Prudentialife Plans to continue paying claims

Planholders of Prudentialife Plans Inc. whose plans are terminated and claims are being processed as of February 6 will continue to be paid, according to the Insurance Commission.

Prudentialife said in its proposal for rehabilitation it is still able to cover life insurance claims, but education and pension planholders may have to suffer reduced benefits.

The rehab plan attempts to minimize planholders’ losses by transferring the trust funds to another company, Manila Bankers Life Insurance Corp., which was founded by Gil Puyat in the 1960s.

Company president Jose Alberto T. Alba says rehab is better than liquidation, under which education and pension planholders might get P19,534.

Through the proposed rehab, on the other hand, education and pension planholders might get P25,168 and P46,394, respectively.

The IC directs planholders and all concerned to file with the regulator by Feb. 25 their written comments on or opposition to the rehab plan.

This must be done through the authorized conservator, lawyer Rosario S. Bernaldo, who may be reached through RS Bernaldo & Associates at Cityland Condominium 10 Tower 1 along Ayala Ave. in Makati.

A copy of Prudentialife’s proposal is available at the IC, Bernaldo’s office and at www.prudentialife.com.

Planholders and all concerned are also directed to attend hearings on the proposal scheduled at 9 a.m. of March 2 and 13, to be held at the IC offices along United Nations Avenue in Manila.