once again- you can get the discount TODAY if you go direct. no problem. also i seriously doubt that the agent can make a claim that the insured cant make. either a claim is valid or its not. there is no in between. i have made several claims in the past directly with the insurance and have always gotten 100% of what i claimed as damages - one time they sent someone to asses damage due to fire in fron of my house, they even added things i didnt know i could claim for so i got even more (!) than my initial claim. the companies i have dealt with are professional and give advise on how to claim and walk direct customers through the process. there is little to complain about besides a total loss claim for a car i had like 10 yrs ago (also direct!) where it took some argument but i did get the full amount insured from the insurer in the end. also agents dont optimise the portfolio for the insured, mostly they (not all but all i ever met) try to optimise MY insurances to maximise THEIR comission.

actually, i forgot about your previous post.

Yes, purchasing general insurance is more straight forward, so going direct yes, do-able.

I haven't heard of anybody buying life insurance direct. Telemarketing is not direct channel. Online is direct channel if any online life insurance.

you're right. i forget about life insurance. i dont buy life insurance products for many reasons and considering comissions between 25%-35% as per link it appears questionable to me. i dont want want just a measly 70 sen per RM premium actually going to insurance which also takes its overhead leaving maybe 60 sen per dollar for the actual product. makes no sense to me. GI is in that way superior as you can decide to maximise the money you actually put up for the insurance part of the policy . seriously what do agents do that warrants 25% of the premium as comission? (GI or life)? this seems way over the top to me.

If currently buy the general insurance let say personal insurance under agent, after next year due date can direct walk in to branch to pay and get 25% discount?

Hi all,I recently been introduced to an insurance from Etiqa that has both insurance savings coverage and investment under. MAYBANK Life Growth Fund.
I then open up or so called bought that insurance RM100/ month to kick start things.
I'm very keen to know more and learn on their investment part, any advice how to start things off?

Not too sure how to help this out. Well, it's best that you go through the Product Disclosure Sheet and the Sales Illustration and understand as much as you can.

and most importantly try to understand what you get when this happen, and that happen... etc. Terms and conditions, read the fine prints.

the policy contract is usually harder to understand. so that goes later, although that's the actual binding t & c.

anyway, in short, the investment is managed like any investment fund (like unit trust, etc.)

I think it depends if you are doing a renewal, or totally get a new policy. And getting a new policy might end up losing some renewal benefit (such as increasing sum assured, which i know there is cause my mother has a PA with renewal bonus)

This post has been edited by adele123: Aug 2 2014, 11:44 PM

Investment thread --> https://forum.lowyat.net/topic/3186068

Here we are selling insurance, meant for protection, NOT investment.

Hi PJusa,

Do you know we can ask for discount for axa smartcare optimum? I just download the form from online and deal with a specific customer service directly via email and phone. Could I ask for discount as I already paid the premium or have to wait for next year renewal?

I was thinking to buy axa personal accident as well, can ask for discount as well?
Thanks.

hi all

i hope i post this in the correct section. i am looking for an insurance for my little girl. she was born in 22/04/13.

my concern is more towards her education. any recommendation? both conventional and takaful are welcome.

U Malay? Better buy takaful as it syariah compliance and halal

first off: if you are direct customer with axa, yes they will give you 15% for the smartcare, the PA you will get 25% of the premium as discount.

call them and ask that the policy be moved to direct customer. most likely its not atm - then upon renewal you will enjoy the 15% discount. if the policy were direct already you should already been given the discount as AXA gives it now by default (ie. no need to ask for it). feel free to check with axa - if under direct and no discount given they will probably refund you the discount if you ask for it (the right way).

Thanks bro. Will call and check with them. Suppose I am direct customer because I didnt go through agent.

then you should be direct. check the last renewal slip. right colum (for AXA) got "Intermediary:" underneath should be stated DIRECT-PERSONAL and then the number of the branch you signed up with (my case subang). Then Gross premium (ie. before discount) and next line states the discount ("Less Discount"). This is the agent comission for SCO its 15% of the annual premium.

Do report back - if its direct they should be acting up and refund the discount to you. Ask nicely for, will probably get you further

why the COI is different when the X/Y projection of fund return is different?

http://www.basepic.com/2014/Aug/04/89018745.jpg

http://uppix.com/f-xxxxxxxxxxxxx53e0253600172ccb.jpg



This post has been edited by MNet: Aug 5 2014, 08:29 AM

can't see image... i'm guessing whatever you intend to show is an ILP with LEVEL FACE or LEVEL COVER.

insurance charge is based on value at risk or sum at risk, which is the difference between sum assured and fund value, so COI will be different.

reupload the pic

http://www.basepic.com/2014/Aug/04/89018745.jpg

http://uppix.com/f-xxxxxxxxxxxxx53e0253600172ccb.jpg

Even the fund management charge also too much.

FMF is a percentage of the fund value... so naturally that differs

Like i said earlier...

i'm guessing the ILP type is LEVEL FACE or LEVEL COVER.

COI is based on value at risk or sum at risk, which is the difference between sum assured and fund value, so COI will be different.

Death benefit payable is HIGHER of fund value and Sum Assured.

The so-called 'normal' ILP that most are familiar with is the FACE PLUS or INCREASING COVER.

Death Benefit payable is fund value AND sum Assured

This post has been edited by adele123: Aug 5 2014, 05:27 PM

u see carefully, same age let 50 yr old, same coverage(Life 700k), why COI is different when the fund return is different?

the COI shown is not include the fund management fee.

Hmm... Can you please check the Death Benefit from the PDS and see what's the amount payable?

I'm doing guessing work with one page of SI and i don't work Prudential so i don't know heads and tails.

The thing is this is best illustrated by an example.

Example: Sum Assured 100k
Fund Value Projected under X at time t: RM40k
Fund Value Projected under Y at time t: RM20k

FOR Level Cover or Level Face, Death Benefit payable is Higher of Fund Value or Sum Assured

The COI incurred under X is the COI for RM100k - RM40k. Because insurance company only insures the 60k.

The COI incurred under Y is the COI for RM100k - RM20k. Because insurance company only insures the 80k.

Why? because the fund value is policyholder's rightful asset. so the 'Sum At Risk' to the insurance company is the RM60k or the RM80k. Because that's how much the insurance company is ACTUALLY insuring.

Again, i'm only guessing. i could be wrong. it's may be not what i think it is. But if i'm right, then Death Benefit should be written like the higher of 100k or fund value...

PS: i noticed previously that most people are only familiar with face plus or increasing cover and not familiar with level cover or level face.

This post has been edited by adele123: Aug 5 2014, 08:01 PM