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Are you growing or starting a Family?
A newlywed's life is both challenging and thrilling. Getting your own new home, your first child and growing your funds are among the first in your list. AMAplans can help you understand the many dreams you have for yourself and your family.
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Be on the right financial track, ensure that you can protect your life savings and what you have built. AMAplans has the right plans that can help you build funds for your retirement needs, so you can make the most out of it and enjoy life better.
AMA Pension Plans, Inc. (AMAPP) Your company of choice for affordable and flexible pension products fit for today's changing needs.
About AMA Pension Plans, Inc. (AMAPP)
Our Company
AMA Plans Inc., is a leading pre-need company in the industry today. It is a proud member of the prestigious AMA Group of Companies. It was appointed as dealer of securities on October 14, 1997 with an initial authorized capital of fifty million (50M) pesos and an additional paid-in capital of fifty eight million (58M) pesos as of December 2010.
Under the supervision of the Insurance Commission, the Company remains true to its commitment of providing excellent services to its clients. We are presently authorized by the Commission to sell pre-need products to cater to the increasing demand in the market. With a new management team, the company is now focused on the expansion of operations nationwide in order to provide better service and accessibility to its clients.
Our Mission
The corporate mission is to effect a successful and profitable business operation under a strict regulatory environment while providing excellent opportunities for recognition and success to all members of the AMA organization.
Our Vision
Our vision is to be a leader and company of choice in the pre-need industry by providing pension products that are affordable and flexible to the changing needs of our clientele, and at the same time providing opportunities to our employees and sales associates for growth and sustained livelihood and to nurture a relationship with our planholders premised on trust and mutual respect.
WE OFFER TOTAL PROTECTION
When the unexpected happens and you least expect it, it is important that you are always be on guard. Always prepare for whatever eventualities that may come your way. AMA Pension Plans can provide you with comprehensive protection and preparedness you need in case disaster strikes.
Maturity Benefit
For minimal savings, you and your family will enjoy the financial benefit of the program on maturity date.
Group Credit Life Insurance
This ensures full payment of the plan and the eventual payment of benefits even if the planholders dies during the paying period before the age of 70.
Group Yearly Renewable Term
Planholder's beneficiaries will receive an amount equal to 100% of the plan's maturity value if the planholder dies due to natural cause before the age of 70.
Accidental Death and Dismemberment
Planholder's beneficiaries will receive another 100% of the plan's maturity value if death is caused by accident. However, planholder will be indemnified even if death does not occur if any part of his body is dismembered according to a schedule of dismemberment as presented.
Waiver of Installment Upon Disability
If planholder is disabled and unable to pursue livelihood, installment payments shall be waived as they fall due and until plan is fully paid.
Our Partners:
YOU CAN ALSO BE ONE OF OUR AFFILIATES, LET US HELP YOU EARN!
AMA PLANS Support TEAM
Board of Directors
Mr. Efren P. Lozada
Chairman
Members
Executive Officers
Our Partners:
Our Insurance Commission Registration
Our Partners:
THE AMA PENSION PLAN
WHAT IS AN AMA PENSION PLAN?
The AMA Pension Plan (AMAPP) is a fund accumulation program which allows a planholder to prepare for his retirement and other future needs by providing him with a systematic method of saving at an affordable rate over a fixed term.
How does the AMA Pension Plan Work?
The AMA Pension Plan is designed to assist the planholder in securing his future by planning ahead. A pension program is defined by the term or the number of years in which a planholder will have to invest and the maturity date wherein the benefits provided by the plan are due the planholder with the date when the planholder tendered his first payment as date of reckoning. The plan, depending on the program chosen, may mature starting on the eight (8th) year to the twentieth (20th) year.
The benefits due upon maturity are expressed in units with one (1) unit corresponding to Ten Thousand Pesos (Php 10,000). Therefore, a planholder who purchases 10 units of pension plan shall be entitled to a total benefit of One Hundred Thousand Pesos (Php 100,000). The pension plan maybe purchased in spot cash, annual, semi-annual, quarterly or monthly instalments. Consequently, the amount to be tendered shall vary depending on the payment term, the maturity and the number of units purchased.
The terms and maturity amounts offered by AMAPP makes the plan more flexible and affordable.
Who can purchase an AMA Pension Plan?
