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Wealth Booster Plan, Investment Scheme

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TSMr.Docter	Jun 12 2020, 06:47 AM, updated 6y ago Return to original view \| Post #1
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	Hi, Received this offer from one of the bank. Details as below. - A fixed deposit (similar amount) per annum whereby one-off for the 1st year and multiple deposits for the subsequent year. - Counted by the date of 1st deposit as a year for the dividend. - The principle is compulsory to be deposit annually for six years before being able to withdraw. - After the 6th year, if you haven't withdrawn the accumulated principle - you can enjoy continuous dividends for a maximum of 20 years. - Dividends for frontliner - 30% p.a (!!!) - limited time & quota for selected group of individual. - Minimum of RM10k/year. Don't overcommit as you need to deposit a similar amount every year for six years. - If you haven't withdrawn the dividends, it will be compound for the next year with an average of 5-8%. However, you are free to withdraw the dividends as you like. - Possible to open more than one policy. - Policy approval is based on overall financial status. - Limited quota. - Insured by PIDM. The guaranteed of 30% p.a for maximum of 20 years was in black & white on my form from the bank, not agent's lips. Most likely going to open for both of my kids if all okay. Thanks in advance for all the input and insight!
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TSMr.Docter	Jun 12 2020, 07:52 AM Return to original view \| Post #2
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(Ramjade @ Jun 12 2020, 07:44 AM) You need to see if they write subject to market conditions. No market can give you consistent 30% p.a for 20 years. This one apparently guaranteed. Supported by legal documents. The word "guaranteed" written there clearly.
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TSMr.Docter	Jun 13 2020, 10:20 AM Return to original view \| Post #3
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	» Click to show Spoiler - click again to hide... « QUOTE(Ramjade @ Jun 12 2020, 07:44 AM) Plan? You need to see if they write subject to market conditions. No market can give you consistent 30% p.a for 20 years. You need to dig deeper into the 30%. This sounds like ILP where the beneficiary is only the agent/banker. QUOTE(kelvinfixx @ Jun 12 2020, 07:55 AM) 30% guaranteed? what they invest to get consistent 30% dividend? what bank? Is it Insurance? Dividends for frontliner, what is this mean? You mean for doctors and nurses only? QUOTE(seanlam @ Jun 12 2020, 08:15 AM) well, u refer to product by HLB? a quick check reveal there is a monthly charge/fee of RM8. Not sure abt other fees... the info aint much to cross chrck. as other said, the so call guarantee actually aint a guaranteed, no firm can give u a constant return at the rate thst you claimed... do dohble check again., better if u have the pripisal as well quotation frm the agent.... look for detaik. its good to plan for retirement at early day but not at the cost of burning own money. on the other token, do consider PRS, its tax relief somemore... but its not insurance or any protection plan QUOTE(zstan @ Jun 12 2020, 08:56 AM) probably got somewhere in the fine print saying terms are subjected to change depending on market conditions. QUOTE(yklooi @ Jun 12 2020, 09:14 AM) if i am not mistaken,...many months/years back...almost similar product from HLA... can check from previous LYN threads for some valuable threads and posts.... https://www.google.com/search?q=hla+wealth+...iw=1366&bih=657 where they gives 20% pa..... from only after 1st year after deposit sort of like... July 2020 you deposit RM10000 July 2021 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM20000, (2k of 18k is 11.1%) July 2022 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM30000, (2k of 26k is 7.69%) July 2023 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM40000, (2k of 34k is 5.88%) July 2024 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM50000, (2k of 42k is 4.76%) July 2025 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM60000, (2k of 50k is 4%) and so on.... do take note....if you take that $$ out...your total cash value will be much affected later on
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TSMr.Docter	Jun 13 2020, 10:22 AM Return to original view \| Post #4
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	» Click to show Spoiler - click again to hide... « QUOTE(cherroy @ Jun 12 2020, 09:59 AM) I don't know what plan you are posting. But based on above limited info, it is more like a saving plan or endowment plan. It is not a fixed deposit with 30% or whatever % dividend/interest. Saving plan guaranteed cash back is not your earned interest or dividend. It is not like you placed 100K with 30% cash back, then you you have 100K + 30K. It doesn't work that way. Once you get the 30%, then surrender value drops. A portion of cash back came from your own capital. Normally saving plan return rate or IRR is more and less comparable to FD rate if held until maturity. You need to count entire amount guaranteed cash back you are getting + maturity amount you are getting to determine the "real" dividend you are getting. It is not like every year you get guaranteed 30% or 20%, then you still get back your own origin principal amount. Saving plan is long term commitment, any premature withdraw may affect the principal amount, it is not a fixed deposit. It is irresponsible for anyone to promote saving plan as fixed deposit. It is also irresponsible to say guaranteed cash back is an interest or dividend earned. QUOTE(xcxa23 @ Jun 12 2020, 10:26 AM) I think I heard b4 Great Eastern? I was approached by them before the covid19 and after some simple math, FD at that time is much better choice then their plan. After showing my calculations, they had admit their plan is worthless than FD except for their plan included insurance. So doubt and questions everything they say and what they show. Don't make decision on the spot. Do your calculations.. How much is the dividend given annually The 30% is calculated based on what, dividend on dividend? 1st capital deposited? 60k capital? QUOTE(lifebalance @ Jun 12 2020, 11:20 AM) sounds like insurance saving plan to me lol If u want better investment return, 6 - 10% is not an issue QUOTE(victorian @ Jun 12 2020, 03:15 PM) Bro better read carefully, the guaranteed percentage might not be on the total amount invested, but on a face value amount that is lower than what you have put in. For example you have put in 50k over 5 years, the face value of the policy is 20k. They will only pay 10% interest on the 20k, and not the 50k that you have invested. QUOTE(Eurobeater @ Jun 12 2020, 06:14 PM) What bank / insurance is this lol? Seems a little too good to be true, but from the looks of it, macam GE punya Wealth Plan As pic attached above. Sorry for the late reply. Was super busy during Covid phase.
