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> Great Eastern Saving Plan, Guarantee interest 4-5% p.a.

prepaids4u
post Jun 2 2008, 11:31 PM


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Q & A
1) How much to pay in order to start this?
Its depent on how much you choose to save. If you choose to save RM100 monthly, the first payment will be the first month and second month saving, means RM200.

2) Is there any handling charges or other charges?
Nope. Every single cent you pay you will be getting it back after maturity date.

3) How long is this plan?
30years fix. No more no less.

4) The interest is guarantee?
Yes, the interest is fix and guarantee. The interest percentage will calculates based on a few factors like age, amount save, health condition and so on but for sure it will in the range 4-5%. 4.14% is based on age 20 male and save RM100 monthly.

5) How about want to withdraw money out before the maturity date?
Yes you can and for the limit you can withdraw please refer to the emergency fund there. Please take note that interest will be charges (Interest rate depends on the amount but for sure it will be lower than interest rate of bank for that period).

6) What is the benefit of this plan?
- Free life insurance.
- When suffering from any 36 illnesses, company will continue to save for you and the whole plan will not be affected.
- Guarantee bonus.


Thanks for reading and anyone is free to share their thought. So what do you guys think about this saving plan by Great Eastern?

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yewkhuay
post Jun 2 2008, 11:54 PM


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it's just another multicash saving plan.

never forget Insurance's purpose.
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pangning
post Jun 3 2008, 12:02 AM


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QUOTE(yewkhuay @ Jun 2 2008, 11:54 PM)
it's just another multicash saving plan.

never forget Insurance's purpose.
*
wat's the insurance's purpose btw?
to hold the money value? or claims when involved in accident?

not being sarcastic here
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prepaids4u
post Jun 3 2008, 12:08 AM


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QUOTE(yewkhuay @ Jun 2 2008, 11:54 PM)
it's just another multicash saving plan.

never forget Insurance's purpose.
*
yes it is multicash saving plan
i did mention it, right biggrin.gif

btw, what do you mean by insurance purpose?
need further explainantion

QUOTE(pangning @ Jun 3 2008, 12:02 AM)
wat's the insurance's purpose btw?
to hold the money value? or claims when involved in accident?

not being sarcastic here
*
Great Eastern is insurance company, so it is logic that their product have something to do with insurance
but this saving plan is mainly about saving. Saving > protection i will say
The addon bonus is just life insurance(not huge amount though) and protect against 36 illness (cannot claim money from GE but GE will help to maintain whole saving plan)
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pangning
post Jun 3 2008, 12:13 AM


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oh u meant its a saving plan with some insurance characteristics lo

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ah_heng
post Jun 3 2008, 12:14 AM


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Hi,

Can I ask whether if it's a guaranteed payout of 46k after 30 yrs? And if I invest 18k one shot, and wait for 30 years, can I do that?

Thanks
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prepaids4u
post Jun 3 2008, 12:19 AM


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QUOTE(pangning @ Jun 3 2008, 12:13 AM)
oh u meant its a saving plan with some insurance characteristics lo
*
yes.....
nowadays most of the saving plan have insurance protection

QUOTE(ah_heng @ Jun 3 2008, 12:14 AM)
Hi,

Can I ask whether if it's a guaranteed payout of 46k after 30 yrs? And if I invest 18k one shot, and wait for 30 years, can I do that?

Thanks
*
yes, it is a guarantee payout of 46k after 30years

you can do so by using paying a lump sum method. Paying a lump sum will entitled you some discount too. The method that can be choose is monthly, quarterly, semi, yearly and a lump sum. rclxms.gif
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ah_heng
post Jun 3 2008, 12:20 AM


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Interesting... PM me your details bro...

Cheers...
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ttwangsa
post Jun 3 2008, 12:20 AM


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i think better put in asb/asw
at 6%
this is my calculations
year contrib year end total
1 1,200.00 1,272.00
2 1,200.00 2,548.32
3 1,200.00 3,901.22
4 1,200.00 5,335.29
5 1,200.00 6,855.41
6 1,200.00 8,466.73
7 1,200.00 10,174.74
8 1,200.00 11,985.22
9 1,200.00 13,904.34
10 1,200.00 15,938.60
11 1,200.00 18,094.91
12 1,200.00 20,380.61
13 1,200.00 22,803.44
14 1,200.00 25,371.65
15 1,200.00 28,093.95
16 0.00 29,779.59
17 0.00 31,566.36
18 0.00 33,460.34
19 0.00 35,467.96
20 0.00 37,596.04
21 0.00 39,851.80
22 0.00 42,242.91
23 0.00 44,777.49
24 0.00 47,464.14
25 0.00 50,311.98
26 0.00 53,330.70
27 0.00 56,530.54
28 0.00 59,922.38
29 0.00 63,517.72
30 0.00 67,328.78


if bumi
assume asb = 7%
year contrib year end total
1 1,200.00 1,284.00
2 1,200.00 2,573.88
3 1,200.00 3,954.05
4 1,200.00 5,430.84
5 1,200.00 7,010.99
6 1,200.00 8,701.76
7 1,200.00 10,510.89
8 1,200.00 12,446.65
9 1,200.00 14,517.91
10 1,200.00 16,734.17
11 1,200.00 19,105.56
12 1,200.00 21,642.95
13 1,200.00 24,357.96
14 1,200.00 27,263.01
15 1,200.00 30,371.42
16 0.00 32,497.42
17 0.00 34,772.24
18 0.00 37,206.30
19 0.00 39,810.74
20 0.00 42,597.49
21 0.00 45,579.32
22 0.00 48,769.87
23 0.00 52,183.76
24 0.00 55,836.62
25 0.00 59,745.19
26 0.00 63,927.35
27 0.00 68,402.26
28 0.00 73,190.42
29 0.00 78,313.75
30 0.00 83,795.71

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Darkmage12
post Jun 3 2008, 12:23 AM


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GJA is better IMO
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prepaids4u
post Jun 3 2008, 12:25 AM


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QUOTE(ah_heng @ Jun 3 2008, 12:20 AM)
Interesting... PM me your details bro...

Cheers...
*
I will PM you my contact num then. Btw, im at kl/pj area. How about you?

QUOTE(ttwangsa @ Jun 3 2008, 12:20 AM)
i think better put in asb/asw
at 6%
this is my calculations
year  contrib          year end total
1 1,200.00 1,272.00
2 1,200.00 2,548.32
3 1,200.00 3,901.22
4 1,200.00 5,335.29
5 1,200.00 6,855.41
6 1,200.00 8,466.73
7 1,200.00 10,174.74
8 1,200.00 11,985.22
9 1,200.00 13,904.34
10 1,200.00 15,938.60
11 1,200.00 18,094.91
12 1,200.00 20,380.61
13 1,200.00 22,803.44
14 1,200.00 25,371.65
15 1,200.00 28,093.95
16 0.00 29,779.59
17 0.00 31,566.36
18 0.00 33,460.34
19 0.00 35,467.96
20 0.00 37,596.04
21 0.00 39,851.80
22 0.00 42,242.91
23 0.00 44,777.49
24 0.00 47,464.14
25 0.00 50,311.98
26 0.00 53,330.70
27 0.00 56,530.54
28 0.00 59,922.38
29 0.00 63,517.72
30 0.00 67,328.78
if bumi
assume asb = 7%
year  contrib          year end total
1 1,200.00 1,284.00
2 1,200.00 2,573.88
3 1,200.00 3,954.05
4 1,200.00 5,430.84
5 1,200.00 7,010.99
6 1,200.00 8,701.76
7 1,200.00 10,510.89
8 1,200.00 12,446.65
9 1,200.00 14,517.91
10 1,200.00 16,734.17
11 1,200.00 19,105.56
12 1,200.00 21,642.95
13 1,200.00 24,357.96
14 1,200.00 27,263.01
15 1,200.00 30,371.42
16 0.00 32,497.42
17 0.00 34,772.24
18 0.00 37,206.30
19 0.00 39,810.74
20 0.00 42,597.49
21 0.00 45,579.32
22 0.00 48,769.87
23 0.00 52,183.76
24 0.00 55,836.62
25 0.00 59,745.19
26 0.00 63,927.35
27 0.00 68,402.26
28 0.00 73,190.42
29 0.00 78,313.75
30 0.00 83,795.71
*
Please take note that ASB/ASW is not easy to purchase and you need more money.
For this plan, RM100 monthly will do + some protection.
The choice is yours.
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mphpopular
post Jun 3 2008, 12:30 AM


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Erm, it does made a good offer. Since it offer a one thing, saving and protection for the same time. And 100 permonth is affordable for everyone i think. even a student
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artois
post Jun 3 2008, 12:30 AM


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I'm interested, too. Please pm me with more info and how much is the discount, thank you.
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prepaids4u
post Jun 3 2008, 12:30 AM


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QUOTE(Darkmage12 @ Jun 3 2008, 12:23 AM)
GJA is better IMO
*
Another product of GE....hehe biggrin.gif rclxms.gif
But there are some difference between it....
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bbjslee
post Jun 3 2008, 12:34 AM


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Another GE agent? hehehe Hi5!

The emergency fund is actually a kind of loan.

This post has been edited by bbjslee: Jun 3 2008, 12:40 AM
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Darkmage12
post Jun 3 2008, 12:35 AM


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QUOTE(prepaids4u @ Jun 3 2008, 12:30 AM)
Another product of GE....hehe biggrin.gif  rclxms.gif
But there are some difference between it....
*
their product getting lamer eh tongue.gif

QUOTE(bbjslee @ Jun 3 2008, 12:34 AM)
Another GE agent? hehehe Hi5!
*
who you mean me?
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prepaids4u
post Jun 3 2008, 12:41 AM


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QUOTE(Darkmage12 @ Jun 3 2008, 12:35 AM)
their product getting lamer eh tongue.gif
who you mean me?
*
because now Malaysian start to know more about insurance and willing to purchase.
So the benefit for sure will be lesser from time to time.
Thats why i say now this plan is for limited time only...
as later the plan will decrease the interest rate again cry.gif cry.gif cry.gif
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Darkmage12
post Jun 3 2008, 12:45 AM


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Everytime say for a limited time only not lame?
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prepaids4u
post Jun 3 2008, 12:48 AM


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QUOTE(Darkmage12 @ Jun 3 2008, 12:45 AM)
Everytime say for a limited time only not lame?
*
The plan usually will continue but inside the detail and the benefit will decrease which these might not be acknowledge by users
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bbjslee
post Jun 3 2008, 12:50 AM


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QUOTE(Darkmage12 @ Jun 3 2008, 12:45 AM)
Everytime say for a limited time only not lame?
*
Certain products are indeed limited time because this year is GE's centenary so there are some good products available only this year.

- Centennial Addvantage until 26/08/2008
- Centennial Max Plan from 27/05/2008 till 26/06/2008 (1 month only)
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Darkmage12
post Jun 3 2008, 12:58 AM


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@bbjslee
you GE agent?
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bbjslee
post Jun 3 2008, 01:02 AM


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QUOTE(Darkmage12 @ Jun 3 2008, 12:58 AM)
@bbjslee
you GE agent?
*
Yes I am. Else y would I hi5 with another GE agent? whistling.gif
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prepaids4u
post Jun 3 2008, 01:03 AM


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QUOTE(bbjslee @ Jun 3 2008, 01:02 AM)
Yes I am. Else y would I hi5 with another GE agent?  whistling.gif
*
hi5 mean what? blush.gif blush.gif

btw, i still have a lot to learn blush.gif
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ttwangsa
post Jun 3 2008, 08:55 AM


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QUOTE(prepaids4u @ Jun 3 2008, 12:25 AM)
I will PM you my contact num then. Btw, im at kl/pj area. How about you?
Please take note that ASB/ASW is not easy to purchase and you need more money.
For this plan, RM100 monthly will do + some protection.
The choice is yours.
*
bro.
look at the numbers
i'm still giving 100 per month number
but correct
not protection
but basic protection for medical card is roughly 300 per year (maybe less)


Added on June 3, 2008, 8:57 amsomeone told me.
insurance for insurance purpose.
investment for investment purpose.
investment linked insurance really not that good.
for bumi, asb is not that hard to buy
for non bumi, yeah asw or asm maybe a bit hard to buy.


