• Ace Insurance
• APEC Plans
• CAP Education
• CAP Pension
• Generali Pilipinas
• Golden Haven Memorial
• GreatLife
• Grepalife
• KC Fraternal
• Loyola Plans
• Manila Memorial
• Manulife
• Manuplan
• Paramount Insurance
• Philamlife
• Pramerica
• Prulife UK
• Sunlife of Canada
• Sunlife Financial

It’s news to me that CAP Education payments are still being collected.  So, when I saw the list at Southmall’s Bills Payment section, I wondered. Does this mean that CAP education policies are still being paid and that the benefits will be fully paid?

Kasi hindi naman magbabayad ang planholder kung walang assurance na naayos na ang problem ng CAP. Will research.  My niece’s CAP benefit was only partially paid at delayed na delayed.

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

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

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

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

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:

1. Plan or policy contract (Original)
2. Certificate of Full Payment (Original)
3. At least two valid IDs (Photocopies signed three times)
4. Benefits Settlement Application Form (3 copies)
5. 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.

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.