I will just reply in one thread

The bank is Hong Leong.

The agent has already long left the industry.

I'm not sure the exact plan my mum took, it's some kind of whole life policy, ALP, or something where the returns are reinvested into. I think she put in 24K total. No she never took out the money or do a claim before. When my mum bought it, I was but a mere boy.

The paper slip has a chart showing values, projected maturity return 68K. I attached it here.
You said it "Investment is investment", and I say "Insurance is insurance". The two shoud not mix together or sold, especially to old illiterate folks. Sueing the agent is incorrect because it is the bank/company who approves the selling method. In Singapore, there is quite an uproar at Hong Lim Park over the Lehman bonds as it is the retirement funds of many, especially Hong Kong investors are compensated but not Singaporeans.

Even if I pay normal protection insurance premium and put the remainder in FD, 20 years will end with with more. True, my investment may not confirm may make money, but I won't make 70% loss as I will have a stop. Frankly, I still don't understand how they can be so far of the projectection. It just proves the point again that the investment "experts" doesn't fare better than average investor. And at least, I don't have 5% comission taken out from my gains.

My opinion is mutual funds is actually another poor investment form for the lazy but that is another topic.

I think my ides are quite right. My own policy (not my mum) is pay and forget. My yearly premium is 80% lower than if I took a ILP. It give me the additional cash to invest on my own, and be responsible.

Mutal funds, unit trust, whatever..they are the same. You are putting your money in the hands on people whom you haven't even seen their faces. And you trust them to handle it properly for you?! No thanks, I will manage my own finances. People who don't want to be financially responsible end up losing it.

The thing that sickens me is that the sellers do not explain things clearly (like my mum case or Lehman bonds). It can be considered fraudulent selling but unfortunately here, there's not enough consumer protection.

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Added on May 3, 2009, 11:10 pm

The agent has already bye bye to the industry long time ago. It looks like endowment plan, but there are some strange rules about it which has a shroud of mystery, like how the guaranteed CBR is calculated and what is guaranteed really means. End of the day my mum paid too much for such policy coverage and received back too little.

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Added on May 3, 2009, 11:13 pm

Yes, you should rethink your insurance strategy. The only issue is ASW and Sukuk are very quickly subscribed, but you get the idea. Invest your own money yourself!