Microinsurance Product

We provide microinsurance products for members of the Association and their families. We ensure that we cover their microinsurance needs from membership up to their retirement.


ACCI PLAN (New: September 2023)


Basic Life Insurance Program


Upon payment of the first Php 15.00 weekly contribution for life insurance, a member and her legal dependents have life insurance coverage, the amount of which depends on the length of membership.

  1. The legal dependents of a legally married member are the following:
    1. the legal spouse;
    2. all biological and/or legally adopted children who are single and 14-day to 21 years old;
    3. all biological and/or legally adopted children who are single and more than 21 years old but disabled and incapacitated to work;
  1. If a member is single without children, legal dependents are parents 60 years old and above.
  2. If a member is single with children, legal dependents are the children as described in 1.b. and 1.c. and not the parents.


In case of death of the member or any of her legal dependent, the beneficiary will be indemnified according to the Table of CARD MBA Life Insurance Benefits.



  1. Applicants must be at least 18 years old but not more than sixty-five (65) years old as of the enrollment date.
  2. He or she must be an active member or employee of microfinance institutions and other organized groups accredited by CARD MBA:

i.   CARD, Inc.;

ii.  CARD Bank, Inc.;

iii. CARD SME Bank, Inc.;

iv. CARD MRI Rizal Bank, Inc;

v.  CARD-Business Development Foundation Inc.;

vi. All other institutions of CARD MRI;

vii. Organized groups under the Build-Operate-And-Transfer (BOAT) Program of CARD MBA.

  1. Application for membership in CARD MBA must be filled out in the prescribed form.
  2. Any willful misstatement in the application that would render a person eligible for insurance when he/she would otherwise be ineligible shall be sufficient cause for the cancellation of one’s membership in CARD MBA at any time such misstatement is known. CARD MBA will only refund all contributions paid by the disqualified member.



To maintain low contribution and to safeguard the association’s funds, CARD MBA will not be liable for any loss (death, disability, hospital confinement) occurring during the first year of membership or within one (1) year from the date of the last reinstatement. However, if death or total and permanent disability of member or spouse is caused by a pre-existing condition, two thousand pesos (PHP 2,000.00) will be given.

In case of reinstatement, when a member or any of her legal dependent dies or becomes totally and permanently disabled after one (1) year of the waiting period, the length of the membership will be based on his/her original date of membership and not on the date of reinstatement.



Any member who fails to pay his/her weekly contribution shall be given a grace period of forty-five (45) days from the date of default to remit the contributions.

In case of death, total and permanent disability, or hospital confinement of the member or his/her legal dependent during the grace period, the balance of the contribution in arrears shall automatically be deducted from the benefits payable.



The insurance coverage under the Certificate of Membership shall automatically terminate under the following conditions whichever comes first:

  1. upon death or total and permanent disability of the member;
  2. upon resignation from the microfinance institutions and other organized groups affiliated with CARD MBA;
  3. upon the resignation of the member from the CARD MBA;
  4. upon attainment of age 70 of the member;
  5. upon expiration of the grace period if no payment is received by then; and
  6. upon the termination of membership with cause by CARD MBA


The legal dependent’s coverage is co-terminus with the member’s coverage.  Termination of coverage shall be without prejudice to any claim arising prior to such termination.

  1. Membership may be reactivated provided the member is in good health as certified by a competent physician and as long as the member’s equity value or cash value has not yet been paid. The reinstatement shall take effect upon payment of the required weekly contributions in arrears with interest at the rate of five percent (5%) per annum.
  2. Reinstatement can only be performed within a period of three (3) years from the date of lapse.  After the three year period, the membership will be canceled.
  3. If the member cannot afford to pay all the contributions in arrears, she may pay only one weekly contribution and his/her membership will be reactivated.  But the number of days she was in arrears will be deducted in computing the effective number of years of his/her membership.
  4. The member and his/her legal dependents shall once again undergo one (1) year waiting period from the date of reinstatement.




