Hi guys. I'm from korea. And i asked banker to recommend me some saving plan.(HSBC)

And she recommended me Takaful Future Smart Plan.

I already proceed 6 month now. But i'm still not sure if it is good plan or not..


Anyone know about this plan specifically?

I told them that i don't need any insurance. I don't care about coverage. But they still said it is more focusing on saving than insurance. So it is good plan for saving.


But when i searched some information from website, Some people said i wont be able to get even my own money unless i put for very long time(20years).

is it true? If it is true, They cheated me. I told them i want just 5 years saving.


If they cheated me what should i do? LOL..

since you are asking that in the bank, i guess thats the best plan they can suggest you. but that plan is meant for long term. if 5 years, just save it in a normal bank account will do.

Can i have a question . Im planning to live in malaysia through my whole life. Bcs im planning to get married with my malaysian chinese girl friend. So i want to make proper finance plan.. My current financial status is like below

1. Takaful plan.
2. Pure investment plan
3. Fixed deposit.

I think i should keep Takaful plan because i want to stay in malaysia for long term. Any advice for my plans.? Btw Im 27 years old now.

Takaful future smart is a takaful plan (ie insurance plan).

But i cant find more information about this about how it works. I briefly read and it sounds like a typical insurance plan. Do study the benefits if it is what you want. If you need more explanation you may need to share more information for us to help. Exact amount is not important if privacy is a concern.

My relatives had invested in such a plan before. This was a few years back before FWD Takaful was spun from from HSBC Malaysia. It was an investment into a unit trust focused on China Equity paired with a very small life takaful coverage. Just like you, the agent told us it was for around 5 years.

Performance is rubbish. 5 years in and we've already lost nearly RM 2k out of the initial RM 20k. To make things worse, RM 1k is already absorbed as commission for the savings plan.

My advice. Don't invest in anything a bank branch manager recommends to you unless you know what you are doing. It is not the performance that worries me, but the sales commissions the agents earn, which comes directly from your savings and it can be as high as 5%. The 20 year waiting thing is not quite true as it depends on the performance of the unit trust in question. If you are lucky, some can give you returns in just one year. Others may need 5 or 10 to even 20 years as well. But one thing is for sure, regardless of how much money you make (or worse, lose) the agent's commission is fixed is paid upfront before your money is even put into the plan.

If you want to do savings plan with a fair market return (depending on your risk appetite). Take your savings and buy from funds online like Fundsupersmart (FSM) or Robo-advisors like StashAway, myTheo or Waheed (Not sure if you can register as a foreigner, however). These will have minimal extra sales charges and management fees. You definitely won't be paying for the high commissions from branch agents and therefore, much cheaper in the long run.

FSM
https://www.fundsupermart.com.my/fsmone/fun...LxoC6igQAvD_BwE

This post has been edited by Eurobeater: Sep 4 2020, 01:34 PM

you get takaful/insurance for the purpose of protecting your finance and also to transfer financial risk that you are unable to take. i can't really give you much advise from here. since you are still young, what you have is a long term savings/investment time frame. there are many other tools that is better than takaful plan if your goal is to accumulate wealth.

Nope
Do not trust HSBC for their insurance saving plan
I lost a huge chunk of money
Up front agent fee very expensive
Cunning agent