ARTICLE I: CONTRACT

This Plan contract is issued in consideration of your application and payment of the first Plan installment, including handling and other charges, and is conditioned on our approval of your application.

This Plan contract including the application form, together with any annexes, riders or endorsements duly signed by any of our authorized officers constitutes the entire contract. No statement, promise or inducement made by any person or through any agent, employee or representative not contained herein shall be binding or valid.

This Plan contract may not be amended, endorsed or otherwise changed except through a written document signed by the President, Corporate Secretary, or other officers duly authorized by the Company at the time of the amendment. Any amendment in this Plan contract should be approved by the Insurance Commission, as per CL No. 2016-11.

ARTICLE II: DEFINITION OF TERMS

• In this Plan Contract the words “you” or “your” refer to the Planholder named in the Application. The words “we”, “us” and “our” or the “Company” and “GFLPI” refers to Golden Future Life Plans, Inc.
• BENEFICIARY
  Refers to the person designated by the Planholder, in accordance with law, to receive the Plan’s insurance proceeds and/or pre-need benefits in case of unrendered service. The Planholder has the right to change the beneficiary/ies designated in the application subject to the submission of the Company standard form and approval.
• CONTRACT
  Refers to the Plan contract between GFLPI and the Planholder.
• CONTRACT PRICE
  Refers to the stipulated price of the Life Plan which may be paid either in lump sum or in installments, net of handling fees and other charges, if any.
• GROSS CONTRACT PRICE
  Refers to the stipulated price of the life Plan which includes handling fees and other charges.
• GRACE PERIOD
  Refers to the sixty (60) day period given to the Planholder within which to pay accrued installments due, counted from the due date of the first unpaid installment. During the Grace Period, the Life Plan is still considered valid and in force.
• LAPSED PLAN
  Refers to a delinquent Plan which has remained unpaid beyond the grace period. A lapsed Plan has no force and effect.
• MEMORIAL SERVICE BENEFIT
  Refers to the Plan value of the chosen Life Plan purchased in consideration of the full payment of the gross contract price, as described under Article IV of this Plan contract.
• PAYING PERIOD
  Refers to the number of years you have to pay for the Gross Contract Price of the Plan in monthly, quarterly semi-annual, annual installment or lump sum.
• PLAN
  Refers to the memorial life/cremation plan covered by this plan contract.
• PLAN ANNIVERSARY
  Refers to a day recurring on the same date as the Plan’s issue date each year.
• PLAN INSTALLMENT
  Refers to the monthly, quarterly, semi-annual or annual installment amounts paid by the Planholder.
• PLAN TERMINATION VALUE
  Refers to the amount payable upon the termination of this Plan contract as indicated in the Plan Termination Value Table attached to this Plan contract.
• PLAN VALUE
  Refers to the value of the benefits which the Company undertakes to administer for the memorial service package which the Planholder’s family may incur by reason of the Planholder’s death. The Plan Value is the Memorial Service Benefit at the time of death of the Planholder.
• PLANHOLDER
  Refers to the person named in the Life Plan Application Form who purchased the life Plan for whom or for whose beneficiary/ies’ benefits are to be delivered, as stipulated and guaranteed by the pre-need Company. The term includes the assignee, transferee and any successor-in-interest of the Planholder.
• REINSTATEMENT PERIOD
  Refers to the two (2) year period after the end of the grace period given to the Planholder to re-activate the lapsed Plan.
• DUE DATE
  Refers to the date when the Planholder’s installment should be paid.
• TAHANAN SERVICES
  Refers to the Residence, Home or other Burial Viewing Venue chosen by the Planholder or his/her assignee/s other than the memorial chapel.
• CERTIFICATE OF FULL PAYMENT
  Refers to GFLPI’s duly-signed certification stating that the plan has been fully paid.
• ACTIVE PLAN
  Refers to an up-to-date plan for which GFLPI has an outstanding obligation, either for (1) delivery of memorial service or (2) payment of termination value.
• MEMORIAL SERVICE
  Refers to administration of (1) mortuary and (2) mortuary/crematory services performed exclusively by accredited Servicing Mortuary/Crematory.
• SERVICING MORTUARY/CREMATORY
  Refers to the mortuary/crematory or memorial servicing tie up accredited by GFLPI which renders the memorial services stipulated hereunder.
• EFFECTIVE DATE
  Refers to the date when at least One (1) Modal installment has been accepted and the purchase has been approved by GFLPI with the issuance of the life plan contract as indicated herein.

