Is PPLIC a Scam?

This question didn’t really came to me until I read so many blog posts against the insurance plan we just bought.  Most blog posts I read were complaints on how the vultures of PPLIC lured and scammed them.  There is an ocean of marketing strategies out there and no matter how obnoxious and intrusive, I knew theirs was just one of the many.  Having worked in advertising and finance businesses in the past, their marketing ploy was not surprising for me at all.

The Philippine Prudential Life Insurance Co., Inc. (PPLIC) came in the picture just recently luring shoppers to claim freebies in exchange of a 45 minute talk – for promotion and advertisement purposes, they say.  Jeedo and I went to LimKetKai Mall one lazy day just to spend time together.  We didn’t really have a destination in mind so when an agent came to us and offered some goodies, we took the bait.  They were very strategic and well-coordinated.  Like a pack of goons passing bank money bags from one to another -flawlessly.  We were escorted to their service car and were politely received at their 5th Floor office at the Gateway Tower.  The staff were courteous and everyone seemed like on high spirits even at 8:00 in the evening.

The product was presented to us and to cut a very long exchange of stories short, we bought the premium package and paid in advance for the whole year.  We shelled out around PHP24K in cold cash.  My husband and I were pretty much impressed by their service and were happy about buying the product.  It was more of a savings plan with insurance.  Not a growth fund or term investment because the interest rate is really low.  You can hardly feel the money growing with time.   We already have insurance policies in PRULife UK and Philam.  And Ea’s college is pretty much covered with that already.  So this PPLIC pack we bought was more like putting money in a virtual piggy bank.

I know most of the rants were about the way they were lured into the Vulture’s Den.  I would agree, the style is obnoxious and deceitful.  If I were a skeptic type, I wouldn’t have delved into it.  To be honest, I didn’t mind their strategy then as much as I do now – after reading a lot of blog posts.  I admired the products but not their promos and agents.  I’ve let go of their freebie pranks and have forgiven the vultures (ahem!).  I’m concerned now if the products were real at all.  If I’ll need it back at some point, will I get anything?  Is there anyone out there who bought their products some 10 years ago and happily reaping its benefits now?

Lesson learned: Investments should be properly thought through – for way more than 45 minutes.   There shouldn’t be any room for hasty decisions when it comes to expense, finances and savings.  So I’m gonna go ahead and check the policy packs.  I stowed it safely away thinking I just have to wait until it’s cooked and ready, haha.

They do have a website which you can find by clicking here.

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