ACTUALLY, the new scheme, Income builder is 9 years lo

@Irresistible

wat u invest now bro?

One self has to understand the meaning of SAVINGS before they can sign up for any plans. For those fresh grads who worked for 1-2 years, most will not think SAVINGS will be one of the basic needs for their retirement plan.

Dear all bros,

Is it good for the plan?

I found out the guaranteed return compared to non-guaranteed return is very misleading.

6.5% per annum? Can they achieve this with the market situation now?

And in addition it will take so many years to see the results...

And the marketing guy keep pushing this plan (irritating) because I know their commission is around 20%, which is A LOT!

but seriously, i dont believe in anything that bank offers...
think about it...

do we really need the bank unless we are really desperate? people can say good debt and bad debt regarding banks... but even if bank give out loans for house, car, business... how much profit they get? and what if you fail to pay one or two months? you basically see them from being the nicest people to being the people who make you die even faster...

banks are pure evil and this scheme and its agents disgust me simply because i now know of their picture and yet people continue to get fooled and betrayed by false hope that these agents and the banks instill...

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Added on July 27, 2012, 2:42 pmur instincts are right...

This post has been edited by Petre: Jul 27 2012, 02:42 PM

A reminder for all.
1)When approached with plans from agents.
Ask them for the original quotation to see if their returns tally with what they have mentioned.
If.they are unable to provide.forget about it.
Misleading conduct of selling.
2) all are just the same, assurance/insurance company.all are governed by bank negara, like banks.does not make sense when one assurance company can earn more returns than the others.
3) savings plan is a FORCED savings with returns for your retirement.if you want to compare with stocks or other investment with higher returns, you are investing, not savings.
If you want to invest into property, go ahead and do so, provided if you are loaded with money.
4) diversify what you have.don't put all eggs into one basket.

Regards,
Another agent from another company

Hi all. Interesting read here. I was contacted by an agent a week ago, and was told that the annual return rate can be kept so that it can be compounded. The amount invested is like savings, so the annual return rate is based on the total amount invested, hence I was advised to keep the annual returns as savings for compounding purposes. After reading the comments here, seems a little dodgy now. :S

the first year is the mosy yummy. slowly after that, you will wish you never bought it

1-2 years working better think of medical / insurance plans, ie protection before savings.

+1

lucky u la wei...i m stuck until second year..than only realize..huhu

Actually mine longer, I bought the plan (from different insurance company but the plan is more or less) at year 2005. Anyway I just treat it as forced saving.

some of the colleague said that i can ask for a refund cos im currently taking ing life insurance...which is auto debit from my account...
69 every month wooo....huhu

after 6th year, you will be grateful that you have bought and own it.

Why ar?

after the 6th year, with all the capital you have inside, even fixed deposit can give you better return

walau.... thank god i found this thread else i terkena also

very interesting & informational thread. Makes me think twice about blindly listen to agents

what happened to TS? MIA liao?

First I will clarify that I am an insurance agent, not HLA, but step in to make some fair comparison because there are so many wrongs here.

Inflation rate has been estimated around 4%-6% rise every year while medical cost is around 10%-20%. Just base on that we can see the FD is not matching up and you are actually losing value putting money in there. Someone mentioned buying term protection on top of it so then you have to take off the cost of the term from your FD return as well to have a fair comparison.

But then, does people like to buy term that burnt every year and has no return? Not many people, especially the average people. Hell if not the law requires, a lot of people wont even buy their car insurance. The insurance put out plans that have higher returns with protection, some flavour here and there to attract people, the only catch is you will need sometime for it to roll pass the FD rate and then to a giant snow ball. So now to the comparison.

This plan is for people that like to have a sum of money to be spend every year with the option to accumulate for higher return if wish for. Some poster here has done some comparison but they missed out that theres also an extra terminal dividen on insurance, so the continual withdrawal will left the FD principal stay the same while the insurance will surpass it to manifold. The accumulation option will bring out the difference even bigger.

Of course there are better investment tools out there, but for most people insurance will be a better and safer option. Save up an amount you are comfortable with, dont over commit.

Edit: P/S my plan is better! Hah!

This post has been edited by KelvBlue: Aug 16 2012, 05:02 PM

Kelv.. You from which insurance?

lol actually i been contact with hla agent on this product also... but i really terkejut why all so negative feedback here...i haven't joined yet...the agent more emphasize on me joining to sell and promote this product than selling me this product...

so i study it...it seems one of the best forced saving inclusive of protection plan(insurance) in the market right now? think about it...they are paying 5.5% dividend guaranteed yearly from 1st year onwards until maturity...and the 5.5% dividend rate is not on HOW MUCH YOU ALREADY SAVE...ITS PAYED ON HOW MUCH IN YOUR CONTRACT YOU PRMOISE TO SAVE IN 6,9, OR 12 YEARS PLAN... they are basically paying you dividend on your future saving value, not current saving value....which investment vehicle right now able to offer those? i would like to invest oso...

futhermore...why the ppl here bising2 the high commission the agents get paid with this plan...its not stated pun in the product disclosure they deduct your saving premium to pay your agent...its not like unit trust where upfront they tell you gonna deduct 4-6.5% of your capital as fees for the agent and stuff...

those agent are working without basic and im sure hong leong bank pay their commission on an insentive scheme based on the total profit margin enjoyed by the bank as a whole...

if you really kiamsap dont want the agent to get those commission, why not you contact them and instead ask to join under them, buy this saving retirement plan under your own name as agent? sure you get those high commission based on your own investment... so u get high dividend return that payed based on future value, insurance protection and u get hugeee discount bcoz u receive commission from ur own investment as well under ur name as agent...


let say i take 12 years contract plan and to save rm10K annual premium...(6% return p.a as example)


6% P.A
INVEST RETURN
1) 10000 7200+ SI DEDUCTION RM240 PER MONTH IN SALARY ACCOUNT OR CREDIT CARD
2) 10000 7200
3) 10000 7200
4) 10000 7200
5) 10000 7200
6) 10000 7200
7) 10000 7200
8) 10000 7200
9) 10000 7200
10) 10000 7200
11) 10000 7200
12) 10000 7200
-----------------------
120000 86400

* I will just banked in the 1st year premium of RM10K...after one year i will receive say 6% dividend based on rm120K future value in contract that i promise to pay....that dividend is RM7200 per annum withdrawable from year 1...then lets say i take the dividend to pay back the 2nd year premium and top up rm2800...which comes up to rm240 salary deduction as saving..... keep paying rm240 per month for the next 12 years...by the 12 year stop paying and you already have fund inside the plan of up to RM120K...

the money you bank in in 12 years= rm10k upfront + rm33600= rm43600 total....after 12 years get return of rm120K....


now you tell me which investment vehicle right now that can beat this plan that i taylor made it myself for retirement plan in 15-20years time???


This post has been edited by max_cavalera: Aug 26 2012, 06:37 PM