Why is there a difference if u tell others you're from Hong leong or Hong leong assurance? Adter all the plan is the same. Correct me if im wrong.

perhaps you should ask yourself before looking at the returns because someone can promise you higher returns eg. unit trust, shares, ASB.
1. why do you need to save money
2. do you have enough like 3-6 months of expenses as emergency funds before taking up the plan

The product developed is for the benefit of the client's for different needs in different stages of life and purposes. Saving for own self, children, parents, retirement, education..

This post has been edited by sonicbull: Jun 8 2015, 06:35 PM

a bank does not usually call to do telemarketing. you need to go to bank and ask or products unless u r premium or priority customer of the bank.

the investment bank arm of the bank has other products that are not insurance based or insurance related.

if u can't tell the diff between a normal bank, an investment bank and an insurance co., i suggest u be very careful when u get a call.

6 years or 15 years continous premium payment made little difference.

You count the return by its ROI.

6 years total paid is (let say) 50K, vs 15 years total paid is 50K, 15 years one seems more "attractive" due to lesser commitment needed.
Lesser year need to pay, doesn't means must be good. You pay fully 6 years, but the plan need to run for 15 years to be completed.
Lesser year, higher commitment on early, while longer time to wait to get back the money.

Remember when you have cashflow problem or any financial difficult in between the saving plan running time, you may need to premature cancellation to get back the cash based on surrender value.

Out of 15 years or duration of the saving plan running, if one year you face financial difficulty that result in you cannot pay the premium on the particular year, it might result in premature cancellation of the plan as well.

There are plenty of saving plan out there, insurance endowment plan, please open you scope to know about it, instead posting a statement "there is no 15 years saving plan as the agent told me".

Bank is just an agent selling the insurance (just like any other agent out there), they do not run the saving plan, nor any liabilities associated with the insurance.

When you signed up the insurance plan, it is between you and the assurance company, not bank.

Banks do not run insurance product.

This post has been edited by cherroy: Jun 8 2015, 09:28 PM

Basically it's a method of bank to ask u give them money legally. Think of inflation rate. After 10y later, the amount u get back what can u buy?

saving is saving. investment is investment.

don't mix both.

why?

same reason why people should not mix wife with mistress.

different thing different function.

So it sounds to me this is pretty much an investment huh?

Is basically giving back your own money rather than so called "additional return on top of your amount given?"

I liked that

Its name already tell you that saving plan is a form of Saving.

okay i will explain.

this product is savings oriented. the purpose of this product is to help people who do not have much knowledge in investment products to have an alternative saving instead of just FD.

people who knew other investment products/methods definitely will skip this.

but this product targets the market audience who wants to save.

you see, the more you read about the brochure the more you think it as investment product as the words they compel is to make it sound like and look like an investment product.

it is not.

investment =/= savings

dog =/= cat

long story cut short, you are buying a saving plan. not an investment plan. all marketing gimmick. we all live in a world full of advertising to buy things that we don't need to impress people who we don't like with money we do not have.

As a saving plan in itself, HL savings plan is pretty good actually. Nevertheless, that's just because most companies savings plan sucks to begin with. Had to agree that you are better off putting the money inside FD as most savings plan does not even beat FD.

Another option I would recommend is going for unit trusts and go for bond funds. They can give higher return than FD and relatively safe. If you prefer high returns especially in the long term, go for equity funds especially growth funds.

this plan if no 'misguide/cheat" element in it sure cant sell well

The highest quality lemon will never be sweeter than the worse orange.

Xuzen

Xuzen-sama so wise

DONT GET CHEATED BY HLA.
Before you sign, ALL OK. Maturity ALL Problem.
Bloody HLA....I am just another stupid Victim from "HLA".
I sign up from Hong Leong Bank 20 years ago "FD Care". Which put in 1K every yr for continuous 10 yrs, and was told will get back 24K after 20 yrs Maturity on March2019. You know how much I get back? RM14K. Bloody Hell Hong Leong Assurance, I put 10K for 20 yrs and get back 4K as interest?
Anyone if wish to sign up those Endowment or Insurance plan like such (Especially Hong Leong), DONT Trust them (now then i heard actually there's a lot victim like me). They can bluff you in return Super High Interest, or Investment, or Saving... ALL SHIT
Congrat HLA ya.. successful suck blood