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 HLA EVERGAIN PLUS, What do you think .. !!

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lifebalance
post Feb 24 2016, 09:29 PM

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QUOTE(cherroy @ Feb 24 2016, 09:23 PM)
Pay up six year or not actually is not a main point of consideration at all.

Six year big sum
vs
smaller sum every year for 20 years.

The latter may have more advantage if look from cashflow perspective.
*
I did a review on this before

It seems if the shorter the repayment term, the higher is your cash value at the end.

Reason is because 6 year plan deducts lesser commission compared to 20 years plan and due to high initial capital, the returns can be accumulated higher by end of the 20/25 years.

However if budget is constraint then a 20 years payment scheme will be viable albeit lower returns.
cherroy
post Feb 24 2016, 09:32 PM

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QUOTE(lifebalance @ Feb 24 2016, 09:29 PM)
I did a review on this before

It seems if the shorter the repayment term, the higher is your cash value at the end.

Reason is because 6 year plan deducts lesser commission compared to 20 years plan and due to high initial capital, the returns can be accumulated higher by end of the 20/25 years.

However if budget is constraint then a 20 years payment scheme will be viable albeit lower returns.
*
Because you throw in more money from the start.
Just like you put FD more in the early year instead bit by bit every year, you get more interest.

In other word, you have "locked" in more your money in early year, which you can't touch on it, unless premature surrendering it.


This post has been edited by cherroy: Feb 24 2016, 09:34 PM
lifebalance
post Feb 24 2016, 09:34 PM

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QUOTE(cherroy @ Feb 24 2016, 09:32 PM)
Because you throw in more money from the start.
Just like you put FD more in the early year instead bit by bit every year, you get more interest.
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Yeap you're right smile.gif
adele123
post Feb 24 2016, 10:20 PM

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QUOTE(cherroy @ Feb 24 2016, 09:32 PM)
Because you throw in more money from the start.
Just like you put FD more in the early year instead bit by bit every year, you get more interest.

In other word, you have "locked" in more your money in early year, which you can't touch on it, unless premature surrendering it.
*
QUOTE(lifebalance @ Feb 24 2016, 09:29 PM)
I did a review on this before

It seems if the shorter the repayment term, the higher is your cash value at the end.

Reason is because 6 year plan deducts lesser commission compared to 20 years plan and due to high initial capital, the returns can be accumulated higher by end of the 20/25 years.

However if budget is constraint then a 20 years payment scheme will be viable albeit lower returns.
*
actually the problem i'm trying to highlight is not whether you throw money earlier or not, etc. all your points are true but doesn't apply to this HLA product.

for this particular product... the customer pays THE SAME amount of commission whether he pays 6 year or 20 years... now the customer is supposed to pay RM10k for 20 years, then now shorten to 6 years, with reduced insurance coverage, commonly known as paid-up in traditional policy terminology.

commission is not reduced, hence ie customer is really paying same amount for lesser by choosing this paid-up option. not advantageous to the customer.



lifebalance
post Feb 24 2016, 10:23 PM

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QUOTE(adele123 @ Feb 24 2016, 10:20 PM)
actually the problem i'm trying to highlight is not whether you throw money earlier or not, etc. all your points are true but doesn't apply to this HLA product.

for this particular product... the customer pays THE SAME amount of commission whether he pays 6 year or 20 years... now the customer is supposed to pay RM10k for 20 years, then now shorten to 6 years, with reduced insurance coverage, commonly known as paid-up in traditional policy terminology.

commission is not reduced, hence ie customer is really paying same amount for lesser by choosing this paid-up option. not advantageous to the customer.
*
hmm.gif Any product disclosure of this plan, then we can find out where the money goes, normally the insurance company is required to show this as it's part of BNM requirement.

From what you said, it seems like a very bad plan then

But it sounds weird that the customer pays "THE SAME" amount of commission because BNM guideline is stated

Commission pay out to be
Yr 1 40%
Yr 2 40%
Yr 3 25%
Yr 4 25%
Yr 5 15%
Yr 6 15%

It can't be 40% all the 6 years ?

