Frequently Asked Questions
Find the answers to a wide range of questions about benefit payouts, premium payments and policy servicing here.
BDO Life offers you a wide range of peso and dollar-denominated life insurance products to create a secure future for you and your family.
To help you decide in selecting the insurance plan that fits your needs and is most beneficial to you and your loved ones, our BDO Life Financial Advisors (FAs) are always ready to assist you. Feel free to approach them in any BDO branch or for your convenience, click here to fill out the form and an FA will immediately call you.
A beneficiary is a person or entity named in the life insurance policy entitled to receive policy benefits upon approval of a death claim. The most common beneficiary designated are immediate family members or, in some cases, business partners. It is important to note that the following cannot be designated as beneficiary/ies:
- Person/s guilty of adultery or concubinage;
- Person/s found guilty of the same criminal offense, where the insurance is part of the consideration for committing such offense;
- Public officers, his/her spouse, descendants or ascendants when the designation was made by reason of the public officer’s office.
Upon filling out the application for insurance, you were provided options on what happens in case you stop paying your premiums. Among the possible premium default options available are as follows:
- Reduced Paid-Up Insurance – Use your policy's net cash value to purchase a paid-up insurance plan similar to your original policy albeit with a new coverage amount smaller than that of your original policy.
- Extended Term Insurance – Use your policy's net cash value to pay for a term insurance plan with the same amount of coverage as your original policy but with a protection period which may be shorter than your policy’s original term.
- Premium Loan – You may take out a loan against the policy's cash value to pay for your overdue premium. This will keep the original policy in force for the full amount of coverage, as long as the cash value is sufficient to pay for the due premiums. However, should the loan amount (inclusive of interest charges) exceed the policy's cash value, the policy will lapse. Please note that any balance of your premium loan will be deducted from the proceeds of your insurance.
- Cash Surrender Value – You may surrender your policy for its accumulated cash surrender value, if any.
You may change the Premium Default Option of your policy by filling out the Policy Amendment Form.
A Policy Owner of a participating policy shares in the profit that may arise from his policy, as determined by the Company. Policy Dividends may become available as of each policy anniversary date beginning not later than the end of the third policy year. Upon filling out the application for insurance, you were provided options as to how policy dividends will be used. Among the possible dividend options available are as follows:
- Paid in Cash to the Policy Owner – Under this option, the Policy Owner may take the dividend as cash payment and will receive his dividends as declared by the Company annually in the form of check or can be automatically credited to his nominated BDO Current and Savings Account. You may download the enrollment form here.
- Applied to any Premium Due – This option automatically applies the earned dividends to pay part of all of the premiums due. As a result, the amount of premium appearing on the premium notice will be lower. Any excess will be paid to the Policy Owner.
- Left to Accumulate with Interest – The Policy Owner leaves the dividends to accumulate with interest at the rate specified by the Company. With this option, Dividend Accumulation will be combined with the cash values whenever the latter are to be applied.
- Purchase Additional Paid-Up Insurance – The dividends under this option will be used to purchase a non-participating paid up insurance in addition to the original sum insured of the policy. The amount of coverage, therefore, increases without increasing the premiums.
You may change the Dividend Option of your policy by filling out the Policy Amendment Form.
Step 1: Fill out the “Claim Notification” request form by clicking this link.
Step 2: Prepare the following Requirements and follow the instructions after getting the Auto-Reply email from BDO Life
- Death Certificate – (Original issued by PSA or Certified True Copy by Local Civil Registry Office) In case the death of the life insured occurred outside of the Philippines, the Death certificate must be authenticated by the Philippine Consular Office in the country/state where death took place.
- Certificate of Employment if the insured was employed; or Copy of Business Permit/Registration if the insured was a business owner.
