Why am I posting it?

First, because I want to share some rays of sunshine to my fellow Danvil planholders who are still to claim their maturity benefits.  According to the PhilPrudentialife Insurance (PPLIC) officer who handed me my check (PPLIC has been processing Danvil’s claims as part of an agreement), the last maturity dates of Danvil plans will be in 2013 — those pre-need plans issued under the Berkley/Family Life partnership, later purchased by Danvil Plans.

I took his explanation to mean that those plans sold by Danvil and which are maturing after 2013 are PPLIC plans, which are insurance plans, since PPLIC is an insurance company.  (By the way, PPLIC has launched its new website. Type in danvil.com.ph and you’ll arrive at PPLIC’s website.)

Secondly, I posted the check to show that pre-need firms can fulfill their promises to their planholders if only they manage their firms well. All the pre-need firms in the Philippines suffered through the same global financial meltdown, but Danvil and the others have been able to survive. Why did the others collapse? Because they touched their trust funds, they invested in unsaleable memorial-lot and other real estate projects and they went overboard in their administrative expenses.

Sabi ng ibang pre-need firms, kasi global financial crisis, kasi bumaba ang interest rate, kasi…  Bakit?  Kung bumaba ba yong interest rate, bumababa rin ba yong principal?  Kung di ninyo gagalawin yong trust funds, andon pa rin sila, makakapag-antay sila ng time na tataas uli yong interest rate.  Hindi naman sila stocks.

Sabihin ng ibang pre-need firms, hindi ganong kasimple… Ganon? Ang mga simpleng tao na nagpakahirap para lang makaipon para may pambayad sa premiums (at hindi naman sana sila nagpakahirap na magbayad sa inyo kung hindi ninyo sila binola, in the first place),  ano na sila ngayon?  Yong iba nga, umaasa na sana makuha nila yong claims nila at pambili na lang ng gamot, o kaya pangtawid sa araw-araw kasi nawalan sila ng trabaho.

These past weeks, it’s been painful to read comments from Ideal Pension planholders as they ask me about how to pursue their claims. They live in Mindanao, in the Mountain Province, in the Visayas — how can they travel to Makati and attend the bankruptcy/insolvency hearing for Ideal Pension?  At para saan ang hearing na yan?  Paano na yong mga walang pamasahe at time para mag-submit ng claims?  Yong mga walang lawyers?  Sino ang tutulong sa kanila? At bakit bankruptcy?

That’s why I’m glad that it’s not Ideal Pension people that made bola to me years before, or the other failed pre-need firms, but Berkley/Family First/Danvil Plans.  At least, kahit overboard yong marketing nila noon, they fulfilled naman their promise to me, giving me the exact amount of maturity benefits promised, on the date promised. Danvil has been paying benefits since the first plans matured in 2008.

To Mr. Daniel Villanueva of Danvil Plans and the other Danvil officers, although it’s your legal  duty to pay our maturity benefits, and therefore there’s no need for thanks, in light of what happened in the pre-need industry, I thank you for:

1.  listening to advice and didn’t pursue the almost-done sale of Danvil Plans’ pre-need portfolio to Legacy.

2.  not touching the trust funds and not putting our money in uncertain investments (presumably, kasi natanggap naman namin ang mga checks namin at nag-clear.)

Businesspeople with INTEGRITY and MORAL VALUES,  sana dadami pa kayo.

Related articles:

Danvil Plans — Claiming Your Maturity Benefits

Pre-need Companies in the Philippines Now under Insurance Commission

Ideal Pension Plans Corp. Planholders — Time to Unite

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:

1. Original copy of Policy Face Page (the separate one-page summary that contains details about the planholder, beneficiaries and amount)
2. Original copy of Certificate of Full Payment
3. Original copy of Contract Provision
4. Photocopy of Cedula or Community Tax Certificate (Current Year)
5. 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:

1. two primary IDs, or one primary ID and two secondary IDs
2. cedula (current year)
3. 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 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.

