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.

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).
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.

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.

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.

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.

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.

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

The terminal illness benefit (TIB) is an assistance given to a PSMBFI MEP MEMBER who has an end-stage disease or illness that cannot be cured or adequately treated and is reasonably expected to result in his/her death. 

The terminal illness benefit is equivalent to P100,000.00 or 25% of the member’s death benefit (whichever is applicable). the tib is limited to only one prepayment benefit during the lifetime of the member.

All types of illnesses except those arising from the following:

  • any attempt at self-destruction/suicide while sane or insane;
  • addiction to alcohol or drugs not prescribed by a medical doctor; or
  • poison gas or fumes (voluntary or involuntary taken), atomic, or nuclear radiation.

To qualify for the terminal illness benefit, all conditions should be present:

  • member has completed three (3) years of MEP membership with PSMBFI;
  • member’s remaining equity value should be sufficient to cover at least 12 months arrears less indebtedness (i.e. policy loan and arrears);
  • the terminal illness should be diagnosed a year before member’s compulsory retirement.

Member has to submit the following:

  • terminal illness benefit claim form 
  • medical certificate or medical abstract diagnosed by a physician, legally licensed, and not an immediate family member within the 3rd degree by affinity or consanguinity.
  • valid ids (i.e. PNP id and valid id of member representative if the member, due to his illness, can no longer personally process his TIB application)

Member or his dependent can file an application for TIB in the main office or regional offices by submitting the required documents and filling out the TIB claim agreement form. member shall be informed regarding the status of his/her submitted application.