- Claimant’s Statement – To be filled out by each of the designated beneficiaries, and/or the Trustee/Guardian of the minor beneficiary/beneficiaries (one form for each beneficiary or trustee). Download forms here:
Claimant's Statement-Death Claim P1
Claimant's Statement-Death Claim P2 - Marriage Contract (Original, issued by PSA) – This is required if a designated beneficiary is the spouse of the Insured
- Valid Government Identification Document (IDs) of the Beneficiary/Beneficiaries and Trustees if any
- Affidavit of Declaration – If there is no designated beneficiary in the application form, the surviving heir/s are required to execute and submit a notarized Affidavit of Declaration and proof or relationship (e.g. Marriage Certificate for spouses, Birth Certificate if the heirs are children of the insured, etc.) Please note that the payment of death benefits shall be in accordance with the "Order of Preference" provision as stated in the Policy Contract.
In case the death of the Insured occurred within two (2) years from policy issue date or date of last reinstatement, the following are additional required documents:
- Attending Physician’s Statement/s – This must be accomplished by the Physician/s who attended to the Insured. The form should be duly notarized and accompanied by records of any laboratory & diagnostic procedures performed.
- Copy of Insured’s Medical Records
Additional documents may still be required when necessary to process the claim. Please note that any document(s) that originate(s) outside the Philippines must be authenticated by the Philippine Consular Office in the country/state of issuance.
Step 3: Submit the scanned copies of the requirements via email to claims@bdolife.com.ph.You will receive feedback from our Claims team within five (5) banking days.
For any other Claims related inquiries, feel free to email us at claims@bdolife.com.ph or give us a call at these numbers: +632 - 8 885 4019, +632 - 8 885 4180, +632 - 8 8854126
Maturities are one-time lump sum amounts paid on your policy's maturity date. Your insurance coverage ceases once your maturity benefit is paid out.
Payouts are scheduled benefit proceeds of endowment policies like Money8 Secure Plus, BDO Life’s Income Secure, Study Secure, or Lifestyle Secure, etc.
If you have an updated mailing address with us, a letter will be sent to you 90 days before your scheduled payout. You will also receive an SMS notification once the payout has been credited to your nominated BDO Bank account.
When you enroll in our Auto Credit Arrangement (ACA), your policy benefits get directly credited to your nominated BDO account. This is a fast and efficient way to get your policy benefits instead of receiving a check by post.
Step 1: Prepare the following Requirements
- Fill out completely the Direct Credit Facility Form
- Clear photocopy of any valid government issued ID of (both) the Policy Owner and Irrevocable Beneficiary if any.
Step 2: Submit the requirements
Kindly email scanned copies of your requirements to BDOLife-ILO-CS-CSS@bdolife.com.ph
*Processing time for this request takes 15 banking days.
A. If paying through BDO's Bills Payment Facility, please use the following information:
For Peso (Php) payments:
- Company Name: BDO Life Assurance Company, Inc.
- Institution Code: 0048
- Product Code: N/A
- Subscriber’s Name: Policy Owner’s Name
- Subscriber's Account No.: Policy No. (i.e S-xxxxxxxx-2-1)
For Dollar (USD) payments:
- Company Name: BDO Life Assurance Company, Inc.
- Institution Code: 0080
- Product Code: N/A
- Subscriber’s Name: Policy Owner’s Name
- Subscriber's Account No.: Policy No. (i.e S-xxxxxxxx-2-1)
B. If paying via BDO Online Banking, enroll and pay bills using the information below:
For Peso (Php) payments:
- Company Name: BDO Life Assurance Company - Peso
- Subscriber’s Name: Policy Owner’s Name
- Subscriber's Account No.: Policy No. (i.e S-xxxxxxxx-2-1)
For Dollar (USD) payments:
- Company Name: BDO Life Assurance Co - Dollar
- Subscriber’s Name: Policy Owner’s Name
- Subscriber's Account No.: Policy No. (i.e S-xxxxxxxx-2-1)
By enrolling in our Auto Debit Arrangement payment facility, payment for your premiums will be automatically deducted from your nominated BDO savings account. This is a convenient way to pay your insurance premiums.
Step 1: Prepare the following Requirements
- Policy Amendment Request Form (PARF) – completely filled out and originally signed by the Policy Owner, Irrevocable beneficiary, if any.
- Clear Photocopy of any valid government issued ID with visible signature; three (3) specimen signatures of the Policy Owner and Irrevocable Beneficiary, if any.
