Tuesday, April 22, 2014

Is Philippine Prudential Life Insurance Company Inc's (PPLIC) LABB PLUS Refundable?

As of April 22, 2014 at 12:16 a.m., someone was kind enough to post these comments in "STOP Buying Philippine Prudential Life Insurance C...".

I'd like to personally thank Theresa for keeping us updated and informed regarding her request for a refund on Philippine Prudential Life Insurance Company Inc's LABB Plus.

Anonymous has left a new comment on your post "STOP Buying Philippine Prudential Life Insurance C...": 
hi all, Theresa here.. i have received an email from IC, they sent a letter to pplic requesting for refund on my behalf kaso tagal bago sila ngsend. then i just got my labb plus refund amounting to 4250 last april12. keypoint to get this is be firm na IC said this is refundable, its better kun sabay sabay kayo punta sa HO ng PPLIC wag sa SM north ave. okay din na lahat kau punta sa office IC nang makita nila ganu karami ang biktima. 
Posted by Anonymous to Digital Brew at April 21, 2014 at 4:35 AM

***** 
Anonymous has left a new comment on your post "STOP Buying Philippine Prudential Life Insurance C...": 
i just got my labb plus refund last april12. it took them more than a month to give it back... ~theresa

Posted by Anonymous to Digital Brew at April 21, 2014 at 4:13 AM

***** 
Anonymous has left a new comment on your post "STOP Buying Philippine Prudential Life Insurance C...": 
hi haopee, just want to update u that i got my labb plus refund amounting to 4250php last april 12. ~theresa 
Posted by Anonymous to Digital Brew at April 21, 2014 at 4:04 AM
***** 
Anonymous has left a new comment on your post "STOP Buying Philippine Prudential Life Insurance C...": 
hi all, just want to update u that i got my labb plus refund amounting to 4250php last april 12. ~theresa 
Posted by Anonymous to Digital Brew at April 21, 2014 at 4:00 AM
*****
Anonymous has left a new comment on your post "STOP Buying Philippine Prudential Life Insurance C...":  
Hello! This is Antonette. PPLIC called me last night and told me that they already cancelled my LABB Plus. I just have to return the documents they gave me when I bought the plan. They told me that there is a Php 250.00 processing fee so Php 4250 would be returned to me. They told me that my money will be returned after 30-45 days.I told them it's okay as long as I can have my money back. After office, I'll go there to return the documents. 
I don't know how they were convinced to cancel my plan. I just gave them a cancellation letter 6 days after I bought the plan. It stated in my letter the rights I have as their client according to the Insurance Code. I even mentioned Title 4, Sections 26-27 which they violated. Maybe they found my reasons valid and was convinced to cancel the plan even though their contract stated that it was non-refundable. 
Posted by Anonymous to Digital Brew at April 30, 2014 at 11:42 AM
***** 
Anonymous has left a new comment on your post "STOP Buying Philippine Prudential Life Insurance C...":

Guys, narefund din yung LABB+ at endowment ko. so may pag-asa. Sasabihin talaga nila na hindi refundable yung LABB+ (kasi yung endowment may 15-day look out period). Kaya magsesend kayo ng letter of reconsideration for cancellation sa email nila (lagay nyo yung reason. yung akin kasi hindi ko alam na may rider na kasama in the form of LABB plus yung ENdowment ko. so bayad ko na bago nila inexplain na non-refundable yon. so sabi ko this is a violation of contract kasi may concealment silang ginawa). Sa head office yon. i-cc nyo na lang din yung email nyo sa insurance commission (nasa site nila yung email add nila). Anyway, after nyo magsend ng letter tumawag kayo sa main office nila (wag mainip kasi sobrang laging busy. redial lang ng redial). iconfirm nyo sa head office nila kung natanggap nila yung inemail nyo. after non, follow-up lang kayo lagi (by phone lang ako kasi may trabaho ako.) then, tatawag sila sa inyo kapag cancelled na yung plan. Papupuntahin nila kayo sa branch kung saan kayo nag-avail to surrender yung documents. DOn't forget to get your SOA na may nakalagay na cancelled with refund. Yun nga lang may bawas na P250 pesos yung ibabalik nila. after nyan w8 kayo tas follow up lang ulit kasi natagal bago nila naibalik yung akin. around 20 working days (meaning di pa bilang yung Sat at sun plus holiday). so sobrang tagal.

