Enchantment in Antulang

Several Manila policemen have assailed a pre-need company for its failure to release their endowment pay more than a year after the maturity of their life insurance policy.

An endowment pay is a specified sum of money directly given to the policy holder after the maturity of his insurance policy.

Some 100 complaining policemen said representatives of Prime Manila Plans, located at Gil Puyat Avenue in Makati City, had sweet-talked them into getting a life insurance policy with a maturity period of five to 10 years.

Prime Manila reportedly offers endowment of P10,800 for five years, P14,000 for seven years and P20,000 for 10 years.

One of the complainants, Senior Police Officer 2 Eduardo Martinez, said he started to pay in 1998 for his insurance policy at P596 per month for a 10-year plan. He was supposed to receive his endowment pay last January but until now Prime Manila has not released it.

Other policemen whose policies have matured said they have been following up on their endowment pay for more than a year but Prime Manila claims their payment is being readied.

Two more policemen, SPO2 Rodrigo Guina and SPO1 Paul Dennis Javier, said they are planning to file a case against the pre-need firm.

“We badly need our money, especially this coming school days. The amount may be small but it will go a long way for the school needs of our children,” they said.

The complainants also warned other policemen not to fall prey to Prime Manila representatives.

The affected policemen said the Insurance Commission, which oversees the operations of pre-need firms, should look into the financial status of Prime Manila Plans.

“We fear this company is already bankrupt and might be using the money of their new policyholders to bankroll its day to day operations,” they said.

The STAR tried to get the side of Prime Manila Plans but its reported owner and president, one Eduardo Madrid, is always out of his office, according to his secretary, Lorna Dalison.

Other officials of the pre-need firm refused to comment.