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

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 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.

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.

An example of a pre-need court rehab is that of CAP. After getting suspended in 2004, CAP petitioned for rehab in 2005. The court granted it in 2006. Up to now,  CAP planholders have not received what is due them.

I also have a fully-paid CAP plan for my niece, but I’ve temporarily stopped pursuing it. I also sold one big CAP plan to a family friend, and I’ve made my big sorry and they’ve been nice. But I don’t know if the family thinks of CAP and then thinks of me. I’m glad now I sold only one.

Going back to PermaPlans:

According to Doris Dumlao of Philippine Daily Inquirer,
Permaplans petitioned a Makati court on May 21 to allow it to do the following:

• pay planholders who want to terminate their plans on a 60-40 basis: 60 percent in assets such as memorial lots and 40 percent in cash

• pay holders of maturing plans in five years: 10 percent on the 1st year, 45 percent on the 4th year and 45 percent on the 5th year.

Permaplans has about 11,000 planholders.

I’m saddened by the fact that Vazquez and the SEC are fighting.

Vazquez said the SEC froze Permaplans’ trust fund, so PermaPlans was forced to file for rehabilitation.

But the SEC said it didn’t freeze Permaplans’ trust fund.

According to the SEC, what it did was:

• to notify Permaplans that SEC opposed its plan of paying planholders who prefer to terminate their plans on a 60-40 basis

• to direct the trustee banks to secure approval first from SEC before approving withdrawals from Permaplans

There’s an article by Neal Cruz titled Gov’t regulatory agencies sleeping on the job . He didn’t name the pre-need firm, but obviously he’s referring to Permaplans.

I’m just bothered by the initial action of court rehab:

protect the pre-need firm from claims or give a reprieve to the pre-need firm from paying its obligations while something is being worked out.

Sources:

Permaplans seeks court approval for rehab
By Doris Dumlao
Philippine Daily Inquirer

SEC tightens lid on Legacy
By Darwin G.Amojelar
The Manila Times

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.