This post has been edited by ttwangsa: Jun 3 2008, 08:57 AM
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prepaids4u
post Jun 3 2008, 09:56 AM


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QUOTE(ttwangsa @ Jun 3 2008, 08:55 AM)
bro.
look at the numbers
i'm still giving 100 per month number
but correct
not protection
but basic protection for medical card is roughly 300 per year (maybe less)


Added on June 3, 2008, 8:57 amsomeone told me.
insurance for insurance purpose.
investment for investment purpose.
investment linked insurance really not that good.
for bumi, asb is not that hard to buy
for non bumi, yeah asw or asm maybe a bit hard to buy.
*
as i said, this is a saving plan
you canot really compare a saving plan with a medical card as they provide different protection
the protection of this saving plan is to prevent if something happen to the holder, at least the saving plan can still continue.
example is for 36 illness, for this saving plan, you will not entitled for another lump sum of money, but just that your saving plan will not stop. While for other insurance company, you may getting a huge lump sum. So that is the difference.

Why like this? This is because when you save RM100, 100% of the money goes to saving and we will not let's say take out a portion of money for insurance purpose. But the insurance benefit still offer together as this is plan by insurance company. Hope that clear your doubt. biggrin.gif
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jeff_ckf
post Jun 3 2008, 10:17 AM


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QUOTE(prepaids4u @ Jun 2 2008, 11:31 PM)
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Q & A

6) What is the benefit of this plan?
- Free life insurance.
- When suffering from any 36 illnesses, company will continue to save for you and the whole plan will not be affected.
- Guarantee bonus.
Thanks for reading and anyone is free to share their thought. So what do you guys think about this saving plan by Great Eastern?
*
My questions for you:

1) How much is the free life insurance?
2) For 36 illnesses company continue to save means I won't have to contribute anymore and my end figure still the same?
3) What kind of bonus?
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prepaids4u
post Jun 3 2008, 10:29 AM


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QUOTE(jeff_ckf @ Jun 3 2008, 10:17 AM)
My questions for you:

1) How much is the free life insurance?
2) For 36 illnesses company continue to save means I won't have to contribute anymore and my end figure still the same?
3) What kind of bonus?
*
1) How much is the free life insurance?
depent on how much in your accumulated fund. But for sure the amount of insured will be lesser than those traditional life insurance as the main point of this plan is saving.

2) For 36 illnesses company continue to save means I won't have to contribute anymore and my end figure still the same?
yes

3) What kind of bonus?
guarantee bonus is actually refer to 4-5% p.a. interest.
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Darkmage12
post Jun 4 2008, 12:09 AM


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QUOTE(bbjslee @ Jun 3 2008, 01:02 AM)
Yes I am. Else y would I hi5 with another GE agent?  whistling.gif
*
Ok then. You GSM already?
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dopp
post Jun 4 2008, 12:22 AM


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HLA Trigen income is far better.
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Darkmage12
post Jun 4 2008, 12:26 AM


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dude show some slides of HLA Trigen?
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Y_yz
post Jun 4 2008, 10:41 AM


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HLA trigen income the same features with GE GJA/GIA series2
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bbjslee
post Jun 4 2008, 02:00 PM


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QUOTE(Darkmage12 @ Jun 4 2008, 12:09 AM)
Ok then. You GSM already?
*
Unfortunately not yet cry.gif

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prepaids4u
post Jun 4 2008, 02:27 PM


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QUOTE(Y_yz @ Jun 4 2008, 10:41 AM)
HLA trigen income the same features with GE GJA/GIA series2
*
different purpose plan....
depent on individual prefer which type
multicash is saving > protection
GJA is protection > saving
biggrin.gif
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dc_hunter
post Jun 4 2008, 02:56 PM


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QUOTE(prepaids4u @ Jun 3 2008, 09:56 AM)
as i said, this is a saving plan
you canot really compare a saving plan with a medical card as they provide different protection
the protection of this saving plan is to prevent if something happen to the holder, at least the saving plan can still continue.
example is for 36 illness, for this saving plan, you will not entitled for another lump sum of money, but  just that your saving plan will not stop. While for other insurance company, you may getting a huge lump sum. So that is the difference.

Why like this? This is because when you save RM100, 100% of the money goes to saving and we will not let's say take out a portion of money for insurance purpose. But the insurance benefit still offer together as this is plan by insurance company. Hope that clear your doubt.  biggrin.gif
*
let say now i take this plan...
let say 1 year i pay for RM2000.

After 1 year, i decided to surrender. How much can i take back?

>RM2000 or <RM2000?
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ttwangsa
post Jun 4 2008, 02:58 PM


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of course less than 2k

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dc_hunter
post Jun 4 2008, 03:36 PM


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QUOTE(ttwangsa @ Jun 4 2008, 02:58 PM)
of course less than 2k
*
thats the catch lor...

actually i'm a GE customer leh... and i also invest the saving plan.
what i learnt:

- i have invest this for about three years. Each year i pay about RM1700. So after year 2, i decide to surrender.
i call my agent to ask how much i can get... then he told me i can only get 2 thousand plus only.

- those agent will give you an schedule on how much you can earn year by year. I notice that the schedule is based on the BEST performance. so is nearly impossible to get the return based on the schedule.


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ttwangsa
post Jun 4 2008, 03:58 PM


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in a way
its higher than normal saving.
better pay.
but the liquidity is lost.

i'd go for ASD,
3 year minimum payout is 6.8%
2005 7.2
2006 6.8
2007
put in 2k,
after one year
sure more than 2k
cannot be less.

http://www.asnb.com.my/english/asd.htm
putting 1200 per year

year 0 - 1,200.00
year 1 - 2,481.60
..
year 9 - 16,423.94
..
year 25 - 47,056.26
..
year 30 - 65,384.33



rate = 6.8% per year
contribute 1200 per year for year 0 to year 9

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bbjslee
post Jun 4 2008, 04:23 PM


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QUOTE(dc_hunter @ Jun 4 2008, 03:36 PM)
thats the catch lor...

actually i'm a GE customer leh... and i also invest the saving plan.
what i learnt:

- i have invest this for about three years. Each year i pay about RM1700. So after year 2, i decide to surrender.
i call my agent to ask how much i can get... then he told me i can only get 2 thousand plus only.

- those agent will give you an schedule on how much you can earn year by year. I notice that the schedule is based on the BEST performance. so is nearly impossible to get the return based on the schedule.
*
Which saving plan?

Sorry that your agent didn't notify you earlier for 1st few years your policy's surrender value is definitely lower than what you put in. It is the same for most of the other insurance companies' saving plan.

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b00n
post Jun 4 2008, 04:39 PM


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QUOTE(bbjslee @ Jun 4 2008, 04:23 PM)
Which saving plan?

Sorry that your agent didn't notify you earlier for 1st few years your policy's surrender value is definitely lower than what you put in. It is the same for most of the other insurance companies' saving plan.
*

It's not to say same as any other insurance company.
It's the same for most investment company because one never explain the management fees, agent's commission etc which is not transparent to investors thus a lot of time consumers felt cheated.
In away, when one invest say RM2000 for the first year, it's not the full amount of RM2000 they are investing. So to be a good or responsible agent, my advise is they should tell the customers what is the actual amount minusing those hidden cost I mentioned.

Again since this is a monthly investment scheme, say the first month initial investment in January might reap profit in the January next year, but monthly contribution of February to December might not make any profit yet in January thus if one is to cash out in January, they would loose out. Many consumers/customers fail to see the time difference also because agents never properly educate them.

It's all the same with any investment company which invest in equities, bonds, funds etc depending on their risk structures. And this GE saving plans is more skewed towards which portfolio?
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bbjslee
post Jun 4 2008, 06:00 PM


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QUOTE(b00n @ Jun 4 2008, 04:39 PM)
It's not to say same as any other insurance company.
It's the same for most investment company because one never explain the management fees, agent's commission etc which is not transparent to investors thus a lot of time consumers felt cheated.
In away, when one invest say RM2000 for the first year, it's not the full amount of RM2000 they are investing. So to be a good or responsible agent, my advise is they should tell the customers what is the actual amount minusing those hidden cost I mentioned.

Again since this is a monthly investment scheme, say the first month initial investment in January might reap profit in the January next year, but monthly contribution of February to December might not make any profit yet in January thus if one is to cash out in January, they would loose out. Many consumers/customers fail to see the time difference also because agents never properly educate them.

It's all the same with any investment company which invest in equities, bonds, funds etc depending on their risk structures. And this GE saving plans is more skewed towards which portfolio?
*
Agree with you that agent (insurance & even UT) has a huge role in explaining to the customers.

I also not sure which saving plan does the dc_hunter mean.

For GJA2, the GUARANTEED Cash Bonus is 4.25% of BSA, non guaranteed is 3.25% of BSA. So you are able to get a maximum of 7.5% cash bonus. GJA1 has 5% guaranteed sad.gif

No, we agent do not know the 3.25% comes from which type/kind/portfolio of investment.

GJA2 is NOT investment plan. It is strictly for saving with rates better than FD.
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Y_yz
post Jun 4 2008, 06:19 PM


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In GE, only Centennial Max plan are purely investment plan but only on market for 1month. Investment linked are partial investment+protection.

Those GJA,multicash are saving NOT investment cool2.gif
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b00n
post Jun 4 2008, 07:23 PM


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QUOTE(bbjslee @ Jun 4 2008, 06:00 PM)
» Click to show Spoiler - click again to hide... «

GJA2 is NOT investment plan. It is strictly for saving with rates better than FD.
*
QUOTE(Y_yz @ Jun 4 2008, 06:19 PM)
In GE, only Centennial Max plan are purely investment plan but only on market for 1month. Investment linked are partial investment+protection.

Those GJA,multicash are saving NOT investment cool2.gif
*

But understand this concept. To be able to give returns, the company as a whole must be investing somewhere. Thus in GE's ambitious on giving out that sort of returns, it must have some plans on investment up it's sleeve.
Banks gives out FD rate of 3+% because they are confident that with that interest given they're still earning money as they too uses the FD money in there to earn. Thus in a way you could term it as a more secured investment or like you guys put it...savings.

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Y_yz
post Jun 4 2008, 07:33 PM


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Yes, bank used our saving to invest, to earn money and declare 3+% as FD interest, but does bank tell "where we invest? Which portfolio we used?"

NOPE, they didnt announce..but people put in FD also le.. biggrin.gif

NO offence har..haha
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Darkmage12
post Jun 4 2008, 07:34 PM


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QUOTE(Y_yz @ Jun 4 2008, 07:33 PM)
Yes, bank used our saving to invest, to earn money and declare 3+% as FD interest, but does bank tell "where we invest? Which portfolio we used?"

NOPE, they didnt announce..but people put in FD also le.. biggrin.gif

NO offence har..haha
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You know what is BLR? They do loan out to others
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Y_yz
post Jun 4 2008, 07:41 PM


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Yo...don so angry la

BLR 6.75% - (max 2%) currently
lent out money,earn higher interest, and declared lower interest to public.

