Prudential Singapore - "Our Reason Is You"? Or "Our Reason Is Your Money"
I have been a life insurance policy holder with Prudential since 1997. Premiums were paid consistently yearly by recurring credit card payment. In 2022, due to a change in credit card details, 2022's premium payment was missed, which triggered off the premium loan AUTOMATICALLY. I did not receive any notice of this loan. The lapse in payment for once was totally accidental, not intentional. By the way, since selling me the policy in 1997, the Prudential agent has not made any attempt to communicate with me in any way. Whether she is alive or passed on I have no idea. Certainly when a loan has been triggered, it must have been her duty to enquire with me about the loan. In 2023, the yearly premium was paid promptly, but no notice of premium loan of 2022 that was still active. Same for 2024, premium was paid on time. But unknown to me, the loan was still active and accumulating interest at a sky high loan shark rate. No efforts were made by Prudential at all to reach me to inform of the active loan in anytime since 2022, despite premiums made in 2023 and 2024. Prudential happily allows the loan to roll to earn the accumulated interest like a loan shark. I came to know about the loan only a few days ago. I messaged Prudential requesting a waiver of the more than $400 accured interest. Prudential politely "blamed" me not reading my statement and blah and blah, and told me to quickly pay up the loan to avoid further interests. Basically Prudential blamed it to my own fault, not reading to notices and reminders. Prudential relied on policy holders to log on online to read the notices and they have done away with paper mails. Obviously Prudential declined the waiver in a heavy handed manner. Faced with such a heavy handed, non-compromising, profit-first/client-last attitude from Prudential, I decided to cut my losses and terminated my policy with Prudential. When you intend to buy a policy with Prudential, they will treat you like a God. Once you signed on the dotted line, you are nothing to them but a cash cow waiting to be milked to your last drop if they can. Avoid this unethical company. The mission statement is "Our Reason Is You". It should have been "Our Reason Is Your Money".