Posted by Anonymous to Digital Brew at May 27, 2014 at 5:18 PM
*****
Ang time line ko ay, March 21 nag-avail ako. March 22, nagpacancel ako then send ng email of cacellation for LABB plus. Then follow-up na lang sa head office every two days. April 1, nakatanggap ako ng tawag na okay na. Cancelled na yung LABB PLus. May 5 ata o 8 naibalik yung pera ko (ang tagal). As for my endowment cancelled na agad sya nung March 22 pa lang pero nabalik pera ko around May 23-25 ata.
Posted by Anonymous to Digital Brew at May 27, 2014 at 5:22 PM 
***** 

I had my Endownment plan and LABB PLUS cancelled yesterday. Thank you for all the tips I got from this blog. Sa mga na biktima din ng PPLIC, check nyo lang lahat ng comments and mga links na meron dito sa blog, sobrang helpful. Another tip pag magpapacancel kayo always have a back up whether if it is your parents, close friends and relatives. Makakatulong sila sa iyo lalo na pag pinag aralan din nila yung mga policies sa contract mo. Tandaan nyo MAY LABAN KAYO! Wag kayo papadala sa non refundable na LABB PLUS na yan kasi hindi totoo yan. May 15 day grace period ang bawat policy ng insurance. NASA BATAS NA YAN. Hopefully makuha ko na within 30-45 days yung pera ko. hindi ako papayag na hindi nila ibibgay lahat. Just make sure na nakuha nyo ung statement of account ng both endownment and LABB plus plan nyo, photocopy nung letter of cancellation na ginawa nyo kasama yung written confirmation na nagsasabi kung kailan mo makukuha yung pera. Mas maganda kung papa photocopy nyo ung ID nung kung sino mang kumakausap sa inyo. Kung sila nga nakakapag request ng id nyo para pa photocopy paano pa kaya tayo d ba? MORE POWER SA BLOG NA ITO! 
Posted by Anonymous to Digital Brew at June 25, 2014 at 9:06 AM

So there you have it. I hope this answers the question of whether LABB Plus is refundable or not. 

45 comments:

  1. what am I going to do to refund my labb plus??

    ReplyDelete
    Replies
    1. Hi everyone. Please refer to the post entitled "Stop Buying PPLIC Plans". The link is located at the article itself. May mga comments dun sa baba where nag iwan yung ibang complainants ng numbers nila. You could text them or contact them para sabay sabay kayong mag file ng complaint sa IC.

      Strength in numbers.

      Delete
  2. ako rin poh want ko ma refund ung labb plus ko...help namn poh jan kung paano plssss :(

    ReplyDelete
  3. gawa ka ng cancelation leter sulat mo pina ka valid reason.pag dinila tangapin punta ka ic,tapos ang ic tatawag sa main office sa concern mo at pbalikin ka nila sa branch kung san mo na avail ang lb plus daw.naa sekaso konayan wait daw ako 30 to45 wrking days.

    ReplyDelete
  4. nag pasa ako ng cancellation letter with back up letter of appel para sa ic kung di nila tanggapin ang leter of cancellation merun mga names ng agent nila at naka indicate dun na kung pano nila ako pina decisyun after presentation in 45 munits dun yan sa letter of apeal para sa ic.

    ReplyDelete
  5. Guys please help. Gusto ko din marefund ang labb plus ko. I just bought it yesterday but parang di talaga ako komportable. Paano ba gumawa ng letter of cancellation? Need ba notarized talaga? Feeling ko kasi o was pressured to make a decision right then and there after the almost 2 hour presentation. Help naman please :((

    ReplyDelete
  6. hello every body na cancell na po yung llab plus ko binigyan ako ng statement of account stated their cancel with refund.yung naka dcisyun agad na gsto mag refund ng llab plus nyu.mag submit kayo ng letter of cancellment.kasi may grace period po tayo ng 15 days according to insurance commision.sa 15 days nayan sapat tayo mag isip kung patoloy natin o hndi.dapat naka stated nyu dun ang reason bakit nyu pa cancel.30 to 45 working days po yan ma refund.

    ReplyDelete
  7. kapon pa ko na confirm yung cancel with refund yung llab plus ko worth 9000.kahit matagal ok lang basta maebalik lang.

    ReplyDelete
  8. date: May 15, 2014

    Phil. Prudential life insurance.
    adress ng branch.

    Re: Cancellation of life Insurance policy Number:GYRT ????