This is one of their investment lo, but don't they have other channels of investment return??
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b00n
post Jun 4 2008, 09:45 PM


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Sorry to break your heart but bank's main income is through borrowings. At least when we talk about consumer banking.
The other investment that they do is taking over other "banks" they see profitable.
Insurance company when talk about "savings" or "investment" it would still be investment.
Thus it's the right for customer to ask where does the return comes from as it's not "bank".
Another big difference why it's not savings per say is because like I mentioned previously. If I put in RM1,000, even before my FD matures when I withdraw I still get back my RM1,000 whereas it doesn't work in this "saving" scheme. Thus I personally think it's not qualified to be term as "savings" because you loose money the moment you signed up!
Another reason why agents cannot blame customers because of the illusion which was not explained upfront to them.

This post has been edited by b00n: Jun 4 2008, 09:46 PM
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bbjslee
post Jun 4 2008, 11:06 PM


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QUOTE(b00n @ Jun 4 2008, 09:45 PM)
Sorry to break your heart but bank's main income is through borrowings. At least when we talk about consumer banking.
The other investment that they do is taking over other "banks" they see profitable.
Insurance company when talk about "savings" or "investment" it would still be investment.
Thus it's the right for customer to ask where does the return comes from as it's not "bank".
Another big difference why it's not savings per say is because like I mentioned previously. If I put in RM1,000, even before my FD matures when I withdraw I still get back my RM1,000 whereas it doesn't work in this "saving" scheme. Thus I personally think it's not qualified to be term as "savings" because you loose money the moment you signed up!
Another reason why agents cannot blame customers because of the illusion which was not explained upfront to them.
*
1. You loose money the moment you signed up, but you win more money if you consistently put in your money for 10 yrs (GJA2). If you already have a hugh sum in FD currrently you can put in one lump some into GJA2 and enjoy the immediate award!
2. Since when do agent blame customers?

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b00n
post Jun 4 2008, 11:12 PM


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QUOTE(bbjslee @ Jun 4 2008, 11:06 PM)
1. You loose money the moment you signed up, but you win more money if you consistently put in your money for 10 yrs (GJA2). If you already have a hugh sum in FD currrently you can put in one lump some into GJA2 and enjoy the immediate award!
2. Since when do agent blame customers?
*

I'm commenting on customers do not understand that if agent didn't inform them and also term it as "savings" because like I mentioned, technically it's not a saving. Unless obviously the customer is someone like me who does some research on investment or ways to grow money.
2ndly, when customers doesn't understand that and start complaining.....who feels the heat? Agents felt the heat because everyone else out there would have a bad impression or a misconception. Else, why do you think a lot is not liking insurance agents or basically sales agent or MLM agents.
It's more likely because usually when closing deals, most of the time sales person forgot to really educate the customers.

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bbjslee
post Jun 4 2008, 11:42 PM


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QUOTE(b00n @ Jun 4 2008, 11:12 PM)
I'm commenting on customers do not understand that if agent didn't inform them and also term it as "savings" because like I mentioned, technically it's not a saving. Unless obviously the customer is someone like me who does some research on investment or ways to grow money.
2ndly, when customers doesn't understand that and start complaining.....who feels the heat? Agents felt the heat because everyone else out there would have a bad impression or a misconception. Else, why do you think a lot is not liking insurance agents or basically sales agent or MLM agents.
It's more likely because usually when closing deals, most of the time sales person forgot to really educate the customers.
*
I understand what you mean here. But still I don't get it "agent blame customers". From the way I see it, rather it is agent blame agents who weren't responsible.

Everywhere, every field we heard stories of agents cheating. Unit trust, insurance, real estate... etc. Sad sad.gif
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Darkmage12
post Jun 5 2008, 01:01 AM


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QUOTE(bbjslee @ Jun 4 2008, 11:42 PM)
I understand what you mean here. But still I don't get it "agent blame customers". From the way I see it, rather it is agent blame agents who weren't responsible.

Everywhere, every field we heard stories of agents cheating. Unit trust, insurance, real estate... etc. Sad  sad.gif
*
like those agents always like to say it's a dog eat dog world but then i do ask them how do those top performer do without cheating others?
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georgechang79
post Jun 5 2008, 01:03 AM


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QUOTE(prepaids4u @ Jun 3 2008, 12:41 AM)
because now Malaysian start to know more about insurance and willing to purchase.
So the benefit for sure will be lesser from time to time.
Thats why i say now this plan is for limited time only...
as later the plan will decrease the interest rate again cry.gif  cry.gif  cry.gif
*
It is good to save money but insurance and saving money should be separated. Insurance is a safety net to ensure people depending on your income can still survive after your demise. So if you have no dependant and still single, why do you need to have life insurance? A medical or hospitalization would make more sense.

Saving money on the other hand depend on your own discipline and skill. Why let other people invest your money for 6% interest when you can make more than 20% return. With our petrol price increase, rice increase and electricity increase, soon people will need to work two jobs to survive.


Added on June 5, 2008, 1:12 am
QUOTE(dc_hunter @ Jun 4 2008, 03:36 PM)
thats the catch lor...

actually i'm a GE customer leh... and i also invest the saving plan.
what i learnt:

- i have invest this for about three years. Each year i pay about RM1700. So after year 2, i decide to surrender.
i call my agent to ask how much i can get... then he told me i can only get 2 thousand plus only.

- those agent will give you an schedule on how much you can earn year by year. I notice that the schedule is based on the BEST performance. so is nearly impossible to get the return based on the schedule.
*
That is true because the shedule is based on share market performance and you know that how well our KLSE is doing. sweat.gif


Added on June 5, 2008, 1:24 am
QUOTE(bbjslee @ Jun 4 2008, 06:00 PM)
Agree with you that agent (insurance & even UT) has a huge role in explaining to the customers.

I also not sure which saving plan does the dc_hunter mean.

For GJA2, the GUARANTEED Cash Bonus is 4.25% of BSA, non guaranteed is 3.25% of BSA. So you are able to get a maximum of 7.5% cash bonus. GJA1 has 5% guaranteed sad.gif

No, we agent do not know the 3.25% comes from which type/kind/portfolio of investment.

GJA2 is NOT investment plan. It is strictly for saving with rates better than FD.
*
Generally, insurance company have 3 types of portfolios: equities, bonds and a mixture of both.
In bull market, it is good to have equities. Bear market to have bonds. Lastly for the people who dont know, lazy or tidak apa, pick the mixture of both.

Alot of people dont know that they have rights to switch the funds from equities or bonds. Sometimes you have to pay a fee but it is better than to see all the money earned get wipe off because the AGENT put it in equities portfolio in a bear market. And as a tip. NOW it is a bear market in Malaysia. so talk to your agents.

They may not know but at least they will ask someone who does. Remember saving money is a form of investment. WE are responsible for our own money no one else is.

This post has been edited by georgechang79: Jun 5 2008, 01:24 AM
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post Jun 5 2008, 08:25 AM


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QUOTE(georgechang79 @ Jun 5 2008, 01:03 AM)
It is good to save money but insurance and saving money should be separated. Insurance is a safety net to ensure people depending on your income can still survive after your demise. So if you have no dependant and still single, why do you need to have life insurance? A medical or hospitalization would make more sense.

Saving money on the other hand depend on your own discipline and skill. Why let other people invest your money for 6% interest when you can make more than 20% return. With our petrol price increase, rice increase and electricity increase, soon people will need to work two jobs to survive.


Added on June 5, 2008, 1:12 am
That is true because the shedule is based on share market performance and you know that how well our KLSE is doing.  sweat.gif


Added on June 5, 2008, 1:24 am

Generally, insurance company have 3 types of portfolios: equities, bonds and a mixture of both.
In bull market, it is good to have equities. Bear market to have bonds. Lastly for the people who dont know, lazy or tidak apa, pick the mixture of both.

Alot of people dont know that they have rights to switch the funds from equities or bonds. Sometimes you have to pay a fee but it is better than to see all the money earned get wipe off because the AGENT put it in equities portfolio in a bear market. And as a tip. NOW it is a bear market in Malaysia. so talk to your agents.

They may not know but at least they will ask someone who does. Remember saving money is a form of investment. WE are responsible for our own money no one else is.
*
For Insurance Product that is true for Investment Linked Product.
For traditional plan do you know where you get the cash bonus?

Other example:
1. EPF/ASB... we know where they invest in with our money, but can we request to change stock/portfolio?
2. Saving accounts/FD in bank... they have some % of return for us, where do those come from? Can we ask them to put our money in certain portfolio or any other vehicle of investment?

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Darkmage12
post Jun 5 2008, 10:38 AM


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QUOTE(bbjslee @ Jun 5 2008, 08:25 AM)
For Insurance Product that is true for Investment Linked Product.
For traditional plan do you know where you get the cash bonus?

Other example:
1. EPF/ASB... we know where they invest in with our money, but can we request to change stock/portfolio?
2. Saving accounts/FD in bank... they have some % of return for us, where do those come from? Can we ask them to put our money in certain portfolio or any other vehicle of investment?

*
You can request GE to change ur stock/portfolio? WOW
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b00n
post Jun 5 2008, 10:55 AM


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QUOTE(Darkmage12 @ Jun 5 2008, 10:38 AM)
You can request GE to change ur stock/portfolio? WOW
*

No, i think you misread. What he meant is even EPF banks and all where we put our money in, we do not know what they invested in. Or yes we knew.....but we have no say in asking them to change their investment profile which is the same as GE.

This all started when I ask agents to explain on where does this "earnings" comes from.

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post Jun 5 2008, 11:02 AM


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QUOTE(Darkmage12 @ Jun 5 2008, 10:38 AM)
You can request GE to change ur stock/portfolio? WOW
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QUOTE(b00n @ Jun 5 2008, 10:55 AM)
No, i think you misread. What he meant is even EPF banks and all where we put our money in, we do not know what they invested in. Or yes we knew.....but we have no say in asking them to change their investment profile which is the same as GE.

This all started when I ask agents to explain on where does this "earnings" comes from.
*
You can change your portfolio of investment for GE Investment Linked Product NOT for Traditional products.
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Darkmage12
post Jun 5 2008, 11:05 AM


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QUOTE(b00n @ Jun 5 2008, 10:55 AM)
No, i think you misread. What he meant is even EPF banks and all where we put our money in, we do not know what they invested in. Or yes we knew.....but we have no say in asking them to change their investment profile which is the same as GE.

This all started when I ask agents to explain on where does this "earnings" comes from.
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QUOTE(bbjslee @ Jun 5 2008, 11:02 AM)
You can change your portfolio of investment for GE Investment Linked Product NOT for Traditional products.
*
So can you teach us how to change my portfolio?
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post Jun 5 2008, 12:55 PM


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QUOTE(Darkmage12 @ Jun 5 2008, 11:05 AM)
So can you teach us how to change my portfolio?
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Speak to your agent, ask to change portfolio for you.
Btw, what plan you have now?
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Darkmage12
post Jun 5 2008, 01:29 PM


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you mean investment link? i dun have 1 from GE but i do have other plans from GE and especially GJA.... i can't remember how many GJA i bought rclxub.gif
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bbjslee
post Jun 5 2008, 01:35 PM


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QUOTE(Darkmage12 @ Jun 5 2008, 01:29 PM)
you mean investment link? i dun have 1 from GE but i do have other plans from GE and especially GJA.... i can't remember how many GJA i bought rclxub.gif
*
Ic.

GJA? Sorry mate, GJA cannot change select/change portfolio of investment.

