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...". Latest update was on February 7, 2015.

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

PLEASE READ THROUGH THE COMMENTS (inside this post and beneath it) BEFORE ASKING HOW THEY CANCELLED THEIR LABB PLUS. NANDYAN LANG LAHAT NG HINAHANAP NYO.

Anonymous has left a new comment on your post "Is Philippine Prudential Life Insurance Company In...":

Hi guys, naibalik na sakin yung LABBPLUS worth 4500! Pinacancel ko xa Oct. 21 then cancelled na xa ng Nov. 3, hinintay ko lang yung bill just to make sure na wala na nga xa, tsaka wala po akong processing fee, yung iba kasi may nababasa ako na hihingan daw nun.. Ayun, share ko lang, Happy kasi ako eh.. hehe sana maibalik din nila agad yung mga nakulimbat nila sainyo.. Basta agapan nyo lang po, tas kulitin nyo sila ng kulitin para maicancel at maibalik na pera nyo...

-dimakahindi-

Posted by Anonymous to Digital Brew at December 1, 2014 at 11:10 PM

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Anonymous has left a new comment on your post "Is Philippine Prudential Life Insurance Company In...":

Hi Haopee, naibalik na po sakin nung Nov. 3 pa, hindi na nirequire ng bank na magsend ako ng kahit anung docs sakanila, kasi 100% sure na cancelled na daw yun! at wala pa processing fee..ayun napakasaya ko lang.. hehe salamat sa tulong po nyo :)

Posted by Anonymous to Digital Brew at December 1, 2014 at 11:17 PM

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Anonymous has left a new comment on your post "STOP Buying Philippine Prudential Life Insurance C...": 

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

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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

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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 

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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

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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

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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

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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

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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

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Anonymous has left a new comment on your post "Is Philippine Prudential Life Insurance Company In...":

Nkuha n pla refund nung nagcheck ako ATM last Feb 5 bio p rin 9k 

Posted by Anonymous to Digital Brew at February 7, 2015 at 9:29 PM

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Anonymous has left a new comment on your post "Is Philippine Prudential Life Insurance Company In...":

Hi. I would like share my experience.
The day was December 7, 2014. I was walkingaround farmers plaza when a girl approached me. She asked if I am already working and if I have a credit card. I said yes. Sabi nya may promo daw sila sa company and if I want to join, saglit lang naman daw and I would really help her if I would say "yes" to their orientation which is going to take about 45mins To cut the long story short, I said yes and she asked me to follow her on their office in gateway, I thought 45mins lang talaga but lumagpas na ng 45 mins, they're not allowing me to go. Everytime that I said no, the agent keeps on offering me a new plan. By that time, I feel pressured. sabi ko ayoko gumawa ng decision in a short span of time since I want to think about it more. Pero di pa rin sya tumigil until such time na nag offer na sya ng mas mababang policy, the LABB PLUS. dahil sa nakulitan na ako sa kanya, I said yes. pero labag talaga sa loob ko yun. After that, dun palang ako nakaalis (after signing the papers and video confirmation), 

The next day, I wrote an email to the insurance commission stating that I felt forced to avail the paln that I never wanted to get in the first place. I explained how the agent tre\ted me. I did not receive a reply until #rd week of February 2015. Someone called me and said she was from the head office of Philippine Prudential. She said she was able to receive an email from the Insurance Commission from which attached my email. We discussed about how I was able to avail the policy and my experience. I told her na di na ako nag eexpect na makauha ng refund and my only concern is the way their agents are offering their prospective clients their policy. Matagal kami nag usap mga more than 30 mins siguro. then finally, she informed me that she would review my case (she will check the video confirmation, papers, etc) and will call me as soon as possible kung ano kakalabasan. Yesterday, March 9, 2015, naka tanggap ako ng tawag. Informing me that my request for cancellation for my policy has been approved. I would just submit to the all the papers that I have signed and bring with my cancellation letter. 30-45 days daw before ma refund yung pera ko which is P4,500.

Posted by Anonymous to Digital Brew at March 10, 2015 at 11:47 AM

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

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STOP Buying Philippine Prudential Life Insurance Co. (PPLIC) Plans NOW!!!