Death Benefit

  1. Upon the death of the member, the designated beneficiary/ies will be indemnified in accordance with the Table of CARD MBA Life Insurance Benefits.
  2. Upon the death of the member’s legal spouse, or any of the member’s single and biological and/or legally adopted children, two weeks old but not more than 21 years old; or biological children over 21 years old, single who is disabled and incapacitated to work, or legal parent of a single (unmarried) member 60 years old and above, the member will receive the life insurance benefits according to the Table of CARD MBA Life Insurance Benefits.

Pre-existing Condition

  1. A pre-existing Condition is a condition for which the member or the member’s legal dependent received treatment or has consulted a physician for medical treatment or has been taking medications during the twelve (12) months prior to the effective date of membership or twelve (12) months prior to the date of the last reinstatement.

Accidental Death Benefits

Upon the death of a member due to accident, the designated beneficiary will be indemnified in accordance with the Table of CARD MBA Life Insurance Benefits.

  1. An Accident is defined as a loss as a direct result, independently and exclusively of all other causes, of bodily injury effected solely by external, violent and accidental means of which, except in the case of drowning or if internal injury revealed by an autopsy, there is evidence of a visible contusion or wound on the exterior of the body occurring within one hundred eighty (180) days from date of such injury. (See Mga Dahilan ng Pagkamatay na Hindi Maituturing na Aksidente)


The following causes of death shall not be considered accidental in nature:


2.1  Suicide or any attempt thereat while sane or insane, or any intentionally  self-inflicted injury;

2.2  Provoked murder or assault or any attempt thereat;

2.3  Ingested poison, gas or fumes voluntarily or involuntarily taken;

2.4  Accident occurring while or because the Insured is under the influence of  alcohol or any unprescribed drug;

2.5  Participation in any brawl or committing any crime or felony;

2.6  While the Insured is serving in the armed forces of any country, or international authority, whether in war or in peace or while performing his/her job in military or paramilitary services such as police, security guard, barangay officials or as a part of an anti-riot squad;

2.7  Acts of God or Natural Calamities, other than lightning, all losses caused by natural calamities such as but not limited to typhoon, earthquake, landslide, tsunami, tornado, volcanic eruption and the likes shall not be considered accidents;

2.8  War, invasion, an act of foreign enemy or warlike operation (whether declared or undeclared), mutiny, strikes, demonstrations, riots, civil commotion, conspiracy, military takeover, state of siege, or any weapon or instrument employing atomic fission or radioactive force whether in time of peace or war; and

2.9  Any loss as a result of medical malpractice.

Vehicular Accidents shall refer to any unintended collision of one motorized vehicle with another, a stationary object, or person, resulting in injuries, death, and/or loss of property.

There shall be no additional benefit if any of the legal dependent’s cause of death is accidental in nature.


Total and Permanent Disability Benefit

Total and permanent disability (TPD) shall mean disability caused by bodily injury or disease which prevents the member or his/her legal dependents from engaging in any gainful activity and must continue uninterruptedly for at least six (6) months.

There are two types of TPD coverage:

  • Disability with dismemberment – The loss of arms or both legs, of one arm and one leg, or of both eyes, shall be considered a total and permanent disability.  Loss of both arms and both legs shall mean dismemberment by amputation of the entire hand or foot; with respect to eyes, entire and irrevocable loss of sight.

This type TPD can be settled immediately upon submission of complete claims documents and upon approval by the Board of Awards.  The total amount of benefits will be based on the Table of CARD MBA Life Insurance Benefits.

  • Disability without dismemberment – If a member or his/her legal dependent becomes sick or meets an accident without dismemberment resulting to complete inability to engage in any gainful employment and becomes bedridden, s/he can be considered as total and permanently disabled if after six (6) months the health condition has not improved.  After such confirmation of a competent doctor, s/he will receive benefits according to the Table of CARD MBA Life Insurance Benefits.

Motor Vehicular Accident Hospitalization Benefits

In case an eligible member or the member’s legal spouse is hospitalized due to a vehicular accident occurring after the date of membership and resulting in confinement for at least 24 hours for treatment by a qualified physician, CARD MBA will reimburse the actual medical expenses incurred within six (6) months from the date of the accident for such treatment such as hospital charges and nurses fees up to a maximum of ten thousand pesos (Php10,000.00) per married couple.  They shall no longer be entitled to this benefit once the maximum benefit of Php10,000.00 has been paid.


