Is this PruRetirement only available this year for income tax relief purpose?

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Added on January 5, 2012, 11:41 pmI thought Annuity relief is only up to 1k?

This post has been edited by echoesian: Jan 5 2012, 11:41 PM

running thru quickly, this is an investment linked policy. now why should i place money here when i can place it with unit trust, apart from the small insurance coverage and some tax relief? and there are plenty of charges.


how does Prudential guarantee the monthly income when it is a fund invested in equities and bonds? can Prudential still pay when the market crashes?


below is what i picked up from the PDF file.


Introducing PRUretirement reward, a regular premium investment-linked insurance plan
that kick starts your financial independence after retirement!

Annuity Tax Relief
You now have the option to claim up to RM1,000 for your PRUretirement reward plan
under the newly introduced annuity income tax relief. This is in addition to the RM6,000
personal insurance tax relief provided for other life insurance plans you may have.

The projected values are for illustrative purpose only. These values are neither guaranteed nor based on past
performance. The projected values assume current law, tax and prescribed investment returns (per annum), which are based
on the weighted average of the current prescribed projected rates for investment-linked insurance policies. The projected
remaining fund values for PRUretire saver also assume that there are no withdrawals done during the whole policy duration.

Even when the market performs poorly, we will guarantee to pay you the Monthly
Guaranteed Income we had set earlier. During the whole duration that you are receiving
the Monthly Guaranteed Income, the money you have saved will continue to be invested
in PRUlink golden managed fund. This gives you a chance to reap even more returns at the
end of the policy duration.
In order to fully enjoy the Monthly Guaranteed Income benefit, you should ensure that
all your premiums are paid up to date.

meaning i pay Prudential in order for Prudential to pay me back?

COLABOY: Would like to find out more, pls pm me. Male 40 years old, non-smoker.
1. guarantee for 100.8% for 10 years, means only 0.8% more... and this not include the various charges right?
2. The investment illustration of RM3200 per year inclusive the insurance?
3. I would like to leverage the RM3000 tax relief but, what is the other charge/ product I need to park/ purchse??
4. I am now utilizing the max RM3000 tax relief for SSPN, Skim Simpanan Pendidikan... for my daughter, will this affected the tax relief entitlement for the anuity?

Aside from this PRUretirement reward from Prudential, is there any other insurance products from other insurers that gives the annuity tax relief ?

Is Manulife's MaxShield Retirement or AIA Retirement Account 2 considered annuities?? Any agents from both companies can help clarify this??

Not sure about those product . . . its better to clarify from their agent

It's available since 2011. Those who purchase last year will entitle for tax relief up RM1000 in 2012.
For next year 2013, it will be increase to RM3000 as highlights from Malaysian budget 2012

This post has been edited by Colaboy: Jan 7 2012, 04:15 PM

Is there any Annuity plan from Great Eastern?

Tax relief of rm1000 for Year of Assessment of 2011 and
Tax relief of rm3000 for Year of Assessment of 2012

I heard there is a new annuity plan from Great Eastern coming soon??

any new on GE annuity plan?

I recently checked the Pru-Retirement Reward out. The IRR of this product is only around 3.XX % p.a for the whole duration of the program.

So the only saving grace if you want to participate in this product is the RM3k tax relief.

Other than that, this product sux big time.

Check out their massive hidden charges.... It made me cringe.

I have also inquire with Manulife, GE, HLA & Allianz but none of them had a annuity product that qualify for the RM3k tax relief.

This post has been edited by xuzen: Mar 4 2012, 02:03 PM

can i know where do you get the 3.xx% from???

Btw we only charge:
PRUlink golden equity fund 1.5% fund management fees (actual return on year 2010 21.45% )
PRUlink golden bond fund 1% fund management fee (actual return on year 2010 5.13% )
Agent commision is 3% out of total sales

Please dont flame a product before you find out more details about it . . .

Using my trusted friend aka Texas Instrument BAII Plus Pro series financial calculator. I have the quote in-front of me and the premium quoted is RM 3,054 x 15 years, and I used the most optimistic pay-out scenario to calculated the IRR.

Further more,

There is a 1% guarantee charge, RM 25 admin fee if you do some alteration to you plan, including top-up.

There is also a 1% "guarantee charge" on your premium whatever that means.

There is a RM 5.00/mth = RM 60.00 p.a for service charge again whatever that means.

I got the above from their brochure.

Not flaming sir, just stating the facts.

Xuzen.

I don't quite understand this plan, let say if we opt to pay premium for 10 years, each year is 3k, do we get any interest on the premium paid or we only get paid after 55 years old?

of course you get interest every year for the premium you paid, but because this is a retirement plan
the plan needs to lock your money in it till age 55 (just like your epf account)

does anyone knows if prudential's "prulink one" qualify for tax relief, if got which part do i fill under the income tax part, D17, D18 or D19?

refer to your annual LAPS - life assurance premium statement
if you did not receive a copy, you may always get a copy from any branch nearby
or get your agent to mail/fax you 1

This post has been edited by Colaboy: Apr 24 2012, 11:16 AM

No, but from what I saw from the sales illustration, the monthly guaranteed income is only payable once the insured's age is 55 years old... so meaning every year we just pay the premium without any interest at all until we reach 55?

The premium or money you contribute will be allocated into our Prulink Golden Equity & Bond fund.
So if the fund value increase from RM1 to RM2 in the future, the same does to your savings.
The guaranteed income is an option for you to receive monthly base on the capital . . . but you can
choose to surrender the policy after 55 to withdraw the cash value inside.

After reach age 55, if we continue with the plan, does the premium still invested in the bond/equity fund?

What is the historical average yearly return for this plan?