This post has been edited by lifebalance: Feb 24 2016, 10:29 PM
adele123
post Feb 24 2016, 11:42 PM

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QUOTE(lifebalance @ Feb 24 2016, 10:23 PM)
hmm.gif Any product disclosure of this plan, then we can find out where the money goes, normally the insurance company is required to show this as it's part of BNM requirement.

From what you said, it seems like a very bad plan then

But it sounds weird that the customer pays "THE SAME" amount of commission because BNM guideline is stated

Commission pay out to be
Yr 1 40%
Yr 2 40%
Yr 3 25%
Yr 4 25%
Yr 5 15%
Yr 6 15%

It can't be 40% all the 6 years ?
*
er... you misunderstood. my point being the same is not 40% for 6 years..

what i mean is that the above still applicable to this customer. by stopping premium payment after 6 years, it's not advantageous to the customer when the money really start going in on from 7th year and onwards. that's what i'm trying to say.
lifebalance
post Feb 24 2016, 11:44 PM

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QUOTE(adele123 @ Feb 24 2016, 11:42 PM)
er... you misunderstood. my point being the same is not 40% for 6 years..

what i mean is that the above still applicable to this customer. by stopping premium payment after 6 years, it's not advantageous to the customer when the money really start going in on from 7th year and onwards. that's what i'm trying to say.
*
hmm.gif i see

well that's what the insurance agent earns when they sell a savings plan.

Sad truth but a golden ticket to MDRT.
cherroy
post Feb 25 2016, 08:52 AM

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QUOTE(lifebalance @ Feb 24 2016, 10:23 PM)
hmm.gif Any product disclosure of this plan, then we can find out where the money goes, normally the insurance company is required to show this as it's part of BNM requirement.

From what you said, it seems like a very bad plan then

But it sounds weird that the customer pays "THE SAME" amount of commission because BNM guideline is stated

Commission pay out to be
Yr 1 40%
Yr 2 40%
Yr 3 25%
Yr 4 25%
Yr 5 15%
Yr 6 15%

It can't be 40% all the 6 years ?
*
Then the faster the customer paid up is better, the faster and more commission can get. biggrin.gif

60K paid, agent can get more than 15K if above commission pay out is true.
xuzen
post Feb 25 2016, 12:21 PM

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QUOTE(adele123 @ Feb 24 2016, 06:50 PM)
Actually this HLA EverGain Plus is an investment-linked insurance policy. Hence the point I) and II) doesn't apply in this case. not that i disagree, just wrong situation.
*
Yeah, noted. My earlier posting is more of a general post, not specifically targeted to HLA EverGain.

Now, wrt to ILI saving plan, my comments are as follows:

I) Since we are talking about Investment, I shall now compare to pure UT.

II) In ILI product, you need to pay multiple charges that pure UT do not need to. On top of paying for the fund management charges aka Management expenses (which both ILI & pure UT will be levied upon), ILI product also need to pay additionally:

a) Cost of Insurance because ILI is an insurance product.

b) Monthly admin charge of RM 6.00 or RM5.00 - WTF is this for?

c) Cost of Rider - if any.

More often than not, the Insurance company will outsource the management of the fund to 3rd party anyway.

III) If you are thinking of using ILI product for investment, all the expenses incurred from a) to c) will drag its performance down.

With the above points stated, now I will give a balanced view on why and who should buy ILI products:

IV) ILI biggest advantage to me is the low entry barrier. Meaning if you are young, you can actually buy a large coverage for a relatively low premium vis-à-vis traditional product. The rational is that the insurance company take a calculated risk that your future cash value can sustain paying the cost of insurance in the future provided you do not prematurely sell your units.

In simple English, by paying small amount of premium earlier on, where a portion of it is used to invest into your UT of choice, hopefully the UT can generate enough return to offset future more expensive Cost of Insurance without the Insurance Company asking you to pay more.

