Hongleong assurance

Year 1 save RM28000 ---------------------------guarantee yearly income RM 3600(wont affected by interest rate, can be cash out on next year or
Year 2 save RM28000 --------------------------- RM 3600 accumulate into account to hv 5.5 % interest for GYI)
Year 3 save RM28000 --------------------------- RM 3600
Year 4 save RM28000 --------------------------- RM 3600
Year 5 save RM28000--------------------------- RM 8400 <--------------GYI increse to RM8400 on 5th year
Year 6 save RM28000 --------------------------- RM 8400
Year 7 save RM28000 --------------------------- RM 8400
Year 8 save RM28000 -------------------------- RM 8400
Year 9 save RM28000 --------------------------- RM 8400
Year 10 save RM28000 --------------------------- RM 8400
Year 11save 0 -------------------------- RM 8400<------- no need to save in money, but still hv GYI on year 11 onward
Year 12save 0 -------------------------- RM 8400
Year 13save 0 -------------------------- RM 8400
'' RM 8400
''
''
''
year 30save 0-------------------------------- RM8400
------------------------------------------------------------------------------------------
total capital = RM280000 total GYI RM 232800
bonus + RM100000 + 5% interest if accumulate in accont
-----------------------------------------------------------------------------------------------------
RM38000 + RM520000
TOTAL for money for 30 year accumulate= RM900000                       
plan selection: 1 lot RM 28000
                          half lot 14000~ 28000
                         RM5000~ 14000

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Added on December 18, 2011, 3:50 pmIs this a endowment?

Buy insurance for PROTECTION only!!!

We have a seller ask whether this is an endowment plan or not..., speak the situation.

I wonder how accurate the info can be passed to potential customers then.

What knowledge u expect from a seller if he want to promote u a saving plan?

lesson 4?example for endowment policy?

Hongleong assurance

Year 1 save RM28000 ---------------------------guarantee yearly income RM 3600(wont affected by interest rate, can be cash out on next year or
Year 2 save RM28000 --------------------------- RM 3600 accumulate into account to hv 5.5 % interest for GYI)
Year 3 save RM28000 --------------------------- RM 3600
Year 4 save RM28000 --------------------------- RM 3600
Year 5 save RM28000--------------------------- RM 8400 <--------------GYI increse to RM8400 on 5th year
Year 6 save RM28000 --------------------------- RM 8400
Year 7 save RM28000 --------------------------- RM 8400
Year 8 save RM28000 -------------------------- RM 8400
Year 9 save RM28000 --------------------------- RM 8400
Year 10 save RM28000 --------------------------- RM 8400
Year 11save 0 -------------------------- RM 8400<------- no need to save in money, but still hv GYI on year 11 onward
Year 12save 0 -------------------------- RM 8400
Year 13save 0 -------------------------- RM 8400
'' RM 8400
''
''
''
year 30save 0-------------------------------- RM8400
------------------------------------------------------------------------------------------
total capital = RM280000 total GYI RM 232800
bonus + RM100000 + 5% interest if accumulate in accont
-----------------------------------------------------------------------------------------------------
RM38000 + RM520000
TOTAL for money for 30 year accumulate= RM900000                       
plan selection: 1 lot RM 28000
                          half lot 14000~ 28000
                         RM5000~ 14000

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Added on December 18, 2011, 3:50 pmIs this a endowment?

endowment is something like PENSION
cos majority of us working in private sector...we have EPF but not PENSION
thus buy endowment only if you wish to get "paid" each month after your retirement age(eg; 55-75)

ps : you also get few times lump sum amount of $$ + insurance protection

if you are someone who can manage your finance well in your younger age, then endowment not SUIT you!!

i m having an endowment plan from GE...so wat u think?

