SO THAT planholders of Loyola Plans Consolidated Inc. do not waste their time going to Manila, the Insurance Commission clarified that only clients whose plans have matured can process their claims.
IC Cebu Manager lawyer Cesar Olaer Jr., in an interview yesterday, made this clarification, saying the pre-need company will continue to resume its operations.
“No need to panic because we’ve already resolved the problem. Wala na close ang Loyola,” he said.
On Tuesday, Insurance Commissioner Emmanuel Dooc said Loyola Plans will not be placed under conservatorship after it turned over to IC P1.8 billion worth of corporate assets to cover its trust fund deficiency of P238 million.
“Kadto rang ni mature nga plans ang maka claim sa check (Only those whose plans have matured can claim their checks),” reiterated Olaer.
Loyola Plans has been offering memorial, pension, and educational plans with some 50,000, 23,000, and 12,000 holders, respectively. But not all can claim their benefits this time.
Those who availed of a memorial or life plan wherein the planholder is still alive, or educational planholders whose child is not going to college yet, and retirement planholders whose plans have not reached maturity cannot settle their claims with the pre-need company.
In Cebu alone, there were already 35 Loyola planholders who have started to process their claims for their educational and retirement plans.
For those who are yet to start processing their claims, Olaer said they should present or scan two government IDs, certificate of full payment, and a copy of their policy. They can go to the IC Cebu office along Osmeña Blvd. in Cebu City or email the requirements directly to Loyola Plans. The IC Cebu office will provide one Loyola Plan email address each for memorial plan claims, educational plan, and pension or retirement plan.
Upon submission of complete requirements, Olaer said Loyola Plans should settle the claims “as soon as possible.” The official advised planholders to inform the pre-need company that they prefer to receive the payment directly through their bank accounts.
Other options include delivering the checks to IC Cebu or issue special power of attorneys to allow another person to claim on the planholder’s behalf.
Olaer, though, discourages this, saying it could encourage fraudulent claimants to use this to make claims.
Netizens have earlier aired their problems with Loyola Plans on social media after the company failed to pay their claims on time.