When the value is within a range, we can't say it's Guaranteed. Guaranteed means we already know the exact amount from the beginning. Besides, the value range is only an assumption, it shouldn't be treated as minimum or maximum. Insurance company doesn't promise the return must fall within the range.


PIDM covers your insurance/Takaful benefits, with effective dates from 31 December 2010.

Protected benefits of your life insurance policies/Takaful certificates:
Death/TPD/Critical Illnesses : RM500,000
Surrender/Maturity Value : RM500,000 (Excluding units portion of investment-linked policies)
Accumulated Cash Dividends : RM100,000
Refundable prepaid premium : 100% of amount prepaid

The takaful and insurance benefits with different insurer members are protected separately. The protected benefits under TIPS (The Takaful and Insurance Benefits Protection System) will be aggregated only if they relate to the “same insurer member, same risk event, same life insured or insured property, and same takaful certificate or policy owner”.

For more information regarding PIDM, you can contact PIDM's hotline at 1800-88-1266 or email them at info@pidm.gov.my

I would like to put the money in this saving plan. But before that I need to know which bank offers a better return?

Pukio: Totally agree with what u said. My suggestion is, prepare a list of questions that you want to ask the agent. Some agents are either lazy to explain much to you (they will just ask you to read the policy, or they do not know how to explain, because their lack of knowledge). At the very least, ask them to explain to you the quotation table in the policy. E.g. the total surrender value...scenario A/B...etc...This is actually the most important bit in the whole policy. The rest of the T&C should be more or less the same in all products.

Gavin: What I mean by "guaranteed min and max" is, that's the guaranteed min/max amount you are gonna get if you surrender ur policy at those years i mentioned. Some products only tells you about the projected return after certain years, but you may not know the min you may get if thing don't work out as projected.

GSC: It is good to compare before jumping into a plan. BN did not forbid selling of saving plans. It just that those new products pending approval by BN is being held up. Those with old products, or products already approved by BN prior to that can still be offered to the public.
Rumours that cash builder may be extended till december 2011 or 100Millions, because BN have yet to approve the new plan.

why never go for montly? is it because the charges (0.08% if not mistaken)?? anyway, an agent quoted for me, 10k a year and montly pay 900.12, how they come out with it? cause 10,000/12=833.33. furthermore, if situation turns to the worst, i cannot pay the committed amount lets say after 2 years, what is most likely to happen? no interest or even the capital committed also habis??

pay annual is cheaper its industry norm

Kelvin: It is because the returns quoted in all these saving plan is calculated based on premium paid yearly. If you choose for monthly payment, it will cause you around 5% extra.
Same for if you are able to pay all premium in lump sum, then off course you got discount.
As for surrendering the policy half way, you will need to look at the surrender value at that time. Usually it is in a table attached together in your policy. You will not lose all your capital, but certain percentage, depending the time you surrender your policy. The earlier you surrender, the more you tend to lose.

At least habis 30-40%...

If you cannot pay the committed amount you can choose to delay payment. or you can choose to reduce the savings amount.

Yearly income and dividends will still be received based on the total amount you have paid.

ie, if plan is 10k/year = Total 60k and If you cant pay after 2 years, your 60k plan will reduced to a 20k plan.

You will still receive GUARANTEED income and dividends based on your 20k plan.

Note: You do NOT need to cancel the plan

Anyone isterested to buy or would like to know further can PM me. Thanks.

Have black and white for
"ie, if plan is 10k/year = Total 60k and If you cant pay after 2 years, your 60k plan will reduced to a 20k plan. " ??

I don't think so, that the insurance policy inside got such a clause.

I just know there is a "reduced paid up" option only.

But when opt for this, this participating policy (so called income plan) will be converted into term ( means will not have the payout anymore/no surrender value too) with coverage and specific term.

If you surrender your policy say at 2 years, u will lose less than 20% if I m not wrong. The earlier u surrender, the more u lose.

I m not sure of such a clause in the policy about reduced plan. (from 60K to 20 K). Even if there is such clause, it will defeat the purpose of buying the plan in the first place.
NEVER over commit yourself.

