actually, prior to signing up, they are suppose to show you something called sales illustration and product disclosure sheet. that's when you see the figures, premium for your age. these 2 documents, will be relatively easier to understand, AND at the same time, give you a brief overview of the important T&C. what i was quite surprised with, many agents skip this part. only use pencil, paper, draw draw. sometimes don't even send the full quotation.

actually, there's a 3rd option. you may look inside your policy, and search for something that says non-forfeiture option. with NF option, usually there's an option to continue your policy without paying extra premium. this will be known as reduced paid up, and etc... so it won't be exactly a total waste, you know, instead of terminating it.

(a 3rd) Actually, if you can bring your policy to menara aia, 99 jln ampang, that would be great la. but i don't know, maybe big company like AIA is used to receiving this kind of complain.

i've heard of successful cases from a compliance manager, of a smaller insurance company, that there are customers who managed to get FULL refund, after 1-2 years of buying into those stupid endowment plan. but maybe cause that company takut so just paid it off and let it be.

OH BTW... since my guess is, your policy is the pay 10 years for 20 years type, your loss will be greater. cause you pay more premium upfront.

This post has been edited by adele123: Aug 24 2014, 09:45 PM

basically with NF option, you can sort of maintain the policy, without paying anymore premium, but strip down of some benefits.

example is reduced paid up and extended term insurance.

http://course.uceusa.com/Courses/content/405/page_143.htm

it's slightly different for savings plan and non-savings plan. i only have my own normal life insurance policy contract with me, so not sure about savings plan, if there's any difference.

i'm afraid different company may have different layout. it should be earlier/beginning section. cause, it's sort a general condition/provision. usually at the later section it's when they start explaining the benefits in detail.

but still at the end of the day, still a lose for you la, but not total loss.

This post has been edited by adele123: Aug 24 2014, 10:49 PM

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

Cause, this is a non-standard thing. with NF, they will try to make it 'actuarially fair' to you as much as they can la.
They may increase the sum assured or extend the term (term extension may not be applicable in certain cases). an amount supposedly actuarially fair to you. can't explain much as i have not personally read the contract

I expected you will be excluded from any future profits from the participating fund. since this is rather standard.

but even turning it into normal term life insurance may not be to your best advantage. but no harm understanding it first, at least you will be able to make an informed decision.

good luck.