Saturday, June 19, 2010
Philippine Prudential Life Insurance Company Scamming in SM Malls
Philippine Prudential Life Insurance Company is at SM Malls Nationwide
Beware of ladies in green long sleeves and guys in ties who ask you in SM Malls nationwide if you have credit cards. Your initial reaction would be yes as you want to get rid of them thinking that they will offer you some credit cards but think again before you try to brush them off because they will actually bug you more once you say yes! These people work for PPLIC or the Philippine Prudential Life Insurance Company, formerly Family First Insurance, then changed to Danvil Insurance and eventually PPLIC.
Once they know that you have a credit card, ATM card, checkbook or any proof that you have some money that could take away from you, they will be persistent in inviting you over their office by enticing you with their freebies.
If you happen to have seen them in the past and decided to ignore them, please continue to do so. If in any case you're curious as to what they could offer, I would suggest you to go past through them, stay away from these vultures and go on with your peaceful life. Trust me, your life is way better off them.
Freebies to Lure You Into Listening to their "45-minute" Company Presentation
Once the people in PPLIC or Philippine Prudential Life Insurance Company know that you have credit cards, ATM, checkbook or some hefty cash on hand, they would tell you that you qualify for a raffle stub for a chance to win $10,000, Honda Car and any of their freebies (e.g tumbler, pillow, umbrella, wall clock) which you can claim in their office and committing to a 45-minute presentation. Whether it be for our Filipino nature of being easily enticed with freebies or being too polite, you might have easily gave in to their invitation and walked into their spacious office which typically have a receiving area, a reception who would ask you who invited you over, a flat-screen television and once you enter their "presentation room" filled with table for 3 and presenters who must have just graduated from college, you know that you've just gotten yourself into trouble.
The truth is, these people would only sell you some endowment saving scheme and wouldn't get rid of you until you'd say yes. It doesn't matter how much time it would take but they definitely try all they can to get you. They are probably the most accommodating people that you will ever meet. They'd shake hands with you, offer you a drink (iced tea or water), and introduce you to a presenter who would talk with you one-on-one about your dreams, about the uncertainty of the future and the importance of saving.
Philippine Prudential Life Insurance Company Wants Your Money
It's a one big fat lie if they told you at the very beginning that you won't have to pay or buy anything in exchange of their freebies (because after all, freebies are supposed to be given for free). After they'd get you into some serious conversation about what are your goals in life, they'd tell you about the importance for preparing for the future and the powers of saving. Of course all of these would be beneficial for you and your future, until they start offering you about their Endowment saving plan.
Savings and Free Insurance with
Who wouldn't want to save an get a free insurance?
Wow, just another freebie from a company "who wouldn't ask you to buy anything".
It's funny that they don't sell an insurance when it's plastered all over their name that they are an insurance company. All throughout the presentation, the presenter will keep on emphasizing that they are not selling you any insurance but they would encourage you to save.
Save Yourself from the PPLIC Vultures of Philippine Prudential Life Insurance Company
Do yourself a favor of excusing yourself from the presentation. Forget about all the politeness as the PPLIC sales agents will start promoting their company, how long they've been and established in the business and all the rubbish.
Do Not Let Your Money Get Swiped by Philippine Prudential Life Insurance Company
Never let anyone swipe your ATM or Credit Card whatever their reasons may be as this will give them access to your funds once they would manage to get you sign a Continuous Billing Form. The people at PPLIC are very good when it comes to utilizing various strategies so they could get many Filipinos around the world, especially the OFW's, to invest or save with their company.
Trained to Lure, Fool and Force People
The sales people at Philippine Prudential Life Insurance Company were trained to lure the unsuspecting and they'll do all they can just to reach their quotas. They'll try all the persuasions they can just to have you sign up and purchase a policy which at first they explain that you're simply saving some money and earning a tax free interest.
Once they feel that you're not the type who would easily give in to the result that they want you to do, they'd apply their most effective selling tactics by convincing, coercing to the point of telling you lies and finding some common ground.
They'd ask you about your family, what are your plans for the future, your financial security and the list goes on. I could tell you more about their tactics but either you, your friend, your relative or someone you know must have already experienced it so I would tell you more on how you could get a refund of your money if you eventually have fallen into their trap.
Cancelling Your Policy with Philippine Prudential Life Insurance Company and Getting a Refund
Note that you can easily get a refund as soon as you get your policy with them cancelled. Some people had their policy cancelled within 24 hours, and yes, it's possible! Don't get easily bullied or fooled again by the PPLIC agents or managers telling you that cancelling your policy with them won't allow you to get a full refund. That's simply another big fat lie!
For Those Who Use Credit Cards to Pay for the Endowment/Insurance Policy (or Savings with Free Insurance, whatever you call it, it doesn't change the fact that they're scammers!)
1. Go to the branch where you got your policy and submit a Letter of Cancellation stating your reason for doing so. Again, the sooner you have the policy cancelled, the soon you will get your refund.
2. Have your cancellation letter received by the manager and get a copy of the said letter. Make sure that you keep a copy of all the documents that you surrendered and let them sign the document as they receive so you will have a proof that they actually received it.
3. Request for a new Statement of Account which states, "Canceled upon inception".
You will also receive a letter of confirmation that your policy has been cancelled (as per requested on your letter of cancellation) several days after the documents have been forwarded to their main office (especially for those who are in the provincial areas).
4. File a dispute report to your Credit Card Company and attach the Statement of Account and Cancellation Letter. This will ensure that the amount would not be credited to your bill.
For Those Who Paid through Debit Card (ATM) or Cash
You simply need to follow almost the same procedures except the fourth step. Instead, you will need to withdraw all the money you have left on the account but do not let the account close! (You will need it because it is where they would refund or charge back your money).
In my case, my ATM card is where my payroll is so it's kinda difficult to control the cashflow income in the ATM account unless I try to talk with our accounting department about putting my salary on hold as to prevent the PPLIC from deducting monthly premiums from my account anymore. If you're not into such situation, then you would only need to wait 30-45 working days to get your money refunded to your account or charged back to your credit card account.
Be Warned and Warn Others
Unfortunately, there are still many people who are unaware of the modus operandi of the Philippine Prudential Life Insurance Company (PPLIC) or formerly Family First and Danvil Insurance. Everyday, different sets of people walk inside the SM Malls and others do not have ideas of this scamming scheme yet. It is therefore your responsibility to share this with anyone you know and warn them about what those amicable ladies in green and guys in tie claiming to give freebies. The easiest way to avoid people from getting duped is to share this article with anyone you know. You know who might fall into their trap. It could be your uncle, your aunt, or your mom. Please warn everyone you know about the Philippine Prudential Life Insurance insurance scam.
Philippines Prudential Life Insurance has returned or credited my money back to my debit card today! (July 10, 2010) after 25 days!