Can you take out everything from your fund after 10 years?

Can I withdraw my money?
Yes, withdrawals can be made under these following circumstances:

Reaching the retirement age*
Death
Leaving Malaysia permanently

*Partial withdrawals are allowed

Alternatively, members may withdraw up to the amount in sub-account B once a year. The withdrawal amount is subject to a tax penalty of 8% (imposed by the tax authority) and the penalty will be deducted before the balance is credited to your account. The first withdrawal from sub-account B is allowed only after a year from the date of the first contribution by the member. Subsequently, withdrawals from sub-account B will be allowed once in every calendar year.
http://www.cimb-principal.com.my/prs/FAQ-@...rdian3Tier.aspx

My understanding is that only few insurance companies have the deferred annuity product, and all are eligible for the tax deductible (would be stupid if it isn’t eligible). However, I haven’t seen all the quotations but also my understanding is that the returns from these products is abysmal.
(Note: the purpose of purchasing annuity in a traditional way of speaking isn’t for investment purposes but let’s ignore that because after all we live in Malaysia with high interest rates unlike UK, US)

The slightly better-off situation is that, I think they give you non-guaranteed returns (etiqa does, I think so is GE, not too sure) but I don’t think it’s worth it because your funds get locked for so long.

Unlike PRS though, deferred annuity allows for full withdrawal (albeit there will be penalties).

PRS vs Deferred Annuity (DA)

Big chunk of DA is guaranteed. PRS guarantees nothing basically, just like unit trust. I will choose PRS any other day. Don’t think the fund managers are THAT bad to lose ALL my money.

Can you take out everything from your fund after 10 years?

Yeah. Damn. To me, this so called annuity plan is really a good way to benefit those mutual fund company.
If not for this tax rebate, they will not get such free reign.

Yes - by that time, i'm over the age "to take out everything" already from PRS
sigh.. what kind of Q is that..
Ahem.. U still seem to be lost about
annuity plan (from insurers)
VS
PRS (from fund houses and they're like a type of mutual fund with T&C)

Well, I can absorb a certain level of market crash, knowing that they can come back as well. Time is on my side as well. I understand the risk, but am OK with it. Me low income, not going to throw much money into PRS knowing that the tax I save is not worth the lock-in of my money.

I used to look at life insurance products from other companies. Part of my job to study and analyse. Roughly know how many of them works, but without actual quotation from the agents /companies /banks, can’t provide actual figures. Quit my job. Now I’m doing it out of interest and hoping to help out friends and relatives (for free ).

Well. Just because all crashes manage to recover so far does not mean that there may be 1 crash that may be so bad, the time to recover may be years.
Sorry for being a pessimist and seeing how the government manages our money, you can't blame me for that.

Maybe most of you guys cannot see this but this is how government creates policies just to benefit the insurance and finance company. So apparent over here.

so you got a better idea?

Yeah. I do have. I have my investment strategies.

First clue, I dun have to keep everything I have in Malaysia.

Get it?

And I can invest in things that are probably crash proof or at least protects me.

Actually if you are afraid of inflation, even more you should not put into PRS. Because at least, with the money, you can invest in something that actualy protects against inflation.

The PRS plan which one of the GE agent showed me, is only slightly better then putting in FD even after considering tax deduction.

And you cannot really take the money out after 10 years because it is not worth it.

I think the insurance company is obviously in cahoots with the government to provide a product that is not really acceptable.

Only consider PRS if they can promise you with black and white that every year will be giving you minimum 10% of dividend. The unit bought at rm1, shall be sell back at rm1, like ASW, ASM.
Else just stick the money back in EPF.
Don't just because of to get rm780 of "rebet" and lose out more later on.

Another mis-informed soul?
EPF <> PRS
EPF $ cannot be taken out to do PRS investing
CASH is used for PRS investing, of which one gets tax relief for up to RM3K.
   

My bad

I rather not put money into EPF.
Same reasoning as above.
The only reason why I am even "looking" into PRF is because of tax rebate that's all.

When EPF close shop, Malaysia are taken over by other country

EPF will not close shop.

But hor, there is a possibility that they can pay you in terms of "zimbabwe" dollars.

Make it this way, money's value are depreciating by it self over the time. This is global issue.
No doubt US's income are high, to buy the same thing, they are paying double or triple, with their currency(except car).

depreciating is one thing. I am talking about a currency crisis. It's a little bit different.

currency crissis happen way back during 97/98when US/Rm was peg to rm3.80

http://www.statistics.gov.my/portal/downlo...ticle_abdul.pdf

this is not a proper place to debate and sharing currency crisis. best open a  new topic.