ARTICLE III: ELIGIBILITY

If the age of the Planholder was misstated in the life Plan application form and said true age at that time was beyond the maximum entry age, the Planholder or the beneficiary shall not be entitled to any of the benefits of the Plan contract. All payments made shall be refunded accordingly without interest, provided, that the Planholder or his/her beneficiary/ies surrender the Plan contract and all supporting documents associated with the same. After all payments made to the Planholder or to his beneficiary/ies, the Company shall be discharged from any liability or obligation under this contract.

ARTICLE IV: PLAN BENEFITS

1. MEMORIAL SERVICE BENEFIT
   In consideration of the full payment of the Gross Contract Price, GFLPI guarantee, subject to the terms and conditions of this Plan contract, to arrange and provide for the memorial services and such other furnishings for the final rites and burial services, as indicated in this contract, upon death of the Planholder or his assignee/s. The administration of such services shall be performed exclusively by the accredited Servicing Mortuary/Crematory.
   
   
2. PROFESSIONAL ADMINISTRATION OF MEMORIAL SERVICE
   In case of Planholder’s death, GFLPI shall render professional administration of the memorial service package through its accredited servicing mortuary/crematory.
   
   

   PHASE I: FIRST CALL
   GFLPI shall act as the Planholder’s administrator to see to it that the servicing mortuary personnel shall coordinate with the authorized family representative for the release of the body from the place of death, assist in processing of the death certificates from the place of death or attending physician and transport the body to the mortuary.

   PHASE II: PRESERVATION, COSMETICS AND ARRANGEMENT
   GFLPI will see to it that the servicing mortuary performs the following initial services: proper preservation of the body, restoration of disfigured features, when possible, and application of needed cosmetics on the body and placement of the body in the chosen casket. For Cremation packages, GFLPI will see to it that the servicing mortuary performs a solemn and dignified cremation service.

   PHASE III: FINAL ARRANGEMENTS AND VIEWING
   GFLPI will see to it that the servicing mortuary takes care of the arrangements and provides facilities for the dignified and solemn viewing of the body in the mortuary, church, temple or home. Final Consultation with the family will be undertaken on the details of the arrangements.

   PHASE IV: INTERMENT
   GFLPI will see to it that the funeral cortege leaves on time as scheduled, provide an appropriate coach for the deceased, appropriate music upon request, and coordinate activities to the satisfaction of all ethnic and religious groups.

   Any of the abovementioned services provided by the servicing mortuary shall be covered by this contract. All other services requested by the Planholder’s and/or assignee’s family and performed by the servicing mortuary or other mortuaries shall be for the account of the Planholder’s and/or assignee's family.

3. TRANSPORTATION
   If the Planholder's death occurs or his body otherwise requires transport within 25 kilometers from the Servicing Mortuary, GFLPI shall provide transport of the body with no additional charge to the Mortuary premises and facilities. However, if the aforementioned distance exceeds the 25 kilometers, GFLPI likewise agrees to provide assistance in arranging the contracted memorial service, provided that any additional expense for transportation beyond the stated distance shall be borne by the Planholder's family.
   
   
4. EXTRA SERVICES AND ITEMS NOT INCLUDED
   GFLPI will use all reasonable effort to provide such extra services as may be requested by the Planholder's family to ensure satisfaction, with the understanding that any additional cost for services not included in this Plan contract or beyond the memorial service benefit shall be borne by the Planholder's family, heirs, or beneficiary/ies.
   
   

   The Plan value in this Plan contract shall be used to pay only the items of memorial services described under Article IV and does not include the cost of the cemetery lot, niche or crypt, cremation, obituary or thank you notice, burial and interment charges by the cemetery or memorial park, additional copies of the death certificates, cost of autopsy, embalming charges beyond the agreed period, charges for viewing in church or temple, services of a priest or minister, and such other expenses not included in this Plan contract. The cost of additional extra services shall be borne by the Planholder's family, or beneficiary/ies and shall be paid directly to the servicing mortuary or provider of the excluded items.