Refund of Contributions

All members will be entitled to refund of contribution, depending on their length of membership at the time of death/TPD/resignation/termination:

 50% of all contributions made to Life Insurance, regardless of the length of membership plus interest at a rate to be determined by the Board of Trustees on a quarterly basis but in no case less than the prevailing savings deposit rate of the commercial bank.

All benefits availed of prior to the termination of the COM shall not be deducted from the refund of contributions.


Reminder: A member who had received her refund of contribution will be treated as a new member, and will be covered by a 1-year contestability period, should the member decide to return to CARD MBA.


Table 4. Mga Dahilan ng Pagkamatay na Hindi Maituturing na Aksidente Talaan ng Benepisyo

Talaan ng Benepisyo


Retirement Fund (RF)

Retirement  Fund is an administered fund intended for the retirement of members that can be availed in a lump sum upon reaching of the mandatory age of 70 years old or optional retirement ages of 65, 66, 67, 68 or 69, provided that the member has at least five (5) years continuous membership with CARD MBA prior to retirement. An active member pays Php 5.00 weekly contributions until s/he reaches the retirement age. These contributions are being invested in high yielding investment instruments to assure members of their retirement pays.

If a member decides to resign from CARD MBA prior to age 70 or prior the optional retirement ages, a member shall be entitled to all total contributions made to Retirement Fund plus interest at a rate to be determined by the Board of Trustees in a quarterly basis but in no case less than the prevailing savings deposit rate of the commercial bank.


Loan Redemption Fund (LRF) Plus  gives full loan protection to member-borrowers and protects CARD MBA’s accredited lending institutions by ensuring 100% collection of loans extended to the members in case of death. An ordinary LRF pays only the balance of the loan but this program pays the total amount of loan of the deceased member-borrower.

The amount of contribution is based on the principal amount and term of loan extended to the members.

  1. 1.5% of the principal amount for a one-year loan term
  2. 0.75% of the principal amount for a six-month loan term
  3. 0.38% of the principal amount for a three-month loan term

Upon receipt and approval of due proof of death, CARD MBA will pay:

  1. the lending institution – the balance of the loan at the time of death; and
  2. the beneficiary – the paid portion of the loan at the time of death.

Automatic Loan Offsetting After Disability (Auto LOAD) Benefit

In case of total and permanent disability (TPD) of a member-borrower, as certified by a competent physician, CARD MBA will pay the balance of the loan to the lending institution at the time when the member-borrower becomes TPD. However, the paid portion of the loan will not be reimbursed to him/her because s/he is only totally and permanently disabled.

The benefit under Loan Redemption Fund (LRF) Plus is on top of the life insurance benefit that the beneficiary can get from the Basic Life Insurance Program of CARD MBA.

Golden Life Insurance Program

Product Features



Payment Period      : 10 years

Coverage                    : up to 100 YEARS OLD

Eligibility                  : 70 years old and continuing members of the Basic Life Insurance Program [BLIP]. Members shall be entitled to Refund of Contributions and retirement (RSF) Benefit and shall be given the option to enroll to the program.

Other Provisions:

  1. Covers the member only (no more legal dependents)
  2. No more riders (RF, TPD, MVAH)
  3. No more Waiting (Contestability) Period
  4. If the member wishes to discontinue the Golden Life Insurance Program, the member has an option to surrender the policy:
    • For its Cash Surrender Value, which is at least 50% of the all the paid premiums or
    • Convert it to a Reduced Paid-up Insurance.

Community Development

As an association, we take our community development programs as our social responsibility to create impact to socioeconomically challenged families. We transfer our technologies to cooperatives so that they, too, can reach out to members of the community. We also conduct mass weddings, provide immediate relief assistance to calamity-stricken areas, and participate in other nation-building activities of CARD in health, livelihood, and education.


Every year, CARD Scholarship Program (CSP) of CARD MRI help thousands of students across the country achieve their dream of earning a college degree.

Build-Operate-and-Transfer Program

CARD MBA implemented the BOAT Program to promote mutuality and the benefits of microinsurance program for the marginalized sector in the country through MBAs.

