You are not the first, definitely not gonna be the last.

The surrender value is always bad early on... Especially those insurance plans that payment short term for a long term policy.

You can try complain to HLA, and see if you can get a full refund. Not worth it for them to go to court for some small customers like you. 6k per year is peanuts to them compared to those customers paying 5-figure premium a year.

You can ask this 'friend' of yours on how to make a complaint effective, if your 'friend' knows how. Putting you in a better position to get a full refund.

If me, i will discontinue. Cause i rather cut-loss. Though i like to remind you, in the long run, you are most likely to get slightly better than FD return.

Your money is locked-in for more than 9 years. I rmb this is quite a long term plan. Premium payment is for 9 years or 6 years? Usually, it's 6-years for HLA. i think 9-years is the premium payment period, which means you are still not gonna be having positive returns after 9years. You get the most return at maturity. I have no idea when it matures.

Moral of the story, don't simply buy savings plan. Check and re-check

Some people think it may be better to cut loss. this income builder is an INSURANCE 'savings' plan. For some, it might be better to cut-loss. the returns given is yes, under most scenario, is better than FD rate. I don't know if there's statistics, but probably over the long-run, it may be 100 to 200 basis point above FD, which is a lot when you compound it over the many years. Insurance companies have good (and also lousy) fund managers too so the return can be actually quite ok.

However, in most cases, your money gets locked up for VERY VERY VERY LONG. which is why i dislike it. for those really lousy at saving money, it may not be a bad tool to leave it for their next generation or next next generation.

cutepet

I have heard of HLA giving full refund after 1-2 years. Not necessary income builder, but other similar savings plan. After all, it's not that THEY don't know their AGENTS are MIS-SELLING.

think about it, what words did your agents tell you?
interest is it? insurance got no interest.
savings? this is not savings account, it's insurance.

But yes, complaining to bank Negara might help as well. But better have some proof and arguments to support as well. I don’t think BNM will simply entertain complaints without some backup. After all, they need to be fair to the insurance company as well. Can still be argued that one is ignorant.

ya... consider points given by the person before as well.

not change plan, reduce sum assured. you are allowed to do it. but check the calculations. but this is better than total loss.

Change of plan, yes only allowed for first year. What you are doing, is NOT change of plan. This is called reduce sum assured.

Change of plan means change different product. I already said it's NOT change of plan.

To be fair, when one is satisfied, one wouldn't come to this forum and will forget about this forum. when one is angry and pissed, then one will visit to this forum.

all these plans, are LONG LONG term. if one is in the insurance plan say, for 25-30 years and maybe one's child is just less than 5 years old. maybe one can use this insurance 'savings' plan for the child's house downpayment or something.

interest going up yes, but that doesn't mean their returns from this savings plan won't go up as well. to be fair to the insurance companies. they can manage investment well enough too.

i don't know if there are actual statistic but one should take ACTUAL returns for comparison. remember that what they show in the table is for illustration based on their projections. could be more (and also less) in reality.

there's not FIXED interest in insurance, the fixed part is the 'insurance'. but yes, the bonuses are variable.

Par Fund and Distribution

i don't work for banks, i haven't heard of mutual fund companies selling and buying for fees income, maybe they do, i don't know. anyway, if you are lazy to read the whole thing, you may read the below.



Yes, on the 'sales' side, it looks more attractive in low interest environment but doesn't mean it sucks as well in higher interest environment. just saying. Bye.

Dont argue. Some people holds grudges and have no objectivity and thinks the world is out to get him. He's an extremist. Though i felt sorry for those cheated by lousy agents, to have such twisted thinking is beyond any rationale.
Too difficult to save.

To the rest of the world,
For those interested to know, you may google HLA ever gain plus. You should get something off the website for the thingy about guarantee buy back whatever thingy.
Disclaimer: i am not in support of the plan. Just want to remind others that it's an insurance plan, NOT a pure investment product.

TerrorOfDeath just to let you know, remember insurance companies cant sell investment products.


This post has been edited by adele123: Oct 5 2014, 12:14 AM