Monday, April 4, 2011
Philippine Prudential Life Scam and other Related Issues
Beginning last year, policy holders of Philippine Prudential Life scam issues that started to be concerned related to the poor write-ups relating the company’s marketing method. Just before that, few of the biggest and most reputable pre-need companies in the Philippines were not able to fulfill their contractual responsibilities to prolonged-standing customers. That lead in several pre-need planholders to submit cases towards this company. Years afterwards, this policyholders carry on living in uncertainty and remains questioning if their pre-need company would actually pay their commitments.
Such in the situation of Philippine Prudential Life Insurance Company or PPLIC. It obviously doesn't help issues which carries a identical name having a pre-need firm known as Prudential Life Plans, that ceased operating and offering pre-need plans more than a year ago. It has produced issues more tough for PPLIC to show its authority facing the distributing informations about Philippine Prudential Life scam.
Philippine Prudential Life Services
PPLIC has become one of the founders of Mortgage Redemption Insurance, or later known as Credit Life Insurance, a plan that is created to pay off the borrower’s loan in the instance of the borrower’s death. PPLIC is usually one of the several life insurance companies that offer group life insurance plans. Group life insurance plans includes labor unions, business or company employees, members of an association, etc. PPLIC also offers LABB (or Life Accident and Dismemberment Burial Benefit) designed for low-paid Filipino workers and employees. 5 in Juan Plan, a collection of five plans, involves life insurance, LABB, accidental medical reimbursement, daily hospitalization advantages and dental services. PPLIC also provides educational, health, and individual plans.
Awards and Recognitions
PPLIC holds the Superbrands reputation, a internationally well known institution that honors to the leader in branding around the world. Superbrands acknowledgements goes beyond branding. It recognizes companies, manufacturers, and brands that emphasis on the good will of the people, and are specifically selected and desirable to the people.
Each insurance providers encounters the unpleasant chance of failure. Philippine Prudential Life is aware of exactly where the concerns are originating from, it also appears to provide its plansholders towards the best of its capability.
Wednesday, February 2, 2011
Philippine Prudential Life Awards Apple iPhone 4 Promo Winner
MANILA, Philippines, 3 February 2011 — Philippine Prudential Life Insurance Company, Inc. (PPLIC), the industry leader in innovation and growth, recently awarded its latest winner in the Company’s Apple iPhone 4 Promo in its Corporate Head Office in Ortigas. The Apple iPhone 4 Promo is one of the Company’s ongoing regular incentive programs for prospective clients who attend its product presentations at its various mall-based branches across the country. Prospective clients, such as the latest winner Piczon H. Amparado, are not required to purchase any product during the Company’s presentation to join the raffle.
Apart from Apple iPhone 4 Promo, PPLIC also has ongoing promotions with grand prizes such as a Honda City car and a Trip to Macau at stake for prospective clients who attend its product presentations.
Photo above shows PPLIC Senior Vice President Daniel Mercado III (thrid from left) awarding the Apple iPhone 4 prize to Ms. Amparado, accompanied by her husband, Sergio H. Amparado (1st from left). Also witnessing the awarding is Philippine Prudential life PPLIC Assistant Vice President for Customer Service Catherine Enteria.
Philippine Prudential Life Affirms Partnership With Mayor Guia Gomez and San Juan City’s Pink Ladies
MANILA, Philippines, 13 January 2011 — Philippine Prudential Life Insurance Company, Inc. (PPLIC), the industry leader in innovation and growth, continues to enhance its on-going Corporate Social Responsibility (CSR) efforts through its continued partnership with San Juan City Mayor Guia G. Gomez and the Pink Ladies Foundation. The Pink Ladies Foundation is a non-government organization founded by Mayor Gomez in the 1960’s, which provides medical, educational and livelihood assistance to the women of San Juan. The partnership includes providing insurance coverage for the members of the foundation. Death claims of 3 members were awarded recently and were received personally by Mayor Gomez at her Office in San Juan City Hall.
“We are truly honored and proud to have this continued partnership with San Juan Mayor Guia Gomez and the Pink Ladies Foundation,” said PPLIC Senior Vice President Daniel Mercado III. “Being the insurance provider for a cause-oriented organization gives our company more drive to further enhance our products and services to better fit the different needs of its members,” he added.
Mayor Gomez noted the value of insurance. “Good planning and proper financial management by our members would be beneficial for future uncertainties,” she said. “During down times, insurance can be a financial life-saver. It provides protection for unanticipated expenses you couldn’t otherwise pay.”
