This was supposed to be my first entry for the blog that never came to be until now... Just wanna share this since I did consult other people's blog regarding the same experience... so this is a payback... this is my share...
Had this experience last March 27 at SM City Cebu about an insurance firm. Other bloggers say its a scam.. I don't know.. this is how it went..
I bought stuffs from SM Department store and soon as I went out, a bunch of people immediately approached me, took a look at my receipt and asked me if I have an existing savings account or a credit card. As soon I told them that I have a savings account (on my ATM), the sales talk begun. These people are all around SM, seen them before and they abound specially on entrance/exit points. But this will be the first time I entertained them. I had time to spare, so I didn't mind a few moments with them.
The talk revolved on the opportunity for me to win a car or a $10,000. That's great! But, will they just give away such things? So I asked further about their company, its nature, their purpose for or what will they gain from such promotion and what will I have to do in return. They said that that the promotion is intended to introduce the company to people (sort of advertisement, publicity stunt...) and all I have to do should I win a price is to acknowledge and represent the company and agree on arrangement for photo opps (picture-picture to land on their adds).
I thought I would just have to drop the ticket they provided me on the the box, wait for the raffle and be advised in case I win, so the next things were unexpected. The agent lead me to their office (at a part of SM not frequented by people) so that their consultants can brief me for 45 minutes on the necessary details before I can play for the Car. I was surprised to know that they have an actual office at SM. I thought, that since I have already reached that point, I guess I would just have to cooperate. 45 minutes is not that long. Their office was filled with 'consultants' (which were all the same age as I am) who were engaged in conversations with some other random shoppers who were as confused as me.
They handed me an iced tea (which I regret I accepted.. I had loose bowel soon as arrive home that I have to wake up every now and then that night...). A 'personal consultant' was then assigned for me. She then led me to the older lady and asked me to have my ATM swiped for balance inquiry. I was a bit scared and cautious. The reader they use is the same device SM counters use when you pay purchases using an ATM. I made it sure that the transaction was just for balance inquiry before I entered my PIN (but will have to check later on that nothing has been taken.. the agent who swiped the card told me that I can sue them should even 1 peso is taken from my account. (The lady is the only person in the office that looks older.. around 35.. the reset were like fresh grads.. my personal assistant said she was around 28). After the balance was shown, the consultant grabbed a chair and a table and begins the long talk about the company, about jobs, financial security, and the importance of having savings and to make savings NOW. I think I had been fairly polite with the consultant, nodding to some of her points, responding to her questions and asking her of things I want to get clarified.
Things went well, and then the point came when the true nature of this whole process was finally revealed. She then explained the convenience of the savings + insurance plan that their company, PPLIC (Philippine Prudential Life Insurance Company), can offer me. With the plan, the consultant explained that I have to pay a monthly of around Php 1,160.00 for 7 years. And when I turned 37, i.e 15 years since the time I first enrolled for the plan, I will be provided a cash of Php 175,000.00. Not a big sum but the money you put in 'grows' and the consultant added that the plan covers insurance - health, death, education... blah blah. The consultant also said that the monthly payment will be secured and they will assist me with managing the savings, plus in case I miss a monthly payment, they will have an option for me to pass payment for that month without penalty.
Okay, that was nice. BUT, the biggest revelation is... to start the plan, the consultant said that I have to make an initial deposit of Php 9,832.00 immediately, i.e., NOW. She said that their usual initial deposit is around $16,400.00 and that she is doing favors and making considerations for me that is why they only offered Php 9,832.00. Wow. That was a shock. It means that they need to take that amount from my savings the moment I leave their doors to avail of the plan. So, I told the consultant that I have to think about that before I make any decisions. And the battle begins..
The consultant insisted that it will be more convenient and fruitful if I place my money on their account rather than placing it on my own savings account from my bank. She asked me of what's keeping me from taking her "HELP". I said that I have to think about it, I need more information and that I am not fully ready for such since I have intended my current savings for an immediate concern and I am just 8 months with my first job. I said that maybe later on, I will be ready to have business with their company. She then insisted that the right time to start making savings is NOW, that I would regret in the future if I let this opportunity slip away. She said that they are not offering second chances should I decide, come back and avail of the plan. (Really?!... wow..) It will be now or never. She said that if I don't get their savings plan now, it means that I have not recognized the value of savings and that my priorities are not right for my future plans.