5. REQUEST FOR RENDITION OF MEMORIAL SERVICE
   GFLPI shall have the sole and exclusive right to make all negotiations and necessary arrangements with the accredited servicing mortuary/crematory in connection with the Memorial Services provided for in this Contract.
   
   

   It is understood and agreed that upon actual need, time is of the essence, therefore, it is the responsibility of the Planholder, or his/her beneficiary/ies to give immediate notification in person, by telephone or other form of communication in order to make the necessary arrangements for the rendition of memorial services.

   If the Planholder's family will negotiate directly with another mortuary for the rendition of memorial services, the Plan will be considered unrendered, and the provision on Unrendered Service under Article XX shall be applied.

ARTICLE V: GROSS CONTRACT PRICE

In consideration of the memorial services and other terms stipulated herein, the Planholder shall pay the gross contract price in the manner stated in this contract. Payments due shall be paid to GFLPI at its principal office or at any of its designated offices and/or to duly authorized persons as GFLPI may designate in writing from time to time without the need of notice or demand. GFLPI only honors payments with Official Receipts. If a Planholder, who is not qualified under Credit Life Insurance coverage, as provided under Article VIII, dies before full payment of the gross contract price, the unpaid balance shall automatically become due and demandable and must be fully settled before the memorial service can be rendered.

ARTICLE VI: GRACE PERIOD

The Planholder is given a grace period of sixty (60) days from the due date of the first unpaid Installment in default within which to pay the accrued installments due, and if it is not paid after said period, this contract shall lapse.

If the Plan becomes delinquent beyond the grace period despite written notice that the Plan shall lapse and if no payment is made within the grace period, then this contract shall by operation of law be considered automatically lapsed and without force or effect. However, the Planholder may opt to reinstate this Plan contract in accordance with the provisions of the following article.

ARTICLE VII: REINSTATEMENT

If the Planholder does not remit the installment within the grace period, reinstatement may be made within the reinstatement period. The Planholder may do so under two (2) conditions.

FIRST, the Planholder has to submit an application for reinstatement, in a standard GFLPI form provided, for approval of the Company.

SECOND, all overdue installments are paid with surcharge at a rate prevailing at the time of reinstatement, plus processing fee and other charges, if any.

The Planholder may also reinstate this Plan contract by redating, that is by paying one (1) current installment at the current rate and terms plus processing fee and other charges, if any.

If the Planholder is still insurable, the contestability period starts anew for a period of one (1) year from date of approval of the request for reinstatement, but such coverage shall be for the remaining term from the original paying period beginning from the date of inception of the original Plan. However, if the Planholder is no longer insurable, he/she may opt to continue paying for this Plan without any insurance coverage.

The Planholder has two (2) years from the end of the last grace period to reinstate this Plan contract. If this contract lapsed and despite written notice to the Planholder that this Plan contract shall be cancelled if not reinstated within the period, and still no reinstatement was made before the end of the two (2) years reinstatement period, this Plan contract shall be automatically cancelled and all payments made shall be forfeited as liquidated damages.

Payment made after this contract has lapsed without submitting an application for reinstatement will only be treated as a deposit, and will be applied to reduce the outstanding balance of the gross contract price of the Plan, in case this contract is eventually reinstated. Otherwise, the liability of GFLPI shall be limited only to the return of such payments to the Planholder.

A lapsed Plan of a deceased Planholder can no longer be reinstated.

ARTICLE VIII: INSURANCE COVERAGE

We shall enroll the Planholder under a group life insurance policy issued by a reputable insurance Company (“insurer”), provided the Planholder is physically and mentally able to perform the usual and normal duties of their occupation as represented in the life Plan application form, not below 18 years of age at the inception of the Plan for coverage of insurance and is approved by the Insurer. Your insurance coverage shall be subject to the terms and conditions of the said insurance policy.