Hi,

I currently struck in one situation that I can't really make decision and its so confusing    I bought this great eastern GJA3 plan at year 2010. First I was mislead by the agent where this plan will have a return of RM2500 per month after 10 year down payment, but on this few day my bro somehow readed his policy and founded we been cheat. My wrong for not reading through the policy during the first day of purchase as I'm not familiar with insurance(I was advice by my mum to get this kind of saving plan). After I calculate properly I found that in a long run FD would provide me a better saving return than this plan, my bro already surrender his policy that have been pay for 6 years(he lost 6k+).I still in a tough situation, if I surrender this policy I would have lost 6k+ as well (I been paying about RM400 per month). Don't get me wrong that after I surrender this I won't have any protection, as I own another insurance which is sell to me by the same agent (a investment link program with medical card) which cost me RM150 per month which provide me most of the protection that the GJA3 provide. I'm not rich but I'm a person that don't spent a lot. To all expert out there, should I surrender this plan and cut the loss short(so that I could invest in something better) or should I keep the policy while prevent the 6k+ from getting burn. My last day is on 28 Dec 2011, so it a tough call for me.

Thanks,
Steven

Good..
Brother, nothing is easy going. To be a successful agent, strive and persevere on it only can see result. It is a tough challenge in front of you.
If got hamtam like this from other people and cannot take it, then you lose already.
Just make sure that you project the thing that is of the customer needs and wants, and should the customer need it, then get it for them..

For those who strongly oppose saving plan, not saying that you guys are no good.. Well, this is fair market, everyone have everyone say.

Hope u all the best..

Those who bought these cash builder / wealth builder plans and other similar 'save 6/8/10 years' plans, thinking its a great savings plan for your retirement, I wish you all the best in your retirement years. Hope you have other backup plans as well.

Do remember to keep in touch with the agent till the day you die because you are gonna to        the agent for CONsulting you into a        so called  forced savings plan.

And as for the agent who sold these plans, after year 7 of the policies sold, do a disappearing act, save your skin. Make damn sure you are no longer reachable by year 11.

For those in the dark, here's a bit more,

Year 1 commission paid to agents who sold you these so called savings plan is a min 17.5% of your premium paid to the cash/wealth builder plans.

Now agent CONsult you to 'save' $500 per month, 17.5% or $87.50 per month goes into agent's pocket, this excludes overriding commission paid to agency managers and what have you expenses of the insurance company. Easily 60-70% of your premium paid is gone for all these expenses. That's $350 per month gone. So you actual start savings with close to ZERO ringgit. And this will go on for 6 years on a reducing basis. (Now you know why the minimum period for such plans is 6 years.)

Ever wonder why agents tell you NEVER TO WITHDRAW within the 1st 6 years? Cuz in your so called savings plan, its EMPTY/KOSONG. Notice that if you surrender with 1-3 years, its ZERO meaning NO MONEY BACK.

Now ask yourself this when the GOVT increases the service tax from 5% to 6% or when your local mamak increase your fav teh tarik from $1 to $1.30, you bising like no tomorrow, the hell with the govt, fxxk this mamak, i never coming back again, but when your agent CONsult you a so called savings plan which quietly eat 60-70% of your so called savings premium, why you never bising?

If these cash / wealth builder are so good, why take 30 years to mature? Why lock your own money and subject it to others placing terms & conditions on your own money? Ever heard of APL and how much it can charge you interest for late premium payments? Nice for some companies to charge you interest on your own money, just nice.

And use your brain for a moment, can an insurance company ever paid interest higher than a bank on the capital sum with a guarantee? If yes, why isn't there a queue at every insurance company with people signing up such cash wealth builder plan? Why do insurance companies still need the agents to CONsult you? Similar to buying iphone 4s, so damn good that people auto queue, you see any agents CONsult the queue?

By the way, why isn't Warren Buffett and Jim Rogers queuing as well for the great savings plan? 

Now look at this from another thread, save 28000 per year, get back 8400 till Year 30.
Ask yourself and use some sense,
1) how much is your salary today? close to $28000 per year?
2) how much is your expenses today? close to $28000 per year?
3) can you live on $8400 per year?

If you cannot afford $28000 premium per year, that's means the you can only lower premiums which directly meaning your GYI is lower as well. Say you can afford $6000 premium per year, your GYI is probably around $1800 per year. Now, in your retirement, can you survive on $1800 per year? What a great reCONmend from your best buddy agent for your retirement.

