Hi, am new here. Wish to raise my incident & if possible, seeking advice from experts out there.
I felt hv been cheated by a totally unethical agent with the selling point where at the end totally different from it's actual plan!
Anyone knows about ING's I-Income?
I was approached by the agent (is fren) about it. B4 she started the topic, I hv ady told her I hv got 3 policies seperated from 3 diff insurance comp in regarding to PA, Life, medical card & 36 critical illness, & my coverage of those r enuf. She said great bcos this I-income plan r totally not any of the above type, it is like the FD way u place in bank but it can guarantee gives u much much better interest return compare w bank FD, & w additional value added service for free!
Until this part, sounds ok to continue in listening to wat's the further details right?
Her abstract & selling point of the plan it : to take it comparable with bank FD, instead of 3% interest per annum, this plan actually gaves 4%+4% (guarantee + non-guarantee), only need 10 years investment, u r getting this! of course the interest is a yearly payout guarantee, but it is flexi like any other banks' FD procedure where u opt toleave the interest payout eith ING, let it role with the principle invested , ING wil giv additional compound interest (5.7% in year 2011) so the return amount in total wil b much better.
u r best advised not t take out the money from the account for atleast 3 yrs, let it mature, after that u r ok to take, but to maintain some money in the coount & as long as there is a yearly placement amount, the account wil remain active.
Furthermore, bank FD just money placement n interest gotten, thay's it, but w ING as pro insurance comp, u r given additional personal dead protection & TPD as value added service for free, as long as u r stil attach w this plan!
w pro investment team ING hv, not only help you generate great income, but giv personal protection at the same time. n the 4+4% is just general statement, in fact the non-guarantee part base past distribute, lowest was 5%, highest was 11%++. & wat is the most best part? even after 10 yrs, u r opt to continue the plan to another 10 yrs (total 20 yrs) without need to invest any single cent, it wil stil gen great interest! Sounds great izit? I buy, siged the plan (am an easy client actually).
F**king liar! this is not true at all!!! & I so naive to believe it n realise this bad cheated treat only after 4 yrs! yeah this plan signed in yr 2011. y I realise something wrong after 4 yrs? rmb the "better don touch for the 1st 3 yrs" advice? so I just follow, trust n din't check, just that after completed in yr 4, knowng ING been took over by AIA, suddenly an idea come to me just to make sure all T&C by ING earlier stil comply & remain the same, I call up AIA just to ask wat is my principle n interest til-to-date, n what is the max amount I can take out. To my surprise, was told I canot take out any amount at this moment, this is a 20yrs life plan insurance, if I consider to take out, wil consider surrender, n w that, I don't even able to get back 1/3 of my principle invested. WT*! I am so angry? info I get was a totally diff version from wat I've been promised!! any bank FD placement wil eat up our principle even if u wana take up the money earlier? & this is a life insurance (where life is d main plan & income is sub value added?) n this is a 20 yrs plan???!!
Even after 10 yrs completed, to withdraw, I oso unable to get bk my principle??

The whole thing was a bad approach, which using the wrong selling point! how it could b comparable with bank FD in this case?!
Why the agent can b so unprofessional? with the high post somemore (national sales manager)!!!
Feel so mad! I want my money back! Even without any interest, I would sacrify just to get bk the principle I hv put in! what can I do? Wat shd I do? Desperately hope anyone out there to advise......

MNet, tks for taking ur time in reply. Appreciate it.
R u former ING agent (now under AIA)? U may b right on the above, but u seems do not get my point correctly.
Is not the protection package not good, it is not the package I want. it was a mislead info from the brginning! If the agent hv share like how u share on top from the beginning, I shall get a clearer pic n can easily confirm wil not buy the idea! (means knowing is not my choice)

Did I mention I ady hv 3 insurance policies & coverage r enuf for those & sorry but wil not consider if there r the same kind? yes! Did the agent revert the msg like wat u revert on top? No! It is a purposely mislead info to bank FD package only! Did she tell if withdraw halfway u r consider surrender? No! Did agent mentioned actually is a 20 yrs plan? No! agent stated is special 10 yrs plan n u opt to prolong to 20 yrs! (such facts given is actually cheated if so!)
"10 yrs FD plan & opt to prolong to 20 yrs" vs "20 yrs plan opt to choose a 10 yrs conversion full pay up but wil definitely affect the premium where cant get a break even" - are this 2 statements sounds same to u?)

Was this the "strategy" ING agents been trained to use to sell this plan? Totally unprofessional! Totally lose faith to insurance agent!

This post has been edited by FireUp: Aug 24 2014, 03:59 PM

Thanks Pink Spider, I admit that indeed.
Also, if choose to trust a professional personal is a wrong way, I oso have to admit am too naive to trust blindly. & hv to pay the lesson in a hard way.

So if those auntie uncle w less educated or buta huruf, which the only source is to understand from the agent, to sign any plan or settle bank issue r consider trying their luck? cuba nasib whether they meet the ethical agent/ bank officer & if kena tipu consider their nasib? theregistered pro agent / bank officer is not liable for their unethical act & hold no responsibility?

means no way I can find justice in this case?
ur suggestion wil be? Either continue to accept the plan I do not want with continue losing premium for more in another 20-30 yrs ; or terminate n bear the lost of rm20k? only these 2 options? to just touch my nose n say "my fate"?