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:

1. Abundance Providers and Entrepreneurs Corporation (APEC) (formerly Pacific Plans)
2. AMA Plans
3. Ayala Plans
4. Caritas Financial Plans
5. CityPlans
6. Cocoplans
7. Danvil Plans (formerly Berkley International Plans)
8. Destiny Financial Plans
9. Eternal Plans
10. First Country Plans
11. First Union Plans
12. Grayline Plans
13. Himlayang Pilipino Plans
14. Loyola Plans Consolidated
15. Manulife Financial Plans
16. Mercantile Careplans
17. Paz Memorial Services
18. Philplans First (formerly Philam Plans)
19. Provident International Plans
20. St. Peter Life Plan
21. Sun Life Financial Plans
22. Transnational Plans
23. 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

According to a Danvil customer care staff, planholders should file their claims 2 months before maturity date because Danvil now takes 60 days to process claims. But there are some planholders who have made comments on this blog that they’ve filed their claims 3 months before. So, perhaps it’s better to file 3 months before your maturity date.

Thanks to Fides — who had filed her claim and had received her check– and Rolly — who asked Fides about the requirements in filing a claim, here are

the requirements in filing your claim:

1. Maturity Claim Processing Form (from Danvil)

2. Family First Future Provider Plan (Face Page)

3. Certificate of Full Payment

4. Policy Contract

5. Cedula

6. 2 valid IDs

The offices of Danvil Plans are still here, according to Danvil’s Customer Care:

1. 4th Floor, Equitable Bank Tower, Paseo de Roxas, Makati

2. SM Megamall

3. SM Southmall

4. SM Fairview

5. SM North

The telephone numbers are:

755-1521

755 1591

You just have to be patient when calling because oftentimes, especially weekdays, it takes Danvil a long time to answer. Perhaps, just like other firms, it is cutting costs, so there are only a few customer staff.

Email address:

mypolicy@danvil.com.ph

For those who like to use the web site of Danvil to check their payments and accounts, send an email to Danvil and request for a password.

If you have visited Danvil Plans offices, kindly balitaan ninyo naman kami dito. It would mean a lot to us.  Thanks a lot.

Comments ng mga nakakuha nang Danvil planholders.

From planholder Hill:

February 16

Planholder din ako ng Danvil Plans and in fact magma-mature na ang plan ko this March 2009. One last payment na lang sa March 1 ang kulang.

February 21

Originally, 5 years to pay and 10 years after ang maturity yung plan ko pero I had it changed to 10 years to pay. Kaya, March 1, 2009 ang last payment at sa March 25, 2009 naman yung maturity date nung plan ko. Kaya nga inaayos ko na ang mga requirements.

March 5

Bale galing ako kaninang umaga sa Danvil Plans office sa SM Megamall para i-submit mga requirements in claiming maturity benefit. Bale wait lang ng 10 working days para sa clearing ng PDC check issued for March. And then 20 working days pa para sa check naman ng benefit ko.

April 7

I was at SM Megamall last Thursday, April 2 with former coworkers. And since I am already there, I decided to follow up if the check for the maturity benefits of my policy with Danvil Plans is already there. Lo and behold, to my surprise. Nandun na nga. Kaya that same day nakuha ko na check. And of course I deposited it to my bank account the following day. Di ko in-expect na nandun na check that time, kasi sabi sa akin nun, mga April 13 pa available. I’m thankful at mas napaaga. Praise God. At kanina nga sa bank I follow up kung credited na ba. Nagulat ako at hindi pa. Pero sabi naman ng bank clerk ay bukas cleared na ito at credited na sa account ko.

April 26

Gusto ko lang i-inform na na-clear na yung check na in-issue ng Danvil Plans. Happy and relieved talaga ako. Praise GOD. Yun lang. GOD BLESS.

From planholder Jun

May 5

I’m a Danvil planholder and I chanced upon your site since I’m also worried about my plan like many of the planholders. After reading the blogs, my hopes got renewed as Danvil seems to be not in danger of closing shop. I visited Danvil’s website to check on my plan and the status indicates that it is fully paid although the maturity date is on May 21, 2009. I’ll come back here to share with you and other planholders if i’m able to collect. Wish me luck…

May 6

I just filed my claim today at the North Edsa branch and I was told to wait for 20 working days for the release of the check, so that’s about a month from now or around June 6. Before I went there, I already heard about the bad news on Danvil. So while I’m hopeful that I’ll be able to collect, I cannot help myself from getting nervous. I don’t know how the news would affect the operations of Danvil, though when I was there, business seemed as usual and there were even few announcements of new planholders. So maybe its not as bad as depicted in the news.

