Tan Kin Lian's Blog: 200% increase in premium for Plus rider

Thursday, January 03, 2008

200% increase in premium for Plus rider

Dear Mr. Tan,

Happy New Year to you.

I have just received renewal letters for my medical insurance. Looks like the objective in INCOME has changed since your retirement. They have increased the premium tremendously.

I appended below the details of the "Plus Rider" for my family. The increase of 200% in the premium seems exhorbitant to me at one look. (details deleted).

Most likely we will continue with the plan unless there is a better product in the market. Please give us your expert advice.

REPLY

You have the option to cancel the Plus rider. In my view, there is no need to take the Plus rider to insure the Deductible and Co-insurance. You can pay them out of your Medisave account or by cash.

Read para 3 of this FAQ:
http://www.tankinlian.com/faq/choice.html

12 comments:

Anonymous said...: NTUC's mission has changed and so its vision. From providing to the less privileged to those that have money only.The less privileged cannot afford high premium to pay the high commission to the agents.
Since the change to the new management the new products are expensive and less value for money. Worse with deceptive and ambiguous
benefits, like revosave. Confusing too. NTUC Income is no longer the poor man in the street insurer.; January 03, 2008 12:01 PM
Anonymous said...: yes,I have noticed the change too. Income is no longer operating with a heart. It is staffed by arrogant management that one can see in wall street. Like wall street, their days of reckoning will one day befall them. By concentrating only on money, they are leading the nation up the $$$ only way. This spells the beginning of the end. So Sad. I wonder what the NTUC ministers are thinking when they allow this to happen.; January 04, 2008 12:52 PM
Anonymous said...: Not only arrogant ntuc agents are getting bolder in promoting revosave.
They now offer buy one revosave and get one free. This is absurd and unethical. Now clients get clobbered twice. The agents earn 2 high commission plans.
No wonder their attidude changed.
I pity the customers.; January 04, 2008 5:47 PM
Khiat Han Hwee Adrian said...: I don't think NTUC Income lost its cooperative values just because they operate more commercially.

To have money to give policyholders, they must make money and sustain their business. NTUC Income is a small local player compared to AXA, Manulife and Aviva. The competition is stiff indeed.

Commissions of agents have not increased, free gifts previously given to policyholders are now changed to modest incentives. Cost did increase, but if volume of business also increased, I don't see anything wrong with this management.; January 05, 2008 12:27 AM
Anonymous said...: Hey Adrain , get your reasoning right.
"to have money to give policyholders, they must make money" this statement sounds like revosave, right? Squeeze or make the money from the customers and then give(return) the customer half of it. That is cooperative? Indeed revosave requires the cooperation of the customer.Otherwise how to sell.; January 05, 2008 12:56 AM
Anonymous said...: Rubbish, I am very sure that the payout to policyholders next year will be less than in the past. We are quite contented with the payout in the previous years but next year april I will ask you again how is it better? Hope you are still around in Income then.; January 05, 2008 1:24 AM
Anonymous said...: NTUC had stopped people purchase managed healthcare system product with effect of 1st of Jan 08. Beside that they had stop policy holders to purchase medical Plus Rider. Recently they had introduce Revosave product that i think does not benefit to any policyholder at all. Futhermore what happen to regular education talks it seem to die off for some period of time. After your retirement Mr Tan, i see a big change in NTUC why it is so.; January 06, 2008 12:15 PM
Anonymous said...: NTUC Income still maintains its status as a cooperative by maintaining its pride to have the best valued financial instruments in the market. :)

Its not my interest to challenge anyone here, but I can prove beyond reasonable doubt that NTUC Income still maintains its status as a cooperative by providing best valued financial products in the industry.

Just take any products available in the market and compare it with the products from NTUC Income. (even revosave)

Compare an insurance plan with an insurance plan.

Compare an investment plan with an investment plan.

Compare a hybrid plan with a hybrid plan.(revosave)

NTUC Income wins it all over due to one reason.

Because NTUC Income is a cooperative.

NTUC Income gives you more choices and of course again best valued financial products to its clients.

I dont see a major shift in its values.

What you guyz are seeing now,is just an image overhaul.