    I am sending you this written of noticed to request cancellation of my policy contract ( ???? ) LLAB plus effective this day may 14, 2014.i apreciate you sending me a written confirmation.

    state dito ang reason nyu bakit pa cancell.short lang.

    please refund initial payment 9000php.

    i wish to discontinue the policy as i am no longer interested with the benefits and coverage.

    sincerely,

    name and signatre.

    ReplyDelete
  9. kahit mag sabi sila na naka lagay dun nun refundable.wag kayo maniwala sa kanila.empleyado lang sila tawag kayo sa ic at kunin nyu yung name ng agent kung d nila tinanggap ang cancelation leter.sinabi nila yan na hndi na pwedi ma refund.baka kasi mahena loob nyu maniwala pa kayo.insist nyu may 15 days grace period sabi ng ic.

    ReplyDelete
  10. hindi na kailangan pa notarized.wag kayo maniwala na non refundable yan kahit naka lagay pa yan dun sa policy nila.sinabi nila yan baka maniwala pa kayo na refundable tama sabi nya na sabi ng insurance comission may grace period pa tayo mag isip.di lang nila sinabi sa atin nung nag swife gamit ang atm natin.tsaka lang nila pinakita pagkatapos ng swife na nun refundable cya.dapat sinabi nila na may 15 days na pwedi ma cancel kung interested talaga tayo.or tawag kayo sa main branch nila.

    ReplyDelete
  11. Hello everyone, thank you for your comments. Dahil sa mga shineshare nyo, marami na ang natutulungan natin. Thank you so much. Please continue to share your tips and experiences. Let us veer towards helping our fellow Filipinos.

    ReplyDelete
  12. Hi..actually ngkuha rin kami ng labb plus kahapon. Papacancel sana kami kanina pero hindi nla tinanggap yung letter of cancellation namin. Sabi hindi pwedeng ma.refund ang labb plus like regular/endowment life plan. She pointed also that we have signed the declaration which indicates a non-refundable. May we ask for any help on how to go about this? We're from cagayan de oro city.

    ReplyDelete
    Replies
    1. Hi! We're on the same page. I'm actually having trouble as to how to end this. Will you text me at 0917-514-8502? I'm also from CDO.

      Delete
    2. Hi Anon... Sorry, I just read your message. The good news is hindi pa kayo lagpas ng 15 days grace period.

      Secondly, if naswipe na yung card mo bago ka nila nainform na non-refundable sya, you could contest na that is a form of consumer deception. If nabasa nyo po yung buong blog post, you will see this comment from another Anon. " It stated in my letter the rights I have as their client according to the Insurance Code. I even mentioned Title 4, Sections 26-27 which they violated. Maybe they found my reasons valid and was convinced to cancel the plan even though their contract stated that it was non-refundable."

      Third, pag di pa rin nila tinanggap yung letter mo, ask assistance sa Insurance Commission. Be firm and good luck.

      Delete
  13. na refund na po yung llab plus ko worth 9000,minus sa procesing fee na 250

    ReplyDelete
    Replies
    1. hi po. paano po nyo narefund? ung sa akin po di na dw po pwede marefund. 9k din po binayad ko. tapos nagemail ako ng cancellation letter sa PPLIC cc ang insurance commision. nagreply po PPLIC na non refundable dw po.

      Delete
  14. Thank you sa information po.

    ReplyDelete
  15. oh well, new victim here. kanina lang sa sm southmall. paid 13,500 for that LABB Plus policy via BDO debit. i felt from the start na alanganin tong company na to but i still took the bait. hope to get some help from you guys.

    ReplyDelete
    Replies
    1. Hi. Hope naprocess nyo na po yung cancellation nyo. Check out the post and some of the comments on this blog tsaka sa Battle with PPLIC na article. Marami din kasing mga comments dun na nag eexplain kung anong mga steps ginawa nila para macancel nila.

      Delete
  16. panu po kung nung last january 7 pa ko nagavail ng LABB PLUS na yan...9000 total na binayaran ko...d ko na po ba puede irefund un?tnx po....

    ReplyDelete
    Replies
    1. Lagpas na po kasi sya ng 15 days, kaya baka di na marefund. Kaya nga parang unfair sa mga naunang kumuha kasi refundable pala pero they failed to disclose this information (or they lied to the consumer by saying it was actually refundable). You can try asking about it sa IC.

