I bought a saving policy from GE in 2009, this is 8 years saving plan. Mar2016 is the last premium payment cycle for the policy.

Last week, I received a statement letter from GE, below is the summary after I compared 2016 and 2017 statement.

2017
Cash bonus balance 4267.56
Survival benefit 5252.78
Net surrender value 21326.20
Total 30846.54 (Question1: is this the value that I can get if I surrender the policy?)

2016
Cash bonus balance 3635.77
Survival benefit 4478.83
Net surrender value 23081
Total 31195.60

I am wondering why the net surrender value in 2017 is deceased as compared to 2016? After checked with agent, she told me this is due to my policy premium end date is Mar2016, the amount decreased due to no more payment in 2017.

Question2: If this is the case, will the amount decreasing from year to year? If yes, then this is defeat the purpose of buying saving plan, because the value will not grow but deceasing. Then, should I just surrender the policy?

I felt I am get cheated as this is the first year I am ended the premium payment, but I am encountered the decreased in policy value.

Can any GE agent advise me on this? Thanks.

Hi there, Kindly advice to check the value of TPD or is it a savings plan or life insurance plan?

The policy name is centennial wonder with sum assured of 20k
Annual premium rm4023.20 to pay for 8 years

This post has been edited by lagalerie: Apr 11 2017, 03:02 PM

Don't decide to surrender first... make sure you understand the whole policy. You have the right to go to Office and check with the Officer.

I think this is a life insurance plan, since it having sum assured of 20k. Sum assured 20k for life insurance.

Sounds like the policy ended on Mar 2016 and it continued payment using the funds in the account.
I assumed you did not pay any cent since 2016 Mar ?

Not sure if im correct, if the policy has matured, they should notify the policy holder to ask whether extend or withdraw the money.

There are insurance plan that one only needs to pay 5, 8 or 10 years, but the policy only matured in 15,20,25 years one.
There is single premium policy as well, pay once, but the policy run or only mature in 5 years or 8 years time.

End of paying premium /= policy mature.

I'm still paying premium in mar2016. No payment from mar2017 onwards.

Insurance policy and insurance company never cheat.

The probable reason may be due to

1. Policy owner doesn't understand clearly and fully about the policy itself, how it works, coverage, any riders etc.
Sometimes, policy owner may not aware the nature of the policy as well.

2. Insurance agent did not explain thoroughly and properly that lead to (1) above occurring.

Yeah thats why many were cheated because they thought they just need to pay until certain period then no need pay d.
Cant say is policy holder fault because its not easy to understand without guidance..usually its the agent not willing to disclose those info.


But since TS said he still continued paying, then that sounds weird

I took the Great Eastern -- Great Cash Wonder --5 years invest plan (2011-2016)
Now 2018, add up the below is 8000 less than what I put in
(Cash bonus balance + Survival benefit + Net surrender value)

Maturity in 2031 (20 years) , dont know to take out all or just wait

Why buy ILP in the first place? For insurance coverage or "investment"? If for investment then you have to wait for another few years to break even and just keep waiting.

If i'm not mistaken, the last time i check it took almost 10-12 years to break even the cost.

And you should know the insurance coverage that comes with the plan is not free and part of your premium is paid to your agent as commission.

Yep! Better go find back the agent and let them explain further. Else i can recommend you my dear friend who is a GE Agent as well.

Agent need to get paid and $ won't be from insurance company.

You need to know what was the purpose you bought the plan back then in 2011.

If it was for a purpose that didn't meet your goal, then probably you bought a wrong plan

realize this now, never buying any other insurance saving plan ever. But on the investment calculation tables shown to potential customer,,,,,no one ever shows that your (capital - 10% insurance fees or more) is what enter the investment yearly.

even walk in to branch is useless, as they ask you to refer all the fine print in the thick investment booklet which is sent to your house after you join. staff in the branch cant or wont explain the details......how you end up with so much less than what you have invested over the years.



obviously never meet the goal, compared to what the great prospectus was showing ......

This post has been edited by culain99: Mar 7 2018, 04:12 PM

replies in blue your plan is a traditional life insurance policy btw. do you still have the policy book with you?

since you completed your payment term, just leave it. btw normally if you have completed the payment term, it will be nearly breakeven already. yours is a traditional endowment plan if im not mistaken. very little sum assured.

This post has been edited by ckdenion: Mar 8 2018, 03:35 AM

i will say insurance savings plan is really for long term purpose. best is dont buy insurance as savings plan. really consider insurance only when you need the financial protection out of it. else just buy the pure unit trust from insurance company will do.

as of now, the black and white table projection does show whatever insurance charges incurred after premium paid, then balance amount will go into the investment portion. true enough that the branch's staff cant really help much in terms of the plan's technical detail. they can only help in assisting customers to fill the correct form for claims and changes/updates.

ah bo why so many insurance agents kaya raya and sit big big cars?