Reply: Policyhlder ask for projection

Editor
Forum Page
Straits Times

We refer to the article posted by Mr Poon Foo Keong entitled "Insurance policyholders have right to know whether insurers meet projections" (St Times, 21 Sept).

Each year, we also notify our policyholder about the bonus declared under their policy.

If there is a reduction in the bonus rates, we send a statement to notify the policyholder of the revised projected bonus, so that their expectation will be corrected. This is accompanied by a detailed explanation.

We receive requests from some policyholders asking for a detailed projection, for each future year, of the projected bonus under their policy. These requests are made at other times. They are often followed by a request for a detailed explanation. It can take a lot of time for our customer service officer to answer the enquiry.

To cover our cost of providing the projection and explanation, we impose a modest fee of $20. However, if the request is done through the insurance adviser, we will usually waive the charge.

In Mr Poon's case, we did waive the charge. We did provide an explanation of our practice to Mr Poon at the time of his request.

Peh Chee Keong
Head, Life Insurance