Survivorship Benefit

In the event of the death of a Seafarer, while working on board a covered ship or vessel, his designated Beneficiary/ies shall receive a monthly pension for a fixed non-extendable period of sixty (60) months.

The payment of the benefits shall be subject to any and all applicable taxes or similar fees and charges, unless a contrary final ruling is issued by the Bureau of Internal Revenue or any appropriate taxing authority or agency of the Philippine government.

The payments of the monthly benefits shall be made to an account opened and maintained by the Beneficiary with any branch of the depository/Trustee Bank.