      Delete
  17. thanks HAOPEE sa info...pro wla kasi ako time pa na magpunta pa sa IC or sa PPLIC pra icancel ung LABB ko..kung iclose ko nlang po kya ung account ko sa BDO posible po bang iautomatic cancel na ng PPLIC ung LABB ko kc d nmn na ako nagbabayad na?or puede ko po ba sabihan ang BDO not to allow PPLIC na magkaltas sa savings ko?tnx po

    ReplyDelete
    Replies
    1. Well, masmaganda pa rin talaga pag naterminate mo sya officially. Kasi baka magkalegality problems ka sa bandang huli. As for your savings naman, you can inform BDO na i-unauthorize na yung pagkaltas ng PPLIC, pero they might require you go to PPLIC pa rin.

      Delete
  18. update lang po. i got my 13,500 back last aug 4.refund yun ng LABB plus. it took almost a month but at least nai-balik. ang wierd lang na may bigla akong natangap na text na may free gift kuno na reward package from PPLIC that i could claim until aug 9.i wasn't interested kaya di na ako nag-reply.baka panibagong patibong na naman nila yun.anyway, happy na ako.i really can't trust this company anymore kahit gaano pa sila ka-legitimate.

    ReplyDelete
    Replies
    1. Hayaan mo na yung text na yun.

      I'm glad you finally got your refund. There's always hope, as long as we don't give up.

      Delete
    2. ung sa akin po na Labb plus ayaw na po i refund ng 9k na binayaran ko. nagemail po ako ng cancellation letter nagreply po ang PPLIC na non refundable dw po. help nman po. buti ung sa inyo naibalik

      Delete
    3. Sinasabi talaga nila na hindi pwede irefund yung LABB PLUS but the truth is there is no such thing as no refund sa insurance policy as long as you follow the grace period.

      Mas maganda sana kung may sinama ka na relative mo(yung tipong papatay ng tao yung mukha). Na intimidate ka siguro kaya hindi mo na pinaglaban.

      Habang hindi pa lagpas 15 days mo habulin mo pa. Kaya pa yan. Kung ako nga na refund ko yung labb plus ko eh paano pa kaya ikaw hindi ba?

      Tiwala lang :) - brian

      Delete
  19. ako last month lang po nag avail. gusto ko na rin ipacancel. 9k po ang LABB plus na na avail ko. pls help nman po how to refund.thanks

    ReplyDelete
    Replies
    1. Basta pasok pa po sya sa 15 days na look-up period, you should immediately drop by the PPLIC office to have it cancelled.

      Delete
  20. nagemail na po ako ng cancellation letter. here is the answer from PPLIC.

    Greetings from Philippine Prudential Life Insurance Company, Inc (Philippine Prudential).
    Many thanks for your email
    We deeply regret to inform you that your cancellation would be without refund. Your policy will remain active and you will still be covered for insurance for one year from the date the policy was availed
    Should you need more information on this, please feel free to call our Customer Service Hotline at +63(2)-902-2300 or e-mail us again.

    ReplyDelete
    Replies
    1. When po kayo nagpacancel? How many days has it been since you first agreed to the policy? What is your policy? Nag-email ka lang ba or nagpunta ka talaga sa PPLIC?

      To be honest, I don't know how long the LABB Plus look-up period is, but most of the comments here suggest na basta pasok po sa 15-day look-up period yung plan nyo e.g. as of posting this message, you signed your policy within the dates August 2-15, then dapat pwede yan.

      Delete
    2. Hi, I have a friend po na may Endowment Policy ng PPLIC.Last May 15,2013 po yung effectivity so mga 45k plus na po contribution nya thru credit card up to date. He is in Canada. He called yesterday sabi po ang cash surrender value nya kung kukunin nya dahil almost one year na is 7,000.Please advise us po.

      Delete
    3. I have seen their sample Endowment Policy contract. Insurance amount lang is 175,000 na makukuha mo as living benefit after 15yrs (Maturity Date) which is napaka baba versus sa amount na binayaran mo as Initial Premium. Sa initial Premium estimating 23,107 plang pede kana makakuha ng worth 500K Life Insurance with Disability 500K and Critical Illness 250K benefit.

      Delete
    4. Ouch. Anlaki nung kinaltas nila sa friend nyo po. Bat 7k lang? Pero kung sa bagay, kahit 39k yung binayaran ko, my endowment policy was about 1.5 years old na... kaya about 1/3 yung equivalent cash value nya. Sadly, we can't change the amount na makukuha ng friend nyo po. It's a very very expensive financial lesson. Ganyan kasi yung patakaran nila for termination.