June 5

As promised, I’m back to share with you if I’m able to collect my maturity benefit. Well, yes I was able to collect. I filed my claim on May 6 and got the check on June 2 and deposited it the following day. When I checked my account today, the check has already cleared. Just to share with you, the check was issued by the Cash/Trust Dept. of Land Bank Head Office and not by officers of Danvil Plans. My guess is Danvil approves the claims and sends them to Land Bank for issuance of the check. So I think for as long as the trust account in Land Bank has money, all claims that come will be paid. Now the question is how much money does the trust account contain? We don’t know that because Danvil Plans is not announcing it unlike Cocoplans. For now, we’ll just take SEC’s word that all the pre-need companies with licenses can meet their obligations. So I hope my report would somehow help the other planholders in deciding whether or not to continue with their policies.

Thank you so much, Hill and Jun, for sharing your experiences. I hope other Danvil planholders out there who have filed claims and who have encashed their checks take the time to share their experiences here to reassure other planholders of Danvil Plans.

Related Articles:

• Updates on Danvil Plans and Other Pre-need Firms from March toMay 2009

• So Sad About Permaplans or Permanent Plans
• Prudentialife Plans Inc. Is Different From Philippine Prudential Life Insurance Co. Inc.
• Danvil Plans, Other Pre-Need Firms: Updates
• Danvil Plans, Coco Plans,AMA Plans Deficient in Their Trust Funds

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.)

April 21

SEC has canceled the license of Prudentialife Plans Inc. to sell preneed plans because of its trust fund deficiency.

Prudentialife however said that its estimated trust fund of 12 billion pesos is enough to cover its obligations to about 400,000 planholders.

Prudentialife said it is still allowed to sell their other products like life insurance, health plans and mutual funds. Prudentialife President Jose Alberto Alba insisted that his firm will survive the crisis because of its 31-year history of strong performance, including survival of the CAP collapse and the 1997-1998 crisis.

April 22

Permanent Plans or Permaplans has decided to stop its operations  because of trust fund losses in 2008.  In response, SEC canceled Permaplans’ license. Permaplans said it will pay all its planholders (about 10,800) in the form of cash and other types of assets in the next 4 to 6 months.

April 27

Paranaque Representative Roilo Golez condemned CAP for giving only about 400 pesos per sem to most of about 700,000 CAP planholders under a court rehabilitation program.

Chit Baita, head of a group of CAP planholders, questioned court-appointed receiver Mamerto Marcelo for allowing CAP to sell its MRT III bonds and use the proceeds to pay off other firms owned by CAP owners, the Sobrepenas, instead of using the money to pay planholders.

May 1

CAP responded to the report that it is giving out only 400 to 500 pesos per sem to planholders by announcing that it has paid over 220 million to planholders since 2007 and that it is following court-approved schedules for paying planholders in installments up to 2011 and then full payments starting 2012.

CAP instructed planholders to check its list of 147,000 planholders on its website www.cap.com.ph for 334,000 checks ready for release.

May 1

Investigators said fraudulent schemes and fund diversions led to the collapse of Legacy’s banks and pre-need firms. Legacy’s pre-need firms owe about 1.3 billion pesos to its estimated 50,000 pre-need planholders, including more than 12,000 soldiers and police officers who have paid over 320 million pesos through monthly salary deductions by the AFPSLAI.

May 6

Coco Plans said it has 1.4 billion in its trust fund and it is able to cover maturing policies within the next 9 years, according to Coco Plans president

Caesar Michelena. He said the deficiency of 190 million will be covered within 3 years under a program submitted to the SEC.

May 7

The SEC announced that three preneed firms — Coco Plans, AMA Plans and Danvil Plans — had trust fund deficiencies. Coco Plans and Danvil Plans have

already submitted their plans on how they can restore their trust funds to adequate levels.

May 7

Caesar Michelena, president of Coco Plans and  newly-elected head of the Philippine Federation of Pre-need Plan Companies, expressed his hope that no more pre-need company will shut down.

Previous PFPPC President Juan Miguel Vasquez resigned after his firm Permanent Plans decided to cease operations.

May 7

Some Permanent Plans planholders complained at the Senate hearing that Permaplans is offering a 60/40 payment scheme — 40 percent of their maturity value in cash and 60 percent in food and health supplies and lots at a burial site in Payatas.

In a statement made on April 22, Permanent Plans President Juan Miguel Vazquez reiterated that the contracts held by Permaplans planholders allow the company to change the mode of settlement or payment of plans.

