For sure, if you surrender now, you'll be getting the surrender value as stipulated in the "table" shown to you during sign up.

Unless you're looking for filing a dispute with HLA and not happy with the surrender value because you have been misrepresented by your friend agent. Thus, you may give a try to lodge your story to FMB and if FMB sides your story, you'll be awarded 50-50 of the settlement (50% for you; 50% for HLA) under neutral verdict. Why not give a try there unless you're not convinced with your own story.

To be honest, I don't support TS and his story.

You only have 2 options, 1 only to be frank with you.
(1) Just surrender the plan and take back the surrender value
(2) Report to HLA and/or higher authority and claim mis-selling. But seriously speaking, YOU DON'T HAVE A CASE unless u cook up some grandfather story. To be fair to HLA, they'd most likely call up the (ex-)agent who is your friend to hear his/her side of the story. YOU HAD YOUR CHANCE TO REPORT/CANCEL the plan but you GAVE FACE to your friend and kept the plan.

Grow up, TS. And you don't deserve "help".

This post has been edited by Pink Spider: Oct 3 2014, 10:25 AM

First rule in finance, there is no free lunch.

TS had insurance coverage during the time he kept the policy in force and insurance cover comes with a cost. Cost will be levied upon you. There is no free lunch,, you have to pay that cost to the insurance company. It is a contract, you signed it, and since you not invoke the cooling off period, hence you are deemed to accept it in good faith.

You are free to sever the contract aka surrender, but that again comes at a cost, again back to rule no 1, there is no free lunch in finance, all comes at a cost.

Xuzen

I cant believe this topic is still going...
Cutepet,

Filing for dispute: (What David83 says)
- take into account, is the cost worth it?
- do you have any prove of being misled by your friend?
- consult and know the charges, see if the risk of spending more money/time is worth the money.

Or

Take back whatever remains of your investment since:
- there is no guarantee putting your money for another fives years or so will give you more gain
- the whole idea of all this financial products are to convince you to not withdraw your money, so that the financial firm can use this capital for their investment and their own gain.

What I suggest, if you are a sucker at saving money/doing anything productive with your money (lack of self discipline). you can continue to use this as a tool to force yourself to save.
Otherwise, swallow the 35% losses and take this as a lesson.
Here's something optimistic, in life we make mistakes, people who are knowledgeable and wise are people who has made a lot of mistake in the past. We learn from mistakes. Just, Dont make silly mistake.
Cheer up, you made mistake, and its not a silly one.

This is what happens when people get mis-leaded to think that the Investment Linked Policy (ILP) is for Investments instead of for protection.

Insurance has and always will be for its protection values, never for investments even if it is ILP.

Whenever anyone buys an insurance product, it is associated with the coverage (sum insured). The coverage given is not free and comes with insurance charges.

Here is the bummer, the insurance charges will go up as you get older (even the fund management charges as the fund grows).

If you are looking for investments, or even force savings, find a product that has the least charges (or better none ).

Those bummers where will look at charges? They only see "I pay RMxxx for x years, after x years I get back RMxx,xxx"

There are many that says continue the plan since already bought for 3 years

3 years cutting loss isn't that bad as compared to having to pay for 9 years and only able to 'break even' after 20 years.

Take note of the word 'break even', not even making money yet. The reason why any insurance product needs at least 20 years to break even is due to the high initial charges (agent commission, admin charges, fund charges, et cetra).

Its not only HL, there are other banks with the same products. Previously I recomend a few of my close relatives to Premier Banking into which the sweet talking RM introduced them to such a scheme. Upon hearing about it, all my persuasive talking and calculation could not compel them to withdraw within the grace period. On the other hand , it caused boh hua hi ness as it seems to give them the impression that they are stupid. Only after afew years, when they need the money, then there is the feeling of slight regret. I however strictly keep my mouth shut this round as not willing to go thru the same situation.

why u dun wan try to change a new plan ?? i thought able to change ??

beside, if according ur words, new plan is 6 yrs lock in, why u dun ask too change for new plan while u already paid for 3 yrs ??

Thanks for the info. Next time if any of my friend "promo" those ILP products, I would think it carefully before join it

depend on ur frienship actually..
my best buddy gang will really share their plan , cons n pron..
so far i heard the hong leong investment plan is better , because have the promised higher value buy bak ur share when the plan expire.
that why i wonder this income builder is same plan or not

This post has been edited by TerrorOfDeath: Oct 4 2014, 05:54 PM

which plan is that?

You are trying to breach a contract without receiving the undersigned penalty.

Promised higher return? If there is such a thing as promise it will not be call an investment. No pun intended.

It is called booster..
boost up the price for another... say 10% from the highest unit price..

however same applies. to eenjoy all these benefit. U must finish the whole course and wait till maturity.

First and last, insurance plans does not protect buyer at any 1 time, remember this until you are being buried or burn to ash.
When a person buying a product from company A and having problem, sure at least 1 agent from company B will come in and says this product are cheating and says their product does not cheat. This is SOP of all insurance agents in Malaysia.
When there is a plan that saying the return are higher than FD's interest, it is a trap. BNM already said this again and again. But yet still got people get their money cheated.

Aiyah, you don't know then don't simple say la.
All insurance plan that is sold is being reviewed and approved by BNM.

Insurance plan do not cheat. It is agent misinterpretation that leads to confusion. Over promises is one of the factors.

Insurance is about protection. Is there such product from insurance that doesn't not talk about protection? That is probably not from insurance.

If insurance is like what you said, then this thread won't be opened.
Indeed, an insurance company won't cheat, but human working in it will cheat.

So did the insurance cheat you?

Insurance company and Insurance Agent is 2 different entity.

Company already outlined all the terms and condition in a lot of pages in the policy that each received - if only 1 would read from page 1 to last page. All the fine prints and everything.

Insurance agent is another story. Got desperate agent, got lan see agent, got rich agent, poor agent, no knowledge agent.. All kind of agents will all kind of presentation, style, tactics.



This post has been edited by Bonescythe: Oct 4 2014, 11:32 PM