The BOAT Program is a package of technology that includes setting-up a community-based microinsurance program. It is designed for interested organized groups (OGs) that have the burning desire to provide microinsurance protection to their member-clients but do not have the financial and technical capacity to institutionalize a microinsurance scheme in their organization.

Value propositions of the BOAT Program

  1. Members of the BOAT partner will be members of CARD MBA enjoying the same insurance benefits as regular CARD members.
  2. During the three-year engagement period, there will be technical assistance and transfer of technology in the management of a mutual benefit association.
  3. After three (3) years, should the BOAT Partner decide to put up its own MBA, all those entitled for the refund of contribution will be turned over to the BOAT partner’s own MBA together with their refund of contribution to become their seed capital.

Mass Wedding

Mass Wedding is an additional service being for the members who have live-in partners and have been members of the Association for at least 7 months prior to the wedding celebration. This is one of the highlights of the Branch Convention.

However, the CARD MBA management is advising all concerned members not to wait for the Convention to get married so that the live-in partner can be considered a member’s legal dependent enjoying the full benefits from the Association.

CARD MRI Disaster Relief Assistance Program (CDRAP)

CARD MRI Disaster Relief Assistance Program or CDRAP is a non-financial service that aims to give immediate relief and assistance to affected CARD members in disaster-affected areas due to natural calamities or fire.


For the survivors of natural calamities like fire, typhoon, flood, landslide, earthquake or volcanic eruption they are entitled to receive:

  • Pack of rice
  • Medicine pack c/o BotiCARD

This will be given to members who are severely affected by calamities or fire.

Other Community Development Activities

CARD Mutual Benefit Association collaborates with the different CARD institutions to provide our members with access to social services to improve their general well-being. We actively participate in programs in health, education, livelihood, resource mobilization, and communication.
For more information about CARD MRI’s community development programs, please visit www.cardmri.com.

CARD Scholarship Program for BOAT Program Partners

Every year, CARD Scholarship Program (CSP) of CARD MRI help thousands of students across the country achieve their dream of earning a college degree. Often, these students receive scholarships from a variety of sources—including individuals, community foundations, and businesses—in addition to those that they receive from our institution. CARD MBA, Inc., as a member of CARD MRI grant scholarships through CSP to our Build-Operate-And-Transfer (BOAT) partners as an additional provision for the loyal and performing members.
CARD MBA supports the scholars through the quarterly financial assistance amounting to Php 3,000 or a total of Php 12,000 per year from first year to fourth year college. The total financial support is Php 48,000 per scholar.

Dhian C. Villaruel

Name: Dhian C. Villaruel (Cumlaude)

Name of Partner: USWAG Development Foundation

Home Address: Bangbang, Calizo, Balete, Aklan

Course: BS in Customs Administration

School: Aklan Polytechnic College

CARD Scholarship Program’s Qualifying Examination in Kalibo, Aklan (USWAG – BOAT Partner, May 2018)

Donated Benefits

a. Donations for children who are less than 14 days oldPhp 1,000.00 donation for the death of member’s children who died less than 14 days old from the time of birth.

b. Donation for the death of the member or legal spouse in case of suicide committed within one (1) year of membership -Php 2,000.00 in case the member or legal spouse committed suicide within one (1) year of membership.

c. Donation in case of fetal death –Php1,000.00 donation for the death of member’s biological or legally adopted children less than 14 days old

d. Donation in case of death of members’ biological children without birth certificate nor registry number –Php1,000.00 in case of death of a newborn whose Birth Certificate has no registry number or has no birth certificate or baptismal certificate.

e. Donation in case of death of member’s live-in partners –Php 1,000.00 donation for the death of member’s live-in partner on the following conditions:

i. Member has at least one (1) year membership with the Association;
ii. Member and live-in partner should be living together for at least one (1) year which must be supported center resolution and validated by MBA coordinator and/or CARD MRI staff;
iii. Both member and live-in partner have no legal impediment to marry each other, meaning, they must be either single or widow/widower.
iv. Live-in partner must be the co-borrower of the member as declared in the promissory note.

f. Donation for single members’ biological parents who are less than 60 years old at a time of death –A Php 1,000.00 donation for the death of parents of a single member who died below 60 years old provided that the member is atleast 1 year.