"However, I should recruit at least two other individuals who will invest or buy into the same pension plan package that I have availed of. I was able to convince my friends and my sister to buy the same plan, earning for myself P3,000 plus in commission.
"We deposited the semi-annual payment in a certain bank account and paid my semi-annual fee for 2002. However, after we got our approved policy document early last year, we didn’t hear anything anymore from the company. The group issues receipt upon payment but no receipt from the company was given to me to secure my last two payments.
"Every time we try to contact them through their telephone numbers they have provided us, neither officers nor the agent who sold us the insurance was available. I was able to talk to a staff/accountant and she cannot give me a definite answer on the status of my plan or what will happen should I decide to terminate my plan.
"Another employee hinted that I can still refund something but she did not know the precise amount as I have already paid for 20% of the entire amount of the plan. I have already remitted a total of P30,000, which qualifies me for a 20% payment requirement.
"I have been checking directly with the mother company to ensure that we are indeed registered under their pension plan program and that our policies are valid. However, there is still no word from the mother company.
"I have also checked on the bilateral system tree of the pension plan website, but have never been able to successfully access it. Whenever we verify the website with the company, they always tell us it is under construction.
"I feel cheated for believing in an advertisement of this company. What are my options?
A. It is unfortunate that you are having trouble with the insurance company. In order to protect yourself from such circumstances in the future, it is always best that you know all the details first before making payments and committing yourself to a plan. You could also check with the Insurance Commission or the Securities and Exchange Commission to ensure that the company has the appropriate documentary and capital/trust fund requirements.
Based on the Consumer Act, the insurance company may be liable for false, deceptive, or misleading advertisement. They could be subjected to an investigation if you file a formal complaint. If proven guilty, they will be answerable to you, as their client, and to the Department of Trade and Industry. Amicable settlement could be pursued through mediations facilitation by DTI. If you are aggressive enough, you could even pursue the case in lower courts.
(You may send your consumer complaints and comments to the Bureau of Trade Regulation and Consumer Protection, DTI-Domestic Bldg., 361 Sen. Gil Puyat Ave., Makati City. You may also call us at our consumer hotlines 896-5740 or 890-4938. Our e-mail address is www.e-reklamo.net.ph)