V) ILI insurance is suitable for young people who due to low income whom may wish to transfer their mortality and morbidity risk to a insurer for relatively lower cost.

Xuzen

This post has been edited by xuzen: Feb 25 2016, 12:24 PM
RyoKenzaki
post Mar 1 2016, 10:28 PM

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Sorry for hijacking your thread but the admin locked mine and suggested me to move over here
*Continue from: https://forum.lowyat.net/index.php?showtopic=3881191 *

QUOTE(Dividend Magic @ Mar 1 2016, 12:34 AM)
What are you hoping to gain from this?

Insurance is insurance and investments are investments. Never mix the two together.
*
To be honest, I have no clear vision on what to gain from this as it's a spontaneous casual suggestion from the agent (My friend) but I guess low risk investment with some returns is good enough for me

QUOTE(lifebalance @ Mar 1 2016, 09:23 AM)
You need to determine 2 points

1. What's your expected return % that you want out of this RM5000 investment ?

2. How fast do you expect to see this return ?

Since from your detail above, have you even got yourself some basic insurance coverage such as death/disability/critical ilness/personal accident & medical card coverage ?

You need to establish some basic coverage before moving on to investment so that you have some safety net to fall on in unexpected events. It will also secure whatever investment you've made. The purpose of an investment is to shorten the amount of time needed to reach that goal you've set.
*
1. No idea but I won't be expecting too much
2. When it hits maturity? (11 years)

BTW I already have a separate insurance coverage so I'm not sure if having another insurance coverage from this plan is a good idea or not
My main concern is that the lock in period, says if I were to purchase a car in future, assuming my salary remain the same, I wouldn't been able to fork out another few hundred ringgit for the installment
Sunny zombie
post Mar 1 2016, 10:31 PM

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so this HLA gain is endownment traditional plan, investment link or universal product rclxub.gif rclxub.gif rclxub.gif rclxub.gif

This post has been edited by Sunny zombie: Mar 1 2016, 10:32 PM
lifebalance
post Mar 1 2016, 10:45 PM

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QUOTE(RyoKenzaki @ Mar 1 2016, 10:28 PM)
Sorry for hijacking your thread but the admin locked mine and suggested me to move over here
*Continue from: https://forum.lowyat.net/index.php?showtopic=3881191 *
To be honest, I have no clear vision on what to gain from this as it's a spontaneous casual suggestion from the agent (My friend) but I guess low risk investment with some returns is good enough for me
1. No idea but I won't be expecting too much
2. When it hits maturity? (11 years)

BTW I already have a separate insurance coverage so I'm not sure if having another insurance coverage from this plan is a good idea or not
My main concern is that the lock in period, says if I were to purchase a car in future, assuming my salary remain the same, I wouldn't been able to fork out another few hundred ringgit for the installment
*
You need someone to plan to road map ahead for this so that you get a clear picture where you're heading
lifebalance
post Mar 1 2016, 10:46 PM

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QUOTE(Sunny zombie @ Mar 1 2016, 10:31 PM)
so this HLA gain is endownment traditional plan, investment link or universal product rclxub.gif  rclxub.gif  rclxub.gif  rclxub.gif
*
Most likely a traditional plan, I could be wrong over the years they've been marketing over the same thing and could have change some of its feature
adele123
post Mar 2 2016, 11:20 PM

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QUOTE(RyoKenzaki @ Mar 1 2016, 10:28 PM)
Sorry for hijacking your thread but the admin locked mine and suggested me to move over here
*Continue from: https://forum.lowyat.net/index.php?showtopic=3881191 *
To be honest, I have no clear vision on what to gain from this as it's a spontaneous casual suggestion from the agent (My friend) but I guess low risk investment with some returns is good enough for me
1. No idea but I won't be expecting too much
2. When it hits maturity? (11 years)

BTW I already have a separate insurance coverage so I'm not sure if having another insurance coverage from this plan is a good idea or not
My main concern is that the lock in period, says if I were to purchase a car in future, assuming my salary remain the same, I wouldn't been able to fork out another few hundred ringgit for the installment
*
whatever it is, i would advise against taking such an expensive insurance plan (relative to your income).

