How To: Open a Savings and Insurance with BPI's Build Plus

April 24, 2018

Since I'm an avid shopper and I almost always spend all of my salary on material things (though I regularly give a portion of it to my fam), I haven't had the chance to save for my future. So, last year, I decided to take "adulting" to the next level.

A little background...

My bad spending habits rooted from my parents. Hahahahaha! My parents are working in the government so they can loan money from banks or organizations easier. Most of the time, they will use it to invest in a house or car and our tuition fees. But of course, aside from spending their money on stuff that we really need, my parents love to spoil us. I remember one of the phrases that mama always tell us,

"Lagi na lang ubos biyaya, bukas wala."
In other words, we spend almost all our money knowing that they will have their salaries for the next month. The cycle goes on and on. Though my parents' money were well-invested in our future, they weren't able to open savings accounts or emergency funds for us or for themselves. 

That's the cycle I do want to break. Thus, even without any formal knowledge about bank savings and stuff, I went to the nearest BPI branch and inquired about the best savings account that will best suit me and my budget. 

At first, I'm hesitant because I'm not earning a lot and I'm not good enough to understand the what-nots of financial institutions and the underlying terms and conditions of the contracts they offer. I just decided to start investing because no one knows when I can work or I'll have a job. Besides, I do want to ensure that I can give a good future to my *future* family. I don't want to let my future husband carry all the financial burden of providing for our family. 

What is Build Life Plus?

Build Life Plus is a savings and life insurance plan that lets you choose from a variety of funds to suit your needs. Get returns on your chosen investments depending on the market conditions, all while enjoying peace of mind. With Build Life Plus, you could bring your dreams to life.

What does it provide?

Grow Your Money
Access an array of expertly managed funds of BPI Asset Management and Trust Group (BPI AMTG) and BPI Investment Management, Inc. (BIMI) depending on your risk appetite. Only the most experienced and industry-leading professionals are handling your investment.
Insure Your Dreams
Ensure that your family continues to live your dream life for them with a life insurance benefit should anything happen to you.
Easy to Reach Your Dreams
Easy payment term for as short as 7 or 10 years. You can also choose to pay on an annual, semi-annual, quarterly or monthly basis.

Why I Personally Choose BPI?

BPI was the first bank I trusted and continue to trust. I haven't encountered any glitch or problem and the services they rendered or I experienced is good enough to win my trust. 
What are the Requirements when Applying for Build Life Plus?
Before preparing the requirements, I highly suggest to visit your preffered BPI branch. First and foremost, Build Life Plus is not the only investment or insurance plan that they offer. And it is best to talk to their professional agents who can explain the benefits of the plan that suits your needs. 
But if you do want to apply for the BPI Build Life Plus, you'll need the following:
  • Fully accomplished application form
  • Two valid IDs (Please do prepare government-issued IDs. I used my PRC license and Civil Service Eligibility card)
  • BPI account (You will also get a debit card you can use to pay the monthly fee)
  • One month fee (No application fee or whatsoever; just straightforward monthly fee)
I've been paying the monthly fee for several months and so far, I haven't encounter any issues. I also opt to deposit the monthly fee a day or two before the duedate so I don't have to rush to the bank just to pay. For the Build Life Plus contract, I chose the 10-year plan and I think starting an investment is one of the best decisions I've made last year. 

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