Got My Money Back from Philippine Prudential Life Insurance After 25 Days
What a pleasant surprise! After less than a month, the Philippine Prudential Life Insurance credited or charged back my money on my debit card! It's a good news for people who have been duped by their poor internet marketing strategies and hoodwinked to sign up for their endowment (savings + life insurance) policy.
How to Get Your Money Back from the PPLIC
Below are the easy and simple steps that that you too can do so they could swiftly return my money to my debit card.
1. Write a Cancellation Letter stating my reason that I am no longer interested with their program. You can opt to tell them that you can no longer afford the monthly deductions or contributions or whatever it's called.
2. Submitted it to the branch that lured you, or where you got your policy. In my case, I got my policy from Cebu and bravely submitted it to their Iloilo branch. I was very firm with my decision as they would most likely try to convince you not to cancel. Some may even try to scare you that you can no longer get the full refund but trust me, it was stated in their 11th policy rules that you can cancel it within 15 days that you got the policy.
3. Have them receive or sign your letter, get a copy of it. (Just to have a proof that they received it)
4. Request a SOA (Statement of Account) with the status: Cancelled upon inception (This is very important so would no longer be authorized to deduct certain amount of money from you bank account)
5. File a dispute or something like that to your credit card company so they will not charge you anymore. (If you paid them through your credit card)
For those who are outside the country, you can authorize your relatives or someone who can trust (if you can hire a lawyer, the better) to act on your behalf and follow the steps that I have given.
If you need to call their call center, below is their latest number. Some people I know complained about them not picking up with their old number, I guess they changed it since bazillion of people have been complaining so they must have been ticked a tad.
Philippine Prudential Life Call Center (02) 902 2300
Lesson Learned from this Experience
You cannot just decide on your retirement, savings or insurance in just a matter of minutes. It takes a careful planning and consideration. Perhaps the greatest thing that I have learned is simply to ignore strangers as they often could only do you harm instead of expect them to bless your life. It's funny that I have read a joke before which says,
"When someone's selling you an insurance, run away!"
Should you have any questions, feel free to leave your comments below or connect with me on Facebook.
For a thread on how I got duped by the insurance agents of PPLIC in SM Cebu and a picture of these pernicious charlatans, click here for the story.
For a thread on how I got duped by the insurance agents of PPLIC in SM Cebu and a picture of these pernicious charlatans, click here for the story.
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