WHY?!? I finally compiled some 2012/2013 news and opinions on Philippine Prudential Life Insurance Company (PPLIC). The latest is dated August 31, 2013.

Deceptive Marketing. I've seen this report a long time ago. Surprising how only Mr. Anthony Taberna was brave enough to do an expose on the Philippine Prudential Life Insurance Co.

The only thing I could find in GMA News Online is this (dated April 12, 2013)

“Philippine Prudential Life Insurance Company Inc. is financially sound, as it remains to be a stable and strongly capitalized company, duly-licensed by our government regulator, the Insurance Commission,” Philippine Prudential president and chief executive officer Gregorio Mercado said in an e-mailed statement.

ODD! Since they're still roaming the malls, surely ABS-CBN or XXX must have done a follow-up on it. But I couldn't find one.

I'm surprised that nothing popped out regarding the policy holders who filed administrative and criminal charges against PPLIC. You'd think there's a conspiracy going on. Of course, that's probably just my imagination going wild.

Stay away from this glass-paned place!

It just baffles me how this company has remained afloat even after the many complaints on their agents' ethics. Now, we hear that their license has been revoked.

How in the world are they still selling their "pre-need plans" in malls?!?

Okay, so perhaps they're talking about a different Philippine Prudential Life Insurance Co.

Then again, there's this. 

MANILA - (UPDATED 5:16 p.m.) About one hundred plan holders of Danvil Plans Inc trooped to the Inusrance Commission (IC) on Thursday, asking the regulator to revoke the license of Philippine Prudential Life Insurance Co for the sudden termination of the benefits of their paid-up policies.  Source: Danvil planholders sue Philippine Prudential Life Insurance for cancelling benefit

Oh, so they are talking about the same company. Unfortunately, this isn't about their intimidating tactics as stated by a lot of comments in our previous blog post called The Battle with PPLIC. This is about them abruptly terminating their plan holder's policies.

One of the more pressing concerns is that even with this heat, they continue to roam in malls promising their potential customers a good investment while Danvil planholders sue them for simply promising 30% as arranged by Philippined Prudential Life (different from Prudential Life).

As Mr. Satur Ocampo stated in Philstar News titled "Insurance, pre-need scam: A public-private partnership"

The planholders also questioned why the IC, while allowing their benefits to be terminated, had allowed PPLIC to continue to operate with license and sell its insurance and pre-need products. That’s duping the new and potential planholders, they said.

Furthermore, according to Satur Ocampo's Parallels: Pork barrel, insurance, pre-need scams, Emmanuel Dooc, Insurance Commissioner had already promised closely monitoring the firm since 2010... I still don't get why they've gotten this far as to mess with 4000 policy holder's plans under the "protector account" due to a "technicality clause".

As  Mr. Saturno is imploring expedited action from government officials, I am asking readers and plan holders to be very vigilant while passing through malls. The most recent comment in this blog was dated October 22, 2013. This means they still have their license to operate.

Learn the facts (No matter how limited they are) and READ YOUR POLICY! Do what Antionette did in her comment (as posted in our latest PPLIC blog post titled "Is PPLIC LABB PLUS refundable?" Latest update on this blog link is dated Feb. 7, 2015.) Fight for your consumer rights and see how they react to it. This isn't about investing soundly anymore, nor is it an emotional rant on how we felt we were scammed. This is about big companies taking our hard-earned money, promising us financial stability and terminating it due to "technicalities" average consumers, like us, don't fully understand.

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The Battle with Philippine Prudential Life Insurance Company, Inc. (PPLIC)

I wasn't the type who had issues with how the Philippine Prudential Life Insurance Company Inc. (PPLIC) tricked their customers. Although for one, their agent had been dishonest with saying that for me to be able to pay the initial 11k by installment, I had to go to Banco De Oro (BDO) to discuss this with them. And that I did! Unfortunately, BDO told me that it were up to PPLIC to debit or credit it in installment basis. 

RUN FOR YOUR LIVES!!! ENTER AND YOU ARE DOOMED!

