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Danvil Plans — Claiming Your Maturity Benefits
Finally, after 10 years, I’m filing my claim for my Danvil Plans maturity benefits, which are due on October 4 this year. I visited the SM Southmall branch, and saw that Danvil has moved from the second floor to the lower ground floor (basement) — to cut costs, presumably. For me, this is good. The firm can survive and grow more if it’s lean.
The sign on the outside was also already PPLIC, short for Philippine Prudential Life Insurance Co. PPLIC and Danvil have been partners since PPLIC bought Danvil’s insurance portfolio in 2007, and probably before 2007, so whatever relationship they have now is not surprising. When you ask reps about the Danvil-PPLIC thing, you get different answers, so it’s enough for me that they’re processing Danvil claims while selling PPLIC plans.
Danvil Plans is strict about IDs — which is good, baka may mag-claim na iba, so prepare your IDs. If you lack IDs, get a postal ID or a TIN digitized ID now.
These are the requirements in filing your claim for maturity benefits:
- Original copy of Policy Face Page (the separate one-page summary that contains details about the planholder, beneficiaries and amount)
- Original copy of Certificate of Full Payment
- Original copy of Contract Provision
- Photocopy of Cedula or Community Tax Certificate (Current Year)
- Photocopy of two primary IDs or one primary ID and two secondary IDs
Valid Primary IDs:
- Passport
- SSS Digitized ID
- Company ID (current)
- Driver’s License
- PRC ID
- School ID (current)
Valid Secondary IDs:
- Postal ID
- TIN Digitized ID
- Senior Citizen ID
The processing of claims takes 45 to 60 days, so file your claims about two to three months before your maturity date. When claiming your check, bring the originals of the photocopies you submitted. Bring the required IDs and your cedula.
For planholders abroad or OFWs who are not able to file and claim in person:
– Choose a representative who is of legal age.
– Go to the Philippine Consulate in the country where you are, and obtain a Special Power of Attorney (SPA). Danvil Plans specifies your SPA to be consularized. The SPA should state that you are:
- authorizing the representative to transact and process the maturity benefit claim in your behalf
- authorizing the representative to claim the maturity benefit check and sign the release, waiver and quitclaim form in your behalf.
Your representative should present:
- two primary IDs, or one primary ID and two secondary IDs
- cedula (current year)
- photocopy of the IDs and the cedula
You can request Danvil Plans for the check to be made payable to your representative, so he/she can encash it for you, or deposit in his/her account for subsequent wiring to your foreign account. But make sure your representative is a person of integrity. Remember, cash can disappear like magic. If you choose this option, include this request also in your SPA. Check that you’re writing the correct name/spelling of your representative in your SPA.
Update as of August 15, 2010:
I filed my claim this afternoon. As described by others who filed last year and this year, the process was easy. Ganon pa rin… na ang unang step is to sign a small sheet of paper stating your purpose for visiting the office. Then you are ushered inside.
The time I was there, marami pa ring kinakausap. Makikita mo pa rin yong usual na nakikita noong Family First pa – yong mga katatapos lang nag-grocery, kasi may mga SM grocery bags under the tables, mga spouses/bfs/gfs/children waiting, at yong walang kamatayang Iced Tea! Pero, in fairness, okay naman yong Iced Tea nila compared sa Max’s. The rep and I nagtsika konti, tapos kinuha at tsinek niya documents, then binigay sa akin one copy of the checklist/receipt for the claim filing.
Before I left, I asked the rep why the sign outside the office was already PPLIC, and no longer Danvil Plans. It seemed that this rep was more informed than the others because he was more confident in his answers. He said that Danvil Plans is still an existing firm, separate from PPLIC, and that PPLIC has not acquired Danvil. He explained that Danvil is no longer selling Danvil plans; it’s only servicing existing planholders. He said that Danvil and PPLIC have a special partnership, helping each other in the processing of claims and in the marketing of PPLIC plans.
Related Articles:
Philippine Prudential Life Insurance Company
Pre-need Companies in the Philippines Now under Insurance Commission
List of Other Articles on Danvil Plans
Philippine Prudential Life Insurance Company
Since Philippine Prudential Life Insurance Company is associated with Danvil Plans, we’re going to write some information about this company. A lot of info here were taken from the website of the Insurance Commission.
Philippine Prudential is an insurance company; it is not a pre-need firm.
It is different from pre-need firm Prudential Life Plans Inc. whose license was revoked by the SEC in 2009. These two firms are not affiliated with each other.
Philippine Prudential is one of 35 life insurance firms whose licenses have been renewed by the Insurance Commission every year for the past years. Their newest licenses are for the license year 2009 to 2010.
Of the 35 life insurance firms, Philippine Prudential is:
- 17th in ranking based on premium income as of December 31, 2009
640,144,183 pesos - 17th in ranking based on first-year premium as of December 31, 2009
207,613,865 - 22nd in ranking based on paid-up capital as of December 31, 2009
123,807,730 pesos
As can be seen on both the websites of Philippine Prudential and Danvil Plans and in SM malls, the two firms use the same sales offices in SM Pampanga, SM Fairview, SM North Edsa, SM Megamall and SM Southmall.