- BDO Auto-Debit Arrangement (ADA) Enrollment Form – Two (2) Copies, completely filled out and originally signed by the Policy Owner.
(Note: Client must also sign at the bottom part of second page as acknowledgment for ADA Terms & Conditions. Branch officers must also sign on the BDO ADA enrollment form)
- If account name is under a Company name, both Company name & signatory must be indicated on the account name field.
- If the account is an ‘AND’ account, the ADA form should be signed by both account holders.
- If the account name is ‘BY’ or ‘IN TRUST FOR’, both the name and trustee must be indicated on the account name field.
Note: Only peso policy / peso accounts are accepted. Bank account under minor (below 18 of age) are not qualified for enrollment.
Step 2: Submit the requirements
You may submit the requirements to your servicing Financial Advisor or to any FA stationed in the branch near you.
*Processing time for this request takes 7 banking days.
By enrolling in our Recurring Payment Scheme/Auto-Charge payment facility, payment for your premiums will be automatically deducted from your nominated credit card. This is another convenient way to pay your insurance premiums.
Step 1: Prepare the following Requirements
- Policy Amendment Request Form (PARF) – completely filled out and originally signed by the Policy Owner, Irrevocable beneficiary, if any.
- Clear Photocopy of any valid government issued ID with visible signature; three (3) specimen signatures of the Policy Owner and Irrevocable Beneficiary, if any.
- BDO Recurring Payment Scheme /Auto-Charge Form – completely filled out and originally signed by the Policy Owner.
- Copy of credit card (front only)
Step 2: Submit the requirements
You may submit the requirements to your servicing Financial Advisor or to any FA stationed in the branch near you.
*Processing time for this request takes 7 banking days.
Posting of payment is within 2 – 3 banking days.
If you want to know the current status of your policy, you may reach out to your servicing Financial Advisor or you may call our Customer Service Hotline at (632) 8885-4110 or 1-800-1888-6603 (Toll Free) from Monday to Friday (excluding holidays) between 8:00 AM to 6:00 PM.
Option A: Amendment using submitted documents
Step 1: Prepare the following requirements
- Policy Amendment Request Form (PARF) – completely filled out and originally signed by the Policy Owner
- Clear Photocopy of any valid government issued ID with visible signature of Policy Owner and Irrevocable Beneficiary, if any.
Step 2: Submit the requirements
You may submit the requirements to your servicing Financial Advisor or to any FA stationed in the branch near you.
Option B: Amendment via phone or email
You may call our Customer Service Hotline at (632) 8885-4110 or 1-800-1888-6603 (Toll Free) from Monday to Friday (excluding holidays) between 8:00 AM to 6:00 PM or send us an email to we-care@bdolife.com.ph
*Processing time for this request takes 7 banking days.
If your policy has an available net cash surrender value, you may apply for a policy loan.
Step 1: Know if your policy is eligible for policy loan.
To know if your policy is eligible for a loan, you may call our Customer Service Hotline at (632) 8885-4110 or 1-800-1888-6603 (Toll Free) from Monday to Friday (excluding holidays) between 8:00 AM to 6:00 PM. You will be provided of the maximum amount you can borrow from your policy. The amount to be indicated in the Policy Loan Application Form should not exceed the maximum amount.
Step 2: Prepare the following Requirements
- Policy Loan Application Form originally signed by the Policy Owner and/or Life Insured.
- Photocopy of any valid government issued ID of Policy Owner, and Irrevocable Beneficiary if any.
- Photocopy of valid ID of Life Insured, if already of legal age.
- If proceeds will be credited other than Policy Owner (immediate family members only) Letter of Authorization to credit signed by Policy Owner & bank account owner.
- If policy is assigned, consent of the Assignee is required. Please refer to the bottom part of the Policy Assignment Form – Release of Assignment
Step 3: Submit the requirements
You may submit the requirements to your servicing Financial Advisor or to any FA stationed in a BDO branch near you.
*Processing time for this request takes 7 banking days.
If allowed and accepted by the bank, your individual life insurance policy may be assigned in favor of the bank to cover your loan.
