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.
Pre-Need Planholders — How to Ask Help from the Insurance Commission
If you’re a pre-need planholder with a concern, you can now write the Insurance Commission even though the IC is still in the process of absorbing pre-need companies into its system.
The pre-need code was signed into law just last December 2009 and the implementing rules were signed just last March.
In a report published by Business World, Insurance Commissioner Santiago Javier Ranada also said that the IC needs about 150 more employees, including lawyers, actuaries and researchers, to manage pre-need matters.
Ranada, however, added that the IC is prepared to hear and settle pre-need cases.
To request for assistance, you can refer to the Claimant’s Request for Assistance form on the IC website as reference for details you need to include in your letter:
- Name of Planholder
- Address
- Telephone No.
- Name of Pre-Need Company
- Plan No.
- Name of Plan
- Amount of Plan
- Maturity Date
- Summary of Claimant’s Request
You can also refer to the complaint form designed by the SEC for pre-need complaints.
Related Article:
Pre-need Companies in the Philippines Now under the Insurance Commission
How to File a Complaint Against Any Pre-need Firm in the Philippines
Pre-need Companies in the Philippines Now under Insurance Commission
Pre-need companies in the Philippines are now under the supervision of the Insurance Commission.
The pre-need law was passed in December 2009 and the implementing rules and regulations (IRR) were signed in March 2010.
Visit the website of the Insurance Commission at insurance.gov.ph, and you will see the pre-need code and the IRR already published on the site.
You will also see the list of the 23 pre-need firms under Directory of the IC home page. However, the list on the IC was still the list previously prepared by the SEC.
The list includes the 23 pre-need firms that were licensed to sell pre-need plans as of December 2009:
- Abundance Providers and Entrepreneurs Corporation (APEC) (formerly Pacific Plans)
- AMA Plans
- Ayala Plans
- Caritas Financial Plans
- CityPlans
- Cocoplans
- Danvil Plans (formerly Berkley International Plans)
- Destiny Financial Plans
- Eternal Plans
- First Country Plans
- First Union Plans
- Grayline Plans
- Himlayang Pilipino Plans
- Loyola Plans Consolidated
- Manulife Financial Plans
- Mercantile Careplans
- Paz Memorial Services
- Philplans First (formerly Philam Plans)
- Provident International Plans
- St. Peter Life Plan
- Sun Life Financial Plans
- Transnational Plans
- Trusteeship Plans
The only two changes from the May 2009 list are:
- the addition of APEC to the list
- change of name of Philam Plans to Philplans
For those who have complaints, inquiries or claims, you can address them to:
Public Assistance & Information Division
523-8461 to 70 local 102, 103, 105
pubassist@insurance.gov.ph
Prudentialife Plans – Termination of Plan
This is for those asking about Prudentialife Plans, the diversified pre-need firm with main address at Prudentialife Bldg., 118 Gamboa St., Legazpi Village, Makati City.
Check again because this is often confused with a different company, Philippine Prudential Life Insurance Company (PPLIC), an insurance company headquartered in Pasig City and affiliated with Danvil Plans. Prudentialife and Prudential Life are not affiliated with each other.
If you have decided to terminate your Prudentialife plans, these are the documents you need to bring to Prudentialife to apply for termination:
- Plan or policy contract (Original)
- Certificate of Full Payment (Original)
- At least two valid IDs (Photocopies signed three times)
- Benefits Settlement Application Form (3 copies)
- Processing fee of 300 pesos (to be deducted from the proceeds of the plan)
You can view or download a copy of the Benefits Settlement Application Form here.
If you like to view or download copies of a special power of attorney or affidavits, go here.
Always remember though that if you terminate your plan, you won’t get back all the money you paid. You’ll only get a small portion. The percentages are written in your plan.
But as others say, mas mabuti nang merong konti kesa wala.
I don’t have a Prudentialife plan. What I have is a Danvil plan. There was one time I also considered termination because of the pre-need crisis, but I decided to wait.
Nevertheless, we have to decide for ourselves. We gather information and then decide. Whatever happens, we have ourselves to blame or congratulate.
Main Address:
Website: www.prudentialife.com
For addresses of Prudentialife branches, go here.
Legacy Group Victims
Reading news about investment victims is depressing and stressful because it evokes anger against the perpetrators.
But oftentimes, I still read them just to remind myself that I’m not alone, that I’m not the only one who made wrong financial decisions.
About four years ago, my former-OFW-husband and I lost about 400,000 pesos in a failed investment.
Going back to the Legacy Group scam, here are some of the investors that lost big amounts of money, based on news reports on inquirer.net:
Boy Galang, an OFW in Oman
Galang invested 200,000 in Legacy’s double-your-money scheme. He even canceled his flight back to Oman just to submit his complaint, hoping to get back his money.
Over 12,000 Soldiers and Police Officers Including Colonel Ariel Querubin
The Armed Forces and Police Savings and Loan Association Inc. reported that 12,047 soldiers and police officers invested nearly 318 million pesos in Legacy’s Scholarship Plan Philippines through salary deductions.
Querubin said he had paid a total of 109,000 since buying a plan in 1999.
So Sad About Permaplans or Permanent Plans
I’m not a Permaplans planholder, but I’m so sad about what’s happening with Permaplans or Permanent Plans, especially with the pre-need firm’s interaction with the SEC.
Again, it’s the planholders who are suffering.
Back in April, Permaplans’ president Juan Miguel Vazquez said his firm isn’t considering going to court for rehabilitation because court rehab takes time and delays payments to planholders.
But now the firm has filed for rehab, which according to Justice Secretary Raul Gonzalez is not the best option for planholders. He mentioned this while commenting on the Legacy case.
Updates on Danvil Plans and Other Pre-need Firms from March to May 2009
March 13-19
At the Senate hearing on pre-need firms, former Legacy executive Carolina Hinola accused SEC Commissioner Jesus Enrique Martinez of covering up Legacy’s financial problems after accepting gifts from Legacy, including a 5-million-peso house and lot and a 1.5-million Ford Expedition from Legacy head Celso de Los Angeles.
Insiders also claimed that Martinez tried to broker the sale of Danvil Plans to the Legacy Group. The sale did not push through after Danvil Plans backed out of the deal allegedly upon the advice of other top pre-need executives.
(Martinez died on May 6 due to colon cancer complications.)
Danvil Plans, Coco Plans, AMA Plans Deficient in Their Trust Funds
Here are some key points of recent news on these 3 pre-need firms.
Thanks to Epoy who notified me about these developments.
The information here was gathered by Philippine Daily Inquirer reporters at the resumption of the Senate inquiry into pre-need firms on May 6.
- Coco Plans, AMA Plans and Danvil Plans were found by SEC to have deficient trust funds.
- Coco Plans and Danvil Plans have submitted their proposals on how to build up their capital.
- AMA Plans has not yet submitted its proposal.
- Some of the remaining 19 pre-need firms have submitted their financial statements and have to comply with the SEC requirement until May 14.
- Caesar Michelena of Coco Plans said Coco Plans’ trust fund is enough to make maturity pay-outs for the next 9 years.
- SEC Chairwoman Fe Barin said SEC was reviewing the financial statements of the pre-need firms and coordinating with trustee banks if the trust funds are there.
- Senator Manuel Roxas suggested that SEC require pre-need firms to fill up the deficiencies in their trust funds before they continue selling plans.
- Roxas mentioned that the failed Legacy was still selling plans the month before it applied for dissolution.
Source: 3 more troubled pre-need firms watched
By Christine Avendano
Philippine Daily Inquirer
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