Jul 10 2012, 12:25 PM
QUOTE(AdrianLow @ Jun 30 2012, 04:14 AM)
Look, I am a registered agent and I am not here to solicit for business.
Firstly, we agents are from Hong Leong ASSURANCE. Report those who are selling you the products as agent but claims they are from Hong Leong BANK to BNM.
Now, there are a few things I will say which many agents failed to address.
1) This is a traditional insurance policy, be it Cash Builder or Income Builder. You pay your premiums, the company pays you a guaranteed and fixed cash payment at the end of every year from the first year onwards together with insurance coverage. Only that the cash payments and dividends provided are higher than the usual insurance products, comparable to bank savings and deposit rates. Additional Dividends to be declared annually depending on company performance.
2) Break even will only occur on the 6th or 7th year. You will not receive in full if you surrender on the first 6 years. There will be a small reduction. This is NOT an investment plan. It is a long term commitment. Profit will be visible from 7th year onwards and it gets higher as the years pass. This has to be justified as you are receiving insurance protection at the same time. Banks do not provide insurance protection so they cannot charge you but you have to consider inflation at the same time.
3) 5.5% is NOT guaranteed and it is given according to company performance. Track record has been good most of the years. the rate is tentative. the tentative 5.5% is not given on the amount you deposited. It will be given on the ACCUMULATED (Optional. You may opt withdraw and the calculation will differ) cash payments and dividends annually. Thus (example):
year 1: RM3000 - GYI RM500 + Div RM200 = RM700
year 2: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RM700 (year1) = RM1400 (+5.5%) = RM1477
year 3: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RM1477 (accumulated) (+5.5%) = RM2296.74
year 4: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RM2296.74 (accumulated) (+5.5%) = RM3458.30
year 5: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RM3458.30 (accumulated) (+5.5%) = RMX
year 6: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RMX (accumulated) (+5.5%) = RMY
year 7: RM0 - GYI RM500 + Div RM200 = RM700 | RM700 + RMY (accumulated) (+5.5%) = RMZ
year 8: RM0 - GYI RM500 + Div RM200 = RM700 | RM700 + RMZ (accumulated) (+5.5%) = RMQ
This goes on until maturity. You stop depositing on 7th year onwards but the GYI and Div will continue to be given until maturity, surrendered or claims made for accidental TPD, death or TPD (Income Builder).
4) We need this for a long term basis. Look around for different plans. Do your comparisons with due diligence. This is a Bank Negara approved product and protected by PIDM.
5) Why do you need such a commitment - it is CCRIS & creditor proof, yield stable returns over the years with protection, payable to beneficiaries upon unfortunate events like death and TPD, (treat it as) long term savings, FD, EPF, education or retirement fund or anything which will secure you a lump sum in the future whatever the economic situation might be unless there is a revolution, military ruling, war or any occurrences that the monies are not able to be payable.
This is not a bad product nor a con. I believe people are not presented with the proper information and ended up committing into something that is not what they anticipate it to be.
Any questions, please ask.
Agree with you that this is just another ordinary insurance with saving / endowment plan. I am not saying insurance is bad or good but I believe everyone might needs at least 1. I do things very simple. Saving go to the bank, investment go to unit trust, stock market, property, commotities or more realistic to business. Protection to insurance.Firstly, we agents are from Hong Leong ASSURANCE. Report those who are selling you the products as agent but claims they are from Hong Leong BANK to BNM.
Now, there are a few things I will say which many agents failed to address.
1) This is a traditional insurance policy, be it Cash Builder or Income Builder. You pay your premiums, the company pays you a guaranteed and fixed cash payment at the end of every year from the first year onwards together with insurance coverage. Only that the cash payments and dividends provided are higher than the usual insurance products, comparable to bank savings and deposit rates. Additional Dividends to be declared annually depending on company performance.
2) Break even will only occur on the 6th or 7th year. You will not receive in full if you surrender on the first 6 years. There will be a small reduction. This is NOT an investment plan. It is a long term commitment. Profit will be visible from 7th year onwards and it gets higher as the years pass. This has to be justified as you are receiving insurance protection at the same time. Banks do not provide insurance protection so they cannot charge you but you have to consider inflation at the same time.
3) 5.5% is NOT guaranteed and it is given according to company performance. Track record has been good most of the years. the rate is tentative. the tentative 5.5% is not given on the amount you deposited. It will be given on the ACCUMULATED (Optional. You may opt withdraw and the calculation will differ) cash payments and dividends annually. Thus (example):
year 1: RM3000 - GYI RM500 + Div RM200 = RM700
year 2: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RM700 (year1) = RM1400 (+5.5%) = RM1477
year 3: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RM1477 (accumulated) (+5.5%) = RM2296.74
year 4: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RM2296.74 (accumulated) (+5.5%) = RM3458.30
year 5: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RM3458.30 (accumulated) (+5.5%) = RMX
year 6: RM3000 - GYI RM500 + Div RM200 = RM700 | RM700 + RMX (accumulated) (+5.5%) = RMY
year 7: RM0 - GYI RM500 + Div RM200 = RM700 | RM700 + RMY (accumulated) (+5.5%) = RMZ
year 8: RM0 - GYI RM500 + Div RM200 = RM700 | RM700 + RMZ (accumulated) (+5.5%) = RMQ
This goes on until maturity. You stop depositing on 7th year onwards but the GYI and Div will continue to be given until maturity, surrendered or claims made for accidental TPD, death or TPD (Income Builder).
4) We need this for a long term basis. Look around for different plans. Do your comparisons with due diligence. This is a Bank Negara approved product and protected by PIDM.
5) Why do you need such a commitment - it is CCRIS & creditor proof, yield stable returns over the years with protection, payable to beneficiaries upon unfortunate events like death and TPD, (treat it as) long term savings, FD, EPF, education or retirement fund or anything which will secure you a lump sum in the future whatever the economic situation might be unless there is a revolution, military ruling, war or any occurrences that the monies are not able to be payable.
This is not a bad product nor a con. I believe people are not presented with the proper information and ended up committing into something that is not what they anticipate it to be.
Any questions, please ask.
Basic principal is high risk high income, low risk slow returns. There are lots of good products (investment) out there to suit your needs. I heard 1 of it was invest rm300 monthly up to 30 yrs, u can earn up at least RM1 mil. In between the period, you can withdrawn anytime any amount or surender if you want with no panelty. What I wanta say is be wise of your investment as you dont have many 30 yrs to waste.
I do it simple from saving--->ASB/FD---->unit trust--->share/property/comotities. Dont talk about investment if your expenses is break even to your income. Think of investment only if u can save money into your bank account. I am not saying that you must follow what I shared. Just be wise with your own money, no one can take it away from you if you dont allow. Choice is yours!!
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