Wow. That hit me. That was a little below the belt. (Just how much have they saved themselves on their personal account? or are they makings saving themselves at all?). Yet, I maintained a polite and professional atmosphere. I told her that had I not learned a little of the value of making savings and minding priorities, I could have used the money on my account to upgrade my degraded 3110 classic Nokia, bought a personal laptop or fulfil my frustration on having a DLSR camera.. and more. I told her that it is just that I am not ready for it Now, that I need time for me to decide on it. I think that it really is foolish to rush in (wise men say.. hehe), in situations like this. Look, think before you leap(from the fable of the Fox and the goat.. hehe). Then another consultant came in to the rescue of my personal consultant. It's them against me. The second consultant talks much faster and is more direct to the point.
She reiterates all the things that had been said by the previous one. The situation is getting pushy. Despite all the talks, I decided that I will leave their premises without money taken from my account. (I hope so. I will have to check my balance later.) I said no. It was almost a 4-hour battle. (Perhaps they let me go since Earth Hour which will start around 8PM, March 27 was nearing... time for them to make savings themselves.. maybe. hehe..)
They then lead me to one of their computer to play for the Car. Their willingness to assist me now has somehow faded. (I'm sorry). So I went on to play the game. It was like a slot machine where you have to match the the numbers that are rolling randomly to the numbers above it. They added that somebody from Luzon almost hit the car only that he miss 1 number. I only got 1 match out of 8.(haha.. that was worst... the person before me got 3). Then I dropped my ticket on their drop box. Anyway, after all those, it's time for me to step out of their doors. Before I leave, they said I can get any of the items - wall clock, a gym bag, tumbler... for their appreciation to my cooperation. I told my personal consultant that I can leave without the item. She insisted.. And I do not want to fail her this time.. So I got the tumbler. Thanks! (Haha..)
I am sorry if my post had been very long. I wanted others to have an idea on the processes of PPLIC based on my personal experience with them. Don't get swayed by nice talks. We have a choice and we should thnk carefully before jumping on anything that we have little knowledge about.
Had this experience last March 27 at SM City Cebu about an insurance firm. Other bloggers say its a scam.. I don't know.. this is how it went..
I bought stuffs from SM Department store and soon as I went out, a bunch of people immediately approached me, took a look at my receipt and asked me if I have an existing savings account or a credit card. As soon I told them that I have a savings account (on my ATM), the sales talk begun. These people are all around SM, seen them before and they abound specially on entrance/exit points. But this will be the first time I entertained them. I had time to spare, so I didn't mind a few moments with them.
The talk revolved on the opportunity for me to win a car or a $10,000. That's great! But, will they just give away such things? So I asked further about their company, its nature, their purpose for or what will they gain from such promotion and what will I have to do in return. They said that that the promotion is intended to introduce the company to people (sort of advertisement, publicity stunt...) and all I have to do should I win a price is to acknowledge and represent the company and agree on arrangement for photo opps (picture-picture to land on their adds).
I thought I would just have to drop the ticket they provided me on the the box, wait for the raffle and be advised in case I win, so the next things were unexpected. The agent lead me to their office (at a part of SM not frequented by people) so that their consultants can brief me for 45 minutes on the necessary details before I can play for the Car. I was surprised to know that they have an actual office at SM. I thought, that since I have already reached that point, I guess I would just have to cooperate. 45 minutes is not that long. Their office was filled with 'consultants' (which were all the same age as I am) who were engaged in conversations with some other random shoppers who were as confused as me.
They handed me an iced tea (which I regret I accepted.. I had loose bowel soon as arrive home that I have to wake up every now and then that night...). A 'personal consultant' was then assigned for me. She then led me to the older lady and asked me to have my ATM swiped for balance inquiry. I was a bit scared and cautious. The reader they use is the same device SM counters use when you pay purchases using an ATM. I made it sure that the transaction was just for balance inquiry before I entered my PIN (but will have to check later on that nothing has been taken.. the agent who swiped the card told me that I can sue them should even 1 peso is taken from my account. (The lady is the only person in the office that looks older.. around 35.. the reset were like fresh grads.. my personal assistant said she was around 28). After the balance was shown, the consultant grabbed a chair and a table and begins the long talk about the company, about jobs, financial security, and the importance of having savings and to make savings NOW. I think I had been fairly polite with the consultant, nodding to some of her points, responding to her questions and asking her of things I want to get clarified.