Kinda surprised, you have "many" GJA? One GJA plan is about minimum RM300++/month. How I wish I could be your agent tongue.gif
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clngu
post Jun 5 2008, 01:58 PM


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given to understand that Centennial Max Plan invests in a specially-designed close-ended investment-linked fund - Centennial Max Fund. is it guarantee to give an average return of 74.2% upon maturity?


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post Jun 5 2008, 02:11 PM


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QUOTE(clngu @ Jun 5 2008, 01:58 PM)
given to understand that Centennial Max Plan invests in a specially-designed close-ended investment-linked fund - Centennial Max Fund. is it guarantee to give an average return of 74.2% upon maturity?
*
No. It is NOT GUARANTEED. But you'll not lose due to 100% capital protection.

74.2% is based on average past performance of 1999 - 2008.

So this plan is:
Potential High Return with capital Protection.

Minimum premium is: RM20,000 (One-off)
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post Jun 5 2008, 02:55 PM


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QUOTE(bbjslee @ Jun 5 2008, 01:35 PM)
Ic.

GJA? Sorry mate, GJA cannot change select/change portfolio of investment.

Kinda surprised, you have "many" GJA? One GJA plan is about minimum RM300++/month. How I wish I could be your agent tongue.gif
*
lol that time got several agents approach me but only 1 got lucky...you say the portfolio is only for investment link right? i think i need to check if i do have 1 from GE smile.gif

QUOTE(clngu @ Jun 5 2008, 01:58 PM)
given to understand that Centennial Max Plan invests in a specially-designed close-ended investment-linked fund - Centennial Max Fund. is it guarantee to give an average return of 74.2% upon maturity?
*
QUOTE(bbjslee @ Jun 5 2008, 02:11 PM)
No. It is NOT GUARANTEED. But you'll not lose due to 100% capital protection.

74.2% is based on average past performance of 1999 - 2008.

So this plan is:
Potential High Return with capital Protection.

Minimum premium is: RM20,000 (One-off)
*
Centennial Max Plan is how long?
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bbjslee
post Jun 5 2008, 05:28 PM


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QUOTE(Darkmage12 @ Jun 5 2008, 02:55 PM)
lol that time got several agents approach me but only 1 got lucky...you say the portfolio is only for investment link right? i think i need to check if i do have 1 from GE smile.gif
Centennial Max Plan is how long?
*
FREQUENTLY-ASKED QUESTIONS
PLAN NAME: Centennial Max Plan
PLAN CODE: 0270

Product Features
1. Q : What is Centennial Max Plan?
A : Centennial Max Plan is a 5-year Single Premium Investment-Linked Plan with 100% capital protection if held to maturity. This plan is available from 27 May 2008 (Tuesday) to 26 June 2008 (Thursday).

2. Q : What are the unique benefit(s) for Centennial Max Plan?
A : Centennial Max Plan provides: -
 100% capital protection if the policy is held to maturity.
 Access to a specially-designed investment-linked fund called the Centennial Max Fund
that offers:
An opportunity to gain potentially higher returns linked to a Dynamic Basket that aims to generate consistent returns with low volatility.
Capital protection and performance linked to a Dynamic Rebalancing Strategy that captures returns in both Bull and Bear markets.
 Death and TPD coverage for standard lives.
 Death coverage for substandard lives.

3. Q : What are the qualifying criteria to entitle for this plan?
A : To be entitled for this plan, the policy owner has to fulfil the following criteria: -
 Purchase of Centennial Max Plan within 27 May 2008 (Tuesday) to 26 June 2008 (Thursday).
 Minimum and maximum entry age for Centennial Max Plan applies.
 A complete proposal form and other documentary evidence with submission or registration date must be within the period of 27 May 2008 to 26 June 2008.
 Child lien is applicable to the Death and TPD Benefit.
 Available for standard lives and substandard lives.

4. Q : What is Centennial Max Fund
A : Centennial Max Fund is designed for investors looking for diversification of their portfolio returns while providing protection on 100% capital amount upon maturity. This fund invests in a structured product issued by OCBC Bank (Malaysia) Berhad, which consists of two components:
 Ringgit-denominated financial instruments, such as money market instruments and/or fixed income securities, and
 A Euro-denominated option on a portfolio of indices (the Reference Index) and
defensive assets, such as a zero coupon bond. The Reference Index refers to the BNP Paribas Spectrum Long/Short Style Excess Return Index, which:
Employs a 100% market neutral investment strategy
Aims to generate high and consistent returns with low volatility, by investing in a portfolio of 8 indices in US and Europe.

5. Q : What are the riders available for attachment?
A : No riders are available for attachment.

New Business and Underwriting
1. Q : Who can apply for Centennial Max Plan?
A : Insured: Minimum: 1 month attained age
Maximum: 70 years old next birthday
Policy owner: Minimum: 19 years old next birthday
Maximum: 70 years old next birthday

2. Q : Are there any discount given for female, non-smoker or large Sum Assured?
A : There will be no discount for female, non-smoker and large Sum Assured discount for this policy.

3. Q : Can Centennial Max Plan be backdated?
A : No, backdating is not allowed.

4. Q : What are the minimum and maximum single premium allowable for Centennial Max Plan?
A : The minimum and maximum single premium allowable are: -
Minimum: RM20,000
Maximum: RM1 million per life (Standard Life)
RM250,000 per life (Substandard Life)

5. Q : What are the minimum and maximum Sum Assured allowable for Centennial Max Plan?
A : The Sum Assured is dependent on age at entry and standard/substandard lives as stated below:
Standard Lives
Age at Entry Sum Assured (RM)
1 - 40 125% of Single Premium
41 - 50 110% of Single Premium
51-70 105% of Single Premium
 Substandard Lives
Age at Entry Basic Sum Assured (RM)
1 - 70 105% of Single Premium

6. Q : Is this plan offered to substandard life?
A : This plan is offered to substandard life with Death coverage only.

7. Q : Can Centennial Max Plan be issued as a third party policy?
A : Yes.

8. Q : Can Centennial Max Plan be any citizen or permanent resident as life assured or
policy owners?
A : Centennial Max Plan can be sold to any citizen or permanent resident except US citizen or US permanent resident as life assured or policy owners.

9. Q : What are the payment methods available for Centennial Max Plan?
A : Policy owner can pay their FULL single premiums by cash, bankers cheque or cheque. Partial payment is not allowed.

10. Q : What type of Proposal Form will be used for Centennial Max Plan?
A : A new simplified proposal form - Proposal for Centennial Max Plan will be introduced for Centennial Max Plan. Agents must submit the proposal form together with the medical report and/or other documentary evidence. This is to facilitate a smooth underwriting process, which is incorporated for Centennial Max Plan due to limited offer period.

11. Q : Besides policy contract, will there be any other documents sent out to policy owners upon policy issuance?
A : A Participation Rate Letter (P-Rate Letter) will be sent out together with the policy contract to the policy owners. The actual Participation Rate and Initial Exchange Rate will be stated in the P-Rate Letter.

12. Q : When will the insurance coverage start?
A : The insurance coverage will start on the day that the policy is issued (this is the Risk Commencement Date). This will be at the end of the Offer Period, or the end of the extended Offer Period (This is at the Companys discretion). There will be NO interim coverage before this Risk Commencement Date.

Customer Service
1. Q : Is partial withdrawal available under Centennial Max Plan?
A : Yes, by selling some of the units at the Bid Price in one or more of the invested funds subject to the following conditions: -
If the value of the invested fund from which units are to be withdrawn is less than or equal to RM 40,000, then all units from that fund must be withdrawn and sold.
If the value of that invested fund is more than RM 40,000, then the minimum withdrawal amount must equal to RM 20,000 and the remaining units in that invested fund equal to RM 20,000.
The withdrawal has to be done in units, not in RM.
The amount payable upon any withdrawal will be equal to the value of the cancelled units at the bid price on the next valuation date of the fund after the Company has received the policy owners request on the Companys prescribed form on a date which is at least two (2) business days prior to the next valuation date. If, however, the Company receives such request on a date which is less than two (2) business days prior to the next valuation date, then the bid price on the valuation date immediately following the said next valuation date will be used
to calculate the amount payable for the cancelled units.
Since forward pricing is adopted, all transactions occurring on any day will be based on the unit prices determined at the next applicable valuation date, not the unit prices currently available. That is, the policy owner will not know the exact withdrawal amount from surrendering units until the next applicable valuation date after the withdrawal request is received by the Company.

2. Q : Is fund switching available under Centennial Max Plan?
A : No, fund switching is not available under Centennial Max Plan.

3. Q : Is Policy Loan available under Centennial Max Plan?
A : No, Policy Loan is not available under Centennial Max Plan.

4. Q : What are the available modes of payment for Centennial Max Plan?
A : Only Single Premium (one time off) payment mode is available for Centennial Max Plan.

5. Q : Can I increase the Sum Assured of Centennial Max Plan?
A : No, Increase in Sum Assured is not allowed for this plan.

6. Q : Can I decrease the Sum Assured of Centennial Max Plan?
A : No, Voluntary Decrease in Sum Assured is not allowed for this plan. However, when a partial surrender of the investment values is made, the Sum Assured will automatically be decreased to the Sum Assured prior to the withdrawal less the amount withdrawn, subject to the minimum Sum Assured required of RM6,000 (for inforce).

7. Q : Can Centennial Max Plan be converted to an Extended Term Assurance (ETA) or a
Paid-Up Assurance?
A : ETA and Paid-Up are not applicable for this plan.

8. Q : If a policy owner decides to cancel the policy after it has been issued, will there be
any refund?
A : If a policy is cancelled within the 15-days free-look period, the sum of Total Investment Values of the policy based on the bid price at the next valuation date and Bid-Offer Spread; less the expenses incurred for medical examination, if any, will be refunded.

9. Q : Can Centennial Max Plan be assigned?
A : Yes.

10. Q : Does Centennial Max Plan qualify for tax relief?
A : Yes.

11. Q : What are the charges deducted under Centennial Max Plan?
A : There will be no charges (Insurance Charge, Fund Management Charge, Policy Charge) for this plan except Bid-Offer Spread of 5%.

12. Q : How are premiums being allocated?
A : 100% of Premium will be allocated to the unit funds, subject to Bid-Offer Spread of 5%.

13. Q : What is the frequency of fund valuation?
A : The frequency of fund valuation is twice a month. The fund is valued on the 15th if it is a business day (otherwise it will be on the next business day), and last business day of each calendar month.

Claims
1. Q : What is payable upon the death of the Life Assured?
A : The Basic Sum Assured (BSA) or Total Investment Value (TIV), whichever is higher, will be payable upon death before end of policy term. TIV is calculated at Bid Price at the next Valuation Date.

2. Q : Is Child Lien applicable to Centennial Max Plan?
A : Yes, in the event death occurs before age of 5,
If TIV > BSA, 100% of TIV.
If TIV < BSA, 100% of TIV and the following percentage of net sum assured are payable.
Age next birthday Death Benefit after Lien
1 20% of the Net Sum Assured
2 40% of the Net Sum Assured
3 60% of the Net Sum Assured
4 80% of the Net Sum Assured
Net Sum Assured (NSA) is the excess, if any, of BSA over TIV.
Full life cover will be given from age 5 years next birthday.

