The Social Security System (SSS) continues its partnership with Etiqa Life and General Assurance Philippines, Inc. (Etiqa) through the ceremonial signing of Memorandum of Agreement (MoA) on March 5, 2020 at the SSS Building, Diliman, Quezon City.
Etiqa, formerly known as AsianLife & General Assurance Corporation, has been the credit insurance partner of SSS since the launching of the Pension Loan Program (PLP) in September 2018. The PLP aims to give financial assistance to SSS retiree-pensioners for their various and other miscellaneous expenses.
Under the existing guidelines, SSS pension loan borrowers are covered by Group Credit Life Insurance, which shall include the full amount of the loan in case of the death of the pensioner-borrower. It means that the outstanding balance of the loan shall be deemed paid regardless of the remaining number of months of the approved term of the pension loan.
Starting October 2019, a retiree-pensioner may avail up to a maximum amount of P200,000, which is payable up to a maximum of two (2) years or 24 monthly installments. (PR)