It a cheat bro... Don buy... I experience it!

My Fren let them cheat!! The told is a FD saving plan!! But is insurance!!!

Traditional Saving Plans from Insurance/Assurance company are almost the same, only the packaging and logo that matter. Of course, some would say the handsome/beauty of the agent does matter too

The ROI % wont be lowered than 3% or higher than 8% averagely, you have to remember it is SAVING not INVESTMENT. It is not a "get-rich-quick" scheme. You have to differentiate it correctly to prevent arguing that may happens later.

>>>
If you have budget or enough $ = Well, it is 6 years of payment only, pay and forget la
~ I found it works like a "free" term insurance. You pay premium for 6 years to cover up to whole life, and it protects you til maturity. If you die your beneficiary gets compensation, if you alive you get all your "premium" back aka "returns" (Dont talk about inflation, Saving cannot overcome inflation. Some investment tools dont even can do it).

>>>
If you need serious cashflow and can't bear with "can see cannot use" = No, it is 25 years long of locking
~ A 4-wheels car can be local made price also can be continental's price. They serve the same purpose to you. In normal situation, you dont have enough $ you wont over your budget to get an expensive car right?

Since the product - Saving plan, is almost the same across the companies, so it is a concept selling. Ask what is the purpose you buying. Imagine, FUJI Apple, JAPAN Apple, CHINA Apple. I mean apple as in the fruit. Which type of apple can make you become super healthy super strong after you eat it? No, they may have minor different in outlook or some extra vitamin or whatever benefit. Afterall, it still an apple. An apple won't have a super-mixed-fruits vitamin benefit (I reserved my comment for those artificial apple )

Btw, they never cheat, *same goes to all the insurance agent. A smart salesman will only tell the advantage of the product and minimize the disadvantage. A smart buyer has to discover the disadvantage of the product by ownself and bear with it willingly or leave it. If you feel it is a cheat/con, thats only because you dont feel good that you have lost to your greediness and you wanna find someone to put the blames on. If you get cheated, ask yourself why you got cheated. Dont ask why did he/she cheat you. Dont step on people's product just because you are... erm.. not-smart-enough? or it simply doesnt fit your need? They have licensed from Bank Negara to sell, do you have license from Bank Negara to critic? Unless you can prove Bank Negara is in same gang to cheat u then that's different story. The theory of high risk high return; low risk low return will not be changed in today's world. If someone tells you, low risk high return then u should prove it to yourself that it actually does, dont ask him to prove to u. If you were told that it is limited time offer or whatever sh*t then tell him to chase up the time to get sales from other dont waste the limited time on u, but pls look for u 1st, at least 2nd la... when the next plan is launched IF the company is still operating or he/she still with the company.

This post has been edited by cs_ooi: May 16 2013, 03:36 PM

Well said Cs_ooi

Financial products are design for different needs to suit different people, and we always have to understand “
”compare apple to apple” concept.
Stocks, property, unit trust are investment. Saving plan is *SAVING*.....
You never tell people your saving account or Fd account is an investment.

What are the clause to terminate this policy? Asking for a close friend.

Is it 14 days from policy date or 14 days from my friend receiving the policy?

Now the agent giving excuse that policy has been issued for almost 2 weeks already but he did not managed to pass to my friend because she is travelling for work that time.

Anyone can advise?

The 14 days waiting period is actually counted start from customer received policy date, you may go Hong Leong Assurance branch to do report on this issues, they will settle for you.

Thanks bro, great help for me.

ya very true . . . just walk in to any branch with the policy

My friend told me that her agent said 14 days from policy issue wor. Is this true?

nola . . . from the date she received the policy
usually there is a piece of paper to acknowledge the date the agent pass the policy to her

Ok thanks, let me inform my friend

Another victim! Don't get cheated by them!

C'mon.... be fair la.... you using "get cheated" is so accusing....
takkan a person bodoh should blame the smarter person too smart??
takkan a local-made car kena smash til body teruk teruk by oversea-made car then you blame the oversea-made car body too hard ah??

if ur mindset is not greedy towards "INSURANCE", takkan you will "get cheated" ke??? everything black & white documented correctly approved by BN how to cheat??? u come to cheat me lah...

what the agent tell is 1 thing.. they are sales person of course needs to promote their product in a way that can gain advantage, the person who sign buta buta without reading the t&c properly is another thing.... so called stiupit

maybe u donno smoking is bad for health and may cause cancer... 1 day a super pretty sales girl come to you ask you to buy because they got promo selling A BIT CHEAPER than market price.... wah.... very worth lo.... cheaper than market... jgn main-main... you buy and smoke smoke smoke til kena cancer... then you go to blame the sales girl sue the sales girl cheat you ah??????? cheat you what???? cheat that never inform you smoking can kill life? takkan the sales girls hold the packet of ciggy and promo with: "Hey.. smoking killing... please buy ciggy from me, very cheap very cheap"

talk neber use blain 1.....

They told my friend it is giving more than fd return. I calculate for my friend after 25 years, put in fd also more. Haha..

Usually saving yield 3.4%(guaranteed)-4.5%(non guaranteed) of IRR, it should higher than FD. However, the lock-in-of-20-years period is up to your own judgement weather it worth it or not.

PS:so many years in insurance industry, my portfolio has less than 5 policies is endownment, all are upon request by customer theirself

The 3.4 also cant be guarantee, insurances charges will keep going up and wont know how past or slow it goes up. End of the day, the earning from the savings portion will need to cover the insurance charges.

To lock away money for 25 years to get a mere 3.4%pa, you tell me if it is worth it?!

Conservative investment will easily beat this. If want coverage, just get a simple term insurance which is more cost effective.

The guaranteed portion should have already factored in the insurance charges. Insurance charges for savings plan should be not much, cos the coverage usually low.

As Pink Spider said, the return have been factorize of all the charges, so the 3.4% is the final figure you are expected to have. After all, the decision of worth or not worth is all based on the respective individual's financial return expectation over their knowledge and the time they willing to spend in searching for the best investment vehicle for them. So, treat this as a penalty of return to those mediocre citizen who wanted to "invest" in saving plan.

Well, your judgement makes sense, buy term invest the rest. However, after so many years in insurance line, there are only 1 of my friend is practicing this. And yet, he haven't bought any term so far, he is still in buy-nothing-invest-all-stage. Maybe I'm too unlucky to know one

If his investment did well, maybe he will reach a point where he won't need insurance at all, e.g. touch wood he RIP, his family have no problem living on his estate