3. Q : What is payable upon TPD of the Life Assured?
A : If TIV > BSA, 100% TIV is payable in one lump sum.
If TIV < BSA, only TIV is payable in one lump sum. Net Sum Assured (NSA) shall be paid in 3 annual instalments with the first being a lump sum of the NSA or RM1,000,000 whichever is lesser, and the balance of the NSA (if any), will be payable in two equal, annual instalments of maximum RM500,000 each.
The payout upon TPD as mentioned in the 2 points above only apply for TPD occurring prior to the policy anniversary on which the Life Assured attains age 65 next birthday.
The TPD cover for child below age 5 next birthday is subject to the lien as per Death Benefit and maximum amount of RM500,000 under this and all policies and riders on the same life. Full TPD cover will be given from age 5 next birthday onwards.
The maximum TPD Benefit payable under this and all policies and riders on the same life, excluding Mortgage Decreasing Term Policy without Profits (with TPD Benefits), the Enhanced TPD Rider and Term Policy without Profits (with TPD Benefits), is RM2, 000,000 per life (inclusive of the additional Death & TPD benefits).
The maximum TPD Benefit payable under this and all policies and riders on the same life, is RM 3,500,000 per life (inclusive of the additional Death & TPD benefits).
The TPD Benefit is not offered to substandard lives.

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Darkmage12
post Jun 5 2008, 06:38 PM


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Oh well too long to go through it really headache rclxub.gif
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bbjslee
post Jun 5 2008, 07:19 PM


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QUOTE(Darkmage12 @ Jun 5 2008, 06:38 PM)
Oh well too long to go through it really headache rclxub.gif
*
Hehehe
When agent don't explain much, we're consider cheating.
When agent explain much, consumer find it too much to digest.
When agent just explain the important points, we're blamed for ignoring the smaller prints.

So how many of you here actually go through all the terms and conditions over certain purchases?
Example: Insurance policy, UT, electrical products (warranty), S&P agreement... etc.

Sigh... hard to do business leh cry.gif
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Darkmage12
post Jun 5 2008, 08:06 PM


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QUOTE(bbjslee @ Jun 5 2008, 07:19 PM)
Hehehe
When agent don't explain much, we're consider cheating.
When agent explain much, consumer find it too much to digest.
When agent just explain the important points, we're blamed for ignoring the smaller prints.

So how many of you here actually go through all the terms and conditions over certain purchases?
Example: Insurance policy, UT, electrical products (warranty), S&P agreement... etc.

Sigh... hard to do business leh  cry.gif
*
I always do but then this 1 on computer hard to see le lolz
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athlon 11
post Jun 5 2008, 11:39 PM


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QUOTE(georgechang79 @ Jun 5 2008, 01:03 AM)
It is good to save money but insurance and saving money should be separated. Insurance is a safety net to ensure people depending on your income can still survive after your demise. So if you have no dependant and still single, why do you need to have life insurance? A medical or hospitalization would make more sense.

Saving money on the other hand depend on your own discipline and skill. Why let other people invest your money for 6% interest when you can make more than 20% return. With our petrol price increase, rice increase and electricity increase, soon people will need to work two jobs to survive.


Added on June 5, 2008, 1:12 am
That is true because the shedule is based on share market performance and you know that how well our KLSE is doing.  sweat.gif


Added on June 5, 2008, 1:24 am

Generally, insurance company have 3 types of portfolios: equities, bonds and a mixture of both.
In bull market, it is good to have equities. Bear market to have bonds. Lastly for the people who dont know, lazy or tidak apa, pick the mixture of both.

Alot of people dont know that they have rights to switch the funds from equities or bonds. Sometimes you have to pay a fee but it is better than to see all the money earned get wipe off because the AGENT put it in equities portfolio in a bear market. And as a tip. NOW it is a bear market in Malaysia. so talk to your agents.

They may not know but at least they will ask someone who does. Remember saving money is a form of investment. WE are responsible for our own money no one else is.
*
no,medical card only pay u medical bill,but for death and disability,you and your family not get much,what happen the person is disability after accident but still alive many years?


so,if money is not a problem,we do need life insurance.

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athlon 11
post Jun 5 2008, 11:44 PM


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it is true that for people who have time and knowledge,better seperate insurance and investment,howewer,for people without the time/knowledge,and not have the money to get a financial consultant consistant help,insurance saving plan is not a bad idea,howewer,due to the high cost ,low coverage and costly withdraw,better not use more your 5% money salery on it.
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dopp
post Jun 6 2008, 12:27 AM


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This is fun, tomorow I will call my agent saying " Oi.. GE said your plan same features their plan la... which one is better?"

Actually I dont really know (now) what trigen income in detail..
I know something like i pay $$ amount for 15 yrs.. and I get fixed yearly income until I 80+ yrs old. Also I got cash bonus or I can withdraw 1 lump sum of $$ something like.
If I decided not to take the yearly income, it will generate more money.
Therefore I bought the plan under my 3 yrs old daughter name..... imagine can collect $$ until she 80+..

Not really sure, I need to buy 1 more of this



QUOTE(Y_yz @ Jun 4 2008, 10:41 AM)
HLA trigen income the same features with GE GJA/GIA series2
*
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bbjslee
post Jun 6 2008, 12:33 AM


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QUOTE(dopp @ Jun 6 2008, 12:27 AM)
This is fun, tomorow I will call my agent saying " Oi.. GE said your plan same features their plan la... which one is better?"

Actually I dont really know (now) what trigen income in detail..
I know something like i pay $$ amount for 15 yrs.. and I get fixed yearly income until I 80+ yrs old. Also I got cash bonus or I can withdraw 1 lump sum of $$ something like.
If I decided not to take the yearly income, it will generate more money.
Therefore I bought the plan under my 3 yrs old daughter name..... imagine can collect $$ until she 80+..

Not really sure, I need to buy 1 more of this
*
So you bought something you're not really sure of the detail... shocking.gif
Better call up your agent and ask him/her to explain in more detail.
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Darkmage12
post Jun 6 2008, 01:55 AM


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QUOTE(bbjslee @ Jun 6 2008, 12:33 AM)
So you bought something you're not really sure of the detail...  shocking.gif
Better call up your agent and ask him/her to explain in more detail.
*
lol i can't remember the details of GJA as well it was like ages ago
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Y_yz
post Jun 6 2008, 10:05 AM


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QUOTE(dopp @ Jun 6 2008, 12:27 AM)
This is fun, tomorow I will call my agent saying " Oi.. GE said your plan same features their plan la... which one is better?"

Actually I dont really know (now) what trigen income in detail..
I know something like i pay $$ amount for 15 yrs.. and I get fixed yearly income until I 80+ yrs old. Also I got cash bonus or I can withdraw 1 lump sum of $$ something like.
If I decided not to take the yearly income, it will generate more money.
Therefore I bought the plan under my 3 yrs old daughter name..... imagine can collect $$ until she 80+..

Not really sure, I need to buy 1 more of this
*
Then ur daughter will appreciate u well.. icon_idea.gif

Actually not only GE la, Allianz, ING, AIA, Manulife, HLA and some companies got this plan...

All is savings for certain fix term, after u will have fixed income until age 80++

This post has been edited by Y_yz: Jun 6 2008, 10:08 AM
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Darkmage12
post Jun 6 2008, 11:02 AM


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QUOTE(Y_yz @ Jun 6 2008, 10:05 AM)
Then ur daughter will appreciate u well.. icon_idea.gif

Actually not only GE la, Allianz, ING, AIA, Manulife, HLA and some companies got this plan...

All is savings for certain fix term, after u will have fixed income until age 80++
*
ACtually his daughter won't get all the benefit la until he dies lolz.....this plan most agents will tell you get someone as young as possible like baby to sign up doh.gif
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bbjslee
post Jun 6 2008, 11:17 AM


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QUOTE(Darkmage12 @ Jun 6 2008, 11:02 AM)
ACtually his daughter won't get all the benefit la until he dies lolz.....this plan most agents will tell you get someone as young as possible like baby to sign up doh.gif
*
Depend on his policy. In this case the daughter is the policy holder, the father is only the payor.

I think you agent never brief you well about insurance and the various waiver / rider. Want me to brief you on that? laugh.gif
Let's setup an appointment for policy review rclxms.gif
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Darkmage12
post Jun 6 2008, 11:26 AM


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QUOTE(bbjslee @ Jun 6 2008, 11:17 AM)
Depend on his policy. In this case the daughter is the policy holder, the father is only the payor.

I think you agent never brief you well about insurance and the various waiver / rider. Want me to brief you on that? laugh.gif
Let's setup an appointment for policy review rclxms.gif
*
I know what you mean the daughter is the policy holder la but when daughter still young father take the money baby will know meh? Anyway i know alot more about insurance and the various waiver/rider even some GSM mistaken me for their rivals doh.gif


This post has been edited by Darkmage12: Jun 6 2008, 11:31 AM
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bbjslee
post Jun 6 2008, 11:41 AM


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QUOTE(Darkmage12 @ Jun 6 2008, 11:26 AM)
I know what you mean the daughter is the policy holder la but when daughter still young father take the money baby will know meh? Anyway i know alot more about insurance and the various waiver/rider even some GSM mistaken me for their rivals doh.gif
*
Ic, maybe your statement
QUOTE
ACtually his daughter won't get all the benefit la until he dies lolz
has misled me.

When daughter reach 18, the policy is already transfered to his daughter and father/mother no longer has to pay for the policy. So why you say have to "until he dies"? hmm.gif
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Darkmage12
post Jun 6 2008, 01:14 PM


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QUOTE(bbjslee @ Jun 6 2008, 11:41 AM)
Ic, maybe your statement  has misled me.

When daughter reach 18, the policy is already transfered to his daughter and father/mother no longer has to pay for the policy. So why you say have  to "until he dies"?  hmm.gif
*
What i mean was that since he paid for the premium his daughter should at least give them the right until he die la tongue.gif
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Y_yz
post Jun 6 2008, 01:25 PM


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QUOTE(Darkmage12 @ Jun 6 2008, 01:14 PM)
What i mean was that since he paid for the premium his daughter should at least give them the right until he die la tongue.gif
*
I got U!!

Parents take until die and follow by daughter or daughter take all...depends on their own decision le..

As long as got $$ take as promised... rclxm9.gif
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dopp
post Jun 6 2008, 01:34 PM


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now im more confuse
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hamster9
post Jun 6 2008, 02:26 PM


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QUOTE(ttwangsa @ Jun 3 2008, 08:55 AM)



Added on June 3, 2008, 8:57 amsomeone told me.
insurance for insurance purpose.
investment for investment purpose.
investment linked insurance really not that good.

*
depending on individual view actually. But investment linked insurance usually turns out sour when the market drops and no switching of funds were done.

QUOTE(dc_hunter @ Jun 4 2008, 02:56 PM)
let say now i take this plan...
let say 1 year i pay for RM2000.

After 1 year, i decided to surrender. How much can i take back?

>RM2000 or <RM2000?
*
1st year sometimes does not have any cash value in it. Do check with the schedule with ur insurance agent


QUOTE(b00n @ Jun 4 2008, 04:39 PM)


It's all the same with any investment company which invest in equities, bonds, funds etc depending on their risk structures. And this GE saving plans is more skewed towards which portfolio?
*
If it's investment link, the agent who is responsible would inform you.

If it's traditional policy, standard BNM rules is 70% bond and 30% equity wink.gif

QUOTE(bbjslee @ Jun 4 2008, 06:00 PM)

GJA2 is NOT investment plan. It is strictly for saving with rates better than FD.
*
depending how well u educate your customer.

If you do a field study on all the savings products available in the market now, they are all best taken as retirement account rather than savings. Don't misjudge savings since savings account have the flexibility of withdrawing anytime in case of emergency. Yes, it's considered forced savings. But do calculate the time over value factor (this is what I've learned in CFP class wink.gif ) is the 5% worse case scenario enough for you?