This post has been edited by FireUp: Aug 24 2014, 04:54 PM

Haha, ur example on the "MAY" & "MUST"is cute! but again, it reflect the similarity of the incident I faced too. Do u think the agent who translate wil admit he said "MUST"? Do u think the insurance comp wil stand with & take auntie uncle words or strictly stil insist on tgeir written policy "MAY"?
At the end, u think we can sue the agent til underwear oso lose? or we ourselves r the one with underwear lose actually? ><"

anyhow, my inner decision oso lead me to termination, just that u know... tak patah hati & fire up...

for all insurance policy, normally the full plan proposal wil not be shown, the client can only rely on the talk 1st, then if overall ok, to sign on few pieces of papers (mostly medical background check, norminees confirmation, some personal information verification, payment mode - autopay by credit card or cash pay etc). Full skrip only come weeks later.
honest speaking, the full policy alwiz in medium thick book version, with all the specific insurance terms & wordings, wil anyone really read through in details & thoroughly?
sorry i didn't, u r right... is my mistake. sigh.

thanks bro (or sis? since u r pink ;p).
I understand wat u r trying to say & get the point.
initially the claim was on bank FD kind, similar flexi in withdrawal, but get higher interest return, & known to b a 10 yrs plan (claimed can withdraw after 3 yrs), thus I think ok to giv it a try.
but if ended up is a min 20yrs to break even or up to 82 yrs bounding kind, it was totally a koyak plan to me ady! (other protection may sounds ok to other ppl, but am not interested at all. Said is add on product for free then I don mind, but in fact it is not). Add to the worst, even after 10 yrs choose a conversion on fully pay up, it wil stil at a loss of rm10k-20k (depends on AIA interested pay by then whether 7% - 5% or lesser).
As shared earlier, it was totally a diff plan as the agent verbally claimed.

This post has been edited by FireUp: Aug 26 2014, 10:42 PM

Pink spider, I rmb ur statement on this lar, in the same page ma
I dy said I trust the agent & her professionalism ma, from head to toe (beginning verbal claim til the plan book itself), so didnt check, so 15 days free-look-period oso nothing lor. as the result, let agent fool me from head to toe lor :'(

Thanks Chigme.
Will write in officially better or directly go to their HQ office better?

Adele123, appreciate much on ur feedback & sharing too!
& I learnt NEW thing again : Sales illustration & product disclosure sheet. New means ur guessing is right, I never been disclosed to these 2 documents.

& bout the NF option & details, I don't really get it... mind to further enlighten?
Means that if with such word somewhere, may opt to stop paying now & future, but the remaining premium I hv invested earlier stil entitle for whatever offer, but in a lower benefit & amount in return form? & normally which part to look for the NF (higher chances to spot it if there is such option), near the table on figure-premium-age duration pages? few pages from the begining of the policy? end pages? (just to narrow the searching area from the "textbook").

Ya, I guess, big comp like them shd hv special dept trained to handle various complaint, n concerned if they r too used to such client complaint n handling way is beating around the bush then it wil b a total waste of time... :'(
(tks for feel my pain)

Thanks roystevenung! Your sharing is valuable to me too! Appreciate it.
Challenge part is, hardly to get a strong proof what quoted VERBALLY by relevant agent if she deny, & with what I hv is only a piece of pencil drawing. & guess to another party, their written policy wil serve as the final official doc...
Hmm... I feel like poke my eye & dig my brain out for trusting agent friend too confident & blindly! :<

MNet, sure got. & her response :
- 1st few attempts to my query was tried to avoid answer straight to the point & beating around the bush lor
- then knowing can't escape, just use the "refer to ur policy written" reason
- last response was denied everthing & challenged me if I hv any proof of what she verbally say during her proposal stage

Adele123, I hv check - got automatic NF option & Elective NF option (guess is bcoz this is indeed a "20 yrs life insurance")
but I don't really understand the said ENF statement.
"for this option, u r stil able to continue with this policy but the only change is that you no longer hv to pay any further premiums & wil no longer benefit from the profits of our life insurance biz"
Means if choose this option, it wil b treated as a pure life + TPD insurance, where the death benefit amount & TPD amount remain d same as in contract.
But there is no further elaboration... whether policy holder (PH) who switch to this option after 5 yrs, r the benefits amount of TDB & TPD same with if another PH who buy at the exactly same premium but only choose to switch after 10 or 15 yrs? (soli, looks like my thinking bcome too sensitive & tricky after this incident)
hmm, am goin to call to their CS centre to ask on this NF option details then.
Tks for the brain storm sharing

tks for ur opinion sharing

JiuHwei, really? if what u claimed is true, u r a proper & pro agent not just by self-claimed & title, but in the practice. Like wat Adele123 shared, agent who apply such practise r in minority. Keep on the good work then.

This post has been edited by FireUp: Aug 26 2014, 01:39 AM

Supersound, u r right that better don't pay by credit card. But actually even if to read thru the whole book & those T&C, some terms shall be too tricky & hard for some of us (i mean myself) to understand the actual meaning behind.
Now only i know y some ppl wil take agent A's policy A to show agent G, agent G's proposal G to show agent P & so. Agents normally willing to point other competiter's plan flaw & hide their own one... so with the passing steps, we hv clearer pic on each insurance policy's cons & pro (if there is any pro), huh? Sigh I understand the IMPORTANCE of such counterchecking too late.

Just share this to all youngsters out there... do take my case as example, trust agent friend fully will never b a wise step. ur trust given is a gold to him/her, but u may get sh*t in return. I learnt this, in a hard way.

This post has been edited by FireUp: Aug 26 2014, 11:24 AM

Do u think I still wan to c her face? ><
Also, guess after such incident, i couldn't take & judge whether what she is going to say is true or false anymore. After all, her explanation is stil VERBAL. "may" & "must" issue can stil happen.

This post has been edited by FireUp: Aug 26 2014, 10:04 PM

JiuHwei, maybe my case is too long story that u didn't complete in reading it. to let u know ur above is totally out of topic actually...

This post has been edited by FireUp: Aug 26 2014, 11:33 PM