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Misleading by Etiqa Takaful Agent, Ways to refund and complaint
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roystevenung
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 Jun 22 2012, 08:08 PM
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It is always sad when that happens. Insurance is about protection, coverage, hence the word I N S U R A N C E.
Insurance comes with insurance charges, agent commission, admin fees and what not in order to support for the policies. No free lunch. Sorry.
Always read and understand what the agents are trying to sell. Get second opinion if needed as insurance is a long term commitment, like your car insurance. Simply put - No pay = no drive.
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roystevenung
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Jul 4 2012, 12:27 PM
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QUOTE(kiwishan @ Jul 3 2012, 05:05 PM) I fail to get back my money and i already terminate the plan...Haiz...Be wise nextime lo, what to do... I'm sorry for that. Insurance is never meant for investment but rather protection. You should be able to get back some amount, since it has been the 4th year, although not in full. |
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roystevenung
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Jul 5 2012, 07:52 AM
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QUOTE(+welve @ Jul 5 2012, 01:17 AM) Dear all, 1. I signed up for the eTiqa Takaful Family Plan, which I was told was offered for a limited time, how true is this?This question can only be answered by an eTiqa Takaful agent as at times, insurance company may have limited time when trying to promote their products. Think of it like Year End Sale :-)
Pardon my ignorance, but irrespective of whether the offer is limited time or not, getting yourself & family covered earlier should also be your main priority and not having to wait until YES, no?
2. I was told that I am going to pay until I am 55 years old only. And I will be insured until I am 88 years old. I'm not familiar whether the eTiqa Takaful Family plan is an investment linked product but in general, if the plan do generates cash values, no one can guarantee that the payment is up until age 55 only for the cover to be able to last another 33 years of not paying the premium.
It depends on how much cash values has been accumulated throughout the payment term, the fund performance (or dividend gained) and more importantly HOW LONG you've been paying for the plan. For example if you're age 50 now when you signed up for this plan, this means there is only 5 years to pay for the policy. I can assure you if this is the case, there won't be sufficient cash value to take care of you until age 88.
This is because the first six years the insurance premium goes into paying for the agent commission (120-140% spread over 6 years period). But don't get angry my friend, we need to service you for as long as we can, have pity on us agents too 
Do note that insurance charges GOES UP BY AGE, IRRESPECTIVE of when you get it. The older you get, the higher the insurance charges will be.
However, as a guide, if you would like to have an idea of whether the plan can last you throughout the term of the cover, take a look at the brochure on the insurance charges from age 55 onward till 88 versus the 'projected' cash value at that age. Deduct the insurance charges and calculate for yourself.
You should always insists on the brochure along with full quotation.
So the question is, how much money can I withdraw when it matures? Can I withdraw all my savings?
No, you can't withdraw (or even if you are able to, there'll only be very little left at the end of the term). Because for an insurance plan which you want to pay until age 55 and for it to last you till 88, I'd say that the cash values generated would be eventually used up to pay for the insurance charges.
If you withdraw, and the cash values in the policy is not enough to cover for the insurance charges, you'd lose the cover. Like your car insurance, if you still plan to drive at age 95, you'll still have to pay the insurance coverage. No pay = no drive, that is as blunt as I can get, no offense ya?
3. I am looking for a plan with savings + protection. Am I on the right track?You should rephrase that to protection (health & medical) + future savings to help pay for my insurance charges to take care of my golden years when I am not able to work/retired. That sounds so much better :-)4. I still have 2 months of premium in due, so if I want to cancel or surrender the contract, will I be forced to pay this 2 months premium in due? If you cancel/surrender the contract, the outstanding premiums will be deducted from your cash values. How much you can get back depends on how long you've been paying for it.
Most insurance contract upon depletion of the cash value will self terminate after 30 days of due payment.
Do get a second opinion if you need to prior to surrender as you'll lose the coverage.
As I have some kind of feeling that I was mislead by the agent. Do I have a case if I sue or complaint them?Unless you have everything in writing then you may have a case. Do talk to your lawyer if there is an evidence of a breach of the contract and the course of actions to take.
That's the questions I can think as of now, I am not saying that this plan is not good, but I felt that I am somehow mislead by the agents too. Hope insurance pros here can clarify things for me. |
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