QUOTE(cherroy @ Nov 24 2013, 11:29 AM)
1) Huh? it is a 6 years endowment/ saving plan or 15 years?
2k income per year, only get back Rm12k, how can be claimed get back full at year 7? (already commit 60K in the first place)
2) 5.25% is a guaranteed figure?
If the 2K unredrawn, then how to back the statement 1)? (get back full at year 7)
If drawn, then no 5.25% already, where get interest to compare to FD.
Many contradicting statement within.
OK, either i misunderstand the word "endowment" or you are
1) my understanding of endowment means the amount you have to pay, in this case you need to pay 6 years only but the contract will expire in 25 years. In a very simple meaning with illustration:
year 1 to 6, you pay RM10k a year.
Year 7 to 25 you don't have a pay anything
i do a simple calculation up to 15 years, you can try to do up to 25 years if you want.
2) Get back full endowment means you get back your full Rm60k upon you surrendering your contract. Meaning if you cancel your contract on year 7, you will get RM60k + RM12k + compound interest (if you did not withdraw the RM2k per year)
3) 5.25% guarantee? no idea, the agent said is guarantee but i would like to see it in black and white before i can confirm this
4) your question: "If the 2K unredrawn, then how to back the statement 1)? (get back full at year 7)" like i said, either you are confuse with the definition of endowment or i am. RM2k is what HLA call "guarantee income", what you pay to HLA is call "endowment", 5.25% is call "compound interest" and there are many other terms HLA used. Again, as explain in my answer 2 above. To get back RM60k on year 7 you have to "SURRENDER" your contract.
5) yes if you withdraw the RM2k then you won't have the compound interest. I thought i did express it that i based on unwithdrawn amount in my original calculation.
I seriously think you are very confuse with the terms used in HLA. ExpZero got my points and advise me accordingly, which i have to thank him/her and i did follow his/her advice
As for you my friend, this is the best i can answer, if you still don't get it then i don't think i can further express my points in writting. Sorry.
This post has been edited by lrm8888: Nov 24 2013, 03:25 PM