1. Open to all regular and associate members. Age( -69)
2. Minimum deposit of P6, 000.00 and maximum of P30, 000.00 per annum.
3. Interest rate of 6% per annum compounded annually and will be accumulated only on payment of full year premium.
4. Premature withdrawals permitted subject to :
a. Health emergencies -Self or immediate family member
b. Health Saver Insurance Premium Payment.
C. 100% withdrawal permitted; however, minimum balance of P1000 to be maintained for account to stay active.
5. Withdrawals for non-health reason is not permitted, as this plan is for protection during a health emergency, however if member insists, the plan will be terminated and will only bear an interest of 2%
6. After 5 years, member may withdraw the total accumulated balance or transfer the amount to a new
7. Member needs to pay the pledged amount every year. Non-payment will result in
a. Termination of Health Saver plan, and interest for plan will be reduced to 2%
b. Please note that the pledged amount needs to be deposited every year regardless of
8. Requirement to be submitted for withdrawal of savings:
Doctor's prescription/ Receipts/ Medical Certificate/ hospital bills
9. Bundled insurance of Hospital Income Benefit.
a. Hospitalization Income Benefit -(Member and nominated family member 1)P500 * 10 days / policy year
b. Hospitalization Income Benefit -(Nominated family member2) P250*10 /policy year C. Premium - P 500 / annum
d. First year insurance to be paid by member, second year member can pay additionally or will be deducted from Health Saver deposit by NICO and paid as insurance premium.
e. Contestability period: 15 days for natural illness, 3 months for pre-existing
I hereby acknowledge that I have read, understood and agree to the terms of the NICO Health Saver. I also authorize NICO to deduct P500 towards Health Saver Insurance Premium.