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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It is different from pre-need firm Prudential Life Plans Inc. whose license was revoked by the SEC in 2009.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
