Direct Online Payment > Terms and Conditions

Terms and Conditions

(as of July 12, 2011, 4th edition)


This terms and conditions is only applicable to Paramount Direct (Direct Marketing Web Site of Paramount Life & General Insurance Corporation).

Updates / Changes :


Additional terms and conditions where added for the Global Travel Protect as seen needed made this 12th day of July of the year 2011.

Please see those with * below as an indication of the details that are recently added/modified.

Definition of Terms


  1. Company – refers to Paramount Life & General Insurance Corporation.
  2. Client – refers to the credit card holder/owner.
  3. Policy Holder – refers to the owner of the insurance policy.
  4. Policy – refers to the insurance contract
  5. Billing Statement – refers to the web page containing the details or summary of what the credit card holder wants to pay.
  6. Premium – refers to the insurance fee to be paid by the client
  7. Default – refers to the failure to pay the insurance premium on or before the due date
  8. Deposit – refers to the safekeeping of the excess premium payment which may be applied as payment to the next premium due if sufficient enough to cover the one modal premium due; it can also be refunded by written request of the client as per charged to client's credit card using PesoPay.
  9. Inforce – refers to an active policy
  10. Lapsed – refers to an inactive policy
  11. Reinstatement – refers to the act of reinstating the lapsed policy into inforce status.
  12. Merchandise – refers to the insurance contract which can be in any form as per approved and licensed by the Insurance Commission of the Philippines or is related to the insurance industry.
  13. History of Payments – refers to the document given to the policy holder containing their payment details from the date of their first payment to the date of their last payment. This is only for insurance products with a recurring payment of premium.
  14. Bank Statement – refers to the Credit Card Billing Statement or Statement of Account received by the credit card holder from their issuing bank.
  15. Credit Memo Advise – the credit memo given by Banco De Oro every time there is a deposit on Paramount Life & General Insurance Corporation's Savings Account.
  16. Acknowledgment Letter – refers to the letter issued by the company to acknowledge payment received which is addressed to the policy holder.
  17. MedAsia Philippines – is the affiliated company of Paramount Life & General Insurance Corporation. It is the source of the list of accredited hospitals where the policy holder may avail the benefits of the ER Card Plus. Said list is regularly updated to reflect additional and/or deleted hospitals.
  18. ER Card Plus – is an insurance policy that mainly provides Emergency Room Coverage and Accidental Death benefits as indicated in the ER Card Kit.
  19. ER Card Kit - includes the wallet-sized card, an insert stating the lists of accredited hospitals and its policy exclusions.
  20. ER Card PIN – is the pin that is used for the card activation. It is covered by a protective coat material that can be scratched to reveal the ER Card Pin.
  21. MAPFRE Asistencia of Spain – is the partner of Paramount Life & General Insurance Corporation in providing worldwide comprehensive travel insurance to clients coming from the Philippines to international destinations. ii. *Global Travel Protect – is an insurance policy that provides comprehensive travel insurance mainly for medical and financial assistance that the policy holder may need while traveling abroad (outside of the Philippines) as indicated in the policy contract.
  22. Asia – are for travel that is only around Asian countries as defined in our database and reference by Country Desired for each selected Destination in the Payment Page.
  23. Schengen - are for travel that is only around the European states that is part of and current member of the Schengen agreement as of March 2011 which is defined in our database and reference by Country Desired for each selected Destination in the Payment Page.
  24. Worldwide – are for travel that is not around Asian countries or Schengen countries but other parts of the world as defined in our database and reference by Country Desired for each selected Destination in the Payment Page; a combination of Asian countries/Schengen countries plus another country/ies that is not a member of either of the two groups or a combination of both of the two groups.
  25. Individual for Global Travel Protect - are for single policy holders who availed of the Global Travel Protect with age from 1 year old to 75 years old. Please see surcharge for certain ages in the Condition section.
  26. Family for Global Travel Protect – are for policy holders who availed of Global Travel Protect with a maximum of two adults and two minors (below 18 years old) and a minimum of two persons with a combination of one adult and one minor or two adults/two minors whose age is up to 75 years old only. Please see surcharge for certain ages in the Condition section.

Conditions


The terms and conditions in the policy contract will always apply first.

For policy/ies that need to be mailed / e-mailed first, to your local / e-mail address specified by you, for your study before payment please be reminded that by agreeing to this Terms and Conditions that you also hereby attest that you have received, read and agreed to all the provisions in your policy.

*For policies such as Global Travel Protect :

  1. you must be in good health and within the Philippines prior to your purchase of the policy
  2. you are given at least 24 hours to a maximum of 72 hours before your travel outside of the Philippines to review the policy and act on it, otherwise, we will consider that you agree with the policy if we hear nothing from you within that time

The billing statement does not constitute an assurance that the policy is inforce. If there is a default in the payment of any premium or any interest or a violation of any of the provisions or conditions of the policy, the billing statement is not a waiver of any of the Company's rights or defense under the policy. The payment of premium should be made on or before its due date or within thirty-one (31) days from due date.

The billing statement shall not bind the Company for any payment covered by check or other forms of remittance unless such remittance is promptly honored upon due presentment for payment.

The payment, if sufficient, shall be applied to the premium due on the policy provided that such policy is inforce on the date of payment. In case this payment is insufficient, or said policy has lapsed before this payment, the amount receipted shall be treated as deposit only until the amount actually due is paid in full or until said policy, if lapsed, is reinstated.

