Some planholders endure long wait for Loyola Plans payout

While some holders of matured policies have already acquired their payout cheques from Loyola Plans Consolidated, Inc., others continued to head to its main office in Makati City on Tuesday to get their preneed claims, only to go home empty handed.

According to a report by Jam Sisante on “News To Go” on Tuesday, Loyola Plans apologized and said that some claims could not be processed immediately. However, they would maintain communication with planholders to determine the schedule of payout release.

"Kukunin namin lahat ng nandito—information, contact numbers—so that we can communicate with you kung kailan naman kayo pababalikin para makuha ang benefits ninyo," said Arsie Radovan, Loyola Plans' Customer Service Officer.

Lawyer Benjamin Tañedo, Jr., assistant vice president of Loyola's Corporate Relations and Legal Division, said, "May we request our planholders for their patience and kind understanding. Rest assured that Loyola Plans will address all our planholders' concerns by paying the full amount of their claims."

The Insurance Commission confirmed that Loyola Plans has already contributed P1.8 billion worth of valuable assets to fill in the P238 million deficit in its Trust Fund, which needed to be turned over to preneed planholders.

In an interview with "Balitanghali" on Tuesday, Insurance Commissioner Emmanuel Dooc said Loyola Plans has committed to start paying off the claims.

“Sa aming pagpupulong sa may-ari at mga pamunuan ng Loyola kahapon, siniguro nilang may sapat silang pondo para mabayaran ang mga magsisipag-claim sa kanila. Sa katunayan, ngayong umaga, natanggap ko na ang mga titulo ng mga ari-arian na kanilang ipapasok upang makatugon sa kanilang Trust Fund deficiency. Maliban diyan, mayroon rin silang cash, at nagpasok pa sila ng 34 million pesos para makatulong sa pagbabayad ng claims,” he said.

Several planholders have filed a complaint with the Insurance Commission, and out of 95 complainants, 62 can already expect the release of their settlement cheques.

According to Dooc, the other planholders who forwarded complaints to their office have yet to submit complete requirements to Loyola Plans.

He said, “'Yung iba ay hindi pa kumpleto ang dokumento base sa pakikipag-uganayan namin sa pamunuan ng Loyola Plans. Handa kaming harapin sila para maibigay ang mga tseke na kabayaran sa mga nagsipag-file ng claim sa aming opisina.”

Confusion

The assurance that Loyola Plans has enough funds to fill in the Trust Fund deficiency proved to be a promise with slow delivery for many planholders, who have been waiting for the payout since last year.

Several policy holders were met with a disorderly system as they headed to the company's head office in Arnaiz Avenue, Makati, on Tuesday after they were promised that settlement cheques will be released immediately.

In a report by Maki Pulido on “Balitanghali,” preneed planholders were seen waiting outside the firm's office. However, many of them went home empty handed after a list of 21 people was released at 10 a.m. with a note that said only these people will be receiving their payout during the day.

According to Joanne Castro, Insurance Commission media relations officer, the 95 complainants who went to their office will be the ones receiving settlement cheques.

It was not clear as of Tuesday whether the 95 complainants will be the only people to receive their settlement cheque, or will only be a priority among other planholders.

Concerned planholders are encouraged to contact Loyola Plans Consolidated, Inc. through the following numbers: 892 60 61 to 80 local 111 or 0925 300 4630.

Information regarding preneed companies, including their financial condition and ranking, as well as information about insurance, can be found in the Insurance Commission's website. —Bianca Rose Dabu/KBK, GMA News