CLIMBS COOP LOAN PROTECTION PLAN'S (CLPP's) FIRST MEMBER - BENEFICIARY

San Dionisio Credit Cooperative has gone into a tie-up with Coop Life Insurance and Mutual Benefit Services (CLIMBS) in insuring the loans of its members. As a result, the former Social Fund Loan Protection Program (SFLP) has been changed to Coop Loan Protection Program (CLPP), which has the following guidelines:

  1. Loans of members, except the rice, medicine/consumer and health care loans are covered by CLPP effective February 1, 2010. Premium is deducted, one time, from the net proceeds of every loan released to members, subject to the policies set by SDCC.

  2. SDCC will pay the premium to CLIMBS, subject to semi-annual renewal.

  3. At the time of the member's death, the remaining balance will be paid by CLIMBS to SDCC and the portion paid by the member during the six (6) month period covered by CLPP will be paid to beneficiary.

Deceased member, Lindasol Anastacio, who died last May 22, 2011 was the first member who qualified under the CLPP service of SDCC. Her daughter, Mrs. Violeta A. Hernandez, also a member, and Mrs. Anastacio's beneficiary, received the benefit from CLIMBS. (Shown in photo from left – Ms. Vivian D. Alcantara, Finance Department Manager, Ms. Cielito L. Garrido, Chief Executive Officer (middle) and Mrs. Violeta A. Hernandez, member-beneficiary).