You only want to meet your INSURANCE agent, SLL or otherwise, for PROTECTION policies and CLAIMS, and not for any other reasons apart from these.
HAHAHAHAHAHA 

set an appointment and i can show you GUARANTEED RETURN in the policy
By right if you think it's an infringement of the law,pls do so by reporting to the BNM
all the plans by HLA are monitored by BNM and insurance act
lock in only 9 years but you enjoy GYI for 40 years/30years/20years
the figure varies

sure you can compare to fd
assume FD interest at 3%,100k each year
9 years of saving could only give you rm135,017
with each year interest varies
while saving plans 9 years could give you rm270000
with each year GUARANTEED 30k income at every year

He tells you to pay premium 100k for 9 years loh.

Pay 100k one year premium then can get 30k guaranteed every years.
I pawned myself to get the plan. 

i wish i have the gut to cancel it....but thinking to lost me 7.9k...that is...

i know...if i commit for 20 years, that's a whopping 158k....i can buy a small apartment by cash liao...

yet, i still dun have the gut... 

mana boleh, if I said NO also no problem wife also tarak kasi ler 
If use correctly, is a very power way to leaverage your wealth

small pain better than big pain. 158k is veli big pain.  chop chop 

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Added on December 22, 2011, 10:57 pmreport to BNM? for what? agent misled you?

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Added on December 22, 2011, 11:00 pm
that leverage is upon death or disablement. My friend enjoyed such leverage, heart attack with 3.6m in the pocket. Bugger heart attack didn't kill him. 

Saving plan is for those $$$ rich, too many until don't know where to park, so end up where also park

Got good holding power, can hold long long, and won't feel troubled by it, then go on with it. Those over committed will surely find themselves in trouble.

yes i also agreed with you, but your statement doesn't prove that endowment plan was a worse saving plan also right?
there is no prove for FD and also endowment because we cant foreseen the future.
the only thing is, endowment plan has a chance to build up your savings with only a few years commitment, because definitely we're not putting one lump sum of our saving into endowment wad. Just a diversification.

whoever putting all their savings into the endowment plan, they're just too stubborn with 0 financial knowledge.

I'm not from cash builder, i'm not from any agencies. I'm just trying to ask people's opinion about endowment plan here whereas many people have many different examples and perspective 

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Added on December 22, 2011, 11:20 pm

TOTALLY AGREED TO THIS POST
*LIKE*

---nothin' is perfect---
---might have a chace for a better return---

hey hey, this is what i believe in okay,
i believe that endowment is not an investment
i believe the market will burst in Malaysia, eventually.
sorry we're not debating about goodwill or not. it's just you own a land, you're rich.

oh too bad, you totally don't understand what i'm talking about, the guaranteed return is not about the sce.a or sce.b return, is the base guarantee return, which is below their capital.
i was a part time agent before, in HLA & GE. something like double crossing. so i get to learned both products and the way they run their business.
in either way, i didn't support any one of'em.

here we are talking about, was endowment plan worth or not. Since the future we can't foreseen, you cant said that endowment plan isn't working also right?
nothing is perfect.

IF FD bla bla
IF ENDOWMENT bla bla

it's just a guessing, FD? Endowment? worth or not? it depends.

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Added on December 22, 2011, 11:35 pm

i know that also, becuz what you said is what's happening right now.
some people save money, some people earn commission.
this is how it works, you want a chance to grow your saving, they'll spent up all your money at the beginning few years.

then only they try to give u bek the return.
in other way, which can say that someone is willing buy and someone is willing to sell.
to those who put 500k into an endowment plan, are they stupid?
idk.

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Added on December 22, 2011, 11:37 pm

the first endownment plan arise in the early 2000's, so there havent been any endowment plan matured yet, unless surrender earlier.
at that time, the endowment plan was 10yrs and 12yrs payment, how could it matured so fast?
are you saying they purchases unit trust in the early 90s?