Jan 31 2020, 10:26 AM
QUOTE(roarus @ Jan 29 2020, 02:38 PM)
Dropped by Taipan Subang branch to enquire about their ever mysterious 2% invest/insure option:
i. Insurance/savings plan
It's a 60 month/5 year plan partnering with Prudential, you get to pick from select Eastspring funds to allocate money into. About 20 of them all together including local equity, global equity, local bond and janky global high yield bond. I stopped the banker there before he got all excited about a savings plan with India and China funds.
ii. UT
RM1000 a month @ 2.5% sales fee. No lock in period can stop/start anytime. Sales fee can be reduced to 1.5% for whole tenure if lumpsum RM5,000 the first month and subsequently RM1,000 monthly.
From the top of my head (I was shown the funds from screen) - funds houses Aberdeen, AmInvest, Eastspring, Principal, Franklin, Templeton, RHB. Notably missing are Areca, Kenanga and United. All in about 190 funds, with some of them wholesale which require qualification of HNWI based on RM3mil AUM or 300k annual income.
Based on my calculation (hope it's right) with RM20,000 average balance in account, you'll be earning back the sales fee 4th month onwards if RM5000 initial lumpsum was done to lower the sales fee to 1.5%.
[attachmentid=10415261]
*Invest interest 2% per month derived from simple calculation 20000*0.02/12
Great info.i. Insurance/savings plan
It's a 60 month/5 year plan partnering with Prudential, you get to pick from select Eastspring funds to allocate money into. About 20 of them all together including local equity, global equity, local bond and janky global high yield bond. I stopped the banker there before he got all excited about a savings plan with India and China funds.
ii. UT
RM1000 a month @ 2.5% sales fee. No lock in period can stop/start anytime. Sales fee can be reduced to 1.5% for whole tenure if lumpsum RM5,000 the first month and subsequently RM1,000 monthly.
From the top of my head (I was shown the funds from screen) - funds houses Aberdeen, AmInvest, Eastspring, Principal, Franklin, Templeton, RHB. Notably missing are Areca, Kenanga and United. All in about 190 funds, with some of them wholesale which require qualification of HNWI based on RM3mil AUM or 300k annual income.
Based on my calculation (hope it's right) with RM20,000 average balance in account, you'll be earning back the sales fee 4th month onwards if RM5000 initial lumpsum was done to lower the sales fee to 1.5%.
[attachmentid=10415261]
*Invest interest 2% per month derived from simple calculation 20000*0.02/12
If you purchase RM1000 UT monthly, the extra 2% is only for money up to 50K. If you purchase RM3000 UT monthly, it goes up to 100K
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