Salary Savings Insurance Program (SSIP)

Individual Cases

Salary Savings Insurance

Program (SSIP)
SSIP -- Features

Business owner / authorized officer of the

Contact Person
company
Policy Owner Individual Employee / Member
Individual Employee / Immediate Family
Policy Insured
Member
Type of Policy Contract Individual Policy Contract
Manner of Payment Salary Deduction
Check payment issued by Company to
Type of Payment
Manulife
Manner of Collection Through Manulife agent / Bank deposit

Mode of Premium
Monthly
Payment
SSIP -- Features

Peso-denominated only :
Available Products Affluence Builder, Horizon, Freedom 20/65 / Seasons
Adam / Eve

Amount of Coverage Dependent on Individual Employee’s need / budget

Application Form *Simplified SSIP Application Form

Submitted from 1st to 15th of the month – effective date
should be the 1st day of the following month.
Effective Date of Coverage
Submitted from 16th to 31th of the month – effective
date should be the 15th of the following month

a. Convert the policy to regular premium bill and to

any mode of premium payment
Upon Employee’s Separation
b. Surrender the policy for a Cash Surrender Value, if
any.
Products Offered Under SSIP
How to start?

Submit
Franchise form

Schedule a •Presentation of SSIP concept. Find out If client has the

facility/system to support salary deduction of employees/members.
meeting with
HRD •Discuss Service fee

•Acceptance letter, MOA, Business

Submit to BDS all Registration Documents (SEC, Articles
of Inc, By-Laws, and General Information
necessary Sheet or DTI)
•Secure Franchise Number to Group
documents Sales

Conduct
Financial
Wellness Session

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How to start?

One on One
appointment with
prospect employee

•Signed SSIP Application Forms (minimum of 5

individual application forms)
•Non – med application forms (if required)
Submit to BOA/CSO all •Signed Proposal
necessary documents •Photocopy of IDs
•4 copies of Authorization for Salary Deduction Form
•Agent will issue Conditional Cover

BOA will submit the

documents to NB c/o Abby
Guevarra

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SSIP New Business Sales Process
NB will underwrite and
assign policy number
Initial payment must be
collected by the IA.
TAT for Clean Case: 2 to 3 Succeeding Premium will be
days billed by Manulife through
Completion period for all Payroll
requirements for
traditional cases: 2 weeks

Issuance of Policy
Release Policy Contract
Contract by sending it
to agent (through
Manulife Branch) TAT: 3 to 4 working days
from approval
TAT: 1 to 2 days
SSIP Billing & Collection: Collection of
Subsequent
• SSIP billing will be
sent via registered
mail and email
softcopy (pdf form)
to the Client
Company and • B&C to reconcile
agent PAYMENT payment with the
fifteen(15days) Remittance List
before the due date. provided by the
• Payroll Officer of the client
• Billing will be run Client Company shall • *hardcopy &
every 15th of the prepare: softcopy must be
month for next • 1. Check payment provided. For
month due • 2. Final Remittance List softcopy, it should
• Example: be password
• Jan 15 Run – for protected
February dues
RECONCILEMENT
SSIP
BILLING
Reminder: Don’t forget to mark the SSIP tick box
on E-prop

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SSIP Underwriting Guidelines
Issue Age Issue Age
Face Amount / Product
0-50 51-70

SSIP application form +

Php 1,000,000 and below SSIP application form only long non-med
questionnaire

Php 1,000,001 and up SSIP application form + long non-med questionnaire

Seasons with CI, Adam, Eve SSIP application form + long non-med questionnaire

Note:
For immediate family members, SSIP application form + long non-med
questionnaire will be used regardless of age and FA.

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Sample Commission Schedule

SSIP
Regular
Product Name Band Commission
Commission
Rate at 5%
Manulife Freedom at 65, 10pay Band 1 & 2 30% 27%
Manulife Seasons, 15 pay Band 1-3 30% 27%
Eve, 10 pay Band 1-3 30% 27%
Adam, 10 pay Band 1-3 30% 27%
Manulife Affluence Builder, 5 pay n/a 30% 25%
Horizons Min, 10 pay Band 1 35% 30%

For Variable Life products, 1.5% reduction in top-up commission rates will apply regardless of
service fee level

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SSIP PC Factors/Case Counts

PC Factors/Case Counts
PC Factor for Base products is equivalent to 100%. All attached riders will
have a PC factor of 100%. PC is based on agents’ commission, excluding
service fee paid to the client.
For traditional products, case count for policies sold through SSIP is as
follows:

Annual Premium Case Count

Php 5,000 to 7,999 0.5

Php 8,000 and up 1

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Notes on SSIP

 Minimum of 5 application forms

 Products included are
Face Amount / Issue Age Issue Age
 Horizons Product 0-50 51-70
 Affluence Builder
Regular
 Adam / Eve Simplified
Underwriting (SSIP
Underwriting (SSIP
 Freedom < Php 1,000,000
application form
application form +
long non-med
 Season only)
questionnaire)

SSIP application form + long non-med

Php 1,000,001 and up
questionnaire
Seasons with CI, Adam, SSIP application form + long non-med
Eve questionnaire
SSIP – Requirements for Closed Cases

Signed Acceptance Letter

Signed Memorandum of Agreement
SEC Registration / Articles of Inc.
 SSIP - Commission & Production Credit

Regular Regular Production

Group Products / Services Case Count
Commission Credit

1 - if the
annualized
premium is 8k
depends on the
Salary Saving Insurance depends on the and up
individual
Program individual product 0.5 - if the
product
annualized
premium is below
8K