Anonymous posting in my blog:
While many who frequent Mr Tan's blog is slamming Revosave, I happened to chance upon a similar insurance product from Income's website called Anticipation Policy. This product pays regular cash coupons every 3 years. Isn't this a product that Mr Tan would say isn't good for the consumer? Ironically, this product was designed while Mr Tan was the CEO. Perhaps Mr Tan could explain this irony.
REPLY:
The Anticipation policy was designed 20 years ago. It had a payout every 3 years (not 1 year).
At the time that it was introduced, it gave a yield that was quite attractive. When the yield on the Anticipation policy dropped due to a reduction in the bonus rate, the sale of this plan was no longer promoted.
In today's environment, this plan is not suitable, due to its high cost and low yield.
When interest rate was high it was good but now it is very bad. As Mr. Tan said it was played down when the product was not meeting needs. But some insurers are reviving in the hope that this kind of products can bluff the public , unfortunately there was no blogs then. Even with blogs the customers are still blinded by the confusing features with a lot of hot airs but delivering less than a straight simple product. It is a stupid and useless product only for the rich. The rich can afford to splurge and be cheated but not the poor whose hard earned money must be put to work to give the best otherwise it is bye bye to their retirement. What rainy days and sunny days it will be doomsday.
ReplyDeleteThe poor should be wary of the unscrupulous insurance agents who prey on their victim with one intention, ie. to make the most commission out of their stupidity and ignorance. Many of us are poor.Try challenge this statement and tell us what so good about this revosave product. If possible buy one yourself.
If a company , colluding with insurance agents tries to be number one at the expense of the comsuming public, it is despicable and not a good corporate citizen. Yes, making profit is objective of business but producing dubious products to hoodwink customers who buy out of trust for the brand name,to achieve this objective is shameful and disgraceful. There is personal agenda. What is the company trying to prove?
ReplyDeleteIt is well known most insurance agents achieve mdrt or cot through crooked and unscrupulous means. This is a bad system. I don't think well of them.They are nothing but thieves who steal from the people who trust them most.