Beneficial  Life Insurance  Company, Inc.  is  committed  to  conducting  business in  accordance with the highest ethical standards  and  prohibits  all  forms  of bribery and corruption.  

The Company’s  Anti-Bribery and  Corruption Policy  prohibits corruption and bribery of any persons or entity,  whether  in  the government or private sector, including  (i) the direct or indirect offering,  promising, authorizing or providing  anything of value to any customer, business partner, vendor or other third party for the purpose of influencing decisions or to gain undue advantage in Company  transactions, or  in  order to  induce or  reward  the improper  performance  of  an activity connected with the Company’s business, (ii) using or performing  official  functions  for  personal gain, (iii) performing or  neglecting to perform any official  function in exchange for receiving money, gifts, favors, benefits or anything of value in the course of business, or any actions similar to (i) to (iii). 

Each of us in BenLife has the obligation to prevent or counter bribery and  corruption  in  the Company  by adhering  to this  Anti-Bribery  and  Corruption  Policy.  It is every director’s, officer’s  and  employee’s  responsibility  to  protect the Company’s reputation by  demonstrating  honesty  and  integrity  as we  interact with customers, business partners, and each other.  

Any act or attempt by a Company officer or employee to commit bribery or corruption should be reported to the Office of the Compliance officer or identified whistleblowing channels of the Company. The procedure  for  reporting  and  the  protection afforded by the Company’s  Whistleblowing  Policy   shall  apply  in  each  instance  of  reported bribery and corruption.  

Violation to the Company’s Anti-Bribery and Corruption Policy is a  cause for administrative  disciplinary action, without  prejudice to whatever  civil or  criminal  liability/ies that may be meted out to the offending director, officer and/or employee. 

BenLife is committed  in the  fight  against  money  laundering and  terrorism and proliferation financing. It recognizes  its  obligations  as  a covered entity and  upholds the applicable laws, rules and regulations to ensure that it is not used as a channel for such illegal activities. In this respect, the Company’s Anti-Money Laundering Compliance or AML-Compliance Unit develops, administers, and maintains an effective program for compliance with the Anti-Money Laundering Act (AMLA) and all of its implementing rules and regulations, and IC, SEC, & AMLC relevant circulars and issuances. 

 In order to ensure Company-wide compliance with the Anti-Money Laundering and Counter- Terrorism Financing and Proliferation Financing (AML/CTF-PF) laws, rules and regulations, the BenLife has adopted and implements a sound Money Laundering  and Terrorist Financing Prevention Program (MTPP), approved by the Board of Directors. It is designed in accordance with the Company’s  corporate structure and  risk profile and is reviewed and updated regularly to incorporate recent regulatory issuances and approved amendments. The Revised MTPP provides guidelines to  combat money laundering and terrorism and proliferation financing activities, and promotes high ethical and professional standards. 

The MTPP is  disseminated to all  officers, employees, as well as agents of BenLife who  are required  by  law and  by  the  Company’s policies  to  implement  the  program. Regular AML trainings and seminars are also conducted to update the Company’s directors, officers,  employees,  and agents  of  the  latest  AML/CTF  &  PF  requirements, latest trends, emerging risks, and to continuously inform them of their obligations under the AMLA.

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Data privacy and security is of paramount importance to BenLife. The Board ensures that sound policy for the protection of personal data is in place. To know more about the BenLife’s data privacy and protection policy, please click here: https://www.benlife.com.ph/privacy-policy/ 

Data privacy and security is of paramount importance to BenLife. The Board ensures that sound policy for the protection of personal data is in place. To know more about the BenLife’s data privacy and protection policy, please click here: https://www.benlife.com.ph/privacy-policy/ 

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Cognizant of the natural progression of all things, the Board  understands very well that retirement is inevitable. In this regard, the Board  ensures  that the Company adopts an effective succession  planning  program  for  directors, key  officers  and  management, which  includes  a  policy  on  the retirement  age, to ensure  the  continuous  and consistent growth of the Company, increase in shareholder’s value, promote dynamism, and avoid perpetuation in power. 

