List of Pre-Need Firms in the Philippines, as of September 2011
Sa wakas, nag-release na rin ang Insurance Commission ng list nila ng pre-need firms in the Philippines licensed to sell pre-need plans for the year 2011.
Pre-need, Insurance Premium Payments Accepted at SM Southmall
Here’s a list of pre-need and insurance premium payments accepted at SM Southmall in Las Pinas.
Planholders of Platinum Plans, Ideal Pension Plans, Grayline Plans — Who Will Fight for Them?
Who will fight for the planholders of Platinum Plans, Ideal Pension Plans, Grayline Plans and the Other Failed and Uncaring Pre-need Firms?
Firms Licensed to Sell Pre-Need Plans in the Philippines for 2011
According to BusinessWorld’s Diane Claire J. Jiao, 17 firms have already obtained their licenses from the Insurance Commission to sell pre-need plans in the Philippines for the year 2011.
Cash Value of Insurance Policy or Pre-need Plan in the Philippines
Ano ba ang Cash Value? Bakit ganito lang ang cash value ko? Scam! Scam!
Danvil Plans Paid My Maturity Benefits as Promised
This is a scan of the check I received from Danvil Plans last October, which cleared on third day after deposit. Danvil paid my benefits according to the contract, at the promised amount, on the promised date.
A Response from Former Senator Rene Espina About Ideal Pension Plans
In the September 9, 2008 list of licensed pre-need firms released by the SEC, former Senator Rene G. Espina was listed as chairman of Ideal Pension Plans Corp. (IPPC). In the January 28, 2009 list, IPPC was no longer among the licensed pre-need firms.
From time to time, I get inquiries about Ideal Pension Plans, as many of my blog posts are about another pre-need firm Danvil Plans.
Last week, I received from Juni, an Ideal agent in Mindanao, a copy of a Notice of Hearing from the Makati Regional Trial Court for the petition by Ideal Pension Plans for voluntary insolvency. The copy is posted here:
Ideal Pension Plans Corp. Planholders — Time to Unite
Juni said he wrote an email to former Senator Espina inquiring about the status of Ideal Pension Plans. In his email, Juni also wrote about how he has been following up on Ideal, how his wife and brother traveled to Manila just to check into what’s happening at Ideal.
With a lot of planholders Juni and his family have sold plans to, the weight of the Ideal collapse rests heavy and painful on his shoulders. It’s a harrowing situation.
I myself sold two big CAP plans years ago, and this is something I want to erase from my mind. I thank the Lord though because these CAP clients understood my situation and never took the CAP failure against me. They’ve informed me last year that there’s hope they’re getting a portion of what they’ve paid.
Following is the response of former Senator Espina to Juni’s email: (Juni said Senator Espina gave permission for the posting of this letter.)
Thank you very much for your high regard for me. I regret very much that I was not able to protect the interests of the plan holders.
I lost my own investment in Ideal but that is the least. What I regret the most is losing my own good reputation which I value more than money. I do not and never did control IPPC. I was just a minority shareholder and the majority stock of the Gabriel family-mother, daughter, sisters and their friends are the majority shareholders.
Said controlling stockholders have mismanaged the corporation by running it like a family corporation and issuing several checks signed by mother and daughter which until the present time I could not audit inspite of the fact that I hired the services of Valdez and Company CPAs. IPPC has filed voluntary bankruptcy proceedings at the Makati RTC.
I will further update you further about IPPC…
Best regards,
Rene Espina
For Ideal Pension planholders, the hearing for Ideal’s petition for voluntary insolvency is on October 5, 2010 at 8:30 am at the 12th floor of the Makati City Hall.
Comment ko lang: What really is voluntary insolvency? Is this just a very convenient way of using the court to hide from responsibilities to planholders?
Ideal Pension Plans Corporation Planholders — Time to Unite
There have been several planholders of Ideal Pension Plans who have been asking about the status of their pre-need firm. I’ve also read in other forums complaints about the failure of Ideal Pension Plans to pay maturing benefits and claims.
My answer was always about the need for Ideal planholders to connect with each other online and talk about how they can pursue their claims. I’ve even suggested that if they’re interested, I can email those who made comments here about Ideal and ask if they like to exchange email addresses.
Now, one Ideal Pension planholder, Juni, has placed on the comment section a notice he said it came from the Makati Regional Trial Court. And he’s calling for all Ideal Pension planholders to unite, help each other and show their power during the hearing on October 5, 2010.
Comments From Juni:
Hi all! I just received a NOTICE OF HEARING from the Regional Trial Court, National Capital Judicial Region, Branch 66, Makati City which states:
In the matter of the petition for VOLUNTARY INSOLVENCY of IDEAL PENSION PLANS CORP.
IDEAL PENSION PLANS, Petitioner.
Notice of Hearing for: Meeting of all all IDEAL CREDITORS
You are hereby notified that the above-entitled case will be heard before this Court, located at the 12th Floor, Makati City Hall Building, on the 5th day of October 2010 at 8:30 am, at which date, time and place, you or your duly authorized representative may appear for the selection of assignee and to prove through written evidence your respective claims, without which, it shall not be admitted.
City of Makati, August 23, 2010.
SGD. ATTY. JOHN IVAN B. TABLIZO
Branch Clerk of Court
I hope that this time we will be one and united to press Ideal to give us what is legally due us. Hope everyone could come.
——————————————
According to online SEC records, Ideal Pension Plans Corp. was licensed to sell pre-need plans until December 31, 2008. In the SEC pre-need list as of September 9, 2008, Ideal Pension was listed, but in the SEC list as of January 2009, Ideal was no longer on the list.
Now, Ideal planholders, you have a chance to make your demands together. Bring xerox and original copies of your Ideal pre-need policies, but guard your original copies. There’s POWER in number. The more planholders at the hearing, the better.
Those who can visit the Makati City Hall and check if there are changes in the notice, it is for everyone’s good if they can do so, and then inform other planholders.
Comments by Ideal planholders can also be found here:
Pre-need Companies in the Philippines Now Under the Insurance Commission
Danvil Plans,Other Pre-Need Firms — Updates
Update from Nori on Ideal Pension Plans as of March 13, 2011: (Thanks a lot, Nori)
Next hearing is on March 18, 2011, Friday at 9:00 am sa RTC Makati Branch 66.
Under liquidation na po ang Ideal. The court is in the process of approving the liquidation plan. Kailan makukuha ang pera? Di po natin masasabi. It could be months or even years from now. Huwag po tayong mag expect na makukuha natin ng buo ang contract price. Approximately 20% lang makukuha. Depende sa mabebentang ari-arian ng court appointed liquidator, baka mas malaki o mas maliit ang makukuha.
Related Articles:
Planholders of Platinum Plans, Ideal Pension Plans, Grayline Plans — Who Will Fight for Them?
Pre-Need Planholders — How to Ask Help from the Insurance Commission
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
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