Good news about CAP Educational Plan

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PMT Forum member abbeytuds shared a bit of good news about CAP Educational Plan. Apparently, all is not lost in this failed pre-need firm.

She said that she went to CAP’s Makati office this week to inquire about her sister’s claims. CAP is still alive, according to her, and although there were only very few staff there, they were accommodating.

The good news is, she was offered payment for the educational Plan ECU-A that her sister fully paid (gross price: P155,560). These were the payment options given to her.

Option 1: Tuition Fee Reimbursement

  • Maximum reimbursement per semester = P19,759
  • Total receivable amount for 4 college years = P158,072
  • Check release takes 1-2 months processing

Option 2: Plan Surrender

  • Check release every 3 months = P7,778
  • Total of 20 payments for 5 years
  • Total Receivable amount for 5 years = P155,560

If the beneficiary of the plan is just about to enter college and the tuition is more or less P19,579.00, Option 1 is definitely the better choice. For the duration of the student’s college years, the tuition will be fully covered.

If, however, the tuition is way lower than P19,579.00 per semester, it might be better to take Option 2. Assuming that the tuition every sem (i.e., every 6 months) is P10,000.00, with Option 2, during the same 6-month period, you can get a total of P15,556.00 (P7,778 * 2). Use P10,000 to pay the tuition then the remaining P5,556 can be used for other expenses.

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In Option 2, since it offers only tuition reimbursement, any extra fund beyond the reimbursed tuition cannot be encashed. That means, if tuition per sem is P10,000, you won’t be able to receive the extra P9,759.

If CAP requires that Option 1 can only be taken if the beneficiary will enter college and that this plan cannot be assigned to another person, then there is no other choice but to take Option 2.

In Option 2, although the total amount to be received after 5 years (P155,560) is similar to the total gross price of the plan (P155,560), the planholder still lost because of the time value of money. With rising inflation, the P155,560 total amount to be received is, in real terms, way lower than this amount. What this means is that it would be better to get all that money right now than later.

In any case, this is still good news for planholders who thought there is no more hope for them with regard to their CAP educational plans. Getting something is, of course, better than getting nothing.

Got some more CAP updates? Have a CAP story to share? Post them here or join the discussion in the CAP Insurance, any experience? forum thread.

  • ishibashi gerlie mendoza

    six months nlang sana babayaran ko , nagsara agad wla nman akong kasalanan doon sila ang nad sara pag 50 years old na sana ako may makukuha na ako!

  • ishibashi gerlie mendoza

    please help how to refund my payments, to cap pension plan?truely yours..

  • ishibashi gerlie mendoza

    nagtiwala ako sa cap pension plan tapos , wla man lang sinabi pinaghirapan ko ang binayad ko buwan buwan pra d ako mlate sa bayaran, tapos nagsara agad may six months psa akong babayaran pero nagsara na sila nataranta na ako malaki na rin ang binayad ko mga 110,000 pesos tapos nagsara lang sila paano naman po ang pera kong binayad.

  • ishibashi gerlie mendoza

    sna nman may magawa ang Philippine government or NGO prasa mga taong naghihirap!

  • Jonathan Mackay

    Hi, Ms Charie Mae Bolilan, I already graduated last 2008 and I also filed my claim on the same year pero wala parin sa list yung name ko. What does that mean? kaylangan ko parin ba maghintay? Hope you can answer … Thanks.

  • Gee Fabricante

    paki sagot naman po.. bali, hinuhulugan pa lng ng parents ko ung payments, tas nag sara daw ung company.then iniisip nila ngayon kung pede pa kaya magamit ung hinulog,or i-refund na lang, kung maari, paano kaya.?alin kaya ang mas possible ??

  • jmarch

    paano na kapag ang claimant ay nagmigrate na sa ibang bansa? Paano at magkano ang kanilang mare-reimburse?

  • Hazel Regnim

    good day..tatlo po kaming magkakapatid na nahulugan para sa educationla pan kaso po nagsara na..pano po namin ma ke claim yung naihulog namin para makapag aral kame ng college.

  • Djoanna Dela Cruz Austria

    good day….may pag asa p bang m claim yung money naihulog ng parents ko?ang sbi ng CAP eh after 10 years mkukuha p rn namin ung naihulog for eduactional plan…..may pag asa b p?please help…..thanks….

  • Percy Dingle Pendon

    hi, meron pa po bang nakaclaim ng educational plan sa CAP? salamat