FD, if invested properly like what Dreamer 101 previously mentioned somewhere in the thread about ladder effect, it would be far higher than what you would get from.




QUOTE(Y_yz @ Jun 4 2008, 07:33 PM)
Yes, bank used our saving to invest, to earn money and declare 3+% as FD interest, but does bank tell "where we invest? Which portfolio we used?"

NOPE, they didnt announce..but people put in FD also le.. biggrin.gif

NO offence har..haha
*
do you know what is bank internal reservoirs?

QUOTE(Darkmage12 @ Jun 4 2008, 07:34 PM)
You know what is BLR? They do loan out to others
*
and do you know what is OPR?


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bbjslee
post Jun 6 2008, 02:32 PM


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QUOTE(hamster9 @ Jun 6 2008, 02:26 PM)
If you do a field study on all the savings products available in the market now, they are all best taken as retirement account rather than savings. Don't misjudge savings since savings account have the flexibility of withdrawing anytime in case of emergency. Yes, it's considered forced savings. But do calculate the time over value factor (this is what I've learned in CFP class  wink.gif ) is the 5% worse case scenario enough for you?
*
Correct, but what is FD's worst case scenario? Is there any Guaranteed interest rate?

This post has been edited by bbjslee: Jun 6 2008, 02:56 PM
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clngu
post Jun 6 2008, 03:37 PM


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so which product from Great Eastern is best to purchase now? Centennial Max Plan?
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post Jun 6 2008, 03:41 PM


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QUOTE(clngu @ Jun 6 2008, 03:37 PM)
so which product from Great Eastern is best to purchase now? Centennial Max Plan?
*
What is your need/purpose?
How much you can afford? (Centennial Max Plan minimum one-off premium RM20k)

Insurance/investment/saving products are not like products on shopping shelves. They are long term commitment.
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post Jun 6 2008, 07:05 PM


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QUOTE(bbjslee @ Jun 6 2008, 02:32 PM)
Correct, but what is FD's worst case scenario? Is there any Guaranteed interest rate?
*
in your lifetime, what was the lowest FD rate you ever encounter and what was the highest back then?

inflation as you can see... coming. The measures to counter inflation would be higher FD rates to have people spend less and save more.

Guaranteed interest rates is fixed for the 30 years. Within the 30 years there would be probably few cycles of recession that might have higher FD rates.
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Darkmage12
post Jun 6 2008, 07:35 PM


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QUOTE(Y_yz @ Jun 6 2008, 01:25 PM)
I got U!!

Parents take until die and follow by daughter or daughter take all...depends on their own decision le..

As long as got $$ take as promised... rclxm9.gif
*
Ya finally someone understands smile.gif

QUOTE(hamster9 @ Jun 6 2008, 02:26 PM)
depending on individual view actually. But investment linked insurance usually turns out sour when the market drops and no switching of funds were done.
1st year sometimes does not have any cash value in it. Do check with the schedule with ur insurance agent
If it's investment link, the agent who is responsible would inform you.

If it's traditional policy, standard BNM rules is 70% bond and 30% equity  wink.gif
depending how well u educate your customer.

If you do a field study on all the savings products available in the market now, they are all best taken as retirement account rather than savings. Don't misjudge savings since savings account have the flexibility of withdrawing anytime in case of emergency. Yes, it's considered forced savings. But do calculate the time over value factor (this is what I've learned in CFP class  wink.gif ) is the 5% worse case scenario enough for you?

FD, if invested properly like what Dreamer 101 previously mentioned somewhere in the thread about ladder effect, it would be far higher than what you would get from.
do you know what is bank internal reservoirs?
and do you know what is OPR?
*
Yes i know what is that

QUOTE(bbjslee @ Jun 6 2008, 03:41 PM)
What is your need/purpose?
How much you can afford? (Centennial Max Plan minimum one-off premium RM20k)

Insurance/investment/saving products are not like products on shopping shelves. They are long term commitment.
*
Actually i prefer one-off premium cos sometimes i can forget to pay the premium doh.gif

QUOTE(hamster9 @ Jun 6 2008, 07:05 PM)
in your lifetime, what was the lowest FD rate you ever encounter and what was the highest back then?

inflation as you can see... coming. The measures to counter inflation would be higher FD rates to have people spend less and save more.

Guaranteed interest rates is fixed for the 30 years. Within the 30 years there would be probably few cycles of recession that might have higher FD rates.
*
Highest i seen was 15% that's in Malaysia.
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Y_yz
post Jun 6 2008, 07:51 PM


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[quote=Darkmage12,Jun 6 2008, 07:35 PM]
Ya finally someone understands smile.gif

Yeah.... But u need to state clearly next time, coz it might misleads.. as myself also need to digest few times before..cheers

Actually i prefer one-off premium cos sometimes i can forget to pay the premium

Can pay thru credit card or GIRO avoid forgot pay premium

This post has been edited by Y_yz: Jun 7 2008, 10:50 AM
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Darkmage12
post Jun 7 2008, 02:02 AM


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I have credit card direct debit for Prudential smile.gif
How does GIRO work? Auto debit as well?
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Y_yz
post Jun 7 2008, 09:08 AM


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QUOTE(Darkmage12 @ Jun 7 2008, 02:02 AM)
I have credit card direct debit for Prudential smile.gif
How does GIRO work? Auto debit as well?
*
Yes, auto debit from ur saving account
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post Jun 7 2008, 11:51 AM


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QUOTE(Darkmage12 @ Jun 6 2008, 07:35 PM)
Ya finally someone understands smile.gif
Yes i know what is that
Actually i prefer one-off premium cos sometimes i can forget to pay the premium doh.gif
Highest i seen was 15% that's in Malaysia.
*
since you know what is BLR and OPR, how much do you think can the bank earn in effect from the OPR and the change of BLR minus the overhead cost.

If the highest interest you see if 15%, wouldn't it be far better than a 5% guaranteed return rate? It's just a misconception that people has since currently 5% is quite high. What happens after this August? Would the BLR rise or drop and would the interest rate for FD increase or drop? Your analysis rolleyes.gif

Not that I am boycotting the savings plan. It is good for those who have no discipline in savings. But as said, it's just savings. Don't expect high returns from it. Period. wink.gif

QUOTE(Y_yz @ Jun 7 2008, 09:08 AM)
Yes, auto debit from ur saving account
*
will the customer be charged for the auto debit service and stamp duty?
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post Jun 7 2008, 12:26 PM


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QUOTE(hamster9 @ Jun 7 2008, 11:51 AM)
since you know what is BLR and OPR, how much do you think can the bank earn in effect from the OPR and the change of BLR minus the overhead cost.

If the highest interest you see if 15%, wouldn't it be far better than a 5% guaranteed return rate? It's just a misconception that people has since currently 5% is quite high. What happens after this August? Would the BLR rise or drop and would the interest rate for FD increase or drop? Your analysis  rolleyes.gif 

Not that I am boycotting the savings plan. It is good for those who have no discipline in savings. But as said, it's just savings. Don't expect high returns from it. Period.  wink.gif
will the customer be charged for the auto debit service and stamp duty?
*
Agree to a certain extend.
True FD rate could go up to 15% or even more, but what is the minimum GUARANTEED %? And for how long? 1 yr? 2 yr? next 50 yrs?
For GE GJA2, there is a GUARANTEED 4.25%, no matter rain or shine you still get minimum 4.25% to max 7.5%. For as long as the policy is in force until you die or policy matures. For that I think is one of the strength.
Furthermore there are other additional benefits such as:
- Insurance value
- Various type of waiver that can be attached
It depend on each person's preference, risk profile and what they look for lor. Every product has pros and cons. Non is PERFECT. For all you know next month some other Insurance company has other new saving plan with guaranteed 5% bonus tongue.gif

Personally, if FD interest reaches more than 7%, what I would do is take a loan from the GJA2 (up to 92% of surrender value) and deposit them into the FD account for at least 12 months or more until the interest rate is lowered.

Why? Loan from GJA2 is charged at annual interest of 7%. So if say FD interest is 10%, I still earn the 3% and best of all my capital in GJA2 is not moved and the policy is still in force. So sort of I had the best of both world.

Hamster9, since you mentioned you took CFP course, do you think my suggestion would work? Or did I missed out anything? hmm.gif


Ohh... and for your question on auto debit.
If auto debit from credit card, no extra charges. Saving account, not sure, maybe RM2 for interbank Giro.

This post has been edited by bbjslee: Jun 7 2008, 12:50 PM
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Y_yz
post Jun 7 2008, 01:55 PM


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Everyone have their own wealth management concept and experiences. Of course, everyone want to earn more return from their capital. If possible, do saving in banks too, even low retuen, but liquidity is there. Any emergency, u have some cash in pocket.

Do saving with insurance plan also, coz saving need time frame to achieve final destination. If anything deseases strike, the plan still running. If "sayonara", then speechless lo... cry.gif cry.gif
Somehow its good for those with low discipline, due date,u must pay,if not lapsed.

Do investment in UT, share, gold, business, anywhere can generate possible high return. Can earn more money, who dont want? However, investment come with risk, can make u earn crazily, can make u lost crazily. Remember don blame agents if lost money, because it mights be ur luck or poor planning or management in investment strategic.

Jz my opinion only!!!
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clngu
post Jun 7 2008, 08:20 PM


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QUOTE(bbjslee @ Jun 6 2008, 03:41 PM)
What is your need/purpose?
How much you can afford? (Centennial Max Plan minimum one-off premium RM20k)

Insurance/investment/saving products are not like products on shopping shelves. They are long term commitment.
*
for savings and protection. you mean premium is 20K?
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navilink
post Jun 7 2008, 09:40 PM


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QUOTE
6) What is the benefit of this plan?
- Free life insurance.
- When suffering from any 36 illnesses, company will continue to save for you and the whole plan will not be affected.
so basically this insurance plan gives coverage for 36 Illnesses and Life (Death and Permanent Disability??). no Accidents Coverage and Medical Card right?

any further info how much they pay out in case of above cases?

This post has been edited by navilink: Jun 7 2008, 09:41 PM
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Y_yz
post Jun 7 2008, 10:04 PM


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QUOTE(clngu @ Jun 7 2008, 08:20 PM)
for savings and protection. you mean premium is 20K?
*
Centennial Max Plan is UT inveestment launched by GE. Is capital protected, 5years maturity, single premium minimum RM20k to max RM1million. Major purpose like those UT investment. Protection is given free, but not much covered.


Added on June 7, 2008, 10:19 pm
QUOTE(navilink @ Jun 7 2008, 09:40 PM)
so basically this insurance plan gives coverage for 36 Illnesses and Life (Death and Permanent Disability??). no Accidents Coverage and Medical Card right?

any further info how much they pay out in case of above cases?
*
For endownment plan, basic sum assured will pay out if death or total permanent disability. If 36 critical illnesses happened, company will waive ur premium, they will pay the premium on behalf of till maturity. They are no accident coverage and medical card attached.

How much they will pay out upon life, is depends how much basic sum assured agreed at front.

This post has been edited by Y_yz: Jun 7 2008, 10:19 PM
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Darkmage12
post Jun 8 2008, 12:30 AM


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QUOTE(Y_yz @ Jun 7 2008, 10:04 PM)
Centennial Max Plan is UT inveestment launched by GE. Is capital protected, 5years maturity, single premium minimum RM20k to max RM1million. Major purpose like those UT investment. Protection is given free, but not much covered.