NTUC Income agents are now more competent, more professional,more IT savvy due to the need of the society, who not only need best valued financial instruments, but also good, professional and friendly service.

Clients feel happy seeing a dynamic organisation like NTUC Income which is resilient, empathic and at the same time bold enough to make a change to be the number 1 insurance company in Singapore while still maintaining its rooted stand to be an understanding cooperative that gives the best value to clients!

Helmi Hakim
http://www.helmihakim.com; January 07, 2008 11:15 PM
Anonymous said...: Helmi, you are sleeping What Ntuc is doing is obsolete. It is operating like any marketing company, eg. like a bread factory with van salesmen like you. Its agents are obsolete.
What do you know about personal finance? They are not trained . they are not advisers but petty product pushers. The products are rip off like revosave.Whether it is rainy day or sunny day the customers will have gloomy day. The customers don't get value for money. The cooperative status is gone when Mr. Tan left. You can see
cost is going up becuase people join the company with one thing in mind. Huge commission for own pocket. Helping the clients? How to help when you don't even know how.The company knows. That is why it is sending you salesmen back to class. Any hope? trying to straighten a crooked tree is not easy. Or teaching old dogs new tricks is not easy either. Having a new facade doesn't mean change for the better. it is illusive and deceptive. The customers cannot be hoodwinked. They know they are paying more for the new "image", high commission to push so called "trained salesmen" to peddle products. They can see through the ploy.; January 08, 2008 9:50 AM
Anonymous said...: Dear anonymous who post on 9.50 AM

NTUC Income is never obsolete, and is an organisation that many can be proud of. :)

Be it,
-advisors
-staffs
-policyholders
....everyone.

We are adaptable, always ready for changes, to suit the needs and wants of our beloved clients.

Our new image is just a testimony of our readiness to change for the better.

Our fresh, new, professional image have also impressed many, and many out there are very very happy with it. :)

Many identify themselves as proud, and contented clients of NTUC Income.

Advisors, associates, consultants pride themselves as ambasadors of a cooperative that champions the cause of Singaporeans in all means.

NTUC Income is abled to give the best valued financial instruments due to better management of expenses and high demand of its products.

.....and we still remain so, due to our commonly known title as a cooperative.

You are not doing justice to the mass by potraying us in a negative manner in the cover of being anonymous.

We are rendering our best service to clients, and you should not reciprocate in such a manner.

I am very happy that the mass are getting educated and realise that at the end of the day, quality advisors recommending quality financial products that meets their own financial objectives is what they need.

Thank you :)

Helmi Hakim
http://www.helmihakim.com; January 08, 2008 10:17 PM
Anonymous said...: Oh stop deluding yourself. I have been a very unhappy customer since Mr. Tan Kin Lian has left income. NTUC Income has lost its co-operative spirit and that is as plain as day to those who have experience Income before and after the managment change.
You are probably just telling yourself repeatedly a lie just so to lift your own sagging morale.
I have nothing against you agents as I believe you are just out to make a living. But the present management is not walking the talk. When your advertisment screams "Peace of Mind" What did your management give to Jonathan Lock? He has many nights of non-peace of mind thanks to your "co-operative" principles. When I am still the one sending new year greetings to my NTCU agents, how professional are they. When they are not able to answer my questions because they do not know how to use the financial calculator, how great is Income. When your CEO holds meetings in five-star hotels, how do you all manage costs?
Just because your common title is a co-operative does not mean you practice it. In fact, that is the point of contention, the reason why so many policyholders like myself are so unhappy with NTUC Income now. Because you all do not practice what you preach, only use the good name left behind by Tan Kin Lian for your own benefits, in the process destroying the image that Mr. Tan Kin Lian has painstakingly built up over the last thirty years.
Sad, indeed sad, and still living in delusion. Can't you hear it, your customers are saying they do not like it now and you keep saying they are very happy. Where is your integrity?; January 18, 2008 9:36 PM
Anonymous said...: I choose not to engage further, one who try infiltrate negativity in the shadow of anonymity.

Integrity, credibility, and trustability only exists to one who is courageous enough to speak without the need to hide his identity.

For a balanced view, do visit my blog at http://www.helmihakim.com

After that, you are free to make your own decisions :)

Thank you. :); January 22, 2008 11:43 PM