1. CREDIT LIFE COVERAGE

   The Group Credit Life Insurance Coverage includes the unpaid balance of the gross contract price. In case the Planholder between the age of eighteen (18) years but not over sixty-five (65) years of age at the time of purchase of the Plan, dies during the paying period of five (5) years and is not over 70 years old, while the Plan is still in force, and the claim for Group Life Insurance is approved, the proceeds shall be applied to the unpaid balance of the gross contract price.

   This insurance coverage shall terminate upon the death of the Planholder, or at the end of the paying period of this Plan contract, whichever comes first.

2. TOTAL AND PERMANENT DISABILITY BENEFIT

   If the Planholder becomes totally and permanently disabled for a period of six (6) consecutive months resulting from any bodily injury or disease, and is prevented from engaging in any and every occupation, profession or business for compensation or profit and will be disabled for life, the Planholder may apply for a disability claim under this Plan contract, upon submission of due proof of Total and Permanent Disability within ninety (90) days after the occurrence of such disability. If the disability claim is approved, the proceeds shall be applied to 100% of the balance of the gross contract price, provided said disability occurs within the paying period and the Planholder is between eighteen (18) years and is not over sixty five (65) years of age at the time of purchase of the Plan.

   Pending approval of the disability claim by the lnsurer, Planholder shall continue to pay for the installments as they fall due.

   Once the claim is approved, all installment payments which the Planholder may have made from the date of disability up to the time of approval shall be refunded to him/her provided that the Planholder have not yet attained the age beyond sixty five (65) years on the date of disability.

   This insurance coverage shall terminate upon approval of the Planholder’s disability claim or upon attainment of age beyond sixty five (65) years, whichever comes first.

3. COMPREHENSIVE ACCIDENT PROTECTION (ACCIDENTAL DEATH AND DISMEMBERMENT)

   If the Planholder suffers a loss of directly and independently of all other causes, any bodily injury affected solely through external, violent and accidental means, within one hundred eighty (180) days from the said accident, the Planholder, if living, otherwise to his designated beneficiary/ies, shall be indemnified an amount equal to the benefits stated in the Schedule of Losses:

   Accidental Loss of:	Benefit (in percentage [%] of the outstanding balance)
   Both hands	100
   Both feet	100
   Sight of both eyes	100
   One hand and one foot	100
   Either hand or foot and sight of one eye	100
   Hearing of both ears	100
   Speech	100
   Sight of one eye	50
   Either hand or foot	50
   All four fingers and thumb of either hand	40
   Thumb	20
   Fingers of one hand
   - Index finger	10
   - Middle finger	5
   - Ring finger	3
   - Little finger	2
   Toes on one foot
   - All	10
   - Big toe	5
   - Any toe other than big (each)	1

   
   

   If the Planholder dies at any time within the paying period, and while this Plan is still in-force, the Planholder between eighteen (18) to sixty five (65) years of age (not beyond his/her 65th birthday) at the time of purchase of the Plan, shall be indemnified for the amount equivalent to the remaining balance given to the beneficiary/ies,.

   This insurance coverage shall terminate upon the death of the Planholder, or at the end of the paying period of this Plan contract, whichever comes first.

   Above insurance coverages shall be subject to the standard exclusions and automatic discontinuance provisions stipulated under the master policy between GFLPI and the insuring Company.

4. BURIAL BENEFIT (TERM INSURANCE)

   If the Planholder who is eighteen (18) years until sixty-five (65) years of age at the time of purchase of the Plan dies within the paying period or before reaching his/her 65th birthday, whichever comes first, a Burial Benefit amounting to Philippine Peso Twenty Five Thousand Only (Php 25,000) shall be provided to the beneficiary/ies.

   Moreover, upon death of the Planholder within five (5) years after full payment of the Plan or up to his/her 65th birthday, whichever comes first, a Burial Benefit of Philippine Peso Twenty Five Thousand Only (Php 25,000) shall be provided to the beneficiary/ies. In case of spot cash purchase, the validity of the Burial Benefit shall be for ten (10) years from effectivity date or up to the Planholder’s 70th birthday, whichever comes first.