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TSMr.Docter	Jun 13 2020, 10:22 AM Return to original view \| Post #5
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(MNet @ Jun 12 2020, 10:52 AM) What is the website details selling this plan? I also want to buy Offer ends by 12pm+ today.
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TSMr.Docter	Jun 13 2020, 11:41 AM Return to original view \| Post #6
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(victorian @ Jun 13 2020, 10:33 AM) Should be HLA plan, https://www.hla.com.my/CMS/Product-Services...uct=73&Sub=1022 Yes. Just read the link and its accurate.
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TSMr.Docter	Jun 13 2020, 11:43 AM Return to original view \| Post #7
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(GrumpyNooby @ Jun 12 2020, 07:56 AM) Since you had already decided to buy before you even write this thread, so what you want now? Not yet boss. Asking opinion in Lowyat.NET not unwise for most of the aspect.
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TSMr.Docter	Jun 13 2020, 11:47 AM Return to original view \| Post #8
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(yklooi @ Jun 12 2020, 09:14 AM) if i am not mistaken,...many months/years back...almost similar product from HLA... can check from previous LYN threads for some valuable threads and posts.... https://www.google.com/search?q=hla+wealth+...iw=1366&bih=657 where they gives 20% pa..... from only after 1st year after deposit sort of like... July 2020 you deposit RM10000 July 2021 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM20000, (2k of 18k is 11.1%) July 2022 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM30000, (2k of 26k is 7.69%) July 2023 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM40000, (2k of 34k is 5.88%) July 2024 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM50000, (2k of 42k is 4.76%) July 2025 you deposit RM10000, you get RM2000, thus 20% of your current deposit money, but your total deposit is RM60000, (2k of 50k is 4%) and so on.... do take note....if you take that $$ out...your total cash value will be much affected later on QUOTE(cherroy @ Jun 12 2020, 09:59 AM) I don't know what plan you are posting. But based on above limited info, it is more like a saving plan or endowment plan. It is not a fixed deposit with 30% or whatever % dividend/interest. Saving plan guaranteed cash back is not your earned interest or dividend. It is not like you placed 100K with 30% cash back, then you you have 100K + 30K. It doesn't work that way. Once you get the 30%, then surrender value drops. A portion of cash back came from your own capital. Normally saving plan return rate or IRR is more and less comparable to FD rate if held until maturity. You need to count entire amount guaranteed cash back you are getting + maturity amount you are getting to determine the "real" dividend you are getting. It is not like every year you get guaranteed 30% or 20%, then you still get back your own origin principal amount. Saving plan is long term commitment, any premature withdraw may affect the principal amount, it is not a fixed deposit. It is irresponsible for anyone to promote saving plan as fixed deposit. It is also irresponsible to say guaranteed cash back is an interest or dividend earned. These two comments are very insightful for me. Thank you /+rep
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TSMr.Docter	Jun 13 2020, 11:48 AM Return to original view \| Post #9
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(TOS @ Jun 12 2020, 10:15 AM) I calculated the IRR thereafter and it's somewhat like 4-5%. Even worse than your EPF return and can easily be on par with the current ASNB FP fund returns. Yes, they only highlighting the return for the first year, and not the overall return.
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TSMr.Docter	Jun 13 2020, 11:51 AM Return to original view \| Post #10
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(victorian @ Jun 13 2020, 10:29 AM) Bro pls refer to my reply above, 30% only for first year (60k/200k premium paid). After that as you put 200k each year, the guaranteed income percentage will drop. At the end you are only getting 5% interest on 1.2 million premium paid. I’ll advise you not to take the offer and lock yourself for 20 years. Investment return are not guaranteed and it’s extremely illiquid that you will confirm lose out if you withdraw before 20 years. Yes. I do agree with your points. But anyway lock for 6 years, not 20 years as you put it. Spent hour and half going through link that yklooi provide. Lucky stumbled upon you guys before commenting.
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TSMr.Docter	Jun 13 2020, 11:53 AM Return to original view \| Post #11
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(adele123 @ Jun 13 2020, 11:50 AM) Dont rush. Wait first. It's HLA product, it wont end at 12pm. It's an insurance savings plan typically (non guarantee) give you 4% to 6% per annum return over the long term. Keep in mind 20 years is a long time. But insurance savings plan has it benefits as well. Just make sure you can accept the cons as well. It's not fixed deposit and it's not for short term return. 6 years, rather than 20 years you guys mentioned.
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TSMr.Docter	Jun 13 2020, 12:11 PM Return to original view \| Post #12
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(adele123 @ Jun 13 2020, 11:56 AM) But you pay 6 years cant withdraw for 20 years. That's why 20 years lo. Fixed deposit normally 1 year ma. QUOTE(lifebalance @ Jun 13 2020, 11:56 AM) you just don't get it. the payment is for 6 years, if you take out anywhere before 20 years, you'll lose money. Simple as that. Ahhh. Just clarified, you guys are right. I misunderstood. Just got the reply from agent regarding surrender value at 7th year is only RM 59,210 lol if 10k was initial capital. topkek
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TSMr.Docter	Jun 14 2020, 12:03 AM Return to original view \| Post #13
Doctorpreneurs Senior Member 5,367 posts Joined: Aug 2009	QUOTE(hksgmy @ Jun 13 2020, 11:59 PM) Did you end up committing to the purchase? Nope. honsiong liked this post
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