Tips for motorists
1. Motor insurance.
Shop around for your insurance. You can save up to
$200 a year, if you buy from the right place.
Call 6477 7722 for a quote. We insure about 40% of all vehicles,
due to our competitive rates and good service.
2. Accident
Use your mobilephone or camera to take photos of the
damages. It helps to identify the party at fault and prevent
the other party from inflating the damages.
Send your vehicle to an assessment center (Idac)
immediately. Let your insurer handle the repair. You
enjoy expert and hassle free service.
Call 6788 6616 for assistance (if you are insured
with NTUC Incoem).
3. No Claim Discount
If the damages are slight, make a private settlement, i.e.
pay cash for the damage. You can protect your discount
and enjoy savings over the next few years.
If you are not at fault, your insurer will help you to make
the claim against the other party and allow you to keep
the discount.
Wednesday, December 07, 2005
Website: Know Your Insurance
This website aims to:
- educate people about investment and insurance
- help them to make the right choice
- offers a discount when they decide to buy direct.
Try it: www.KnowYourInsurance.com.sg
IT IS NOW READY FOR ACCESS!
- educate people about investment and insurance
- help them to make the right choice
- offers a discount when they decide to buy direct.
Try it: www.KnowYourInsurance.com.sg
IT IS NOW READY FOR ACCESS!
Monday, December 05, 2005
Educational Talks
NTUC Income organises educational talks about insurance and investments.
We aim to educate consumers, so that they can make the right choice.
The talks are free, but you have to register your attendance at our website: www.income.coop/talks or call 6877 3366.
You will see a list of talks scheduled for the next few weeks, ie title of talk, date, time, venue.
An attractive offer will be given at each educational talk. You can benefit by attending. Several of the talks are given by our chief executive officer or senior managers.
We aim to educate consumers, so that they can make the right choice.
The talks are free, but you have to register your attendance at our website: www.income.coop/talks or call 6877 3366.
You will see a list of talks scheduled for the next few weeks, ie title of talk, date, time, venue.
An attractive offer will be given at each educational talk. You can benefit by attending. Several of the talks are given by our chief executive officer or senior managers.
Compliment on good service
MESSAGE FROM a policyholder
Hi Mr. Tan Kin Lian (CEO of NTUC),
I have read the numerous response/letters in the ST Forum coming from NTUC. It is rare that a CEO of an organization respond to public queries. You have always make it a point to ensure that the public queries are answered.
Below is a chain of e-mail that reflects how quick and responsive your folks reply to a customer request, even though the customer (me) has indicated that 15th Dec is still alright.
It is something that you should know, that the good effort of your folks is being
recognized.
If they went out of the normal procedure to assist the customer, I hope that they are not being reprimanded.
The intent of this letter is a feedback to you form a satisfied customer and a way that the NTUC staff be recognized for the good service.
The feedback phone call which normally comes few days after the service request has been made, showed the effort an organization is willing to put in, to improve its service.
Thank you for having such a team of people. The time taken to write this letter is deserving. I do hope to hear from your good self, so I know that the letter has reached you.
Hi Mr. Tan Kin Lian (CEO of NTUC),
I have read the numerous response/letters in the ST Forum coming from NTUC. It is rare that a CEO of an organization respond to public queries. You have always make it a point to ensure that the public queries are answered.
Below is a chain of e-mail that reflects how quick and responsive your folks reply to a customer request, even though the customer (me) has indicated that 15th Dec is still alright.
It is something that you should know, that the good effort of your folks is being
recognized.
If they went out of the normal procedure to assist the customer, I hope that they are not being reprimanded.
The intent of this letter is a feedback to you form a satisfied customer and a way that the NTUC staff be recognized for the good service.
The feedback phone call which normally comes few days after the service request has been made, showed the effort an organization is willing to put in, to improve its service.
Thank you for having such a team of people. The time taken to write this letter is deserving. I do hope to hear from your good self, so I know that the letter has reached you.
Offer of refund to annuitants
5 December 2005
Editor
Forum Page
Straits Times
I wish to respond to two recent stories in the Straits Times about the buyback offer offered by NTUC Income to 12,000 purchasers who bought their annuities prior to 2002 (? November and 3 December).
Both stories indicate that the refund offer is not attractive as the deal that they are getting now. This is correct.
The interest rate of 4.5 percent that is used to compute the refund is based on the actual yield earned by our investments during the past 10 years. This is lower than the guaranteed return of 5 per cent that was used to compute the annuity payments.
A small number from this group of annuitants were unhappy that they did not get any bonus for the past three years. We decided to make this refund offer, so that they can find a better way to invest their money.
Less than 10 people took up the offer of the refund. The majority decide to stay with their current annuity plan. For others who need a longer time to decide, our offer is still available for them for a few more weeks.
We sent an explanatory note to our 28,000 annuitants to explain our practice in declaring bonus. This supplements the communication that was sent in past years.