Another way of doing it is by splitting ur policy. Say you wan to buy 20K per year (total 120K in 6 years), instead of buying one policy with 20K premium each year, u can opt for 2 policy with 10K each.

So in the event something unexpected happen and u can't afford the 20 K premium, then u can surrender one policy and maintain the other. Less damage done.

My bad. I think my previous explanation is somewhat misleading. What I meant is you can reduce your payments if you can't afford the 10k/yr. The plan will still continue. Don't have to worry about cancelling the plan.

True.
At the moment ALL the new savings plan from ALL the insurance company are pending approval.
Cash Builder fund of 300mil has fully sold out. While ALL insurance company are waiting for approvals. HLA relaunch Cash Builder of 50mil fund.
As of today, 50mil fund is fully sold again. Thus HLA is throwing additional 50mil @ till December 2011. Any inquiries do call me to make an appointment.

We are professionals. This is a traditional service industry. Make an appointment. I will not discuss online.
Imagine i want to process a 1 mil mortgage. Never do it online. Appointment 15 minutes client understand everything there is to know.

There will Be a Positive Change in the Industry.
Because too many agents mislead their client on projected profit. For example, presenting Sales Illustration premium of 100k showing the actual of return after maturity date, while giving 20% discount. While the Sales Illustration he showed is 100k. Upon policy being signed up, a different policy is handed to client to be signed, where the real policy client signed is actually 80k. Yet client would not realized it.

When client found out perhaps, after 3 years, complains to BNM (customer is always right), then insurance company refund 100% and insurance agent forfeit their commission and bear the cancellation processing fee around rm500.

It is due to this fact that BNM is reviewing all the loopholes for misleading selling. Not to mention all this ruckus is mostly due to Maybank Takaful. Too many people complained to BNM, to the point BNM imposed Maybank to send a policy review checklist to all client, where client can verify whether or not they are indeed being cheated, and eligible to 100% refund.

New rules regulated to all agent by HLA to prevent this CON CASE to happen.
Say 100k premium.
Client cancel.
Usually HLA refund 100k. Agent forfeit the commission and bear additional rm500 for cancellation.

Now new policy.
Client cancel.
HLA refund 50k. Agent forfeit the commission and bear additional rm500 for cancellation + 50k.
Thank god. That HLA is fast in regulating new rules. In the industry for years. Seen it all. So many people used young kids like SPM dropouts to misleading selling. Not even them realized that they cheating their families and friends. Again no more CON CASE.

This post has been edited by Gyokumen_Koushu: Oct 7 2011, 06:21 PM

lovely!! lovely!! well, never too late to teach them to be responsible for his/her actions and words...

"when they are in darkness, u care to show them the light to guide them, so dun take it away when they see hope is there, but blinded again half way out...they spend years to save it, and wish to have a better tml...they r willing to share it with u and have u grow together...so be gratitude to them or else u r not who u r today..."

Please evaluate the total cost or premium you have to pay before saying the returns are nice...

Agreed.

But saving plans is definitely for a long term running.. If you put it in a long run, yes it is good as it provide capital preservation and good ok ok returns.

It will be a good tool to mitigate risk in the whole investment portfolio.

Too heavy is not good, just adequate will be the best one.. Don't feel stress because of paying it, so you will feel better. Cheers

Yape, its a long term commitment, we have to feel comfortable about it..

Any problems with it, the policy will be terminated and ended up in nothing..

If you are bumi, you're better off saving your money is ASB instead of this type of scheme from insurance company.

Yea, takes a lot of patient to reap the fruits. If can put 35 years, you can surely see the big effect. If continue putting more, like 40-50 or 60 years, give your children punya children, that kind of amount if really handsome for them to use.

A good tool to leave a good legacy with medium term commitment, ride on the compounding...

But again.. Low risk, reasonable gain, capital preservation, but long term.

If any of your want to have fast return, cool.. That is great, welcome to share trading then..
http://forum.lowyat.net/StockExchange
Fast money, and fast bankrupt as well.. Haha, but with good knowledge, then will be able to make big money and fast return.