Philippine Prudential Life Insurance Company, Inc. (PPLIC) is a leader in innovation and growth in the life insurance industry in the country. It is a reputable 100% Filipino-owned financial services company committed to providing the best financial advice and diversified and affordable products — such as endowment plans, whole life plans, group and permanent plans, healthcare coverage, educational and pension policies and Credit Life Insurance — to its valued clients through its multiple and accessible distribution channels.
Photo above shows the Honorable Guia Gomez (second from left) receiving the three checks from Philippine Prudential Life Insurance executives Daniel Mercado III, Senior Vice President for Claims (right) and Rodolfo C. Estrera, Assistant Vice President and Head of Corporate Communication
(second from right). Also in photo are Allenmarie Alejo, Treasurer of the Pink Ladies Foundation, and PPLIC Agent Bobby Lapeña.
Saturday, January 29, 2011
Philippine Prudential Life Scam or Not?
Starting more than a year ago, clients of Philippine Prudential Life began to worry about the negative write-ups regarding the company’s marketing strategy. Prior to that, some of the largest and most respected pre-need companies in the country had been unable to meet their contractual obligations to long-standing clients. This resulted in many pre-need planholders to file cases against these companies. Years later, these planholders continue to live in uncertainty and are still wondering if their pre-need companies would ever pay their obligations.
With much of the general public still confusing pre-need with insurance, it is no wonder then that many people continue to be hesitant and more cautious in buying policies from legitimate and reputable insurance companies. If pre-need firms, especially those that were owned or run by leading insurance companies, can collapse in a blink of an eye, how can you trust newer and less-known insurance companies to guarantee the protection of their policyholders?
Such is the case of Philippine Prudential Life Insurance Company or PPLIC. It certainly does not help matters that it has a similar name with a pre-need company called Prudential Life Plans, which stopped operating and selling pre-need plans over a year ago. This has made things more difficult for PPLIC to prove its credibility in the face of spreading news about Philippine Prudential Life scam.
I conducted my own investigation, since the negative write-ups did not satisfy or make sense to me, and discovered some little-known truths about PPLIC. Despite the various speculations and negative write-ups about it, this company continues to stand strong and respectable. Just to be clear, PPLIC is not Prudential Life Plans. The latter happens to be a pre-need company, an entirely different type of business under a different set of owners, which carried the name Prudential in its company’s name.
About PPLIC
Philippine Prudential Life Insurance is a Filipino-owned company founded in 1963 with a long history of providing reputable service to its members. It currently services more than 1.5 million policyholders, including their families. Despite the collapse and losses of older and more well-known insurance companies, PPLIC continues to serve and live through the challenges of today’s harsh economy.
Services
PPLIC is one of the pioneers of Mortgage Redemption Insurance, or later known as Credit Life Insurance, a policy that is designed to pay off the borrower’s debt in case of the borrower’s death. PPLIC is also among the few life insurance companies which offer group life insurance plans. Group life insurance plans cover labor unions, business or company employees, members of an association, etc. PPLIC also offers LABB (or Life Accident and Dismemberment Burial Benefit) designed for low-paid Filipino workers and employees. 5 in Juan Plan, a compilation of five plans, includes life insurance, LABB, accidental medical reimbursement, daily hospitalization benefits and dental services. PPLIC also offers educational, health, and individual plans.
Awards and Recognitions
PPLIC carries the Superbrands status, a globally recognized organization that pays tribute to the leaders in branding all over the world. Superbrands recognition goes beyond branding. It identifies manufacturers, companies, and brands that focus on the goodwill of the people, and are particularly chosen and preferred by the people.
Charity
Aside from offering life insurance and other product and services, PPLIC goes beyond business. The company is one of the current supporters of Kariton Klasrum, a project by the CNN Hero of 2009, Efren Peñaflorida. PPLIC also supports Gawad Kalinga, a Philippine foundation aimed at easing poverty and promoting human dignity and nation building.
Every insurance company faces the painful possibility of failure. PPLIC understands where the issues are coming from, it still stands to serve its policyholders to the best of its ability.
The decision to invest in your future is entirely up to you. Whether you want to manage your future with your own hands or let an insurance company take care of your investments, just always make sure that you have taken proactive steps to ensure that the future holds great promise for you and your family.
The Philippine Prudential Life scam reviews and write-ups are just another symptom of prejudice against insurance and financial services companies.