*
5 years already matured? thats fast smile.gif
I might be going for it hehe
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bbjslee
post Jun 8 2008, 12:33 AM


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QUOTE(Darkmage12 @ Jun 8 2008, 12:30 AM)
5 years already matured? thats fast smile.gif
I might be going for it hehe
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Better hurry!!! Until end of June only.
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Darkmage12
post Jun 8 2008, 01:58 AM


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QUOTE(bbjslee @ Jun 8 2008, 12:33 AM)
Better hurry!!! Until end of June only.
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Ya only 1 month period smile.gif

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prepaids4u
post Jun 8 2008, 10:46 AM


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QUOTE(Darkmage12 @ Jun 8 2008, 01:58 AM)
Ya only 1 month period smile.gif
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Centennial Max Plan already sold out around half since launching. So if really want, please be hurry rclxm9.gif rclxm9.gif
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clngu
post Jun 8 2008, 02:48 PM


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so I have to take out 20k to buy the plan ?
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navilink
post Jun 8 2008, 04:18 PM


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QUOTE(clngu @ Jun 8 2008, 02:48 PM)
so I have to take out 20k to buy the plan ?
*

wow u must be very rich to be able to pay lump sum for the saving plan...hehe...it stated u can pay min rm100 per months installment... doh.gif
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Y_yz
post Jun 8 2008, 04:55 PM


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QUOTE(navilink @ Jun 8 2008, 04:18 PM)
wow u must be very rich to be able to pay lump sum for the saving plan...hehe...it stated u can pay min rm100 per months installment... doh.gif
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The 20K plan is not saving, is investment like UT
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clngu
post Jun 8 2008, 07:24 PM


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QUOTE(navilink @ Jun 8 2008, 04:18 PM)
wow u must be very rich to be able to pay lump sum for the saving plan...hehe...it stated u can pay min rm100 per months installment... doh.gif
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RM100 per month? 5 years only RM6000. am confused "single premium minimum RM20k"
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Darkmage12
post Jun 9 2008, 12:10 AM


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QUOTE(prepaids4u @ Jun 8 2008, 10:46 AM)
Centennial Max Plan already sold out around half since launching. So if really want, please be hurry rclxm9.gif  rclxm9.gif
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How is the return like?
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athlon 11
post Jun 9 2008, 03:15 AM


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QUOTE(bbjslee @ Jun 7 2008, 12:26 PM)
Agree to a certain extend.
True FD rate could go up to 15% or even more, but what is the minimum GUARANTEED %? And for how long? 1 yr? 2 yr? next 50 yrs?
For GE GJA2, there is a GUARANTEED 4.25%, no matter rain or shine you still get minimum 4.25% to max 7.5%. For as long as the policy is in force until you die or policy matures. For that I think is one of the strength.
Furthermore there are other additional benefits such as:
- Insurance value
- Various type of waiver that can be attached
It depend on each person's preference, risk profile and what they look for lor. Every product has pros and cons. Non is PERFECT. For all you know next month some other Insurance company has other new saving plan with guaranteed 5% bonus tongue.gif

Personally, if FD interest reaches more than 7%, what I would do is take a loan from the GJA2 (up to 92% of surrender value) and deposit them into the FD account for at least 12 months or more until the interest rate is lowered.

Why? Loan from GJA2 is charged at annual interest of 7%. So if say FD interest is 10%, I still earn the 3% and best of all my capital in GJA2 is not moved and the policy is still in force. So sort of I had the best of both world.

Hamster9, since you mentioned you took CFP course, do you think my suggestion would work? Or did I missed out anything? hmm.gif
Ohh... and for your question on auto debit.
If auto debit from credit card, no extra charges. Saving account, not sure, maybe RM2 for interbank Giro.
*
the gja plan,only begin to pay you the guarantee return after 10 years,unlike fd,you can make a calculation,if gja only pay the guarantee rate 4.25% ,no more extra bonus,your return is worst than fd,i remeber last time lyn already have senior show this kind of spread sheet.don't only use good time to compare a insurance plan with FD.

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kelvinyim_13
post Jul 19 2008, 03:49 AM


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Hi all,

anyone here are GE agent?

appreciate if you can share with me on the GJA presentation slide icon_question.gif

Regards,
kelvin
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bbjslee
post Jul 19 2008, 09:52 AM


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QUOTE(kelvinyim_13 @ Jul 19 2008, 03:49 AM)
Hi all,

anyone here are GE agent?

appreciate if you can share with me on the GJA presentation slide  icon_question.gif

Regards,
kelvin
*
I am GE agent
How do you want me to share with you the slide?
I have an excel file with me.
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keithcky
post Jul 19 2008, 10:01 AM


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BTW, IS THERE ANYBODY HERE GOT THIS KIND OF RETURN BACK BEFORE?

I MORE INTO PROPERTY RETURNS
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Jordy
post Jul 19 2008, 03:27 PM


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QUOTE(keithcky @ Jul 19 2008, 10:01 AM)
BTW, IS THERE ANYBODY HERE GOT THIS KIND OF RETURN BACK BEFORE?

I MORE INTO PROPERTY RETURNS
*
Please do not use such large fonts as there is no point in using it wink.gif
Also, what is your point of posting here when you are into property investments?
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zgtern
post Jul 20 2008, 04:54 PM


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4-5% PA is too little!!! mad.gif

Allianz offer 20%++ PA

PM me for details.
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bbjslee
post Jul 21 2008, 09:52 AM


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QUOTE(zgtern @ Jul 20 2008, 04:54 PM)
4-5% PA is too little!!!  mad.gif

Allianz offer 20%++ PA

PM me for details.
*
It is 4.25 - 7.5%

Wah 20% PA beats any stocks & unit trust wor. Show more details here la. drool.gif
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jason07
post Aug 5 2008, 06:02 PM


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QUOTE(zgtern @ Jul 20 2008, 04:54 PM)
4-5% PA is too little!!!  mad.gif

Allianz offer 20%++ PA

PM me for details.
*
wah..so many..pm me details about it...

today my fren ask me to but the GE saving plan...i still consider about it...
dunno whether can get good return with GE saving plan or not...
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post Aug 5 2008, 09:08 PM


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QUOTE(zgtern @ Jul 20 2008, 04:54 PM)
4-5% PA is too little!!!  mad.gif

Allianz offer 20%++ PA

PM me for details.
*
QUOTE(jason07 @ Aug 5 2008, 06:02 PM)
wah..so many..pm me details about it...

today my fren ask me to but the GE saving plan...i still consider about it...
dunno whether can get good return with GE saving plan or not...
*
LOL, you all "newbies" still haven't learned is it? READ this whole thread and you all will find interesting stuffs in here.
First, there is no "guaranteed" high returns like this. We have repeated MANY times before.
Second, depending on their plan, the 20% that you see might turn out to be LESS than FD in the long term.
Please READ this whole thread to have a clearer picture, and do some calculations by yourselves.
Do not just listen to these marketing "tricks" then fall for it. Do your own due diligence as well to see IF it is really worth it.
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Sirius
post Aug 6 2008, 04:42 PM


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If I put RM1200 into bank as FD with interest rate 3.75% (yearly), continue this for 15 years, mean totally 18k in my FD.

After 15 years, I do nothing to those amount and with auto-renew yearly FD, after 30 years. My $$$ become 42509, just 3k different. And I can use my $$$ anytime if I really need it urgently without charge.

CODE

3.75%

1200  1200 1245
1200  2445 2537
1200  3737 3877
1200  5077 5267
1200  6467 6710
1200  7910 8206
1200  9406 9759
1200 10959 11370
1200 12570 13041
1200 14241 14775
1200 15975 16575
1200 17775 18441
1200 19641 20378
1200 21578 22387
1200 23587 24471
0 24471 25389
0 25389 26341
0 26341 27329
0 27329 28354
0 28354 29417
0 29417 30520
0 30520 31665
0 31665 32852
0 32852 34084
0 34084 35362
0 35362 36688
0 36688 38064
0 38064 39491
0 39491 40972
0 40972 42509



If (if only) the bank increase the interest rate to 4.2%, then the total amount will be 47105, extra 1k.


Hehe, maybe you can ask KWSP to allow you to put extra RM100 into your EPF account, for continue 15 years. After 30 years, the amount is 67803, extra 21k. brows.gif

CODE

5.8%

1200  1200 1270
1200  2470 2613
1200  3813 4034
1200  5234 5538
1200  6738 7128
1200  8328 8811
1200 10011 10592
1200 11792 12476
1200 13676 14469
1200 15669 16578
1200 17778 18809
1200 20009 21170
1200 22370 23667
1200 24867 26309
1200 27509 29105
0 29105 30793
0 30793 32579
0 32579 34469
0 34469 36468
0 36468 38583
0 38583 40821
0 40821 43188
0 43188 45693
0 45693 48343
0 48343 51147
0 51147 54114
0 54114 57252
0 57252 60573
0 60573 64086
0 64086 67803



Saving > Protection, but the actually return for the saving is not that many (even compare to bank FD). The protection is low also, if the bad thing happen GE only continue to pay for this plan.

If just after 1 month A signup this plan and he kena *bad thing*, then how much GE pay? yes, 18k. And this amount is pay for next 15 years, and A only able to collect his 46k after 30 years. doh.gif

If A kena *bad thing* at 16th year, then? GE going to continue the payment? Still need to pay after 15 years ah? hmm.gif

I am abit confuse here, what is the benefit for this plan? sweat.gif Maybe my calculation is wrong.

This post has been edited by Sirius: Aug 6 2008, 04:56 PM
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andrekua
post Aug 6 2008, 05:19 PM


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A lot of insurance plan are a bit like scam actually. Its more like a commitment and you cant stop halfway or you lose all of it.

My uncle bought some sort of saving plan lastime too. Most of the time, the agent will bla bla bla then say you only need to pay until how long and the rest no need pay as the interest plus basic would be enough to cover the balance. They will deduct it automatically. You know what, in the end still get nothing. I wonder how ooo... suddenly money all gone.
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bbjslee
post Aug 6 2008, 05:46 PM


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QUOTE(Sirius @ Aug 6 2008, 04:42 PM)
If I put RM1200 into bank as FD with interest rate 3.75% (yearly), continue this for 15 years, mean totally 18k in my FD.

After 15 years, I do nothing to those amount and with auto-renew yearly FD, after 30 years. My $$$ become 42509, just 3k different. And I can use my $$$ anytime if I really need it urgently without charge.

CODE

3.75%

1200  1200 1245
1200  2445 2537
1200  3737 3877
1200  5077 5267
1200  6467 6710
1200  7910 8206
1200  9406 9759
1200 10959 11370
1200 12570 13041
1200 14241 14775
1200 15975 16575
1200 17775 18441
1200 19641 20378
1200 21578 22387
1200 23587 24471
0 24471 25389
0 25389 26341
0 26341 27329
0 27329 28354
0 28354 29417
0 29417 30520
0 30520 31665
0 31665 32852
0 32852 34084
0 34084 35362
0 35362 36688
0 36688 38064
0 38064 39491
0 39491 40972
0 40972 42509



If (if only) the bank increase the interest rate to 4.2%, then the total amount will be 47105, extra 1k.
Hehe, maybe you can ask KWSP to allow you to put extra RM100 into your EPF account, for continue 15 years. After 30 years, the amount is 67803, extra 21k.  brows.gif

CODE

5.8%

1200  1200 1270
1200  2470 2613
1200  3813 4034
1200  5234 5538
1200  6738 7128
1200  8328 8811
1200 10011 10592
1200 11792 12476
1200 13676 14469
1200 15669 16578
1200 17778 18809
1200 20009 21170
1200 22370 23667
1200 24867 26309
1200 27509 29105
0 29105 30793
0 30793 32579
0 32579 34469
0 34469 36468
0 36468 38583
0 38583 40821
0 40821 43188
0 43188 45693
0 45693 48343
0 48343 51147
0 51147 54114
0 54114 57252
0 57252 60573
0 60573 64086
0 64086 67803



Saving > Protection, but the actually return for the saving is not that many (even compare to bank FD). The protection is low also, if the bad thing happen GE only continue to pay for this plan.