Step 1: Prepare the following Requirements
- Policy Amendment Request Form (PARF) – completely filled out and originally signed by the Policy Owner, Irrevocable beneficiary or Assignee if any.
- Clear Photocopy of any valid government issued ID with visible signature of Policy Owner and Irrevocable Beneficiary, if any.
- Notarized Assignment of Policy Form originally signed by the Policy Owner, Assignee, Witness and Irrevocable Beneficiary, if any.
- Original Policy Contract
- Clear Copy of Loan Agreement from the bank
- If Loan is with BDO (assignee), annual mode and ADA/RPS payment method is required. Other mode of payments requires prior approval from the Consumer Lending Group (the lending arm of BDO)
Step 2: Submit the requirements
You may submit the requirements to your servicing Financial Advisor or to any FA stationed in the branch near you.
*Processing time for this request takes 7 banking days.
Step 1: Prepare the following Requirements
- Policy Amendment Request Form (PARF) – completely filled out and originally signed by the Policy Owner, Irrevocable beneficiary or Assignee if any.
- Clear Photocopy of any valid government issued ID with visible signature of Policy Owner and Irrevocable Beneficiary if any.
- Notarized Release of Policy Assignment Form signed by the Policy Owner, Assignee, Witness and irrevocable Beneficiary if any, and authorized signatory of the Corporation. Please refer to the bottom part of the Policy Assignment Form – Release of Assignment)
Step 2: Submit the requirements
You may submit the requirements to your servicing Financial Advisor or to any FA stationed in the branch near you.
*Processing time for this request takes 7 banking days.
Step 1: Know the current cash value / fund value of your policy
To know your current cash / fund value, you may reach out to your servicing Financial Advisor or call our Customer Service Hotline at (632) 8885-4110 or 1-800-1888-6603 (Toll Free) from Monday to Friday (excluding holidays) between 8:00 AM to 6:00 PM. You will be provided of your policycash value’s cash value / fund value amount, which you need to indicate in the Policy Surrender Form.
Step 2: Prepare the following Requirements
Surrender of Policy form, originally signed by the Policy Owner, Irrevocable beneficiary, if any (originally signed)
- For Variable Life Policies: VL Insurance Policy Withdrawal Surrender Request Form
- For Traditional Policies: Life Insurance Policy Surrender Request Form
- Original Policy Contract - if lost, Notarized Affidavit of Loss
- Photocopy of any valid government issued ID of:
- Policy Owner, and Irrevocable Beneficiary/ies, if any, and Life Insured (if legal age).
- If proceeds will be credited other than Policy Owner (immediate family members only) Letter of Authorization to credit signed by Policy Owner & bank account owner.
- If policy is assigned, consent of the Assignee is required (release of assignment form)
Step 3: Submit the requirements
You may submit the requirements to your servicing Financial Advisor or to any FA stationed in a BDO branch near you.
*Processing time for this request takes 7 banking days.
You may still reinstate your policy within 3-years from date of lapsation. Please note however that your reinstatement request will still be subject to underwriting and approval.
Step 1: Know the amount you need to settle to reinstate the policy
To know the reinstatement amount, you may reach out to your servicing Financial Advisor or call our Customer Service Hotline at (632) 8885-4110 or 1-800-1888-6603 (Toll Free) from Monday to Friday (excluding holidays) between 8:00 AM to 6:00 PM. You will be provided of the reinstatement amount which you need to pay via over the counter or BDO online banking.
Step 2: Prepare the following Requirements
- Application for Reinstatement Form (AFR) originally signed or scan copy by the Policy Owner
- Certificate of Insurability
- Proof of Payment
- Other Underwriting requirements as deemed necessary - this will be communicated by your servicing Financial Advisor and a letter will be sent to the Policy Owner
Step 3: Submit the requirements
You may submit the requirements to your servicing Financial Advisor or to any FA stationed in a BDO branch near you.
*Processing time for this request takes 10 banking days.