ARTICLE IX: GUARANTEE

In consideration of the full payment of the Gross Contract Price, GFLPI guarantees that the memorial Plan purchased by the Planholder shall be performed or delivered by the servicing mortuary in accordance with the Plan at the time it is needed by the Planholder, subject to all conditions herein provided for, and the submission of the pertinent contract and other necessary documents to the branch office concerned.

The Plan cannot be used within thirty (30) days from effectivity or date of reinstatement.

ARTICLE X: INCONTESTABILITY

After this Plan contract shall have remained in force for one (1) year, the Insurer can no longer contest any claim for insurance, for which benefits described under Article IV are due except for the reason that any Plan Installment due, including handling and other charges has not been paid. If this Plan contract lapses but is reinstated afterwards, the one (1) year contestability period shall start again on the date of approval of the request for reinstatement.

ARTICLE XI: BENEFICIARY

The Planholder has the right to change the beneficiary/ies designated in his life Plan application form.

If the Planholder do not qualify for the insurance benefits under the group life insurance policy and dies during the paying period, or if the Plan contract is issued with insurance benefits but the claim for insurance is disapproved by the insuring Company, the beneficiary/ies shall have the following options to choose from:

1. Request for the transfer of the Plan in his/her name with payment of transfer fees and after approval of the request for the transfer, the beneficiary may continue paying the balance of the gross contract price. The beneficiary shall be entitled to the memorial service benefit only; or
2. Terminate this Plan and avail of the Plan Termination Value.

ARTICLE XII: PLAN TERMINATION VALUE

This Plan may be terminated and the Planholder/Beneficiary/ies may receive termination value in two (2) instances:

1. When the Planholder’s beneficiary/ies choose to receive the termination value of the Plan in case of “Unrendered Service” for an amount in accordance with the Table of Termination Values attached herewith, or
2. When the Planholder chooses to surrender his/her contract by written notice or application for the termination value of the Plan, if any, in accordance with the Table of Termination Values attached hereto.

Any installment received by GFLPI after termination of this contract, shall be refunded to the Planholder and/or beneficiary/ies and shall not create any liability on the part of GFLPI.

After the Plan Termination Value has been paid, GFLPI shall be discharged from any liability or obligation in this contract.

ARTICLE XIII: ASSIGNMENT / TRANSFER

1. The privileges and benefits of the Memorial Services described herein may be assigned to any deceased third person, subject to the following conditions:
   1. he Plan is up-to-date or updated in the payment of installment/s. A lapsed Plan cannot be assigned.
   2. The assignment shall be in writing duly signed by the Planholder, using the proper GFLPI form/s and delivered to GFLPI or its duly authorized representative for confirmation and approval of GFLPI.
   3. The outstanding balance, if any, must be fully paid before the memorial service can be effected.
   4. Any insurance coverage provided herein to the Planholder shall automatically terminate.
   5. The Plan cannot be assigned within 30 days from effectivity or date of reinstatement.
   6. Assignment of the Plan shall require the payment of the necessary assignment fees for processing and administration.
2. The Planholder may also transfer his/her rights and privileges under this Plan contract to another person living at the time of the transfer subject to the following conditions:
   1. The transfer may be made only after three (3) months from the effective date of the Plan, provided it is up-to-date or updated at the time of transfer. A lapsed Plan cannot be transferred.
   2. The transfer shall be in writing, using the proper GFLPI form/s and with the written conformity of the transferee who shall be required to qualify as a new Planholder, and delivered to GFLPI or its duly authorized representative for confirmation and approval.
   3. The transferee shall continue the payment of the installments of the contract price, if any, and shall assume all the obligations of the transferor under this contract. The insurance coverage of the transferee, if qualified, shall be subject to a contestability period of one (1) year from the date of transfer and upon approval of the insuring Company.
   4. Any insurance coverage provided herein for the transferee shall only be for the remaining term from the original paying period from the date of inception of the original Plan.
   5. Transfer of Plan will require the payment of the necessary transfer fees for processing and administration.
   6. The transfer shall be subject to the same terms and conditions of this Plan contract.
   7. A reinstated Plan may be transferred.

A Plan which has lapsed for more than two (2) years becomes automatically terminated and cancelled and therefore cannot be transferred nor assigned.

