I.  STMC LIFE PLAN LOAN Death is one of the natural things in the world that everybody doesn’t want to discuss. In these dire times, STMC have witnessed the pain death has caused to its general membership and their associated families. As such, STMC have embarked the introduction of pre-need Life Plans in the form of loan offering to all members. This loan portfolio covers a world class memorial service to plan holders in partnership with the chosen provider, St. Peter Life Plan Incorporated. This partnership will provide STMC members with outstanding quality death care service at very affordable prices.

II. ABOUT ST. PETER LIFEPLAN INCORPORATED ST. PETER LIFE PLAN, INC. (SPLPI) is a Filipino-owned pre-need death care company, which offers traditional and affordable Life Plans to all segments of the society. It is registered and licensed with the Insurance Commissions (IC) and is compliant with all pre-need regulations. With over 40 years of experience in death care services, SPLPI maintains more than 250 St. Peter chapels nationwide and several mortuary tie-ups or affiliations with funeral service companies in every major city and key areas all over the Philippines.

III. DESCRIPTION OF SPLPI LIFE PLAN PRODUCTS The life plans offered by SPLPI will be the available options for STMC members. STMC will only offer its membership the option for spot cash and annual mode of payments in order to maximize the full cost of discounts with SPLPI. All life plans have 10% discount on spot cash payments.

A. St. Peter Life Plans with Return of Premiums

B. St. Peter Traditional Life Plans (No Return of Premiums)  

C. St. Peter Cremation Plans (No Return of Premiums)


IV. LIFE PLAN LOAN PROCESSING PROCEDURE: Note: The processing period for Life Plan Loan is up to 10 working days.  

  1. Coop member properly fills-up STMC loan application formand follows the loan processing / approval procedure.

IMPORTANT NOTE: Member-borrower to fully read, understand and completely fill up the required fields of the separate SPLIP application form. In case of any questions, this policy contains an FAQ’s at the end as a guide.

  1. Loan Release and Hand Over of Approved Application Forms to SPLPI
    • STMC will pay SLPI in the form of check
    • SPLPI validates requirements and provides STMC an official receipt
    • After one month, SPLPI will deliver the signed and approved policy of the member to STMC
    • STMC handovers the approved SPLPI Life plan policy, SPLPI plan holder ID and specifically for spot cash mode of payments will include the certification of full payment from SPLPI

V. INTEREST RATE AND TERMS OF PAYMENT In providing the sustainable loan to its membership, STMC is offering the life plan loan at a very affordable and convenient interest rate of 1% per month, straight line calculation.  The maximum term of payment is 3 years.

VI. SAMPLE OF LOAN CALCULATION STMC will offer the life plan loan to its members both in spot cash amount and annual mode.  Member who will avail the St Peter plan via COOP loan are still entitled for spot cash discount of 10% except for annual mode. IMPORTANT NOTE: In the case of annual mode, both STMC and St. Peter Life Plan will have to update the member for a yearly renewal of the same type of loan until such completion of the life plan face value. In the absence of a yearly renewal or in cases of member resignation in STMC, it will become the full responsibility of St. Peter Life Plan agent and the resigned STMC member to discuss the terms of the continuation of payment. This will not be under the scope of STMC responsibility anymore. Sample Life Plan Loan Calculation for STMC is as below (Php) Type of plan : St Francis Total Contract price : 34,200 Spot Cash : 30,780

St Francis
Full payment annual
Terms      36       24       12       12
Principal     30,780.00     30,780.00     30,780.00      6,840.00
Service Fee           615.60           615.60           615.60          136.80
Total Loan     31,395.60     31,395.60     31,395.60      6,976.80
Payment / Payday           593.03           811.05       1,465.13          325.58

Please take note that the payroll code for Life Plan Loan is COOP Emergency Loan account, however entitlement for Emergency Loan will not be affected.