MRI (Mortgage Redemption Insurance) is a form of insurance, the benefits of which, when payable, is used to pay the outstanding home loan of the insured. Having a mortgage loan insurance is typically required by banks when granting home loans. In case of death of the borrower, having an MRI avoids foreclosure of the mortgaged property at a time when financial support is needed most. Any life insurance benefits in excess of the outstanding loan will be payable to the borrower’s beneficiaries.
Your initial insurance coverage is for one year and is renewable every year until your loan is fully paid. Upon renewal, the amount of your insurance coverage will change based on your updated loan balance at the time when the renewal premium notice was prepared. As proof of your insurance coverage, BDO Life provides a Statement of Insurance, which contains details of your insurance coverage.
Yes, Mortgage Redemption Insurance (MRI) is different from Fire Insurance. Fire Insurance are customarily handled by BDO Insure, separate from BDO Life.
If your Fire Insurance was provided by BDO Insure and you have questions about it, you may send an email to BDO Insure at bdo-insure@bdo.com.ph or call 8-838-2364, Toll free number: 1-800-10-8382364.
For MRI, a beneficiary is a person who is entitled to receive the excess insurance benefits, if any, after paying the outstanding loan of the borrower. If there’s no declared beneficiary in the application form, the following shall be deemed designated, in the order named below, where two or more of the same class shall share equally:
- Surviving legal spouse
- Surviving legitimate, legitimated and legally adopted children
- Surviving illegitimate children known and recognized at the time of the Insured Debtor’s death
- Surviving parents
- Surviving brothers and sisters of full blood
- Surviving brothers and sisters of half blood
- Estate
Note: Any amount payable to minors shall be settled in a manner in accordance with the law.
Step 1: Fill out the “Claim Notification” request form by clicking this link.
Step 2: Prepare the following Requirements and follow the instructions after getting the Auto-Reply email from BDO Life
- Death Certificate – (Original issued by PSA or Certified True Copy by Local Civil Registry Office) In case the death of the life insured occurred outside of the Philippines, the Death certificate must be authenticated by the Philippine Consular Office in the country/state where death took place.
- Certificate of Employment if the insured was employed; or Copy of Business Permit/Registration if the insured was a business owner.
- Claimant’s Statement – To be filled out by each of the designated beneficiaries, and/or the Trustee/Guardian of the minor beneficiary/beneficiaries (one form for each beneficiary or trustee). Download forms here:
Claimant's Statement-Death Claim P1
Claimant's Statement-Death Claim P2
- Marriage Contract (Original, issued by PSA) – This is required if a designated beneficiary is the spouse of the Insured
- Valid Government Identification Document (IDs) of the Beneficiary/Beneficiaries and Trustees if any
- Affidavit of Declaration – If there is no designated beneficiary in the application form, the surviving heir/s are required to execute and submit a notarized Affidavit of Declaration and proof or relationship (e.g. Marriage Certificate for spouses, Birth Certificate if the heirs are children of the insured, etc.) Please note that the payment of death benefits shall be in accordance with the "Order of Preference" provision as stated in the Policy Contract.
In case the death of the Insured occurred within two (2) years from policy issue date or date of last reinstatement, the following are additional required documents:
- Attending Physician’s Statement/s – This must be accomplished by the Physician/s who attended to the Insured. The form should be duly notarized and accompanied by records of any laboratory & diagnostic procedures performed.
- Copy of Insured’s Medical Records
Additional documents may still be required when necessary to process the claim. Please note that any document(s) that originate(s) outside the Philippines must be authenticated by the Philippine Consular Office in the country/state of issuance.
Step 3: Submit the scanned copies of the requirements via email to claims@bdolife.com.ph.You will receive feedback from our Claims team within five (5) banking days.
For any other Claims related inquiries, feel free to email us at claims@bdolife.com.ph or give us a call at these numbers: +632 - 8 885 4019, +632 - 8 885 4180, +632 - 8 8854126
Premium computation is based on the age and the outstanding loan balance of the loan borrower. Your premium is indicated in your premium notice.
BDO Life’s MRI program for BDO home loan clients uses two rate class, namely, (1) For ages 49 and below and (2) For ages 50 and above, with the latter being higher due to a higher mortality for the older age class. Hence, your MRI premium may become higher once reach 50 years old, even if your loan balance has decreased.
