QUOTE(Aurora chanusha @ Jun 25 2012, 09:51 PM)
Hey, I have few doubts about the Bijak Malaysia scheme..
For example, if i pay RM 100 per month so after 3 years total will sum up to RM 3600..
And after 3 years, bank will give the RM 1500 as the payout..
So if i want to terminate the account, would i get my RM3600 back with the RM1500? Or my RM 3600 will be burnt..
Cz i was been told as saving..
Pls clear my doubt..
Okay, lets dissect this product, shall we? :-)http://www.maybank2u.com.my/WebBank/eINS_BijakMsia_bch.pdf
I'm using the RM 200/mth for Mr. A, Male age 30. Sum Insured = RM51,100
Payment term is up till age 55 (pay for 25 years), RM 2400/year = RM 60,000 premium paid
If Mr. A terminate the plan prematurely at age 55, he'll not get the maturity benefit of the sum insured hence, no choice, Mr. A will still needs to eat Kenny Rogers everyday till age 88. The brochure however did not mention how much would Mr. A get if he choose to terminate the plan at 55. (Con)
However, if he kicks the bucket earlier, his nominees would get up to 200% for Natural death, up to 400% if the death was accidental. (policy in force for 3 years~55). This means if Mr. A dies of natural death the plan would pay RM 51100 x 2 = RM 102,200 plus whatever guaranteed payout that has been given (Pro)
If the death was accidental, his nominees would get RM204,400 (Pro). *Juvenile lien still applies if it was under child policy.
There is a guaranteed cash payout of 5% every 3 years. 5% / 3 = 1.67% per annum. The interest rate is slightly higher than the interest rate of a bank savings account. (Con)
Lets say Mr. A leads a healthy life and manage to complete the term till age 88 years old (although Mr. A might burn a big hole in his pocket for eating healthier food).
Total Premium Paid (age 31~age 55): Rm 60,000
Term (age 31~age 88): 58 years
Sum Insured: RM 51,100
Guaranteed Cash Payout (for triennial for 58 years): Rm 48,545
Total Cash Received at age 88: RM 51,100 + RM 48,545 = RM 99,645
Total Returns of Investment = RM 39,645
Returns of Investment = 66.08%
Simple Annualized ROI = 1.14%
Compounded Annualized ROI (per annum) = 0.88%
Jokes aside, and in summary, this plan is geared towards insurance & protection
and it is stated in the brochure clearly. In all seriousness there is not a single phrase that states that it is geared for savings that gives you exorbitant interest.
Buy it for the protection values
, not savings... HTH
Excerpt from the brochure...
"2. The policy shall not have a guaranteed minimum cash value
on termination until after you have paid premiums for three (3) full years."
Based on the above example, at year 3, Mr. A will get RM2,555 after paying RM 7,200 (RM 2,400 x 3). But if he terminates the plan at year 3, he won't get back RM 7,200+RM2,555, but rather RM 2,555 + guaranteed minimum cash value.This post has been edited by roystevenung: Jun 26 2012, 09:32 AM