Hello ,

I was introduced by a banca staffs at Hong leong bank ..

Sounds good ,, but I wonder others is offering the similar product ..


Pay 10 K ringgit per year for continue 6 years = 60.0000.00

Returns will be good after 10 years ... Not advice for short time investment ...

Including riders of total permanent disable. And Old age disable ...


PleAse refer photo attached photo .


Please comment comment and advice




Attached thumbnail(s)

once in a while something similar like this pop up in this forum.
while waiting for others to comments..
try read this....hope it helps
i think it is "almost similar"

HLA Cash Promise, What's All The Fuss About?
http://invest-made-easy.blogspot.my/2013/1...fuss-about.html

"Returns will be good after 10 years ... Not advice for short time investment ..."
Please provide the IRR......

This post has been edited by T231H: Feb 24 2016, 12:36 PM

Better invest in EPF-becoz this one also you can't withdraw early etc..
Beware there are other threads here about the perils of annuity.

Hello ..

Thank you very much for the reply ..

I will spend sometime to read the write up ..

I have no knowledge .. In investment ( long term ) .. This plan sounds logic and good to me .. Where I just need to set 60 k aside .. And let it grow .. ( long term )


My question is that other then Hong leong..is there others company offering the similar product ..


Thank you .

https://forum.lowyat.net/topic/3355857/+120

Refer this thread.

3 years ago, I bought HONG LEONG INCOME BUIDER from a friend. RM6K / year. with LOCK IN PERIOD of 9 years
After I bought a few days, I regretted but didn't plan to revoke (grace period) since it is a friend deal...

Recently, I received a letter stating my friend has quit.
I felt that I have no reason to continue such scheme,SUPER LOW INTEREST, LOCK UP CAPITAL. (My salary NOT HIGH..)

However, the surrender value is NEGATIVE -35% if I take the money NOW..

Any idea? I don't mind lost all the interest ? CONSUMER COURT ? whatever method...

** I have no problem saving money ... I save most of my incomee(>50%) into saving, house & investment.

Put 60K and after 10 years, possible to get back with scenario
1. Bear, 62K
2. Flat, 73k
3. Bull, 87K

Even with the bull scenario, it is only 87K.
Mind that it is not guaranteed to be, if the market and economy condition is not favourable, the final outcome can become 62k as well.

60K become 62~87K based on projection (which is not guaranteed what number to be) after 10 years is considered a good return?

This kind of policy is an endowment plan where your money is invested and returns at about 4% effective rate

It's suitable if you have some money you would like to set aside for retirement or for your children in a safe mode of investment

If you're an investor yourself then 4% might not attract you.

Hello ,

Thank you very much for the reply ..

Yaaaah .. The gain of 10 years over bull and bear does not sounds right ,

But I do look at the riders benefit .. Which is include of this plan ...

You will only see the returns more when your plan is abit 15 to 20 years above

First 10 year return is not worth looking at

Which is why this is a long term plan

No no and no. Just no.

The reason behind is that do not buy this thing so call projection projection cash cash thing.

IRR rate how?

Benchmark against who?

Rate targeted how much?

Lock up period long?

If want withdraw penalty how?

Those who know me knows that I use to have negative things to say about this type of saving plan product. However, for this post, I will write conversely, to give a balanced view. For this post I will talk about why to buy these type of product and who benefit from it most:

I) Saving Plan / Annuity or whatever you call it is basically you pay a certain fixed amount for a fixed period of time and in exchange the product provider will promise to pay you regular cash flow for a specific time period or until you die, depending on the product feature.

II) The IRR is usually low compared to pure investment products such as UT / Bond or stock market. It is usually in the range of OPR + 1.5%. If you see this as a tool for wealth creation... look elsewhere.

III) IMO, such a product is a good tool for wealth preservation / distribution.

IV) Firstly I say wealth preservation, meaning this product is good for people who already made enough money elsewhere be it from business or high income salary where they do not want to take anymore excessive risk. Such a product with its fixed income feature will be attractive to these people. If you are a just a regular salary man and you need to create wealth for, say retirement, then this product is too conservative for that purpose.

V) As a wealth distributor: This tool is very good for distribution purpose to your next of kin because this tool comes under insurance product. This means that you can put your children or spouse as the nominee and should whatever sh1t happens to you, the creditors cannot touch this portion of money. It is a social safety net. As the income is periodic and fixed, it is a great tool to pass wealth in a responsible manner to the next generation who may be financially frivolous.

For the people who are interested in point IV) & V) , they usually do not mind the low IRR as they have already achieve the desired wealth. They are now looking for wealth preservation and distribution.

OK, now.. you HLA agents out there, go and sell this product using my points discussed and stop disturbing regular salary men and women who are yet to build their fortune. Go and disturb those rich uncle, makciks, aunties and tycoons.

Xuzen

This post has been edited by xuzen: Feb 24 2016, 02:54 PM

Hello ..


Thank you very much XUZEN .. your reply is most helpful in my case ..

