Is it true that 5% of the premium paid every year will be deducted for admin, management and sale commission?

Aside from Prudential, is there any other Insurance Companies that offer the similar plan?

bond is average 5.1% equity is 7-12% on average


yes

This post has been edited by Colaboy: Apr 25 2012, 07:50 PM

I got to know Uni Asia Life has a new plan called Uni Smart Income, looks interesting as you just need to pay premium for 10 years only...but I need to find out more...

Just a note to check. The product must be approved for annuity deduction. For PruRetirement reward the agent needs to tick the option "Claim Annuity Tax Relief" to enable you for income tax rebate.

Hi Colaboy,

Since you said this product is already available since 2011, are you able to produce one sample of the premium statement that shows it qualifies for the tax relief annuity (hide the client's name)

Thanks.

the statement is directly mail to customer . . . well its clearly written in the policy
there is no need to trouble post it here

Private Retirement Scheme (PRS) from FSM.

http://www.fundsupermart.com.my/main/resea...?articleNo=2911

For those annuity sales personal in Penang ...

My Plan : I just want to invest just for tax purpose for next 5 years ...

PM me your proposal .. Thanks.

wa!!!40 years cannot move my money? @@

there is a minimum tenure years for this plan . . . it's for retirement purpose
which mean you cant withdraw the money until you are 55

Take out all my money at year 26. All interest gone?

hi Colaboy, a few things to double confirm with you:
1) so this plan that u showed is need us to pay the 3400/yr for 25yrs? meaning we have contributed 85k, and the cash value is 51k if we choose to cash out, rite?

2) i heard the 3k annuity tax relief is only applicable for premium contributed from yr 2012-2021 (10 yrs) even if we pay for 25yrs. cayou confirm on this?

3) based on your quotation, does it mean we can only get the income for 10 yrs (guaranteed + projected)? after that the plan will cease and we still can back the cash value projected there?

4) what does your insurance cover? death? disablement? 36 disease?

sorry for asking so many questions, this annuity is new to me, and not many people is well versed in it including my insurance agent. thank you.

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Added on November 19, 2012, 5:57 pmcan you show your quotation as well so that can do comparison?

This post has been edited by hongxiaoling: Nov 19 2012, 05:57 PM

The quotation is simple, you pay for 10years, you get back the money from 55-65.(10years). I can't post the quotation as I'm using iPad.

Just found out more info on Great Eastern annuity plan (Great Retirement Plan) for a 35-year old.

1) Pay RM3,000 per year for 10 years (to claim income tax)
2) Guaranteed Income payable every year for 15 years (starting at age 55) - RM 4,365.00 per year
3) It is not an insurance plan. From illustration, "In the event of death, TPD or being diagnosed with any one of the covered events, the cash value (which is equivalent to Surrender value (SV)) will be payable in one lump sum. The cash value payable to you may be less than the total premiums paid."
- From the illustration,it is my understanding that you have to PRAY that nothing happens to you at least for the first 16 years before your surrender value is more than the total premium paid.

Worth it? Any other plans from other insurance companies?

This post has been edited by kmarc: Nov 28 2012, 01:25 PM

i also did a rough calculation on the GE based on the data on the website... in only translate to about 4.x% interest PA.. though is guaranteed, but is quite low for something that i have to freeze my money for 35yrs assuming i buy at age 35.

btw, i don't see GE is part of the approved PRS provider in the PPA website. sure can claim the 3k tax relief?

The GE agent claimed that it is already approved when asked regarding one of the description on the proposal (i.e. This product may qualify for annuity tax relief of up to RM3,0000 yearly for premium paid during year 2012 to 2021, subject to approval of the IRB).

Does your calculation factor in the tax relief per year? If so, which tax bracket did you use for calculation?

For me, the only attractive thing is the tax relief.

BTW, assuming you buy at 35, your money is only "frozen" for 20 years la..... Your money will start "thawing" at age 56....

Looking at this whole PRS funds, the best bet should be those unit trusts fund approved for prs. At least if you couldn't afford to set aside rm3k per year, those savings in unit trust won't be burned as compared to insurance where a lapse in the policy will see almost all your money gone down the drain.

Like some mention here, you better pray nothing happen to you within the 15 years if you invest in those insurance prs fund.

So, if a person passes away at the 10th year, does that mean there is no payout at all? Then all the premiums paid gone?

I think I mentioned the "pray" thing leh....

You still get some money back. From their illustration, at the 10th year, you would have paid the final yearly dividend (total of rm3,000 x 10 = RM30,000). If you die on the 10th year, the cash value payable to you is RM25,177. Someone with the policy need to die at year 15 to get back the total premium paid....

Totally opposite of insurance. Insurance = good to die early. Retirement funds = better to die later....

That's my crude understanding anyway. Don't quote me on that....

This post has been edited by kmarc: Nov 29 2012, 11:14 PM