May 7

PDIC President Jose Nograles revealed at the Senate hearing that there are still more than 35,000 unclaimed bank accounts under the failed Legacy Group. Senator Mar Roxas asked PDIC to inform the depositors through the mail.

May 12

President Arroyo ordered SEC Chair Fe Barin to determine the financial condition of the preneed firms to ensure that they can meet their obligations

as the plans mature. Arroyo demanded that criminal prosecution be taken against erring firms.

May 13

Justice Secretary Raul Gonzalez said there are loopholes in the law of receivership, allowing failed pre-need firms and other businesses such as condo developers to walk away from their obligations.

May 14

Coco Plans announced that it has paid all its obligations to all its educational planholders this school year.

May 17

The SEC assured pre-need planholders that the 22 licensed preneed firms, including Danvil Plans, are financially stable enough to pay their obligations to their planholders. SEC said it has reviewed the financial records of the pre-need firms.

The 22 pre-need firms with licenses to sell plans this year include AMA Plans, Ayala Plans, Caritas Financial Plans, CityPlans, Cocoplans, Danvil 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 Service, Philam Plans, Provident Plans International, St. Peter Life Plan, Sun Life Financial Plans, Transnational Plans and Trusteeship Plans.

May 19

About 525,000 educational planholders have been trying to get money for their children’s enrolment this school year from 5 failed pre-need firms: CAP, Pet Plans, Platinum Plans, Pacific Plans and TPG Corp.

Meanwhile, Pryce Plans, still solvent but low on cash because it invested in real estate, memorial lots and listed equities, has been issuing checks in queues and paying in kind to consenting planholders.

May 27

President Macapagal-Arroyo returned the SEC under the supervision of DTI, nine years after she placed SEC under DOF. Observers said the transfer was caused by SEC’s failure to prevent the collapse of preneed companies owned by Legacy.

May 29

SEC has required pre-need firms to increase the percentages of their trust fund deposits.  For every peso paid by a pension and education planholder during the first year, the pre-need firm must deposit 70 cents, a big increase from the previous 5-cent requirement.  This requirement will apply only to new plans. Required increases percentages for other plans were also issued.

Above notes were gleaned from various articles and videos published on Inquirer.Net and GMANews.TV.

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

My mistake was I thought the Prudentialife Plans Inc. which was suspended recently by SEC is the same Prudential which has been partnering with Danvil Plans since 2007.

Thanks so much to Rolly who made the correction. Based on Rolly’s info and on my quick online research, these are some info that would clear things up:

Philippine Prudential Life Insurance Co. is the company which bought the life insurance portfolio of Berkley/Danvil in 2007. This is also the issuer of life insurance plans and endowment plans being sold by Danvil Plans.

Philippine Prudential is a life insurance company supervised by the Insurance Commission. It is not a pre-need company.
web site: http://www.philprudentiallife.com/pplic/

On the other hand, Prudentialife Plans Inc. is a pre-need company supervised by the SEC.  This is the company whose license to sell was suspended by the SEC last April 2009.
web site: http://www.prudentialife.com/

The good news then to many of you whose plans were issued by  Philippine Prudential Life Insurance Co. ( sold through Danvil Plans) is that your plans are not affected by the  trust fund problems prevalent in the pre-need industry… because your plans are insurance plans issued by an insurance company, which has been operating since 1963, according to its web site.

I asked why Danvil Plans has not been answering emails when email is the most affordable way to contact them, especially for Danvil Plans planholders working hard abroad.

To my pleasant surprise, the next day Eleazer L. Francisco, Danvil Plans customer service supervisor, replied and here is part of the response:

Thank you for your e-mail of 21 April 2009.

Our record shows that your plan under policy number FPN401756 is already fully paid.

Thank you for deliberating your concern with us, rest assured that we are doing our best to serve our policy holders with their concerns. Blogs are open to all to post their opinions, and they are not filtered out even if it is true or not.

Please feel free to e-mail us again should you have anymore concerns.

Best regards,

Eleazer L. Francisco
Customer Service Supervisor
Customer Relation Group
Danvil Plans, Inc.
(632) 755-1521

I emailed back Mr. Francisco and asked him about Ms. Aurora Dino, the Danvil Plans executive I was communicating with last year about my own preneed plan.  He said Ms. Dino is no longer with Danvil Plans.

So there, try sending your inquiries to Danvil Plans at
mypolicy@danvil.com.ph, and then kindly write about them here.