Before the 15 days were up, I went back to Philippine Prudential Life Insurance Company, Inc. (PPLIC) to express my dismay with this news. They even had me talk to their branch manager. For someone who values their customer's money, I was pretty much surprised when he mentioned that I would not have to worry about the finance charge as it won't be too high. Eventually, I decided to push through with it given the assurance from the manager that Banco De Oro's (BDO) finance charge and my total credit were easily payable. It turned out to be 300php- add that to the 3.2% interest they add to your credit card bill.

We were having financial issues so I decided to terminate my plan. My last payment was last January 15 and I decided to pay my February 15 due by March since they had a grace period of 30 days. But then, I also realized that I would not need to pay my February 15 due for me to be able to terminate my plan since according to my policy, I was still within the grace period. I further confirmed this with the agent and she told me that this would be true. So, supposedly the prorated cash value of my total payment for my plan would be 10,276 php (out of the 35,595 php I had paid them). And I were to receive this within 30-45 days. This contract was signed last March 8, I went back there today- April 25. Surprisingly, I was not shocked that they have not yet received the payout for my plan. The representative who helped me when I made my request told me that it wasn't there yet. So I asked them to provide me an exact time. They apologized and promised me that they would make sure to call the management based in Manila daily to expedite the process. But this wasn't the worst yet. When they showed me the cash value I was to receive, it only amounted to 9453++. Apparently Philippine Prudential Life Insurance Company, Inc. (PPLIC) wasn't done with stealing their customer's money. They provided me a prorated cash value that had a premium terminated in March! And then, they decided to make February a mispayment and deduct 1,610 more from that cash value!

It was pretty frustrating because the representative I talked to assured me that if ever my plan were to be terminated and given a cash value, it won't go lower than 10,000. And now, she took that back saying that it would be more or less 10,270++ and could possibly go lower than 10k since I did stop during January and that was the estimated computation.

Fortunately, my partner was there to inform her that he also heard the same thing from her. I told her that she assured me that my plan was already terminated last January. But now I see their computation showing that they've decided to extend my plan til March without my consent charging me an extra 1,610 from their March prorated cash value. Seriously, you don't get any lower and greedier than this!

She kept telling us that the computation was from the main office and she couldn't do anything about it. So I told her to send me someone who can. Their supervisor talked to us but the underlying problem was we were assured by the representative that the February due will no longer be charged to us. Speaking of changing the issue, this supervisor even mentioned that supposedly, payments were to be done on the 7th. Well, that's her problem because my contract have specifically mentioned that my dues are to be paid on the 15th. So the manager sent the representative back.

She tried to convince us that the grace period was only for lapse payments but I distinctly recall that there was such a clause in their policy that a plan can be terminated as long as you are still within the grace period. 

And fortunately I had read all their policies a number of times so I was able to insist on my points. Moreover,my partner had been strict, diplomatic and calm enough to finally convince her that there was no budging us. She went back into the office and came out a little later with a defeated look. She now assured us that we are to expect 10,000 from Philippine Prudential Life Insurance Company, Inc. (PPLIC) next week before Friday.

Finally, the  Philippine Prudential Life Insurance Company, Inc. (PPLIC) battle, for us, has ended. I can't stop imagining the almost teary-eyed representative who probably got her salary deducted because of us.

Moral of the story: If you are a potential customer, stay away from those freebies. They are practically a pitfall with an extremely high price tag.

If you are working for PPLIC, RUN FOR YOUR LIVES! Don't simply rely on the company's higher management. It sucks and they will unreasonably charge every single plan holder as much as they could making their agents suffer the consequences. I bet they've even secretly paid for employee insurances so they can cash in with their employee deaths (just like Walmart).

posted from Bloggeroid

EDIT: Just an update of the check I received from PPLIC. So, I finally got my 10,000 php back but it was in the form of a check amounting to 9,453+  (or somewhere between the lines) and some coins and bills exacting to 10,000 pesos. I'm pretty sure the agent had to take some out of her pocket to pay me the 10,000 php she promised us.

10/23/13 UPDATE: I posted a new article on why consumers have to stay away from Philippine Prudential Life Inc. Co. PPLIC. Please visit it and take a look.

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