GFLPI is not bound by any transfer of this Contract if it is not recorded and approved at GFLPI’s principal office or any of its authorized branch offices. GFLPI cannot be responsible for the validity or effect of such transfer. The transfer shall be effective only upon the approval of GFLPI, payment of the transfer fee and the issuance of a new contract to the new Planholder.

ARTICLE XIV: TRUST FUND

GFLPI shall deposit with a Trustee Bank all amounts required by the Insurance Commission for the exclusive payment of the memorial services contracted for by the Planholder. The trust fund shall be administered and maintained in accordance with the trust agreement and the Pre-Need Code.

ARTICLE XV: TERMINATION

This contract shall automatically end:

1. upon surrender of this Plan contract for its Plan termination value; or
2. if this Plan contract remains lapsed at the end of the Reinstatement Period despite written notice; or
3. after GFLPI have rendered the professional assistance and services as provided in this Plan contract; or
4. after GFLPI have paid the corresponding amount to the beneficiary/ies due to unrendered service; or
5. Upon transfer of this Contract to another person.

Any installment received by GFLPI after termination of this Contract, shall be refunded to the Planholder and shall not create any liability on the part of GFLPI.

ARTICLE XVI: FORTUITIOUS EVENTS

The parties herein expressly agree that GFLPI shall not be liable for any inconvenience, loss, damage or delay that may be sustained by the Planholder, or his/her assignees resulting from fire, flood, earthquake, war or civil disturbance, extra ordinary economic upheavals, strikes or any labor disputes, government regulations, acts of God, or other fortuitous events or condition beyond the control of GFLPI in connection with the implementation of obligation under this Contract.

The foregoing notwithstanding, the provisions on Unrendered Service provided in Article XX shall still apply.

ARTICLE XVII: TAXES AND FEES

The gross contract price stated in this Plan contract does not include any tax or fee which any law or regulation may impose in the future. If during the effectivity of this Plan contract, the contract price or the benefits are subjected to any tax or fee, said tax or fee will be charged to the Planholder or its beneficiary/ies, as the case may be.

ARTICLE XVIII: LIMITATION OF ACTION

No legal action under this Plan contract shall be filed after five (5) years from the time the cause of action accrues.

ARTICLE XIX: WAIVER OF ARTICLE 1250

The provision of Article 1250 of Republic Act No. 386, otherwise known as the Civil Code of the Philippines which states that in case an extraordinary inflation or deflation of the currency stipulated should supervene, the value of the currency at the time of the establishment of the obligation shall be the basis of payment, unless there is a contract to the contrary, shall be waived in determining the extent of benefits or liabilities under this Contract.

ARTICLE XX: UNRENDERED SERVICE

If GFLPI cannot render the memorial service at the time of death of the Planholder, due to circumstances beyond the control of either Planholder’s family or the Company, or due to the circumstances described in the Fortuitous Events Provisions, the beneficiary/ies shall have the following options to choose from:

1. Request for the transfer of the Plan in his/her name with payment of transfer fees and after approval of the request for transfer, the beneficiary may continue paying the balance of the gross contract price. The beneficiary shall be entitled to the memorial service benefit only; or
2. Terminate this Plan and avail of the Plan Termination Value.

ARTICLE XXI: JURISDICTION AND VENUE

The Insurance Commission shall have the primary and exclusive power to adjudicate any and all claims involving pre-need Plans. If the amount of pre-need benefits does not exceed One Hundred Thousand Pesos (Php 100,000.00), the decision of the Insurance Commission shall be final and executory.

IMPORTANT NOTICE

The Insurance Commission, with offices in Manila, Cebu and Davao, is the government office in charge of the enforcement of all laws related to pre-need and insurance and has supervision over pre-need and insurance companies and intermediaries. It is ready at all times to assist the general public in matters pertaining to pre-need and insurance. For any inquiries or complaints, please contact the Public Assistance and Mediation Division (PAMD) of the Insurance Commission at 1071 United Nations Avenue, Manila with telephone numbers +632-5238461 to 70 and email address [email protected]. The official website of the Insurance Commission is www.insurance.gov.ph.