College Assurance Plan or CAP with their Educational Plan is now giving out the 1st and 2nd tranche of the refund as mandated by the Supreme Court. The 3rd, 4th, 5th, etc tranches will soon follow.
Good news for CAP Educational Plan members and owners of fully paid-accounts. The 2nd tranche of the refund for the contract price is now on-going on all branches of this pre-need company. If you have not gotten the 1st tranche yet, you can file for it now buy going to the nearest CAP branch near you.
How much is the refund of CAP for their fully-paid and matured plans, which were not used? Per the decision of the Supreme Court it is at least 50% of the amount of the contract. The 50% refund will be given in tranches or installment over the next 10 years. There could be more in the future, after 10 years, provided that the CAP rehabilitation program will generate more funds.
The 1st check releasing started last 2023, now the 2nd check release is ongoing.
How much is the amount of the 1st check refund? Most members says that they received a check worth P2,000 on the first installment. But the actual amount of 1st tranche refund will depend on the contract fund value. The more expensive plan you got for your beneficiary, the bigger the 1st check will be.
I already got my first check, when will I get my second check? Members reports that they were advised to wait for 2 to 3 months to as long as 6 months for the next check releasing. The 2nd check is said to be bigger than the first.
What are the requirements in claiming the check? These 3 are the requirements:
1. Request for Release of Check (You can get the form in the office or download via online at the capphil website).
2. Original Certificate of Full Payment (CFP)
3. Two (2) valid government-issued ID
What if you lost or can no longer found the CFP or Certificate of Full Payment since you got it from CAP decades ago? Per the members who were in the same situation, they said that they were still able to claim the refund, they only need to show 2 valid IDs when they go to the office. The name of all planholders who have fully paid contracts are in the masterlist, the staff will just input the name in their computer system, and will find the name, and thus claim processing will continue. *The branch can provide the form Affidavit of Loss for CFP.
If you cannot process the claim yourself, you can authorize someone to claim in your behalf. You can execute a Power of Attorney.
What if you were not able to complete full payment since CAP closed? The members shared that the staff in the branches said that in your case, no refund. The contract is said to be “forfeited” or “terminated” for failure to fully pay the plan. However, iSensey still encourage you to contact CAP on this case, who knows you could get partial refund eventually, since it is not your fault that you could not pay the missing payments then because the company closed. Plus, in the CAPPI website two types of payment schedules are indicated, 1 for “Fully Paid” and another for “Terminated”, so there is hope.
Will you get the ROI per contract terms wherein it said 10 years after graduation of the nominee or the plan beneficiary, there will be an ROI that will be awarded? NO. No ROI will be given.
What if the CAP Educational Plan owner is now deceased, can you as nominee or beneficiary file the claim? Yes, aside from the basic requirements, you must also bring original copy of the death certificate of the planholder / owner (photocopy it).
What if you were able to use the educational plan for say 1 or 2 years but was stop because the company closed? The members said that the staff shared you will not get anything since you were able to use the plan, even if in part only. BUT we still strongly suggest that you contact CAP about your case and again, who knows you can still get reimbursement.
For inquiries, CAPPI planholders may visit the following CAPPI Servicing Offices, and present copies of their Certificate of Full Payment (“CFP”):
- Makati head office (for all plans regardless of the place of purchase),
- San Fernando – La Union (for plans purchased in Region I),
- Tuguegarao (for plans purchased in Region II),
- Angeles City (for plans purchased in Region III), Batangas City (for plans purchased in Region IV)
- Lucena City (for plans purchased in Region V)
- Iloilo City (for plans purchased in Region VI except Bacolod City)
- Bacolod City (for plans purchased in Bacolod City)
- Cebu City (for plans purchased in Region VII)
- Tacloban City (for plans purchased in Region VIII)
- Zamboanga City (for plans purchased in Region IX)
- Cagayan De Oro City (for plans purchased in Region X)
- Davao City (for plans purchased in Region XI)
- General Santos City (for plans purchased in Region XII)
The branches are open Monday to Friday only from 9 AM to 5 PM.
For more information, please visit the website dedicated to the CAP Educational Plan claims, capphil.com. You can also check there how much you will get on the 1st check? If you already got your first check, and there is an error when you input your details again, try to check after a few weeks or months, since it could be your 2nd check is being process already, resulting to error in the website.
We hope this iSensey article about CAP Educational Plans claiming of refund helps you. We sincerely hope you will get not only 50% of the total amount you paid, if possible, may it be a full refund of 100%.
When will CAP Pension Plans starts claim processing? There is still no update on the CAP Pensioners case. We will write a new post if there are new developments.