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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.
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.)