      Before they had me sign, they showed me their cash value chart. I computed it and based my decision on that... it was very low but I thought it was a risk worth taking because I didn't know better. I think it would be best for your friend to terminate his plan, but there are others who still continue with theirs.

      And I totally agree with you. Ang baba ng ROI nila. That's one of the reasons na I was a little disappointed with the plan. Of course, the main reason that I still terminated is because I couldn't afford continuing it.

      Delete
  21. ayaw na po ipacancel and ma refund kc non refundable dw po. hay. grabe. paano ko kaya maiblaik ang 9K na binayaran ko?

    ReplyDelete
    Replies
    1. I'm sorry to hear this. Please make sure na pasok po sya sa 15-day look-up period. Basta, if bago pa lang sya nakuha (e.g. less than a week), you should be able to have it refunded. Tawag po kayo ng I.C. Most of the people who got their refunds went to the PPLIC office talaga (yung iba nga, pumunta pa ng IC to get more information). As mentioned, if pasok pa sa 15-days, call I.C. and ask for assistance. Kahit lang makakuha ka ng information if ano yung possible violations nila, it would help you make a better argument. Tapos padala mo yung sulat mo personally.

      P.S. baka binago na nila yan ng 7 days... pero seriously, yung items nga ng SM, pwede mabalik basta pasok ng 7 days, yung insurance pa kaya?!?

      Delete
    2. Hello

      From what I've read from other blogs, there is a POSSIBLE chance na mabawi mo pa yung pera mo kahit lagpas kana sa 15 day period. Yun nga lang matinding labanan ang mangyayari dyan. I think mas maganda kung may makakasabay ka na victim din na katulad mo para lumapit kayo sa IC at bigay nyo yung statement nyo of how you want a refund from your policy.

      Nakikita ko naman na may na rerefund na pera kapag talaga pinaglabanan mo marefund yung binayad mo eh. Totoo yung sinasabi nila na "Fight for what is rightfully yours"

      Goodluck and hope you can refund your money.

      -Brian

      Delete
    3. I am Financial Advisor. 15 Days period is what they call the cooling off period, where you can refund whatever it is na nabayaran mo.Akala kasi ng ibang tao, when the agent would say "you can refund".iniisip yung whole amount na naicontribute mo.For an Insurance product, Kung ipupull out mo ang policy mo, you can just get the CSV o Cash Surrender Value. Value ng Policy mo at the time na ayaw mo na siyang icontinue. Usually during the first year mababa lang usually. Kasi during the first year ang mga administration charges.

      Delete
    4. In the case of Prudential, I can say na the Products are Okay but the confidence/trust sa company is not 100% na lalo pa't andaming mga complaints. I know because I have a friend who got an Insurance from Prudential and He don't know anymore kung sino servicing agent nya but the only thing na naremember niya is "He could refund if magcacancel na siya."So it is important for a person who would like to get an Insurance to know the product you're getting into,check the company profile (not just their website) but also through IC (Insurance Commission) and compare products. Upon seeing the Endowment Policy of Prudential mas mababa ang Insurance amount niya at 175k versus sa mga 500k-1Million with same amount of Annual Premium. Whatever state of life we are into (Rich/Middle/Poor) we need an Insurance especially Life Insurance for Income Continuation for unforseen events na alam nating mangyayari pero hindi natin alam kung kailan. The only permanent things in this world are Taxes and Death.-Thanks, Lou

      Delete
  22. Isa po ako nakakuha ng insurance..nakuha ko sya last year...gusto ko nang ipacancel last year pa pumunta ako sa knila pero di natuloy kaz naingganyo p rin akong ituloy nlng... di pa ako nakapagstart ng hulog kaz annual ang pinirmahan ko....pwede ko pa kayang marefund ung initial investment ko...sna matulungan nyo ako..

    ReplyDelete
  23. After reading this post I came to know about the rules of getting a good policy but still I am facing problem. The premium rates are too high for life insurance over 80. I talked with different companies but all of them are asking higher premium. It is needed for my grandma for her burial expenses.

    ReplyDelete
  24. ask ko lang po, wat if hindi ko na bnbyaran ung monthly ko? ok lang ba un? tapos after 1 year, pull out ko na. posible po ba un?

    ReplyDelete
  25. gusto ko din sana iaprefund ung skin, kaya lang may 30 ko pa po naavail 2, baka d ko na mkuha.

    ReplyDelete

Thank you for sharing your thoughts.