Things went well, and then the point came when the true nature of this whole process was finally revealed. She then explained the convenience of the savings + insurance plan that their company, PPLIC (Philippine Prudential Life Insurance Company), can offer me. With the plan, the consultant explained that I have to pay a monthly of around Php 1,160.00 for 7 years. And when I turned 37, i.e 15 years since the time I first enrolled for the plan, I will be provided a cash of Php 175,000.00. Not a big sum but the money you put in 'grows' and the consultant added that the plan covers insurance - health, death, education... blah blah. The consultant also said that the monthly payment will be secured and they will assist me with managing the savings, plus in case I miss a monthly payment, they will have an option for me to pass payment for that month without penalty.
Okay, that was nice. BUT, the biggest revelation is... to start the plan, the consultant said that I have to make an initial deposit of Php 9,832.00 immediately, i.e., NOW. She said that their usual initial deposit is around $16,400.00 and that she is doing favors and making considerations for me that is why they only offered Php 9,832.00. Wow. That was a shock. It means that they need to take that amount from my savings the moment I leave their doors to avail of the plan. So, I told the consultant that I have to think about that before I make any decisions. And the battle begins..
The consultant insisted that it will be more convenient and fruitful if I place my money on their account rather than placing it on my own savings account from my bank. She asked me of what's keeping me from taking her "HELP". I said that I have to think about it, I need more information and that I am not fully ready for such since I have intended my current savings for an immediate concern and I am just 8 months with my first job. I said that maybe later on, I will be ready to have business with their company. She then insisted that the right time to start making savings is NOW, that I would regret in the future if I let this opportunity slip away. She said that they are not offering second chances should I decide, come back and avail of the plan. (Really?!... wow..) It will be now or never. She said that if I don't get their savings plan now, it means that I have not recognized the value of savings and that my priorities are not right for my future plans.
Wow. That hit me. That was a little below the belt. (Just how much have they saved themselves on their personal account? or are they makings saving themselves at all?). Yet, I maintained a polite and professional atmosphere. I told her that had I not learned a little of the value of making savings and minding priorities, I could have used the money on my account to upgrade my degraded 3110 classic Nokia, bought a personal laptop or fulfil my frustration on having a DLSR camera.. and more. I told her that it is just that I am not ready for it Now, that I need time for me to decide on it. I think that it really is foolish to rush in (wise men say.. hehe), in situations like this. Look, think before you leap(from the fable of the Fox and the goat.. hehe). Then another consultant came in to the rescue of my personal consultant. It's them against me. The second consultant talks much faster and is more direct to the point.
She reiterates all the things that had been said by the previous one. The situation is getting pushy. Despite all the talks, I decided that I will leave their premises without money taken from my account. (I hope so. I will have to check my balance later.) I said no. It was almost a 4-hour battle. (Perhaps they let me go since Earth Hour which will start around 8PM, March 27 was nearing... time for them to make savings themselves.. maybe. hehe..)
They then lead me to one of their computer to play for the Car. Their willingness to assist me now has somehow faded. (I'm sorry). So I went on to play the game. It was like a slot machine where you have to match the the numbers that are rolling randomly to the numbers above it. They added that somebody from Luzon almost hit the car only that he miss 1 number. I only got 1 match out of 8.(haha.. that was worst... the person before me got 3). Then I dropped my ticket on their drop box. Anyway, after all those, it's time for me to step out of their doors. Before I leave, they said I can get any of the items - wall clock, a gym bag, tumbler... for their appreciation to my cooperation. I told my personal consultant that I can leave without the item. She insisted.. And I do not want to fail her this time.. So I got the tumbler. Thanks! (Haha..)
I am sorry if my post had been very long. I wanted others to have an idea on the processes of PPLIC based on my personal experience with them. Don't get swayed by nice talks. We have a choice and we should thnk carefully before jumping on anything that we have little knowledge about.
:)
