Prudentialife bankrupt, seeks corporate rehabilitation

The Insurance Commission on February 3, 2012 issued a “Stay Order” on the request of troubled pre-need firm Prudentialife Plans Inc. for corporate rehabilitation.

With the “Stay Order” decision, all payment of claims by planholders effective February 6, 2012 are suspended. That means starting February 6, all Prudentialife planholders cannot file for any claims against the company until its corporate rehabilitation plan is approved.  All claims being processed, however, as of February 6 will still be honored and funds will be released to planholders.

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Prudentialife cuts interest rate of Pension Plan products

PMT member shobe recently disclosed that Philippine pre-need firm Prudentialife is lowering the interest rate it is offering to its Pension Plan products.

In the discussion thread Prudentialife Pension Plan to cut pension interest rate from 12% p.a. to 6% p.a., shobe shared that her mother received a letter from Prudentialife saying the interest rate applied to monthly pension benefits will be cut by half.

The pension plan product used to offer 12% interest per annum but starting October 1, the new adjusted rate is 6% per annum.

Excerpt of the Prudentialife letter below.

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