A REview of PPLIC: Is it Really a Scam?

Is PPLIC Really a Scam?

Note: This is an update of my previous post about PPLIC being a scam insurance company. From what I've learned, they clearly are not a scam company. It's just that some agents used some deceptive marketing tactics in the past. 

Perhaps one of the most frequently asked questions by people who read this blog is whether PPLIC or Philippine Prudential Life Insurance Company, Inc (not to be confused with Prudentiallife Plans Inc., a pre-need insurance company) is a scam insurance company or not.

What is a Scam?

Consumer Fraud Reporting defines a scam as a "confidence trick, confidence game, or con for short (also known as a scam) is an attempt to intentionally mislead a person or persons (known as the mark) usually with the goal of financial or other gain".

The insurance agent who approached me was clearly misleading with her marketing tactics. However, this does not mean that PPLIC in general is a scam company. Upon digging a few online documents in the Insurance Commission Official website, PPLIC is actually listed number 19th in their authorized and licensed insurance companies in the Philippines.

In a meeting with Rod Estrera, the Assistant Vice President & Head, Corporate Communication of PPLIC, he explained to me that these agents are actually constantly being evaluated by the company to see who among them actually adhere to the company's selling strategies as some of them try to mislead prospective clients. The company actually does not tolerate the misleading questions by its agents and he made it clear that agents should ask whether you are interested in insuring your family's future instead of the silly introductory question, "Do you have a credit card?".

Is it Secured to Insure with PPLIC?

When I first wrote about PPLIC being a scam insurance company, the assumption was based on the marketing approach which I experienced when I bought an insurance policy from them. I didn't know they were 48 years in the business already. I didn't know they were actually included in the list of authorized insurance companies by the Insurance Commission.

All I know was that I was tricked into listening for almost a couple of hours when it thought the presentation was only going to last 45 minutes.

I know that what concerns most policy owners is whether the company could truly deliver its promise.

1. 48 Years in Service

The company has been in the business since 1963, which makes it a 48-year-old insurance company.

2. True to its Promise
In their Philippine Prudential Times Special Anniversary issue, I've got to see several policyholders who actually claimed their benefits. I've included a copy of the said page so you may take a look at it for yourself.

3. Superbrands

PPLIC is actually one of the few companies awarded with the Superbrands recognition. These are the strongest brands in the Philippines and the world, augmented by the expert insights of the Philippines Superbrands Councils consisted of some of the most respected people in the Philippine media, marketing and communications industries.

I know, we've been told by the agents who approached us before but there it is, along with many other trusted brands in the Philippines and outside of the country. It's a seal which signifies its strength and dedication to its customers.

I want to keep my blog to be unbiased and open to both sides of those who are concerned. I want my readers to hear, or rather, read the company's side as well. From what I've learned during the meeting with the company's representative, the company actually has nothing but pure intent to serve its clients. It's just unfortunate that it's got some agents who tarnish its reputation and resort into deceptive or misleading marketing tactics and it is something that they do NOT tolerate.

If you're still experiencing any of these misleading approaches, you may get in touch with their Customer Service through the following contact information:

Customer Care Hotline: (02) 902-2300
E-Mail Address: mypolicy@philprudentiallife.com
Globe Mobile No.: 0917-57-PPLIC (77542)
Smart Mobile No.: 0908-88-PPLIC (77542)
Corporate Web Site: www.philprudentiallife.com

If you've got questions about your policy, you may also get in touch with them through Facebook and Twitter.