I am not rich uncle or tycoon ..

but your pointers of i , ii ,iii ,iv ..and v .. served to my needs ..

thank you once again .. cheers

This post has been edited by suns8630: Feb 24 2016, 04:22 PM

My advice, if you main main purpose is investment no. i'll explain later when i have more time. as for the points given by xuzen, i agree, BUT doesn't apply to HLA Evergain Plus. i'll explain later

back to the point given by Cherroy:
you pay 60k you get back 87k... - actually in reality the projection is lower. your agent told you pay 10k for 6 years. but to be honest, the 87k is assuming you pay premium for 20 years. so in fact the projection is flawed if you said pay 10k for 6 years only. (how i know, cause i know how those illustration works, so 87k is not even the amount you get if you pay 6 years)

At the end of the day, can you at least answer one question... what is your purpose of setting away this 10k every year? has this achieve your purpose?

Thank you Adele123 for reply posting

Do you have a better remmendation other then HLA EVERGAIN ..

Please refer to the chart photo .. It is clearly show .. Only payup by six years .. Then let it invest on long terms ..

This post has been edited by suns8630: Feb 24 2016, 05:01 PM

Your snapshot of the photo DOES NOT indicate pay how long. only states at what year you get what amount

Please refer to page 1 of your entire document. it should look like something i have posted here. Trust me.



BACK to the question... what do you want? you ask for recommendation but recommend you for what?

NOW THE LONG STORY, this is an insurance plan, investment-linked. Means essentially it works the same as normal unit trust except that every month, the insurance company will deduct some money from your investment to pay for insurance charges.

Can it work as a savings? Sure it can, but like any investment fund/unit trust, nothing is guaranteed, except that they do pay the sum assured upon death.

Just to explain to you... if your purpose is... put money aside, and let it grow long term, then let me tell you this, there are plenty of things you can do with your money. Sometimes mau jadi orang baik, come to forum, spend 20 minutes of my time to reply, but you can't tell me what do you really want?

if you really just want investment, then you should go for pure investment product like unit trust. if you are looking for insurance product to cover you LONG TERM, this is also not the right product.

This post has been edited by adele123: Feb 24 2016, 06:59 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.

Hi adele123 ..

I had clearly stated that pay six years .. On the opening of my posting ..


I am asking your recommendation .. Bcos you seems like wanting to compare this EVERGAIN plus .. With other similar product ..


What I want you to recommend is a similar product .. For me to compare the pro and con ..

Thanks cheers

actually hor, you customer or agent? feels a bit fishy now.

HLA EverGain Plus is designed to be a policy whereby you pay 20 years or 25 years. because the coverage is 20 years or 25 years.

SO, when you said 6 years... 6 years is an option offered by HLA to reduce the premium payment term. BUT by choosing the options, the coverage enjoyed by the customer is lesser.

YES, you have clearly stated 6 years. i'm trying to help you by letting you know that what you see is NOT what you get if you pay for 6 years only. WHAT you see is provided you keep paying even after 6 years.

similar product? any other insurance company out there can offer a similar product. it's just an investment-linked insurance product. compare pros and cons, other companies might be slightly cheaper, project that you get more money after 20 years.

Thank you very much for your advice adele123

Tomorrow I am going to fire ( question ) the banca staffs at Hong leong branch ...

To see that as whether you are right or the banca staffs is right ..


Thank you once again In posting on this topic ..

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.

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

Yeap you're right

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.

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

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.

i see

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

Sad truth but a golden ticket to MDRT.

Then the faster the customer paid up is better, the faster and more commission can get.

60K paid, agent can get more than 15K if above commission pay out is true.

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

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

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

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

You need someone to plan to road map ahead for this so that you get a clear picture where you're heading

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

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...

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

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

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

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.

I think the fire power you get from the HLA office is more potent than the info that maybe obtained here if you wanted to shoot your agent....

even the link from HLA website also state the policy term is 20, 25 or 30 years. i dont know why my agent said is 15 years. just wonder is it the same plan we are talking about.

"maybe" it is under the REDUCED PAID UP Option?

..... Upon Reduced Paid Up, the one time reduced paid up charge shall be deducted from the total fund value of Basic Unit Account to pay for the monthly policy fee and insurance charges of the Basic Plan for the outstanding tenure. Thereafter, the premium, insurance charge and monthly policy fee of the Basic Plan shall cease.

maybe he is suggesting this?

page 2
https://www.hla.com.my/CMS/CMSPages/GetFile...19-744629fb94b1

Thus,..."maybe, maybe" he is planning for you to do
the Basic Plan for 7 years....you pay premium for 7 years then no need to pay premium anymore as the plan had been opted to Reduce Paid up plan.

then on the 15 years...you cash out

Thus, pay premium for 7 years...get guaranteed bonus unit from 7th yrs till 15th years...then cash out from the plan
Guaranteed Bonus Units would be credited to your policy once in every policy year, commencing from the beginning of seventh (7th) policy year as in page 2


This post has been edited by MUM: Jul 21 2018, 09:57 AM

ok. will look at it. thanks for your reply.

nice "maybe, maybe.." example.....

rhodon,...just do consider this maybe, maybe example ...if it works, then thus your agent is correct too