|
|
Questions:
- What assurance or security can a savings plan holder and referror expect from the company (FUP)?
- Will there be more payment centers?
- What is the coverage of Future FUnd?
- Is there a refund in the plan? Can you please give the details?
- How is UnionBank related to First Union Plans and First Union Direct?
- How big is UnionBank in terms of Asset Base and Branches?
- Can we pay directly to UnionBank tellers nationwide?
- Where do we get the policy forms?
- In the absence of a UnionBank branch in our locality, where do we remit payments?
- As a planholder are we entitled to monthly billing statements?
- Can our savings plan be used as a loan collateral?
|
Answers:
- What assurance or security can a savings plan holder and referror expect from the company (FUP)?
FUP is an affiliate of UnionBank of the Philippines.
Plan holders are assured of the plan benefits because a portion of the installments are deposited into a Trust Fund based on the rules of the Securities and Exchange Commission. The Trust Fund is for the purpose of paying out the benefits upon maturity of the plan.
back to top
- Will there be more payment centers?
FUP understands that the payment of installments should be as easy and accessible as possible. Payments will be accepted at the FUP head office, FUD offices and all UnionBank branches nationwide. If there is a need to increase the number of outlets, we shall do so.
As an added convenience, all plan holders that have UnionBank accounts or UnionBank VISA cards may pay their installments thru the bank's auto-debit, internet banking or auto-charge facility. This guarantees on-time payment of your installment dues. You can also send your installments thru Aboitiz-QuikCash at 50% off on regular rates.
back to top
- What is the coverage of Future FUnd?
The 24,000 pesos are the total payments made by the planholder for five years. At 400 pesos a month for five years, this will add up to 24,000 pesos.
At the end of the tenth year of coverage, the planholder will receive a lump sum benefit of 40,000 pesos. In addition, the planholder is covered with Credit Life Insurance for the duration of the payment period (five years). In case the planholder dies while paying for the plan, credit life insurance pays off the unpaid portion of the GCP. This assures that the 40,000 lump sum benefit at the end of the year will be given to the designated beneficiary.
back to top
- Is there a refund in the plan? Can you please give the details?
Planholders who would not want to continue with the plan has the option of either terminating the plan or transferring it to another individual. If he chooses to terminate the plan, he is entitled to plan termination values, based on the ff. schedule:
% payments made Termination Value
less than 20% 0
20% to less than 40% 20% of payments
40% to less than 60% 30% of payments
60% to less than 80% 40% of payments
80% to less than 100% 50% of payments
The nearer the request is made to the maturity date of the plan, the larger is the amount of termination values. Plans within the first year of payment are not entitled to plan termination values.
back to top
back to top
- How is UnionBank related to First Union Plans and First Union Direct?
First Union Plans is a subsidiary of First Union Direct, and First Union Direct is a subsidiary of the holding company of Union Bank of the Philippines, UBP Capital.
back to top
- How big is UnionBank in terms of Asset Base and Branches?
Please refer to the Annual Report of the UnionBank of the Philippines.
back to top
- Can we pay directly to UnionBank tellers nationwide?
UnionBank tellers will accept subsequent payments for the plans. The payor should prepare a deposit slip and indicate the planholder's name and policy/contract number in the slip. It would be better if the payor attaches the reminder notice to the deposit slip to assure accuracy of information.
Initial payments for plan applications will be processed by the Branch Managers prior to remitting payment with the bank teller.
back to top
- Where do we get the policy forms?
Plan application forms will be available at the FUD offices and the FUP head office.
back to top
- In the absence of a UnionBank branch in our locality, where do we remit payments?
In the absence of UnionBank branches in the planholders' locality, payments may be done by postal money order. The planholder may make advance payments to the plan or issue post-dated checks.
back to top
- As a planholder are we entitled to monthly billing statements?
All planholders are sent reminder notices 2 weeks prior to their due date. The reminder notice is attached to the deposit slips when making payments through the UnionBank branches.
back to top
- Can our savings plan be used as a loan collateral?
No. Based on the Insurance Group Master Policy, the term life insurance may not be assigned to any individual or party. The plan maturity benefits are not acceptable as loan collateral. Upon death of the plan holder, all rights and privileges of the plan holder are transferred to the beneficiary.
back to top
|
|