Any individual who is 18 – 65 years of age, of good health and a permanent resident of the Philippines can purchase an AMAPP.
What Are The Types of Plans Offered?
Basic Plan
Is a pension program that does not carry a life or accidental death and dismembered insurance coverage.
Key Features & Benefits
Group Credit Life Insurance
This assures payment of cash benefits even if planholder dies during the paying period.
Waiver of Installment Upon Disability
Plan installments are paid by insurance provider if the planholder becomes permanently disabled.
SPECIAL PLAN
A pension plan program that carries life and insurance coverage until plan maturity date.
Features & Benefits
Group Credit Life Insurance
This assures payment of cash benefits even if planholder dies during the paying period.
Waiver of Balance Upon Death
Balance is deemed paid if planholder dies during the paying period.
Waiver of Installments Upon Disability
Installments are waived as they fall due if planholder becomes totally and permanently disabled.
Group Yearly Renewable Term
Planholder's beneficiaries will receive an amount equivalent to 100% of the plan's maturity benefit if death is due to natural causes.
Accidental Death and Dismemberment
Planholder's beneficiaries will receive another 100% of the maturity benefit if death is due accident. However, if planholder is dismembered, compensation shall be based according to dismemberment schedule.
HYBRID PLAN
a special plan that allow planholders to withdraw 10% of the maturity benefit starting on the eight year.
Features & Benefits
Group Credit Life Insurance
This assures payment of cash benefits even if planholder dies during the paying period.
Waiver of Balance Upon Death
Balance is deemed paid if planholder dies during the paying period.
Waiver of Installments Upon Disability
Installments are waived as they fall due if planholder becomes totally and permanently disabled.
Group Yearly Renewable Term
Planholder's beneficiaries will receive an amount equivalent to the plan's MATURITY BENEFIT if death is due to natural cause.
Partial Withdrawal of Maturity Benefit
Planholder can withdraw 10% of the plan’s maturity benefit starting on the eight year.
Accidental Death and Dismemberment Insurance Coverage
Planholder's beneficiaries will receive an amount equivalent to twice the MATURITY BENEFIT if death is due to accident. However, if planholder is dismembered, compensation shall be based on the severity of the accident.
| DISMEMBERMENT COVERAGE | |
|---|---|
| 2 HANDS | 100% of maturity benefit |
| 2 FEET | 100% of maturity benefit |
| 2 EYES | 100% of maturity benefit |
| 1 FOOT & 1 HAND | 100% of maturity benefit |
| 1 HAND & 1 EYE | 100% of maturity benefit |
| 1 FOOT & 1 EYE | 100% of maturity benefit |
| 1 EYE | 50% of maturity benefit |
| 1 HAND OR 1 FOOT | 50% of maturity benefit |
OTHER FEATURES
Grace Period
If no payment is made after due date, planholder is given 60 days to update plan. After 60 days, plan is considered lapsed and all benefits due to the planholder is suspended. However, planholder is given two (2) years to reinstate the plan, otherwise, all payments made shall be forfeited.
Reinstatement
Two types of Reinstatement:
- Redating: Planholder makes only one installment payment and maturity date is correspondingly adjusted.
- Updating: Planholder pays all arrears plus corresponding surcharge. No adjustment is made on the maturity date.
Plan Termination
- The planholder, before full payment can surrender the plan to the company and get its corresponding Plan Termination.
- The Plan Termination in accordance with a fixed schedule presented to the planholder together with his/her policy contract.
Basic Requirements for Reinstatements and Amendments
- Full payment of fees and penalties (no retention of commission allowed)
- Duly accomplished form together with required insurance forms.
- For amendment plan must be active.
Procedures
- Duly accomplished forms must be forwarded to Plan Administration for verification and computation of corresponding charges.
- Upon approval, the cashier shall be instructed to accept payment to the planholder.
- Plan Administration will prepare documentation for insurance enrollment and effect the necessary changes in the official records.
Types of Amendments:
1. Transfer of Ownership
- Planholder dies and insurance claim denied.
- Planholder with a written request is unable to continue paying.
- Plan certificate issued must be surrendered.
2. Change of beneficiary
- Written request.
- Necessary documents must be submitted to support validity of request.
