Permanent Plans gets SEC nod for P500-M worth of new life plans

The Securities and Exchange Commission (SEC) has approved the application of Permanent Plans Inc. for the registration and licensing of P500-million worth of new life plans.

Permanent Plans, a pre-need firm controlled by the family of businessman Juan Miguel Vazquez, offers pension plans with features and benefits that are especially designed to meet the specific needs of its planholders.

The company’s proposed life plan called Perma Flex Fund offers two types of packages — Perma Flex Basic and Perma Flex Advantage.

Perma Flex Basic provides the planholder, his heirs, and executor at the time of need a cash budget called Memorial Service Fund (MSF) in accordance with the subscribed life plan that can be used to defray expenses on memorial service, casket, facilities and other expenses.

The amount of the MSF shall be equal to 100 percent of the memorial assistance fund equivalent to P1,000 per unit.

The MSF shall increase annually by 15 percent of the memorial assistance fund one year from the time the plan shall have been fully paid.

The initial/base amount for MAF is P5,000 or five units of P1,000 per unit coverage. Additional coverage should be a multiple of P1,000.

The Perma Flex Advantage, on the other hand, provides the benefit of a basic life plan package and a money back benefit. Fifteen years after full payment, the planholder or his beneficiary, if the planholder is deceased, shall receive an amount equivalent to 100 percent of the contract price.

Aside from the basic benefits, Berkley International Life Insurance Co. Inc. will provide the insurance benefits in accordance with the terms and conditions of the insurance policy contract and provided that he is not less than 18 years of age and not more than age 75 and 76 for Group Creditor’s Life Insurance and Group Renewable Term Insurance.

The maximum insurance coverage per life, per product, per benefit is P10 million.