Group yearly renewable term plan
Sun Life Philippines shall pay the amount of insurance of an Employee, in the event of his death, to his designated beneficiary or beneficiaries indicated to Sun Life Philippines in writing.
If an Employee dies by suicide less than one year after the Effective Date or date of reinstatement of his insurance, the pertinent provisions of the Insurance Code shall apply. Where no death benefit is payable, Sun Life Philippines shall refund all premiums paid from the Effective Date or date of reinstatement of his insurance to date of death.
Each Employee shall have the privilege to convert his group insurance into an ordinary life insurance policy without Evidence of Insurability.
Free Coverage During Conversion Period
Whether or not the Employee actually applied for conversion and pays the first premium, the amount of insurance he is entitled to convert shall remain in force during the 31 day conversion period.