The initial premiums for your first year of insurance coverage is normally settled when your loan is granted. However, for renewal of insurance coverage, you may settle your renewal premiums through any of the payment facilities.
A. If paying through over-the-counter – BDO's Bills Payment Facility, please use the following information:
- Company Name: BDO Life Assurance Company, Inc.
- Institution Code: 0633
- Product Code: N/A
- Subscriber’s Name: <Assured's Name>
- Subscriber's Account No.: <Input the 10-digit payment reference number indicated in your renewal advice, i.e 288xxxxxxx>
B. If paying via BDO Online Banking, enroll and pay bills using the information below
- Pay from: Subscriber Savings/Checking Account No.
- Pay this Company/Biller: BDO LIFE - MRI (10-digit payment reference number i.e 288xxxxxxx)
- Amount: <Amount to be paid>
- Remarks: <Coverage Period, i.e NOVEMBER 2018-2019>
- Subscriber’s Account No: <Input the 10-digit payment reference number indicated in your renewal advice, i.e 288xxxxxxx>
- Subscriber Name: <Assured's Name>
Note: Your Subscriber’s Account No. or Payment Reference Number changes yearly.
Click here for more detailed instructions on how to pay your BDO Home Loan MRI Premiums
BII (Built-In Insurance) is a payment method wherein your annual premium due is amortized into twelve (12) equal monthly installments at 0% and added to your monthly loan amortization. This option is applicable only to borrowers who applied for this payment option at the inception of the home loan.
Posting of payment is within 2 – 3 banking days.
Mortgage Redemption Insurance has a 31-day grace period. You’ll still be covered for as long as you pay your premium within 31 days from its due date.
Please note that your loan agreement with BDO requires you to secure a credit life insurance or mortgage redemption insurance to cover your loan balance. In case you missed your premium payment, BDO may pay your insurance premium and:
- Debit the amount from your account, or
- Require immediate payment, or
- Add the amount to your loan and make it a part of the loan, bearing the same interest rate as stipulated in your loan agreement. This may delay the release of collateral.
Yes. BDO Life will send you a renewal notice by post and electronic mail, 60 days prior to your renewal month. This notice contains your premium amount due, coverage amount and other details relating to your insurance. We may also send premium due reminders through SMS and/or call.
Upon payment of your renewal premiums, BDO Life will send you a new Statement of Insurance, which contains details of your renewed insurance coverage.
Your premium will be debited within 30 - 45 days from your premium due date.
If you want to know the current status of your policy, you may reach out to your servicing Financial Advisor or you may call our Customer Service Hotline at (632) 8885-4110 or 1-800-1888-6603 (Toll Free) from Monday to Friday (excluding holidays) between 8:00 AM to 6:00 PM.
Your Mortgage Redemption Insurance will be terminated once the home loan is no longer outstanding. Loan Borrower must submit proof or certificate of full payment issued by BDO. Until then, an insurance to cover your home loan is required under your agreement with BDO. If you have a personal Individual Life Insurance Policy with BDO Life or any other Insurance Provider, which you wish to assign to cover your home loan instead of an MRI, you may reach out to BDO Home Loans Administration Department by sending an email to LoanServices@bdo.com.ph or visit BDO website at www.bdo.com.ph and go to Loans Services.
Contact us
BDO Life Head Office:
30/F BDO Life Megaplaza, 358 Gil Puyat Avenue, Makati City
Please expect a response from us within 24 to 48 banking hours.
PLDT Toll-Free:
BDO Life Assurance Company, Inc. is a life insurance company and wholly-owned subsidiary of BDO Unibank, Inc. It is supervised by the Insurance Commission. Its financial products are not deposit products. These products are not insured by the Philippine Deposit Insurance Corporation and are not guaranteed by BDO Unibank, Inc. For policy-related inquiries and concerns, please call our BDO Life Customer Care Hotline at (+632) 8885-4110 or 1800-1888-6603 (PLDT Toll-Free).
