If you're one of the many unfortunate people who have been convinced to get an insurance policy from PPLIC (Philippine Prudential Life Insurance Company) but wish to cancel it, below are just some of the steps that I have taken for faster cancellation of my policy and get my refund from the said company.
How to Cancel PPLIC Policy and Get Refund
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.
Got my Refund from PPLIC in less than 30 Days!
I got my refund in less than 30 days. Feel free to read more on this post for details. If you want to know more I got convinced into getting the policy and want to share your experiences too, so you can warn others, read this post and leave your comments.
If you still have questions, feel free to connect with me using this page instead of emailing me because it's the best way to get in touch with me. Best of luck in getting your insurance policy cancelled and money refunded!
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