Monday, January 24, 2011
Philippine insurance market third smallest in East Asia
From The Philippine Star -
MANILA, Philippines – The Philippines has been ranked as the third smallest in the East Asian region in terms of insurance premiums, better only than floor dwellers Macau and Brunei, according to Swiss Reinsurance (Swiss Re).
The Philippine market for life insurance is worth less than $2 billion (P57 billion) compared to Japan’s $560 billion. Macau’s life insurance market is worth $408 million and Brunei worth $128 billion.
Combining with the premiums earnings of the non-life insurance sector, total premiums written were a mere P75 billion or a decline of nearly three percent from the 2008 levels.
Philippine Prudential Life Insurance Co. (Prudential Life) president and chief executive officer Gregorio D. Mercado lamented Filipinos were not getting enough protection in the light of the worsening climate conditions, such as typhoon Ondoy.
The country’s penetration levels are also among the weakest in the region, versus the nearly 17 percent of Taiwan, the 11 percent of Hong Kong, the 10.4 percent of Korea, the nearly 10 percent of Japan, and the 6.8 percent of Singapore.
However, Mercado said that the improving economic conditions and the innovative efforts of the Philippine private insurers favors growth for the insurers and the insuring public.
“Prudential Life, for example, will be introducing two new products soon, while we have increased our participation in efforts to introduce the more affordable microinsurance to the greater population,” he added.
The country’s 34 life insurers have been forced to increase its capital base to cope with increased risks as well as expand its influences. But further consolidation is necessary to weed out the inefficient thus protecting the few policies holders.
Mercado, who is also the president of the prestigious Insurance Institute for Asia and the Pacific (IIAP), said that aside from increasing capital and resources, the industry is in talks with regulators for policy changes that will improve the quality of sales and financial agents.
Meanwhile, the Prudential Life reported gross premiums of P649.7 million in the first nine months of 2010 while claims paid amounted to P64.69 million.
Policyholders stood at 1.5 million with policies-in-force are worth at over P51 billion.
Mercado said that they had a balance of individual and group insurance policyholders. And insured premiums ranged from P10,000 upwards.
“We have been selling microinsurance long before it was called as such,” he added.
Nonetheless, Prudential Life and other life insurers have joined rural banks and other microfinance institutions (MFIs) in selling microinsurance. The country’s financial sector has been doubling efforts to protect the population through various insurance products distributed by various institutions.
Article source: http://microfinanceafrica.net/tag/philippine-prudential-life-insurance-co/
MANILA, Philippines – The Philippines has been ranked as the third smallest in the East Asian region in terms of insurance premiums, better only than floor dwellers Macau and Brunei, according to Swiss Reinsurance (Swiss Re).
The Philippine market for life insurance is worth less than $2 billion (P57 billion) compared to Japan’s $560 billion. Macau’s life insurance market is worth $408 million and Brunei worth $128 billion.
Combining with the premiums earnings of the non-life insurance sector, total premiums written were a mere P75 billion or a decline of nearly three percent from the 2008 levels.
Philippine Prudential Life Insurance Co. (Prudential Life) president and chief executive officer Gregorio D. Mercado lamented Filipinos were not getting enough protection in the light of the worsening climate conditions, such as typhoon Ondoy.
The country’s penetration levels are also among the weakest in the region, versus the nearly 17 percent of Taiwan, the 11 percent of Hong Kong, the 10.4 percent of Korea, the nearly 10 percent of Japan, and the 6.8 percent of Singapore.
However, Mercado said that the improving economic conditions and the innovative efforts of the Philippine private insurers favors growth for the insurers and the insuring public.
“Prudential Life, for example, will be introducing two new products soon, while we have increased our participation in efforts to introduce the more affordable microinsurance to the greater population,” he added.
The country’s 34 life insurers have been forced to increase its capital base to cope with increased risks as well as expand its influences. But further consolidation is necessary to weed out the inefficient thus protecting the few policies holders.
Mercado, who is also the president of the prestigious Insurance Institute for Asia and the Pacific (IIAP), said that aside from increasing capital and resources, the industry is in talks with regulators for policy changes that will improve the quality of sales and financial agents.
Meanwhile, the Prudential Life reported gross premiums of P649.7 million in the first nine months of 2010 while claims paid amounted to P64.69 million.
Policyholders stood at 1.5 million with policies-in-force are worth at over P51 billion.
