PhilPlans, one of the country’s leading pre-need companies, has stood firm with its commitment to its plan holders amid the COVID-19 pandemic by consistently and continuously paying their plan benefits to help them cross the threshold of the health and financial crisis the country continues to face.
From the beginning of 2018 until June 30, 2021, PhilPlans has paid out Php16.492 biliion in life, pension, and educational benefits. Of the said amount, Php7.32 billion or 44.4% was given from the start of 2020 until the middle of 2021, which practically covers the pandemic period that began in March 2020.
As for maturity benefits, PhilPlans has paid out Php2.38 billion in maturity benefits to 36,236 planholders from the beginning of 2020 to June 30, 2021. Php1.25 billion was given to 14,620 pension planholders, while Php952 million was disbursed to 18,606 education planholders, and Php186 million to 3,010 life planholders.
In addition, PhilPlans has processed Php6.55 billion of the special cash programs and distributed Php4.937 billion to 30,661 planholders as of June 30, 2021.
The special cash programs, namely the C.A.R.E. (COVID Assistance, Relief, and Emergency), ECQ Emergency Fund, Education Lump Sum Payment, and Plan Termination Value cash programs were launched during the early days of the pandemic in 2020 to assist planholders in need of emergency funding sources due to the sudden expenses brought by the pandemic.
Applications for PhilPlans’ special cash programs have been extended until September 30, 2021. Interested planholders log-on to https://philplans.com.ph to apply.
PhilPlans has also recently reported to the Insurance Commission (IC) that despite the pandemic, it attained a net worth of Php3 billion for 2020 and retained earnings of Php1.8billion, based on its audited financial statements for the year.
“Our ability to pay Php16 billion in benefits in the past three and a half years, a significant portion of which during the pandemic, is rock-solid proof of PhilPlans’ strong financial condition despite the global health and economic crisis,” said PhilPlans President and CEO Monico V. Jacob.