During the past two weeks, we also held two dialogue sessions that were attended by 600 people. The sessions went on well. Several annuitants were interested to top up their annuity.
NTUC Income is a cooperative society. We collect the annuity money and invest them into an annuity fund. We invest the fund prudently to earn an attractive long term return. We use the surplus of the annuity fund to declare bonuses to our annuitants. We exercise fairness in declaring the bonus to the different series of annuitants who have bought their annuities on different guaranteed terms.
We will continue to hold dialogue sessions in the future. We invite the public to attend these sessions and learn more about the principle of pooling is applied to help annuitants to manage their risks. We want to educate retirees about the advantages of investing in annuities.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Editor
Forum Page
Straits Times
I wish to respond to two recent stories in the Straits Times about the buyback offer offered by NTUC Income to 12,000 purchasers who bought their annuities prior to 2002 (? November and 3 December).
Both stories indicate that the refund offer is not attractive as the deal that they are getting now. This is correct.
The interest rate of 4.5 percent that is used to compute the refund is based on the actual yield earned by our investments during the past 10 years. This is lower than the guaranteed return of 5 per cent that was used to compute the annuity payments.
A small number from this group of annuitants were unhappy that they did not get any bonus for the past three years. We decided to make this refund offer, so that they can find a better way to invest their money.
Less than 10 people took up the offer of the refund. The majority decide to stay with their current annuity plan. For others who need a longer time to decide, our offer is still available for them for a few more weeks.
We sent an explanatory note to our 28,000 annuitants to explain our practice in declaring bonus. This supplements the communication that was sent in past years.
During the past two weeks, we also held two dialogue sessions that were attended by 600 people. The sessions went on well. Several annuitants were interested to top up their annuity.
NTUC Income is a cooperative society. We collect the annuity money and invest them into an annuity fund. We invest the fund prudently to earn an attractive long term return. We use the surplus of the annuity fund to declare bonuses to our annuitants. We exercise fairness in declaring the bonus to the different series of annuitants who have bought their annuities on different guaranteed terms.
We will continue to hold dialogue sessions in the future. We invite the public to attend these sessions and learn more about the principle of pooling is applied to help annuitants to manage their risks. We want to educate retirees about the advantages of investing in annuities.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Reply to Chia Yoong Song on Incomeshield M
4 December 2005
Editor
Forum Page
Straits Times
I refer to the article "Host of errors in policy documents Incomeshield Plans MA, MB" by Chia Yoong Song (Straits Times, 3 December).
Mr Chia insured his wife under our Incomeshield Plan A. He and his two children were insured under Medishield Plus, which was recently converted to our Incomeshield Plan MA.
When we selected his wife's record to print the renewal notice in November, we accidentally linked it to Mr Chia's policy number under the Medishield Plus. This resulted in a printing error and caused the duplicated printing. When we spotted the error, we sent a new set of renewal notice fo his wife, to supercede the renewal notice.
We apologise for the error and inconvenience caused to Mr Chia. This error has now been rectified.
On a positive note, we now have a large base of 800,000 policyholders under our Incomeshield plan. With the economy of scale, we will be able to improve our insurance plans over time. Our aim is to provide adequate coverage for a lifetime and keep the premium at an affordable cost for our policyholders.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Editor
Forum Page
Straits Times
I refer to the article "Host of errors in policy documents Incomeshield Plans MA, MB" by Chia Yoong Song (Straits Times, 3 December).
Mr Chia insured his wife under our Incomeshield Plan A. He and his two children were insured under Medishield Plus, which was recently converted to our Incomeshield Plan MA.
When we selected his wife's record to print the renewal notice in November, we accidentally linked it to Mr Chia's policy number under the Medishield Plus. This resulted in a printing error and caused the duplicated printing. When we spotted the error, we sent a new set of renewal notice fo his wife, to supercede the renewal notice.
We apologise for the error and inconvenience caused to Mr Chia. This error has now been rectified.
On a positive note, we now have a large base of 800,000 policyholders under our Incomeshield plan. With the economy of scale, we will be able to improve our insurance plans over time. Our aim is to provide adequate coverage for a lifetime and keep the premium at an affordable cost for our policyholders.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Policyholder have second thoughts about going to distributor workshop
I RECIEVED THIS MESSAGE FROM A POLICYHOLDER (IT HAS BEEN EDITED BY ME)
Dear Tan,
Your blog is extremely educational. I discovered it by accident following a search for your full name.
Like many people, I did not know earlier that there can be a significant difference between a distributor's cost of repair versus your authorised workshop.
After reading your blog, I have now become aware that it can make sense to get value for money by repairing at normal workshop, especially if the distributor is also sub-contracting work out.
I have reconsider my plan to go to my distributor workshop for the spraying. I will go to a normal workshop.
Thanks for every thing. Most importantly, the education that you have provided to the general public. I know I can trust your views.
