The Philippine Prudential Life Scam Clarification!

Philippine Prudential Life Slogan

Just read this article about Philippine Prudential Life in NewMedia.com. Since I, myself is a policy holder of Philippine Prudential Life and currently paying my insurance plan i wanted to make sure that I'm investing to the right company my hard earned money.





I heard that ABS-CBN’s investigative show did a feature on this already and that the tip about this case came from the Internet.

I posted the exact quote from Newmedia.com and the advised of Philippine Prudential Life on their policy holders on their offical website.





Newmedia quote and unquote.

"Philippine Prudential Life Plans Inc. is currently taking a severe beating online from several bloggers and major forums. According to the various entries that I’ve read, the agents either send you a dubious SMS message saying you won something and all you have to do is to go to their office to claim it and to listen to their presentation. They also have sales agents scouring SM malls offering freebies for 45 minutes of their time to hear their pitch. For identification they will ask for your credit card, check book, or debit card. The reason why they are emphasizing so much on your plastics is because they want to close a sale with you right there and then."





My response

     - I actually have the same experience when I went to SM Pampanga earlier this year to scout for a good autocad center to have a program enhancer study. One guy asked for my credit card and the rest is history. It is actually irritating that  their sales rep.will try to keep you not only for 45 minutes as they promised and at some point you will already think you cannot go until you get a policy from them. But since I already got a policy from them I just hope the company will be more open to answer all queries/issues stated by all the bloggers regarding their "not so nice" marketing strategy to proved to online community their worth and credibilty.

Philippine Prudential Life issued a statement and assurance on their policy holders on their Official Website. At least it gives us (policy holders) some sort of peace of mind since I'm currently on my second year of payment and I wanted to continue and complete the payment of my policy as I'm hoping PPL will live up to their slogan "Your Key to a Secure Future" and on their recent  Superbrands Award. As I believe great brands have great stories to tell. These are stories that build trust and understanding; stories that delve into the ethos of a brand; stories that keep alive the passion, the entrepreneurial spirit and the sheer determination that have often transformed a simple idea into a great business. And as I am reading the Superbrand Awardee here in U.A.E., it is a big  honor  for any company to be Superbranded  in the league of the great  company here such as Sharaf DG, Etisalat Group, Dubai Duty Free, Aldo, Al Ansari Exchange and so much more.

Posted December 7th, 2010 in Corporate News by admin

December 6, 2010

TO ALL OUR VALUED POLICYHOLDERS, PARTNERS AND THE GENERAL PUBLIC

In response to concerns about our Company being featured in ABS-CBN’s “XXX” TV program, the Management of Philippine Prudential Life Insurance Company, Inc. wishes to clarify that:

1. We were featured on this TV program due to a new client who changed her mind and wanted to cancel her policy with us. When she could not immediately get her refund, she panicked and sought the help of “XXX,” a public service program. Hence, we were featured in that show. Please note, however, that this had a happy ending, since the matter was already resolved to that person’s satisfaction.


2. While she was initially happy with her purchase, she was apparently unprepared for the cost considerations and the effect on her budget. Unfortunately, the cancellation process takes some time and involves the turn-around time of the client’s bank or credit card issuer. This person demanded an immediate refund, which could not be expedited right away as she had hoped for.


3. We wish to emphasize that the issue and concerns of this person have been addressed and resolved to her satisfaction. Her policy has already been cancelled.

We at Philippine Prudential Life Insurance Company, Inc., therefore, wish to assure you that:

1. Our Company has always been a reputable, stable and strong 100%-Filipino-owned life insurance company, duly-licensed by our government regulator, the Insurance Commission (IC). Thus, our Company and our products continue to have the blessing and support of the IC, which has rigid standards for the operation of any life insurance company.


2. As a valued Policyholder, you can be assured that our Company remains financially strong and capable of meeting its maturing obligations when they fall due or on demand. Your interests are protected because we have continuously practiced prudent and disciplined financial management and have maintained well-invested and managed funds that are readily available to meet policyholder needs. Today, our Business-In-Force is at over 51 Billion Pesos, with Total Assets at over 586 Million Pesos and Total Investments at over 340 Million Pesos. Premium Income this year has already surpassed 650 Million Pesos, while we have, to-date, paid out over 65 Million Pesos in Claims.


3. More importantly, our Legal Policy Reserves, the funds invested to be used in future claims, are at over 280 Milllion Pesos. We recently announced in major newspapers that we continue to post impressive growth in our business and financial strength. Thus, despite global and local business difficulties, we are financially stable and will continue to provide value-added products and services to Filipinos everywhere, while meeting all obligations to our over 1.5 Million Policyholders.

As we approach our 48^th year of sterling, trustworthy and continuous service, we are totally committed to fulfill our vision and mission to help Filipinos everywhere live a more secured life, notwithstanding current events and issues.

Such issues are on a case-to-case basis and should not be seen as a reflection on our Company as a whole. While a few clients have cancelled their policies for their personal reasons, the great majority of them continue to have the utmost trust and confidence in Philippine Prudential Life Insurance Company, which continues to be a leader in innovation and growth in the life insurance industry.

We have been internationally recognized and awarded the prestigious Superbrands status for our standards of excellence and the quality of our products and services. And, as a responsible Corporate Citizen, we continue to be actively involved in numerous worthwhile advocacy programs.

Again, we reaffirm our commitment to continue to be of service and to fulfill all of our obligations.

Thank you.