Feb 7 2013, 02:47 PM
QUOTE(roystevenung @ Jan 16 2013, 01:42 PM)
Do you see the logic here? Somethings just doesnt add up. Your friend put in Rm12k and she gets Rm4k. With that much for agent commission, how much do you think would be the interest rate return would be?
Ask your friend whether she could withdraw the money now ...
It is people like your friend that puts shame to the insurance community. Selling a plan without knowing what insurance is all about and even sadder asking relative to put in their money by promising high returns. She will eventually lose relative one by one... sorry for the rant...
Strongly agree with you. There must be some T&C. FYI, every Financial Product sold by Banks / Insurance Co in Malaysia must be approved by BNM.Ask your friend whether she could withdraw the money now ...
It is people like your friend that puts shame to the insurance community. Selling a plan without knowing what insurance is all about and even sadder asking relative to put in their money by promising high returns. She will eventually lose relative one by one... sorry for the rant...
There is NO way that BNM will allow an Insurance Company to sell such a so-called Guaranteed Investment Product that gives almost annual return of 33%. Cos, if ppl start buying this so-called product by millions and hundreds of millions and the Insurance Company cannot pay and closes down, it is PIDM which is an agency under BNM that has to pay.
I also went for a similar seminar by another Insurance Company, giving up to 12% return p.a. but the Catch was
1) Capital is locked up for 8-yrs
2) No returns for first 2-years
3) The Biggest Catch - the Guaranteed portion is only 3% p.a.
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