If you are looking for some low risk investment, and with short-term return visible in 3-5 years, this is NOT it. I've been highlighting is that, HLA EverGain Plus is an investment-linked insurance plan.

means insurance plan with investment element. NOT a investment product.

but since as you have mentioned that you have no clear vision, it would be bad to get committed into an insurance plan, as you do not want to regret from getting committed to an insurance plan.

not to mention when you expect to get a car.

INSURANCE IS A LONG TERM COMMITMENT... regardless what any agent says... biggrin.gif
JimmyJimmy
post Apr 22 2018, 12:26 AM

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QUOTE(adele123 @ Mar 2 2016, 11:20 PM)
whatever it is, i would advise against taking such an expensive insurance plan (relative to your income).

If you are looking for some low risk investment, and with short-term return visible in 3-5 years, this is NOT it. I've been highlighting is that, HLA EverGain Plus is an investment-linked insurance plan.

means insurance plan with investment element. NOT a investment product.

but since as you have mentioned that you have no clear vision, it would be bad to get committed into an insurance plan, as you do not want to regret from getting committed to an insurance plan.

not to mention when you expect to get a car.

INSURANCE IS A LONG TERM COMMITMENT... regardless what any agent says... biggrin.gif
*
I bought this plan as MLTA..been paying fr 3 years now @ 1.6k/ year..agent said only need to pay for 6 years..coverage 100k only..should I cancel this plan? was so noob back then cause it's my 1st housing loan..please help me

This post has been edited by JimmyJimmy: Apr 22 2018, 12:28 AM
adele123
post Apr 23 2018, 08:00 AM

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QUOTE(JimmyJimmy @ Apr 22 2018, 12:26 AM)
I bought this plan as MLTA..been paying fr 3 years now @ 1.6k/ year..agent said only need to pay for 6 years..coverage 100k only..should I cancel this plan? was so noob back then cause it's my 1st housing loan..please help me
*
Personalised review of your policy needed.

Depends on your needs, etc. Hair already wet for 3 years.

But ya, 100k kinda low for "MLTA"
JimmyJimmy
post Apr 24 2018, 11:49 PM

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QUOTE(adele123 @ Apr 23 2018, 08:00 AM)
Personalised review of your policy needed.

Depends on your needs, etc. Hair already wet for 3 years.

But ya, 100k kinda low for "MLTA"
*
TQ
rhodon
post Jul 20 2018, 10:42 PM

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may i know this evergain plus is for how many years? contribute 6 years then stop, wait till 15 years then take out?
MUM
post Jul 21 2018, 09:09 AM

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QUOTE(rhodon @ Jul 20 2018, 10:42 PM)
may i know this evergain plus is for how many years? contribute 6 years then stop, wait till 15 years then take out?
*
while waiting for responses, or
if you cannot managed to get responses, or/and
if you are eager to know while waiting for responses.....
you can try this....
https://www.hla.com.my/CMS/Contact-Us/HQ-Branches.aspx

or read up past postings on lyn forums to try seek out the required info
https://www.google.com/search?q=hla+evergai...iw=1920&bih=963


This post has been edited by MUM: Jul 21 2018, 09:13 AM
rhodon
post Jul 21 2018, 09:18 AM

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QUOTE(MUM @ Jul 21 2018, 09:09 AM)
while waiting for responses, or
if you cannot managed to get responses, or/and
if you are eager to know while waiting for responses.....
you can try this....
https://www.hla.com.my/CMS/Contact-Us/HQ-Branches.aspx

or read up past postings on lyn forums to try seek out the required info
https://www.google.com/search?q=hla+evergai...iw=1920&bih=963
*
I waiting response is because i already read those things before you even post, and i find out it is not the same as my agent said so want to double confirm to shoot my agent.

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