50 to P1,000 with correponding insurance coverage.
In all, PSMBFI members have a wide array of protection: life insurance, accidental death benefit, accidental disablement benefit, accident hospitalization benefit, killed-in-action benefit, and wounded-in-action benefit.