Hai Guys,

I need an opinion from the masters here. Which is the best scheme for Retirement purpose?

PruCash Double Reward is an endowment plan whereas Pru Retirement Reward is ILP.

Maybe can get feedback from Prudential agents.

Thanks

Neither may be suitable, get an unbiased opinion from an independent personal financial consultant.
Try searching for impartial advice from a licensed planner at the financial planning assoc of malaysia or another organization, the Malaysian Financial Planners and Advisors Association www.mfpaa.com

Neither is a good plan. NEVER EVER EVER buy insurance products for savings purpose!!!!!

Just curious to know, whats the concern with getting saving plan from the insurance company?

Cannot brain your question.

For income tax claim under Annuity, one advantage is can take Pru Retirement Reward.

Am i right?

You can choose other vehicle for tax claim under annuity, e.g. private retirement scheme. These insurance saving plan can really ruin people's old age plans.

interesting point bro...care to elaborate? tq

But PRS have different tax claim which is RM3 K per year. What about annuity plan? I think so far only Prudential has that.

Great eastern will have it on october

Private Retirement Scheme is shared with annuity on RM3k tax rebate.

You can see bozo scamming insurance agents like ExpZero above, telling people they can get 20% monthly retirement scheme.

Malaysians! WAKE UP! Insurance is for protection, not for savings!

Even in the policy it states non guaranteed for the returns...same goes to unit trust.
Only thing insurance charges eat up our units in insurance.

What Highroller84 is saying is that there are other forms of investments that gives you more returns albeit faster (if you can embrace the risk). With money gained from investments, the RM 3K income tax deduction is meaningless and one would gladly pay the tax.

Regular paying Unit trust and endowment plans are geared towards someone whom are not able to monitor the funds themselves although there are definitely risks associated in any investments.

20% tax rebate is a truth, however that is depends on individual risk appetite toward higher risk and return investment vehicle. As Roy said, if one could gain higher return, he can totally ignore saving plan or ignore tax rebate.

The below thread is very beneficial to most of people who got question toward saving plan and through the below thread, ones will understand he is suitable or not suitable for saving plan. "Insurance savings plan, would you buy one?, Just a corner of sharing opinions" http://forum.lowyat.net/index.php?showtopic=2509517&hl=

I have a question here:

If i took up an ILP or endowment plane, at maturity can I get the money that i paid or higher?

Or will i be gaining loss?

What would it be?

Listen here fool, 20% tax rebate and "get 20% monthly retirement scheme" is totally different.


I'm not saying IF one could gain higher return than saving plan. Its GUARANTEED that even placing your money in FIXED DEPOSIT, you are GUARANTEED higher returns than saving plan!

So many agents still selling saving plan, some at the supermarket offering free LED TV, Ipad2. WTF???

From your previous post, I cans see that you are way over insured (medical, life, annuity, etc etc), paying so much premium until you are in financial trouble. Insurance is for protection and it is never meant for Investment. If you want to invest, only invest with money you can afford to lose. You should never have insurance premium > 10% of your earnings, otherwise you are just enriching the insurance industry with things that might or might not happen.

Using Insurance as a investment fails Investing 101.

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Added on September 25, 2012, 10:43 amLearn to calculate before you invest.. lar...don't be fooled by insurance agents...read the brochure

Taking example PRU Double Cash Reward...basic policy

Each Year premium is RM 20,180 x 10 years = 201,800
Yearly Reward = 3000 x 10 + 6000 x 10 = 90,000
Maturity Benefit (Taking PRU 7% gain which is on high expectations) = 222,181

Based on 20 years investment, you invest 201,800 to get 312,181 in 20 years.. your annual CAGR is ... drumroll please... 2.21% per year.

Even if you factor in tax savings of Rm 3K/year (if got).. your CAGR barely rise to 3.11%...

Feel satisfied with your 'earning'? Still want you buy? Please go ahead then....

This post has been edited by gark: Sep 25 2012, 10:52 AM

You summed it up pretty good. Which lembu here wants to buy Prudential, Great Eastern or whatever insurance company saving plan that even 2.21% not even guaranteed?

Good analysis.
As i always emphasize, insurance is mainly / strictly / specially / particularly for Wealth Protection.. Wealth Protection.. Wealth Protection to each customers or prospects. So, fact finding is very important to identify what is the main financial objective of our customers or non-customers (most of the time my friends would ask since i am in the industry). If their objective is to invest, please lah dont "con" them into purchasing with all kind of reasons like saying this is a savings plan with free insurance coverage. I have also experienced with bank bancassurance staff telling me the same thing.
Financial planning / insurance planning is a long term commitment. Not to play a fool into wasting people's trust and hard-earn money into buying something that don't fit the needs.

You are absolutely correct. Nowdays good insurance agents are very rare....