3. Change of mode of payment
- The difference has to be settled if the balance is to be paid within (30) days from last due date.
- If payment is made beyond thirty (3) days-one full installment amount has to be collected.
4. Lost of Contract
- Affidavit of lost.
- Payment of policy fee.
Insurance Coverage for Special Cases
- Can be accepted up to 6th month of pregnancy, provided a one time Additional Insurance Premium (AIP) of P5.00 for every P1,000.00 coverage is paid.
- Planholder is not eligible for Waiver of Premium Upon Disability and Accidental Death and Dismemberment coverage.
- Eligibility will commence after 30 days of normal delivery and 60 days after caesarian.
- Exam shall be for the account of the insurance company
- Required to those aged 60 to 65 years old
- Required for applicants with total plan coverage of more than 1 M
- Applicants with MIB finds
- An AIP of 0.20 for every P1,000.00 coverage per month shall be collected with a maximum of P200,000.00 coverage.
- Planholder dies and insurance claim denied.
- Planholder with a written request is unable to continue paying.
- Plan certificate issued must be surrendered.
- Written request.
- Necessary documents must be submitted to support validity of request.
- The difference has to be settled if the balance is to be paid within (30) days from last due date.
- If payment is made beyond thirty (3) days-one full installment amount has to be collected.
- Affidavit of lost.
- Payment of policy fee.
- Nearest of kin
- Nephews, nieces, aunties, the like can be accepted
- Provided an addendum sheet is submitted
- Business partners with reciprocal business interests
- Fiancé can be accepted on a case to case basis
- The difference has to be settled if the balance is to be paid within (30) days from last due date.
- If payment is made beyond thirty (3) days-one full installment amount has to be collected.
- Nearest of kin.
- Nephews, nieces, aunties, the like can be accepted.
- Provided an addendum sheet is submitted.
- Business partners with reciprocal business interests fiancé' can be accepted on a case to case basis.
- The planholder, before full payment, can surrender the plan to the company and get its corresponding Cash Surrender Value.
- The CSV is in accordance with a schedule formulated by the Securities and Exchange Commission.
Our Partners:
What are the benefit availment options for the planholder upon maturity of his plan?
Maturity Benefit Options
- LUMPSUM – one time payment of all maturity benefits.
- INTEREST PAYMENT – The planholder shall be paid an interest on the maturity benefit annually, semi-annually, quarterly or monthly at prevailing bank rates. The maturity benefit will be paid to the planholder should he decide to withdraw from or end this arrangement.
- FIXED PERIOD – The planholder shall be paid an amount over a fixed period selected in annual, semi-annual, quarterly or monthly mode.
- FIXED VALUE – The planholder shall be paid a fixed amount in installments at regular intervals.
- PARTIAL PAYMENTS – The planholder may elect to receive partial payment or not more than 50% of maturity benefits and leave the balance to be paid under options 2, 3 or 4.
Group Credit Life Coverage Benefits
- Waiver of Balance Upon Death (WBD) – if the planholder passes away during the paying period, the remaining balance of the plan is waived and the maturity benefit shall be paid to his beneficiary upon maturity.
- Waiver of Balance Upon Disability (WID) – if the planholder becomes totally and permanently disabled during the paying period, the installments shall be waived as they fall due and the maturity benefit shall be paid to the planholder or his beneficiary upon maturity.
Optional Insurance Coverage
- Group Yearly Renewable Term (GYRT) – if the planholder passes away due to natural cause before the maturity, his family will receive a cash benefit equivalent to the Maturity Benefit of the plan.
- Accidental Death and Dismemberment (ADD) – if the planholder passes away due to accident, his beneficiaries will receive a csh benefit twice the amount of the maturity benefit of the plan. In case of dismemberment of both eyes, hands, feet or any combination thereof, planholder or beneficiary is entitled to cash benefit of 100% of the Maturity Benefit of the plan. Likewise loss of an eye, foot or hand entitles the planholder or beneficiary a cash benefit of 50% o fthe Maturity Benefit of the Plan.
Additional AMAPP Features
- TRANSFER – The planholder may transfer ownership of the plan to a qualified third party until one year before maturity of the plan.
- PLAN TERMINATION – The planholder before or after full payment of the plan can surrender his plan to the company and get its corresponding cash value according to a fixed schedule as presented.
