Group Plans

Group life insurance covers the lives of multiple persons, such as some or all employees of a business, or members of a labor union, or those owing money to a bank, or members of an association.

Master group policies are owned by the employers or the association while the insured usually gets an insurance certificate that is subject to the underlying master group life policy. The insured persons usually get this life insurance benefit for free but there are companies or associations where they are made to contribute to the premium or they pay the premiums completely themselves.

Group life insurance is based on the risk characteristics of the group as a whole, without intensive underwriting of each member. It is more affordable compared to individual plans because the administration is easier, the coverage is for groups of people, the insured gets a certificate instead of individual policies, in short, the company’s costs are lesser.

Group insurance benefits vary from company to company. Many employees see group insurance coverage as a major perk for faithful company service.

Philippine Prudential Group Plans

  • Assurance for Company Employees (ACE)
  • Comprehensive Assistance for Military Personnel (CAMP)
  • Protection Against the Risks on Life (PATROL)
  • Life Accident and Dismemberment Burial Benefit (LABB)
  • Group Yearly Renewable Term (GYRT)
  • Group Accidental Death and Dismemberment (GADD)
  • Group Credit Life Insurance (GCLI)
  • Microinsurance