Yes insurance is not a scam.

However based on your explanation, are you implying that insurance agents are "scammers" when misleading the insured on investment linked policies especially with unrealistic returns to gain more commission.

In short, ILP has a bad reputation due to scam or misleading tactics of agents?

rm250 for 3mil coverage is good?

I would say unethical. If this reported by the customer to BNM, the agent will get severe punishment.

The ILP has various products. Some products only use instrument vehicle to manage the policy sustainability. Customer received benefit from this ILP by not worrying about the cash value that only be saved to support the policy. Some portion of the monthly contribution will be channeled into funds. Be it equity, balanced or fixed. So, the value inside can helps the client in the event of contribution holiday kicks in. Not to find profit. This cash value or fund is useless as emergency funds or investment.

However, there are some products that have benefits in terms of profits. This is the kind of product being famous in midleading. Personally i dont market this products, i only market the product i stated previously. Insurance / takaful only use as protection.

See below the misleading part in [brackets].

Fact is ILP is more expensive because higher commission to agents AND takes higher risks which have generated very low returns compared to traditional insurance.

AGents conveniently gloss over or omit to mention that traditional insurance (participating) has a value component that have outperformed majority of ILPs simply because lower commission, risk and management fees.

Bukan benda orang tak faham tapi banyak agen tipu Dan scam kerana nak komisen banyak. not stupid but insurance company intentionally misled with unrealistic high returns that BNM in the end had to “fire” a directive that fixed the projections to be much lower after banyak komplen.

BNM approve product but not the misleading projected returns by the insurers and scammer agents (many even bs that non ILP is no longer available.

Mindset problem. Some people think buy liao must use. Example if sometimes you went for small operation. Then doctor see you got insurance, give suggestions like since already cutting here, why not do this as well, like killing 2 or 3 birds with one stone.

cerita dia senang ja; agent punya hal.

Sbb tu ask for whole disclosure and quotation sheet sendiri baca.

Don't rely on the mouth and info from agent only.

I look at it as part doctor slaughter them when see they have insurance coverage, part is behaviour/environment/genetics.

Yea, this is reasonable for the premium. If you go for those unlimited lifetime limit, and annual limit of RM1m and above, more like above RM300/monthly.

For me, coverage increased 10x (RM120k yearly to RM1.2m) but premium doubled because currently the claims unlikely to use up the RM1.2m but we lock in the annual limit for the future - really depends on people's reasoning, to each his/her own.

Sorry for resurrecting old thread. My mom had to to be warded, called the insurance agent to see if it would be covered, agent told her, policy no longer active due to lapse of payment. Called the bank, mcis apparently stopped the payment, I called mcis they said it was because the premium could not cover the insurance charge.

Looking @ the policy, the insurance charge will apparently be higher after 57, my mom signed up @ 53, she prob wouldn't have signed up if she knew she'd have to pay significantly more after just 4 years. The agent prob didn't tell her everything.

Anything I can do here? Can complain with bnm? This is utter bull, 20k+ in premium and nada, still has to queu up at govt hospital, while scammers gets 20%.

your mom should receive a sms noticing her cash value from insurance are not able to cover before insurance kaput

This post has been edited by theberry: Oct 13 2023, 12:56 PM

Told you so

Remember guys, insurance is legal scam

Just deduction SMS, faking agent didn't mention a thing.

The agent is scammer, product is never a scam. lol

That's why agent like to target uncle aunty.

Regular insrance is fine, this investment link crap, prob bullshit. And yes, the agent is probably grade a cunt, my mom bought 5 or 6 policies, lol, looks like all are worth shit now.

No its not if you understand how it works.

You need to understand that 4 hings
1. All ILP will not have enough cash balance to cover your policy after xyz years that is why you need to manually perform a large chunk topup to keep it sustainable. Cause majority of ILP cannot beat EPF return.
2. All ILP cash balance will be negative at end of insurance life.
3. All medical insurance premium will increase regardless if it is ILP or standalone. ILP will just minus out the investment portion toale up for it until it reaches zero then lapse. All medical insurance premoum increases with age. Cannot run away fo it. Embrace it.
4. For medical insurance, agent continue to receive premium for at lesat 6 years. First 2 years 40% will be as commission goes to insurance company and agent. The rest goes into your investment fund and your premium.

You can complain of OFS and see can get any settlement. Likely not.

This post has been edited by Ramjade: Oct 13 2023, 02:14 PM

They are the same shit period

So like some people say here it's a total scam. Im waiting for full account statement from them, see how it goes.

So, 14 years is over xyz?

Yea.. same with me, 6 years already

I was clueless that time, all I wanted was insurance coverage

Now regret I included investment-link. Was told no price increase.

1 years ago, got letter premium must increase, or will reduce coverage span

Want to meet agent also difficult, after meet, macam macam explanation.. MYR down lah, medical cost increase lah, too many claims lah

I never claimed for that 6 years. Even if medical cost increase, it's not like my coverage will increase, it's still the same.

Then I thought maybe just pay for medical coverage only, remove that investment thing.. but cannot lor. But if want to add rider, can lor.

6 years ago, I was not literate about investments, funds..

They give projection, I thought that's 100% certain.

Later I see it's doing horrible.. I applied to change to different fund.

Walaweh.. so much questionnaire. Submitted, but got rejected, need to do further questionnaire.

So now I'm just stuck with the fund I was automatically assigned.

At the time I sign up, I don't know about the funds.. why couldn't the agent explained to me the different funds available, which one I would want.