Life Insurances

New Mutual Aid Fund (NMAF)

  • Voluntary - FICCO member with at least one share or P100.00 share capital may enroll in any of the available options:
  • Insurance premium must be renewed every year
  • Member may enroll the following dependents:

Spouse(non-member below 63 ½), Children(up to 4 children below  21 years old, or above 21 if physically or mentally challenged), Parents - immediate parents of the member not more than 63 1/2

Option 1

Member 35,000.00 700.00/day 526.00 Premium is insured
Spouse 8,000.00 700.00/day 349.00 per person
Child (Age 1-21) 8,000.00 700.00/day 297.00  
Parent 8,000.00 700.00/day 733.00  

Option 2

INSURED INSURANCE 1st - 5th day 6th - 35th day
Member 50,000.00 700.00/day 500.00/day
Spouse 8,000.00 700.00/day 500.00/day
Child (1-21) 8,000.00 700.00/day 500.00/day
Parent 8,000.00 700.00/day 500.00/day
Member 5,000.00 855.00 Premium is per
Spouse 5,000.00 573.00 insured person
Child (1-21) 5,000.00 496.00  
Parent 5,000.00 1,045.00  

Requirements for NMAF Claims:

1. For Hospitalization (Medical Certificate, Medical Bills)

2. For Death Aid (Deatch Certificate with registry number, affidavit of adjudication if more than one beneficiary, marriage contract if married)


Savings Protection Plan (SPP)

1. Coverage: Savings + Share, maximum P300,000.00

  • even if deposits are encumbered, SPP is not
  • no age limit, but contribution increases at age 71
  • beneficiaries receives SPP Proceeds + NMAF

2. Contribution:

  • 1% of Savings and Share. No cash out on the part of members (taken from interest or dividend)
  • 2.94% starting on 71st birthday (because no reinsurance at age 71)
BENEFITS (for 18to 70 yrs) INSURED AMOUNT (maximum of P 300,000.00)
Life Insurance Equal to the insured amount**
Total and Permanent Disability Equal to the insured amount **
Comprehensive Personal Liability P50,000.00 or 20% of the insured amount based on the latest month coverage whichever is lower up to aggregate limit which is the 12 month average insured amount.
   **   subject  to Provision policy
BENEFITS (for 71 yrs oldand above) AMOUNT OF INSURANCE (maximum of P300,000.00)
Life Insurance Equal to the insured amount (Subject to Policy Provision)
Total and Permanent Disability Equal to the insured amount (Subject to Policy Provision)
  • Deposits covered if entry age is 55 to 63 yrs depends on the length of membership: (5 years or less - 50%, 5 years to 10 years - 75%, 10 years - 100%)
  • Deposits covered within one year of membership
  • Amount of insured deposit * (No. of days member / 365 days)


Loan Protection Plan + (LPP+)

  • Group Credit Life Insurance (CLI) for eligible borrower
  • Coverage includes Total and Permanent Disability (TPDB)
  • Additional benefit in case of Accidental Death and Dismemberment (AD&D)
  • Fire Insurance for loan Redemption Benefit (FI) for the residence of the borrower.

LPP+ Contribution

Type of Account Premium
Indiv. account up to age 65 P1.08 per 1000 per month
Individual above 65 P1.08 per 1000 per month, up to P 50,000;   3.00 per 1000/mo. in excess of P 50,000, max of P 500,000
Joint account (subject to age limit) P 1.12 per 1000 per month

LPP+ Benefit

Credit Life Insurance( CLI) 100% of insured loan amount
Total permanent disability benefit (TPDB) 100% of outstanding loan balance
Accidental death & dismemberment  (AD&D ) 100% of insured loan amount
Fire Insurance for loan Redemption Benefit (FI) for the residence of the borrower. 100% of insured loan subject to the provision of losses: First 50,000 loss due to fire will be paid equal to the actual loss and the excess of 50,000 loss will subject to provisions of Fire Insurance Policy and shall not exceed the aggregate limit.