Dear Tan,
Your blog is extremely educational. I discovered it by accident following a search for your full name.
Like many people, I did not know earlier that there can be a significant difference between a distributor's cost of repair versus your authorised workshop.
After reading your blog, I have now become aware that it can make sense to get value for money by repairing at normal workshop, especially if the distributor is also sub-contracting work out.
I have reconsider my plan to go to my distributor workshop for the spraying. I will go to a normal workshop.
Thanks for every thing. Most importantly, the education that you have provided to the general public. I know I can trust your views.
Financial Planning: Tips for the Young
1. Save up to 15% of your monthly income. You may need you savings for an emergency or when you lose your job. Invest the savings in a flexible insurance plan that gives an attractive return.
2. Buy a low cost insurance plan that offers up to $100,000 in coverage against death, accident and hospital expenses for only $100 a year. Accidents can happen and you should be protected.
3. Learn the basic facts about investments and insurance on your own. You can make the right choice and earn a better return for your savings. Visit this website: www.KnowYourInsurance.com.sg or attend an educational talk (call: 6877 3366).
CONTEST
Visit this website: www.income.coop to participate in this contest and win prizes of $5,000.Eligible only for people between 20 to 30 years old. (Note: this will only be available from 15 Dec 2005).
2. Buy a low cost insurance plan that offers up to $100,000 in coverage against death, accident and hospital expenses for only $100 a year. Accidents can happen and you should be protected.
3. Learn the basic facts about investments and insurance on your own. You can make the right choice and earn a better return for your savings. Visit this website: www.KnowYourInsurance.com.sg or attend an educational talk (call: 6877 3366).
CONTEST
Visit this website: www.income.coop to participate in this contest and win prizes of $5,000.Eligible only for people between 20 to 30 years old. (Note: this will only be available from 15 Dec 2005).
Financial Planning: Tips for Young Parents
1. Save up to $200 monthly for your child. Invest the savings in a flexible insurance plan that gives an attractive return. The savings can be used for your tertiary education or give your child a head start in life.
2. Choose a plan that gives you an attractive return and invest 100% of your savings from the first month. Protect your savings with a decreasing term assurance that charges a very low premium, and allow more of your savings to accumulate.
3. Learn the basic facts about investments and insurance on your own. You can make the right choice and earn a better return for your savings. Visit this website: www.KnowYourInsurance.com.sg or attend an educational talk (call: 6877 3366).
CONTEST
Visit this website: www.income.coop to participate in this contest and win prizes of $5,000. Eligible only for people expecting a child or with a child less than 2 years old. (Note: this will only be available from 15 Dec 2005).
2. Choose a plan that gives you an attractive return and invest 100% of your savings from the first month. Protect your savings with a decreasing term assurance that charges a very low premium, and allow more of your savings to accumulate.
3. Learn the basic facts about investments and insurance on your own. You can make the right choice and earn a better return for your savings. Visit this website: www.KnowYourInsurance.com.sg or attend an educational talk (call: 6877 3366).
CONTEST
Visit this website: www.income.coop to participate in this contest and win prizes of $5,000. Eligible only for people expecting a child or with a child less than 2 years old. (Note: this will only be available from 15 Dec 2005).
My personal views on the Melvyn Tan's eposide
Melvyn Tan is a world renowned pianist. He is a Singaprean.
When Melvyn was young, he went overseas to study. He did not return to perform his national service. His parents paid a bond of $30,000. It was a large sum of money at that time.
Many many years later, Melvyn Tan achieved world fame. He agreed to return to Singapore to perform at the Esplanade, Theatre by the Bay.
He voluntarily attended court to face the charge of failing to do his national service. He was fined $3,000.
Some Singaporeans were still not happy. They wrote strong letters to the newspapers. There was an uproar.
Finally, Melvyn Tan decided to cancel his performance at the Esplanade.
I like to ask the following questions:
- what have we achieved as a result of this uproar?
- how may times should a person be penalised for an offence?
- was the penalty of $30,000 on the bond sufficient?
- can we be a more forgiving people?
- do we want Melvyn to stay away from Singapore for a lifetime?
When Melvyn was young, he went overseas to study. He did not return to perform his national service. His parents paid a bond of $30,000. It was a large sum of money at that time.
Many many years later, Melvyn Tan achieved world fame. He agreed to return to Singapore to perform at the Esplanade, Theatre by the Bay.
He voluntarily attended court to face the charge of failing to do his national service. He was fined $3,000.
Some Singaporeans were still not happy. They wrote strong letters to the newspapers. There was an uproar.
Finally, Melvyn Tan decided to cancel his performance at the Esplanade.
I like to ask the following questions:
- what have we achieved as a result of this uproar?
- how may times should a person be penalised for an offence?
- was the penalty of $30,000 on the bond sufficient?
- can we be a more forgiving people?
- do we want Melvyn to stay away from Singapore for a lifetime?
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