Mercado said that they had a balance of individual and group insurance policyholders. And insured premiums ranged from P10,000 upwards.
“We have been selling microinsurance long before it was called as such,” he added.
Nonetheless, Prudential Life and other life insurers have joined rural banks and other microfinance institutions (MFIs) in selling microinsurance. The country’s financial sector has been doubling efforts to protect the population through various insurance products distributed by various institutions.
Article source: http://microfinanceafrica.net/tag/philippine-prudential-life-insurance-co/
Philippine Prudential Life assures policyholders
Family-owned Philippine Prudential Life Insurance Co. assured its 1.3 million policy- holders that the company remains financially stable and plans to further expand its presence in the country.
Prudential Life president and chief executive George Mercado made the assurance after the Securities and Exchange Commission revoked the license of ailing pre-need company Prudentialife Plans Inc. of the Alba family.
He said the problem of Prudentialife Plans created confusion among policy holders after they mistook it for Prudential Life Insurance.
He said the number of telephone calls and inquiries in their head office and marketing offices finally normalized after the insurance provider issued a letter to policyholders.
Mercado, who was former president of the Philippine Life Insurance Association Inc., clarified that Prudential Life and Prudentialife Plans were two different companies.
Prudential Life is an all-Filipino company founded by the late Don Daniel Mercado in 1963 and is regulated by the Insurance Commission.
Prudentialife Plans, meanwhile, is a pre-need company founded in 1978 by businessman Jose Alberto Alba and is under the supervision of the SEC.
?An all-Filipino life insurance company, it has been serving the life insurance needs of more than 1.3 million policyholders and their families with over P35- billion business in force for 46 years now. We are not connected with Prudentialife in any way,? he said.
Mercado said the company remained financially strong after net income doubled to P29.73 million while revenues surged 123 percent to P491 million last year.
He added that the insurance provider?s premium income reached P491.21 million while investments, especially in government securities, amounted to P260.73 million.
Mercado said Prudential Life was further expanding in areas where it did not have a presence yet.
Prudential Life was issued its certificate of authority in July 1 last year and had already complied with the P100-million minimum paid-up capital requirement for the year.
He said insurance companies were being issued a certificate of authority yearly after complying with the specified standards of solvency set by the Insurance Commission.
The certificate, he added, was an assurance that an insurance company was qualified to transact business and justified its integrity and responsibility to assure the safety and interest of its policyholders.
Mercado added that the legal policy reserves of Philippine Prudential Life amounted to P228.95 million and had paid claims amounting to P60.66 million as of last year.
?With the required legal policy reserves, insurance companies such as Philippine Prudential Life are solvent to pay claims and are financially stable,? he said.
Insurance Commissioner Eduardo Malinis said Prudential Life had faithfully complied with the government?s capitalization requirements and the margin of solvency requirements while its assets, investments, and reserves remained intact. Lawrence Agcaoili
article source: http://www.manilastandardtoday.com/2009/april/30/business2.htm
Prudential Life president and chief executive George Mercado made the assurance after the Securities and Exchange Commission revoked the license of ailing pre-need company Prudentialife Plans Inc. of the Alba family.
He said the problem of Prudentialife Plans created confusion among policy holders after they mistook it for Prudential Life Insurance.
He said the number of telephone calls and inquiries in their head office and marketing offices finally normalized after the insurance provider issued a letter to policyholders.
Mercado, who was former president of the Philippine Life Insurance Association Inc., clarified that Prudential Life and Prudentialife Plans were two different companies.
Prudential Life is an all-Filipino company founded by the late Don Daniel Mercado in 1963 and is regulated by the Insurance Commission.
Prudentialife Plans, meanwhile, is a pre-need company founded in 1978 by businessman Jose Alberto Alba and is under the supervision of the SEC.
?An all-Filipino life insurance company, it has been serving the life insurance needs of more than 1.3 million policyholders and their families with over P35- billion business in force for 46 years now. We are not connected with Prudentialife in any way,? he said.
Mercado said the company remained financially strong after net income doubled to P29.73 million while revenues surged 123 percent to P491 million last year.
He added that the insurance provider?s premium income reached P491.21 million while investments, especially in government securities, amounted to P260.73 million.
Mercado said Prudential Life was further expanding in areas where it did not have a presence yet.
Prudential Life was issued its certificate of authority in July 1 last year and had already complied with the P100-million minimum paid-up capital requirement for the year.