In 2020, through the endorsement of the Corporate  Governance  Committee, the Board  approved the  setting  of  retirement age of directors and officers at eighty (80) and seventy (70)  years  old,  respectively,  as  the  general  rule  pursuant  to  Fit  and  Proper  Rule  and  in  consonance  with  the  Department of Finance Order No. 054-2015. Notwithstanding  this  general  rule on retirement  age, as  well  as  the  term  limits  prescribed  for  independent  directors,  the  Company  strongly  believes  that  with age often comes unparalleled wisdom and experience, expert business judgment, invaluable industry  and community relations  and authority, and that the best interests of the Company  are  served  by its  being  able to  retain directors  that make very  meaningful and significant contributions  to the Board and  the  organization regardless of age. Hence, the retirement age of eighty (80) years  old for directors under  the  Retirement  Policy  is  not  absolute  as  such  allows  the  Board to waive the same for as long a director  continues  to  be  physically  and  mentally  fit  for  the  position  and  able to discharge his/her duties in accordance with the regulatory requirements, and relevant Company policies. 

The Company’s  Amended  By-laws  provides  the  rules  on  succession, replacement or vacancy in the Board due to retirement or any other reason. Vacancies in the Board may  be  filled up through appointment  or  election  of  the remaining  directors, if still constituting a quorum; otherwise, the stockholders shall fill such vacancy in a regular or special meeting called for such purpose. 

Directors do not receive any retirement benefits. The Executive Director is eligible for regular retirement benefits given to employees of the Company. 

Retirement of Officers is done with the requisite succession planning and in accordance with the Company’s policies and implementing guidelines of its retirement plan for all employees, Labor Code, and the Revised Corporation Code of the Philippines, and all other relevant laws and regulations.  

The Company is prudent and exercises due diligence in selecting members of Senior Management. The Board ensures that Management’s Succession Program is effective in identifying and preparing the  successors  to  ensure  that the  Company would have high-caliber leaders. A formal process is followed to ensure that a candidate chosen for a Senior Management role is fit  and  proper  for said key position, taking into account his/her experience in insurance/finance or related field, and integrity, among other requirements. The  process  involves  a  candidate  profile  review by Senior Management led by the President through an interview, aside from the Human Resources Group conducting  the  reference  background  check. Furthermore,  the  candidate  profile  is  also  reviewed  by  the  Nominations  and/or  Corporate  Governance Committees as applicable. If found suitable, the candidate is endorsed to the Board of Directors for final appointment approval.  

It is BenLife’s policy to encourage everyone – employees, policyholders, clients, customers, shareholders, consultants, agents, vendors, or third party service providers – to notify, report or provide information to the Company, when they have reason to believe that, or become aware of, any suspected questionable or illegal activity, misconduct or unethical behavior, fraud or any other malpractice which the Company has been or may become involved, thru the following channels: 

                                                                  For any customer concerns:                          For employee concerns:
                                                                  mgeang@benlife.com.ph                               mardellosa@benlife.com.ph 
                                                                  customercare@benlife.com.ph                     hr@benlife.com.ph
                                                                  T: +63(02) 8818-8671 loc. 8524                          T: (02) 818-8671 loc. 8702 

                                                                  For any shareholders concerns:                     For any sales & agency concerns:
                                                                  corpsec@benlife.com.ph                                 mmcquinitio@benlife.com.ph
                                                                  T: (02) 818-8671 loc. 8713                                   T: (02) 818-8671 loc. 8571 
 

                                                                                                 Office of the Compliance Officer 
                                                                                                   compliance@benlife.com.ph 
                                                                                                        T: (02) 818-8671 loc. 8713         
                                                                            7/F BenLife Bldg., 166 Salcedo St., Legaspi Vill.,Makati City

BenLife’s Whistleblowing Policy requires Board and Management to ensure that adequate support is provided to the Whistleblowers and witnesses to encourage them to raise concerns without fear of reprisals. The Policy provides  protection from retaliation. The Company reserves the right to  take appropriate actions against anyone who initiates or threatens to initiate retaliation against  those who have  raised concerns under  this Policy. In particular,  employees who initiate or  threaten  retaliation will be subject to disciplinary actions, which may include summary dismissal. 

By default, the identity of the Whistleblower is kept confidential and all reports are handled and investigated fairly and accordingly. The Whistleblower shall be informed of the status of the report.                  

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