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......

My insurance agent took the trouble to go through the policy document, line-by-line, page-by-page with me. You CAN and SHOULD HAVE insisted the agent to do that for you.

i dun wanna do that. later ppl think I'm dupe for that agent or u ppl think I help hard sell my agent here.

that guy sells no savings plans...in fact, he is ANTI savings plans and/or use of insurance as savings/investment. So, no need name him here

u post at insurance thread.

many many many agents will volunteer

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.

I hope AIA being big company, their CS is good enough to know how to explain NF option to you.