He said insurance companies were being issued a certificate of authority yearly after complying with the specified standards of solvency set by the Insurance Commission.
The certificate, he added, was an assurance that an insurance company was qualified to transact business and justified its integrity and responsibility to assure the safety and interest of its policyholders.
Mercado added that the legal policy reserves of Philippine Prudential Life amounted to P228.95 million and had paid claims amounting to P60.66 million as of last year.
?With the required legal policy reserves, insurance companies such as Philippine Prudential Life are solvent to pay claims and are financially stable,? he said.
Insurance Commissioner Eduardo Malinis said Prudential Life had faithfully complied with the government?s capitalization requirements and the margin of solvency requirements while its assets, investments, and reserves remained intact. Lawrence Agcaoili
article source: http://www.manilastandardtoday.com/2009/april/30/business2.htm
Prudential Life clarifies not related to Prudentialife
Insurance firm Philippine Prudential Life Insurance Co. Inc. stressed that it is different from and not connected with financially troubled pre-need firm, Prudentialife Plans Inc.
The 46-year old Prudential Life's namesake in the pre-need industry was recently thrown into the limelight after the Securities and Exchange Commission (SEC) revoked Prudentialife's license to sell securities last April 16 for failure to meet the financial requirements.
The name association resulted in many of Prudential Life's 1.3 million insurance clients flooding their office with calls and inquiries about the status of their policies. Prudential Life said they clarified the issue through a letter to their policy holders.
Prudential Life president and chief executive officer George Mercado added that his firm was founded by the late Don Daniel Mercado in 1963 and is regulated by the Insurance Commission. On the other hand, Prudentialife Plans is a pre-need company founded in 1978 by businessman Jose Alberto Alba and is under the supervision of the SEC.
“An all-Filipino life insurance company, it has been serving the life insurance needs of more than 1.3 million policyholders and their families with over P35 billion business in force for 46 years now. We are not connected with Prudentialife in any way,” he stressed.
He also said that the insurance firm has already complied with the P100 million minimum paid-up capital requirement set by the Insurance Commission, and has been issued a Certificate of Authority, which is an assurance that the firm was found by the regulator as qualified to transact insurance business.
Mercado added that the legal policy reserves of Philippine Prudential Life amounted to P228.95 million and has paid claims amounting to P60.66 million as of last year.
“With the required legal policy reserves, insurance companies such as Philippine Prudential Life are solvent to pay claims and are financially stable,” he said.
Insurance Commissioner Eduardo Malinis confirmed that Prudential Life has faithfully complied with the government’s capitalization requirements and the margin of solvency requirements while its assets, investments, and reserves remains intact.
article source: http://www.abs-cbnnews.com/business/04/29/09/prudential-life-clarifies-not-related-prudentialife
The 46-year old Prudential Life's namesake in the pre-need industry was recently thrown into the limelight after the Securities and Exchange Commission (SEC) revoked Prudentialife's license to sell securities last April 16 for failure to meet the financial requirements.
The name association resulted in many of Prudential Life's 1.3 million insurance clients flooding their office with calls and inquiries about the status of their policies. Prudential Life said they clarified the issue through a letter to their policy holders.
Prudential Life president and chief executive officer George Mercado added that his firm was founded by the late Don Daniel Mercado in 1963 and is regulated by the Insurance Commission. On the other hand, Prudentialife Plans is a pre-need company founded in 1978 by businessman Jose Alberto Alba and is under the supervision of the SEC.
“An all-Filipino life insurance company, it has been serving the life insurance needs of more than 1.3 million policyholders and their families with over P35 billion business in force for 46 years now. We are not connected with Prudentialife in any way,” he stressed.
He also said that the insurance firm has already complied with the P100 million minimum paid-up capital requirement set by the Insurance Commission, and has been issued a Certificate of Authority, which is an assurance that the firm was found by the regulator as qualified to transact insurance business.
Mercado added that the legal policy reserves of Philippine Prudential Life amounted to P228.95 million and has paid claims amounting to P60.66 million as of last year.
“With the required legal policy reserves, insurance companies such as Philippine Prudential Life are solvent to pay claims and are financially stable,” he said.
Insurance Commissioner Eduardo Malinis confirmed that Prudential Life has faithfully complied with the government’s capitalization requirements and the margin of solvency requirements while its assets, investments, and reserves remains intact.
article source: http://www.abs-cbnnews.com/business/04/29/09/prudential-life-clarifies-not-related-prudentialife
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