LPP+ Maximum Coverage

18 to 64 years CLI, TPDB, AD&D, FI  P5,000,000.00
65 and above CLI, FI P 1,000,000.00


FICCO MBA (Mutual Benefit Association)

1. Coverage

  • Member, spouse (up to 69 years only) and 3 children 2 weeks to 21 yrs old
  • Special children are covered regardless of age
  • Single members and their biological parents or if parents are both dead, may opt to enrol one (1) brother or sister, below 21 yrs old or incapacitated sibling is covered regardless of age

2. Contributions:

  • P50 one time membership fee
  • P 40 per month contribution

3. Other Provisions:

  • contribution starts on membership; Subsequent contribution may be taken from savings
  • grace period of 45 days
  • exit age is 100
  • Non-transferrable


 Length ofMembership Less than3 months 3 to 12Months

12 months

or more

   Natural death P    2,500.00 P    5,000.00 P  40,000.00
    Accident  P  20,000.00 P  20,000.00 P  80,000.00
   Natural death None None P 10,000.00
   Accident P    5,000.00 P    5,000.00 P  20,000.00


Memorial Services

Memorial Services provided by Memorial Services Cooperative Federation(MSCF)

  • In areas where no MSCF Branches, partner funeral homes provide memorial services to members.
  • P100.00 Enrollment is compulsory to all old members with at least P3,000.00 share capital and P500.00 savings deposit;
  • No age limit for existing members/dependents of MAF before March 31,2013
  • 50% of which is shouldered by FICCO
  • This will be renewed yearly deducted from the member’s dividend.
  • For new members after March 31, 2013 : P100.oo enrollment fee, 18-63 1/2 years old, Subject 6 months contestability,  31 days grace period to renew the premium after expiration coverage.
  • Value of service is P8,000.00
  • Services maybe converted to cash up to 90% of the service value (P7,200).
  • Associate members with at least P100.00 preferred share whose age is between 18-63 ½ are eligible for enrollment.

PLAN 365

Members will have the option to enroll in PLAN 365: Regular Member, Associate Member, Dependents of Members

  • Value of service is P25,000
  • Services maybe converted to cash up to 90% of the service value (P22,500)
  • between 18-63 ½ years old are eligible for enrollment.

1. Subject for 1 year contestability (existing member before March 31,2013)
2. For new and incoming members after March 31,2013 subject for two (2) years contestability period.
3. 31 days grace period to renew the premium after expiration of coverage
4. Exit age is 69 years old


Non Life Insurances

Motor Vehicles / Car Insurance


  • Loss (Theft) or Damage – CISP will undertake to indemnify the insured against loss or damage to the insured vehicle including its declared accessories and spare parts resulting from :

a) Accidental collision or overturning;
b) Fire,external explosion, self-ignition;
c) Malicious act; and,
d) Damage while on inland transit.

  • pre-requisite for motor car registration.
  • to protect the welfare of the public in cases of motor car-related accidents.
  • to indemnify the insured for all sums necessary to discharge the liability of the insured in respect to bodily injury and/or death to Third party.
  • Amount of coverage is industry standard at P100,000.00 for all types of vehicles.

Fire Insurance

  • To provide COOP members on financial assistance due to physical damage to their building and/or content caused by fire and/or lightning.
  • Additional Optional Coverage Special Allied Perils Earthquake, Typhoon, Flood,
  • Extended Coverage - Covers the perils of Explosion, Falling Aircraft, Vehicle Impact, and Smoke Riot Strike & Malicious Damage - Strikers and locked out workers; Persons distributing the place, and Lawful authorities acting to suppress the disturbance.

Home Protect

  • Home Protect is specially designed package for a cooperative with an affordable annual premium for each member. Covering a residential BUILDING built in concrete or semi-concrete structure or its CONTENTS only. With the following packaged benefits:
Residential Fire Insurance For building & Household Contents (first loss)  50,000
Calamity Assistance in case of Typhoon, Flood and Earthquake    5,000
Comprehensive Personal Liability (Home premises)
                    Personal Liability  20,000
                    Medical Liability    2,000
                    Damage to Property    2,000
Accidental Death and Dismemberment Insurance  25,000
Bereavement Assistance (due any type of death)    2,000


Cooperative Health Management Federation

Cooperative Health Management Federation (CHMF)

(CHMF) is a national cooperative federation which caters  the needs for health related services of its fellow cooperatives,federations and non-government, non-profit, non-stock organizations with cooperative-related programs and services.

Who can be a member? Membership in CHMF is open to all FICCO Members (18-65 years old)
Above 65 yeard old:

  1. 66-70 years old – twice (2x) the standard rate ( 350.00 processing fee )
  2. 71-75 years old – thrice (3x) the standard rate ( 350.00 processing fee )
  3. Plus under fee for service with 13.5% Case Handling Fee.

FICCO will subsidize a portion of the premium based on a first-come-first-served-basis on the FIRST YEAR OF ENROLMENT:

First 25,000 enrollees P 1,000.00
25,001 to 50,000 700
50,001 to 75,000 500
75,001 to 100,000 300
No subsidy for those who will enrol after the 100,000 enrollees.

CHMO Premium and Coverage

  Premium Coverage
Ward 2,700 60,000.00
Semi-Private 7,800 80,000.00
Private 11,400 100,000.00