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Insurance Talk V5!, Anything and everything about Insurance
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ThorWP
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 Dec 20 2019, 11:48 AM
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hi sifus, an agent approach me trying to sell this A Life Lady 360, saying that if my wife take up this plan for just a year, will be able to get reward, which will be more than my premium paid.
Quoted premium 18k for both conventional and takaful >coverage 300k each
Reward: 18k for both (marriage) + year cash bonus (10% - 1,800) + possible surplus from takaful.
Net could gain >10% in a year.
Would like to know if there's any catch or hidden tnc in this? anyone experience before?
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ThorWP
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Dec 20 2019, 01:38 PM
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QUOTE(lifebalance @ Dec 20 2019, 12:44 PM) If you’re solely buying for the purpose of insurance then stick to plans that provides coverage. The Lady 360 requires you to get another policy under A Life Joy in order for you to get the cash reward. As for a premium of 18k yearly, you could easily get 2 mil insurance for you and your wife. How did you come to the 10% return in a year ? I already have other life insurance in place and this 2mil is provided death happens. Like i mentioned above. Premium is 18k and reward of 9kx2 will be given at the end of one year, together with year cash bonus which isn't guaranteed but based on past record, 10% is given. Worse case is to get the back your premium paid after 1 year lapse. I.e. Not applying for this plan for the coverage but rather the short term gain. |
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ThorWP
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Dec 20 2019, 01:54 PM
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QUOTE(ThorWP @ Dec 20 2019, 01:38 PM) I already have other life insurance in place and this 2mil is provided death happens. Like i mentioned above. Premium is 18k and reward of 9kx2 will be given at the end of one year, together with year cash bonus which isn't guaranteed but based on past record, 10% is given. Worse case is to get the back your premium paid after 1 year lapse. I.e. Not applying for this plan for the coverage but rather the short term gain. just wanted to know if there's other catch in place in terms of the premium/payout in the event i plan to get married during the year, and claim the reward after 1 yr anniversary. i understand the premium is subject to change with 3 months notice from aia but this can be countered if i were to take annual payment, i.e. to fix my premium amount entirely. Just concern if there's any implication or impact or hidden tnc that I'm not aware of. This post has been edited by ThorWP: Dec 20 2019, 02:13 PM |
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ThorWP
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Dec 20 2019, 02:46 PM
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QUOTE(lifebalance @ Dec 20 2019, 02:39 PM) there is a 1 year waiting period for this policy to take effect before you can claim for the marriage / child birth reward. Aside from that, no other hidden T&C yup i understand this. and there's 30 days grace period before policy lapse. so claim can be done during that period. am i right? |
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ThorWP
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Dec 20 2019, 02:49 PM
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QUOTE(lifebalance @ Dec 20 2019, 02:48 PM) great! thanks! i guess this option can be really taken into consideration for short term gain. |
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ThorWP
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Dec 22 2019, 04:13 PM
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QUOTE(ckdenion @ Dec 22 2019, 03:27 PM) hi Thor! Basically the TnC is clearly stated in the brochure already. Guess you are not the first one who have that thought of getting a short term gain there. the only thing is if everything is in place - getting married, getting a child there after, by the 3rd year you can indeed get a short term gain there. so yea, best trick is buy during pregnancy (just by getting the Child Birth reward and Gift of Joy), so after end of 1st year policy you can claim already. Of course best is if you really need this plan.  Hi CK, thanks for the clarification. I just felt weird the fact that AIA come out with this plan where they will be making major loss if a lot of ppl are taking advantage of this. On top of that, agents who sells this will be getting 65% commission from the first year itself. |
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