CLPP – What is it, and how it benefits you? News & Articles
When you check your Statement of Account online, you may be wondering what the CLPP account due is.
The Coop Loan Protection Plan or CLPP is a group term insurance that covers the loan obligation of the CFI Coop member/borrower.
It reduces the beneficiary’s financial burden upon the borrower’s death since CLIMBS Insurance will pay the deceased member’s insured loan balance.
The effectiveness of the Loan Protection shall commence on the date the loan is released.
FEATURES:
- Loan Insurance for the CFI Coop Member Borrower
- Premium is computed per thousand per month basis
- Protection is usually co-terminus with the term of the loan
- Maximum term of sixty (60) months or five (5) years
ELIGIBILITY:
- Must be a CFI Coop member
- Must be 18 to 99 years old
- Must be in good health, mentally competent, and physically able
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