If just after 1 month A signup this plan and he kena *bad thing*, then how much GE pay? yes, 18k. And this amount is pay for next 15 years, and A only able to collect his 46k after 30 years.  doh.gif

If A kena *bad thing* at 16th year, then? GE going to continue the payment? Still need to pay after 15 years ah?  hmm.gif

I am abit confuse here, what is the benefit for this plan?  sweat.gif Maybe my calculation is wrong.
*
It is 10 years force saving plan. I'm not sure where you get the 15 yrs, 30 yrs. Perhaps you confused it with other plan from other companies?

QUOTE(andrekua @ Aug 6 2008, 05:19 PM)
A lot of insurance plan are a bit like scam actually. Its more like a commitment and you cant stop halfway or you lose all of it.

My uncle bought some sort of saving plan lastime too. Most of the time, the agent will bla bla bla then say you only need to pay until how long and the rest no need pay as the interest plus basic would be enough to cover the balance. They will deduct it automatically. You know what, in the end still get nothing. I wonder how ooo... suddenly money all gone.
*
I believe your uncle's plan was running on Critical Year. It is different from the Saving Plan we are talking about here. I think you can open a new thread to discuss on it.
GE has discouraged it's agent to use Critical Year because sometimes it is not accurate. If the Critical Year is pushed earlier, then policy owner happy, but Critical year drag few more years? Policy owner will say agent cheat la... company cheat la. So now, it is not encouraged. But if customer insist in it, we can still quote the plan with Critical Year.

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kelvinyim_13
post Aug 6 2008, 08:24 PM


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QUOTE(bbjslee @ Jul 19 2008, 09:52 AM)
I am GE agent
How do you want me to share with you the slide?
I have an excel file with me.
*
Hi

appreciate if you could send me the GJA presentation slide(excel file) to me via email, kelvinyim_13@yahoo.com thumbup.gif

Regards,
Kelvin

This post has been edited by kelvinyim_13: Aug 6 2008, 08:25 PM
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kamikazecommando
post Aug 7 2008, 03:17 PM


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I like GE's other plan which forces you to save RM700 per month and after 5 years or is it 7 years, they'll pay you back guaranteed 300-400 per month for the rest of your life. Furthermore, you can withdraw lumpsum also. So you suffer for first 5 years, then after that consider relax a bit.

Too bad no more liao
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bbjslee
post Aug 7 2008, 03:48 PM


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QUOTE(kamikazecommando @ Aug 7 2008, 03:17 PM)
I like GE's other plan which forces you to save RM700 per month and after 5 years or is it 7 years, they'll pay you back guaranteed 300-400 per month for the rest of your life. Furthermore, you can withdraw lumpsum also. So you suffer for first 5 years, then after that consider relax a bit.

Too bad no more liao
*
GE & OCBC (Holding company) are very cautious and conservative. Always take the safe steps. There's pros and cons in it.

There are rumours flying around that this GJA2 is going to be withdrawn near end of September. Will be replaced with GJA3 where the guaranteed return would be less than GJA2, but the non guaranteed cash bonus might be increased. Anyway... just rumours no announcement on it yet.

Just to give you a peek on what kind of company OCBC & GE is:
- Rejection rate of OCBC credit card application is 40%
- GE does not provide housing loan like ING or AIA
- GE has RM26 billion Insurance Fund, ING has RM7billion. (Statistic by Bank Negara)
- GE only has 9 investment fund (including Islamic & overseas) vs AIA, 23 funds.

So is GE good or not good compared to other Insurance Companies? Well... you tell me.
I believe it is up to your own opinion what Insurance is about, your financial goal and the Insurance Agent that service you.
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yowchuan
post Aug 7 2008, 10:52 PM


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Please be explicit on the interest rate quoted.

I've seen reference of 4.25% to 7.50% as the rate of return, which is rather misleading.

To be specific, the guaranteed portion of 4.25% and non-guaranteed portion of 3.25% is based on the Sum Assured of the policy, not the Principal Invested.

The real rate of return for the said Great Junior Advantage (Series 2) Plan is about 5% to 5.2% depending on the length of the policy duration. Use the financial calculator and you will get the exact answer.

Cheers!

*sorry for the typo earlier on where 3.25% was mistakenly input as 3.75%

This post has been edited by yowchuan: Aug 8 2008, 01:39 AM
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post Aug 8 2008, 12:47 AM


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QUOTE(yowchuan @ Aug 7 2008, 10:52 PM)
Please be explicit on the interest rate quoted.

I've seen reference of 4.25% to 7.50% as the rate of return, which is rather misleading.

To be specific, the guaranteed portion of 4.25% and non-guaranteed portion of 3.75% is based on the Sum Assured of the policy, not the Principal Invested.

The real rate of return for the said Great Junior Advantage (Series 2) Plan is about 5% to 5.2% depending on the length of the policy duration. Use the financial calculator and you will get the exact answer.

Cheers!
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Fren, have you read through all the pages?
I've already said on post #40, the rate of return.
Not sure if you're deliberate or not, 4.25 + 3.75 does not equal 7.5.
How you get the figure 5-5.2? Can show us here?
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athlon 11
post Aug 8 2008, 12:55 AM


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QUOTE(zgtern @ Jul 20 2008, 04:54 PM)
4-5% PA is too little!!!  mad.gif

Allianz offer 20%++ PA

PM me for details.
*
i believe this a ilp plan when the time is super bull year,or saving plan when you just start it,since you put less money,you feel money is a lot,after you account hav lot money,it turn nothing special due to you so call dividend is fix.

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yowchuan
post Aug 8 2008, 01:54 AM


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QUOTE(bbjslee @ Aug 8 2008, 12:47 AM)
Fren, have you read through all the pages?
I've already said on post #40, the rate of return.
Not sure if you're deliberate or not, 4.25 + 3.75 does not equal 7.5.
How you get the figure 5-5.2? Can show us here?
*
Hi bbjslee,

Glad you asked. I don't mean to confuse further, but the following calculation could be quite technical if you don't have a financial calculator in hand.

If you take the figures from the quotation and use the following step ( I am using a Casio FC100 by the way):

Calculate the Internal Rate of Return (IRR):

(Annual Premium) CFj..............this is the amount invested for a year
next 8 years Nj........................number of years you invest
receiving (Income on the 10th year) CFj.................you starting earning income on the 10th year, but you are also paying premium, so the value here should be the premium paid minus the income you are getting on the 10th year
(Yearly Income)...................this is the guaranteed income + the non-guaranteed cash bonus income
(remaining years to collect income) Nj.................the amount of years counting to policyholder's 87th birthday
(Last payment received) CFj....................includes the guaranteed portion of the policy's survival benefit, terminal bonus and cash bonus.

Compute IRR

You should get somewhere around 5.0% to 5.25%, depending on the duration of the policy.

If you only take the guaranteed portion (only the 4.25% portion), the figure is around 2.80% to 2.90%.


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bbjslee
post Aug 8 2008, 02:37 AM


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QUOTE(yowchuan @ Aug 8 2008, 01:54 AM)
Hi bbjslee,

Glad you asked. I don't mean to confuse further, but the following calculation could be quite technical if you don't have a financial calculator in hand.

If you take the figures from the quotation and use the following step ( I am using a Casio FC100 by the way):

Calculate the Internal Rate of Return (IRR):

(Annual Premium) CFj..............this is the amount invested for a year
next 8 years Nj........................number of years you invest
receiving  (Income on the 10th year) CFj.................you starting earning income on the 10th year, but you are also paying premium, so the value here should be the premium paid minus the income you are getting on the 10th year
(Yearly Income)...................this is the guaranteed income + the non-guaranteed cash bonus income
(remaining years to collect income) Nj.................the amount of years counting to policyholder's 87th birthday
(Last payment received) CFj....................includes the guaranteed portion of the policy's survival benefit, terminal bonus and cash bonus.

Compute IRR

You should get somewhere around 5.0% to 5.25%, depending on the duration of the policy.

If you only take the guaranteed portion (only the 4.25% portion), the figure is around 2.80% to 2.90%.
*
Interesting. I don't have a financial calculator with me to test this. I'll borrow from my colleague later to try.

Can you also calculate if:
Age 30
BSA: 150,000.00
Annual Premium: 22,132.50
I do not withdraw bonuses yearly. I leave it until age 55.
Withdrawal at age 55 = 306,943
Withdraw yearly from age 56-87, yearly = 11,250
Terminal Bonus = 181,308
Maturity Bonus = 231,375

What's the IRR?
And for those who are curious, the above are calculated based on max 7.5%.


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Sirius
post Aug 8 2008, 01:42 PM


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QUOTE(bbjslee @ Aug 6 2008, 05:46 PM)
It is 10 years force saving plan. I'm not sure where you get the 15 yrs, 30 yrs. Perhaps you confused it with other plan from other companies?
:-) first post said "30 years", the picture in post #1 show total is 30 years, the payment is until 15 years. And the topic is "Great Eastern Saving Plan"

So maybe the picture and what that poster said in post #1 is misleading... or you are talking another plan now?

QUOTE
3) How long is this plan?
30years fix. No more no less.

...

6) What is the benefit of this plan?
- Free life insurance.
- When suffering from any 36 illnesses, company will continue to save for you and the whole plan will not be affected.
- Guarantee bonus.
About your 10 years force saving plan, I didnt see the detail yet, so no comment.

This post has been edited by Sirius: Aug 8 2008, 01:43 PM
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bbjslee
post Aug 8 2008, 02:09 PM


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QUOTE(Sirius @ Aug 8 2008, 01:42 PM)
:-) first post said "30 years", the picture in post #1 show total is 30 years, the payment is until 15 years. And the topic is "Great Eastern Saving Plan"

So maybe the picture and what that poster said in post #1 is misleading... or you are talking another plan now?
About your 10 years force saving plan, I didnt see the detail yet, so no comment.
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Ic, my bad, my mistake. Sorry.

This thread has too many saving / investment plan... bit confused liao.
The 10 Yrs saving plan is GJA2, the discussion on it started somewhere middle of this thread.
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yeeha
post Aug 11 2008, 09:52 AM


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thanks yowchuan for sharing this info, interesting indeed how u can calculate the return by this formula. Will this mean if we compare GJA2 with the current EPF and FD, it is still better in a way that it provide insurance as well?
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humbble
post Aug 29 2008, 06:12 AM


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QUOTE(zgtern @ Jul 20 2008, 04:54 PM)
4-5% PA is too little!!!  mad.gif

Allianz offer 20%++ PA

PM me for details.
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I am also Allianz agent,how come I do not know got such a good plan,please share with me.I can be TOTT (Top of The Table)liao. drool.gif

humbble
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humbble
post Aug 29 2008, 06:30 AM


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QUOTE(ah_heng @ Jun 3 2008, 12:14 AM)
Hi,

Can I ask whether if it's a guaranteed payout of 46k after 30 yrs? And if I invest 18k one shot, and wait for 30 years, can I do that?

Thanks
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If you interested in paying one shot, and Rm26k is not a problem for you, wait for 30 yrs,Allianz pay up to Rm93690-00

If you wait for 50 yrs,up to Rm306k shocking.gif


PM me if you want further details.


humbble
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