Thursday, May 11, 2006

30,000 happy policyholders

30,700 policies will have their policies maturing in 2006. The total payout is $623 million. The average payout is $20,300 per policy.

If these policyholders had taken a similar policy from another insurer, they will receive 10% to 15% less than the payout from NTUC Income. Why? The other insurers pay more commission to their agents and give more profit to their shareholders (at the expense of the policyholders).

NTUC Income is able to give a better return to our policyholders because we keep our expenses low, and give more of the surplus to our policyholders (instead of shareholders).

Our recent comparision show that our payout is 10% to 15% more than similar policies taken through our competitors. The difference could be more, for the longer term policies.

It is better to insure with NTUC Income. You will benefit in the long term.
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2 comments:

David Tan K K said...

Yes , controlling cost and lowering expenses is very important to ensure policyholders gets their best deal in an investment.

I believe majority of the 30,000 will have no problem re-investing their monies with NTUC Income.

May 11, 2006 5:26 PM
mong said...

Mr Tan
IT's nice reading your thought. Pls amend your comment on the other insurer in 2nd para:

"Why? The other insurers pay more commission to their agents and give more profit to their POLICYHOLDERS. These are at the expense of the policyholders."

I believe you tried to say the other insurers give more profit to their SHAREHOLDERS and not POLICYHOLDER as mentioned in your article. Otherwise I may need you to explain your logic. Ha! Ha!

May 12, 2006 12:29 PM

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