Friday, May 20, 2005

Motorist prefer to insure direct

Some motorists prefer to insure directly with NTUC Income at our branches, instead of going through an agent.

We give them a loyalty discount of 5% on the premium. They enjoy this discount on renewal as well. Based on an average premium of $800, they can save $40 by coming direct.

However, many motorists prefer to go through an agent or adviser who can provide advice on the most competitive rate and handle the insurance and road tax renewal for them.

Cash Settlement having a slow start

We started to offer cash settlement for motor repairs at three Idac centers from 16 May.

It made a slow start with 2 cases for the first day, but activity is picking up. We are now handling 5 cases a day.

We will be taking a weekly advertisement to remind motorists about this option.

Wednesday, May 18, 2005

Casinos in Batam closed down since January

The casinos in Batam has closed down for the past few months, since January 2005. It is probably due to enforcement action taken by the central government in Jakarta. It seemed that the casinos were operating illegally.

With the closure of the casino, several thousand workers in Batam have lost their jobs. Batam was relatively quiet. Few people used the ferries, or visited the island.

The hotel manager in Batam told me that he expects the casino to re-open later in the year, after the Batam and central government has sorted out their jurisdication.

Monday, May 16, 2005

How to get out of the "time bomb" in your ILP plan


I bought an investment-linked product from another insurance company (not NTUC Income). It has increasing charges for my life insurance cover. How do I get out of this "time bomb" ?


Ask your insurer to give you the coverage and premium that you have to pay for the current and the next few years.

You can compare them with the cost of similar coverage under the Family Insurance Policy offered by NTUC Income.

If our cost is lower (which is likely to be the case), you can ask your current insurer to terminate the insurance coverage. Ask them to state if they have imposed any penalty for this termination. You can continue with the investment with your current ILP plan.

I think that some insurers charge high premium rates for the coverage under their ILP plan.

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