The Philippines’ Insurance Commission ordered the Prudentialife Plans to release the checks from liquidation proceeds to Prudentialife Planholders. The Commission has already ordered the liquidation of the trust fund of Prudentialife Plans after several hearings at the IC and the previous Congress.
A total of 248,000 planholders will be able to get something form the liquidation proceeds out of the 300,000 certified planholders of Prudentialife. According to the Insurance Commission, the first batch of planholders will start getting their checks on August 14. The second batch will be on August 24, while the third batch will be on September 3 and the last batch is on September 12, 2013.
Planholders may opt to have the checks deposited in their BDO account, but they would have to inform the IC or the SYMECS law firm. The Educational planholders will get an average of 4.6% of their contributions, while pension planholders will get an average of 33% and life planholders will get an average of 60%.
Here’s an example of how much you will get as planholders, a planholder with fully-paid unused P50,000 plan will only get back around P2,300 based on the 4.6% average initial liquidation proceeds.
A separate report from ABS-CBN stated that more than 50,000 Prudentialife planholders will not get any money from the insurance company.