- GRACE PERIOD – Should the planholder fail to pay his installments on his due date, he shall be given sixty (60) days to settle his unpaid installments.
- REINSTATEMENT – If the planholder fails to pay his unpaid installments within the grace period, his plan will lapse and shall no longer be binding. However, the company shall give the planholder a period of two (2) years to revive or reinstate the plan.
Our Guarantees
- Trust Fund – AMAPP will deposit a certain percentage of its collection to its trustee bank, Metropolitan Bank and Trust Corporation, to ensure funding of all benefits as they become due.
- Insurance – AMAPP shall insure all planholders with a reputable Insurance Company authorized to transact business in the Philippines under a Group Credit Life Insurance Coverage.
Our Partners:
RETIREMENT PLAN
Why do private companies need a retirement program?
How does this law affect the company?
R.A. 7641 mandates that all private companies provide retirement benefits to its employees who have reached the age of 60 and has rendered at least 5 years of service. The total amount shall be computed as 22.5 days (75%) of an employee's basic salary multiplied by the number of years rendered to the company.
What if the company already has an existing retirement program?
If the retirement program was already in place before January 1993, it would have been rendered obsolete because it could not have met the requirements of R.A. 7641.
How can the AMA Retirement Program help the company?
The PLAN can be used by the company to build funds to fulfill its future financial obligations. The program provides guaranteed returns sufficient to meet future money needs for retiring employees based on R.A. 7641, since all provisions of the Retirement Law have been taken into consideration.
The company is assured of meeting projected retirement benefits in that the PLAN expresses its maturity in terms of fixed cash benefits. From the start, the company is aware of how much it is going to get, as against other retirement programs which do not specify the amount since it is dependent on the employee's salary, percent contribution and the year of hiring.
With limited payment period, the company is relieved of the financial burden of the retirement premium of the employee as early as possible. Other programs require payments until the employee's retirement age.
The PLAN is very flexible in that periodic upgrading is possible to ensure attainment of fund requirements in case of wage hikes or any changes in the economic environment.
Our Partners:
WE OFFER TOTAL PROTECTION
When the unexpected happens and you least expect it, it is important that you are always be on guard. Always prepare for whatever eventualities that may come your way. AMA Pension Plans can provide you with comprehensive protection and preparedness you need in case disaster strikes.
Maturity Benefit
For minimal savings, you and your family will enjoy the financial benefit of the program on maturity date.
Group Credit Life Insurance
This ensures full payment of the plan and the eventual payment of benefits even if the planholders dies during the paying period before the age of 70.
Group Yearly Renewable Term
Planholder's beneficiaries will receive an amount equal to 100% of the plan's maturity value if the planholder dies due to natural cause before the age of 70.
Accidental Death and Dismemberment
Planholder's beneficiaries will receive another 100% of the plan's maturity value if death is caused by accident. However, planholder will be indemnified even if death does not occur if any part of his body is dismembered according to a schedule of dismemberment as presented.
Waiver of Installment Upon Disability
If planholder is disabled and unable to pursue livelihood, installment payments shall be waived as they fall due and until plan is fully paid.
OUR PROVIDER PARTNERS
TRUSTEE BANK
INSURANCE PROVIDER
Our Partners:
OUR PROVIDER PARTNERS
TRUSTEE BANK
INSURANCE PROVIDER
COCOLIFE – The biggest Filipino-owned stock life insurance company
WHAT'S HAPPENING
Events at AMA Plans Inc.
Events at AMA Plans Inc. Christmas Party, Learning Sessions and Partnership Ceremony
Awarding of Claims at AMA Plans Inc.
Awarding of Claims at AMA Plans Inc. Awarding of claims certificate to plan holders.
FINANCIAL REPORTS
AMA Plans audited Financial Statements
You can view or download AMA Plans audited Financial Statements as approved by the Insurance Commission here.
Contact Us
AMA Plans Inc.
Your company of choice for affordable and flexible pension products fit for today's changing needs.
OFFICE ADDRESS
AMA PLANS, INC.
Unit 306 Times Square Building,
#57 Examiner St., West Triangle, Quezon City
CONTACT DETAILS
ecnovio@amaplans.com
Smart: 0919 8780 878
Globe: 0926 7116 717
Landline: 7-120-3930