Should there be no reinstatement within a reasonable time, your deposit shall be refunded. No person can make, alter, discharge, or amend contracts or waive forfeitures.

Purchase of ER Card Plus does not guarantee coverage unless the policy holder :

  • qualifies/satisfies the eligibility age requirement;
  • has properly activated the card;
  • and nature of emergency is not listed in the exclusions of the ER Card Plus.

We do not issue an Official Receipt for any transaction made online as the Official Receipt issued is only for the Credit Memo Advise from Banco De Oro which contains the multiple transactions made for a specific period of time. Your bank statement will serve as reference for every successful transaction with us. At the same time, we will send you an Acknowledgment Letter for your premiums paid. Otherwise, you may request for a copy of your History of Payments for reference purposes.

All premiums/fees are tax inclusive.

The Time Zone that is referred and will only be used in this entire website is of Makati City, Metro Manila, Philippines from www.worldtimezone.com with the specific link of http://www.worldtimezone.com/time/wtzresult.php?CiID=4644&forma=24h which follows the Standard Time Zone of GMT/UTC + 08:00 hour.

Void / Refund of Transaction :

  1. A transaction maybe voided or refunded if a valid reason, other than death, exists such that :
    • Voiding of transaction may be given / allowed / made for transactions received from 12:01 am to 3:00 pm on that day (transaction date).
    • Auto-refund may be given / allowed /made for transactions received after 3:00 pm of transaction date to fifteen (15) days at 3:00 pm.
    • Manual refund request may be given / allowed / made for transactions received after 3:00 pm of fifteen (15) days to 4:50 pm of one (1) month after transaction date.
    • If no request was made beyond what was stated above and/or there is no valid reason to void or refund the said transaction, it will be considered as good and valid since the insurance owner were considered covered by their insurance policy during those time.
  2. Only reason/s stated below shall be initiated by us following the scheduled period of time for refund stated on condition number one (1) under Void/Refund of Transaction in this document:
    • products that are sold and can only be used in the Philippines which require a local address for delivery of merchandise whereas it was accidentally bought by clients that reside outside the Philippines with no local address found in our database.
    • if the insurance product that the client availed is purely for hospitalization confinement with no life and/or accidental death benefit such that the policy was still paid even after the date of death of the insurance owner.
  3. For recurring payments with reasons of death of insurance owner where the policy is still paid for more than a month even after the date of death of the insurance owner up to the time the company is informed , the following refund procedure shall apply:
    • if no action or request was made prior to the collection of the benefit, the client's refund shall be added to insurance owner's benefit where the client is either the insurance owner or not.
    • otherwise, the refund procedure shall depend on the written request made by the beneficiaries and/or client.
  4. Refund for the ER Card Plus maybe availed only if the following requirements are all met :
    • the protective coat of the ER Card PIN is not tampered in anyway
    • the ER Card Kit is still intact, free from dent/scratches/any marks
    • the ER Card Plus is still not expired during the refund process
    Whereas a 15% service fee will be deducted from the total amount paid.
  5. Refund for the Global Travel Protect maybe availed only if the policy holder has requested for the cancellation of the said policy either through email or phone call a day before his/her travel abroad (outside of the Philippines) whereas a 15% service fee will be deducted from the total amount paid.
  6. *A 100% Auto-Refund will be made for transactions deemed as suspicious or fraudulent in nature whereas we are not obliged to make any effort to contact you prior to our action.

Mode of Payment :

  1. Recurring Payment :
    • a batch payment maybe made for multiple policy number/s with similar mode of payment only whereas the credit card shall be charged at a specific time interval for a period amount of time depending on the product with the least / minimum length of payment period or as per entered by the user, regardless of the due date of the insurance policy/ies such that :
      • monthly interval for mode payment that recurs monthly
      • three (3) months interval for mode payment that recurs quarterly
      • six (6) months interval for mode payment that recurs semi-annually
      • one (1) year interval for mode payment that recurs annually
  2. One Time Payment
    • a single/batch payment maybe made for a single/multiple policy number/s even with different mode of payment whereas the credit card will only be charged once depending on the total amount accumulated for that transaction, regardless of the due date of the insurance policy/ies so long as the client indicates the policy number/s involved for that transaction in the REMARKS field of the payment page.

Shipment Costs

  1. Shipment of merchandise within the Philippines shall be free of charge for areas deliverable by the following couriers :
    • Philippine Postal Office
    • LBC Express
    • JRS Express
  2. For shipment of merchandise outside the Philippines and usage of couriers specified by the client other than what is mentioned at condition number one (1) under Shipment Costs of this document, even if it is within the Philippines, shipment fee will be charged as per rated by the courier which will be utilized during that transaction period.

Claims

Payment of premiums does not guarantee your benefits as provisions in your policy shall still apply.

Changes for this Terms and Conditions

*Any major changes, revisions or updates that will be made to this Terms and Conditions shall be properly announce and indicated in the beginning of this document.

Copyright 2011

This document is the sole property of Paramount Life & General Insurance Corporation and any amendment shall be solely made only by its authorized officer/s. It may be printed and copied for reading purposes but cannot be altered in any way. It is also solely applicable only to the Direct Marketing Web Site of Paramount Life & General Insurance Corporation. It cannot be used or reference by any web site or entity for any purpose that will give them financial benefits without the consent of proper authority/ies designated by Paramount Life & General Insurance Corporation. *This document is on its fourth edition as of July 12, 2011.