Tan Kin Lian's Blog: Payment of claims

Wednesday, January 30, 2008

Payment of claims

Dear Mr. Tan,

I am planning to get two policies from Income. I heard alot of negative feedbacks from friends and insurance agents about the difficulty of claiming the payout. One friend mentioned that her relative did not get the gaurantee payout as printed on the insurance form.

Do you have any comments about this? Particularly about the difficulty of making claims from Ntuc Income....now tt you are no longer working in Income... I thinkyour comments would be fair and just.

REPLY

Agents from other insurance companies have been passing this message "difficult to claim from NTUC Income" for the 30 years or longer. This is totally untrue, but the agents felt that this was the only way to turn customers away from the better value products offered by NTUC Income.

There were many instances where NTUC Income was the first to pay a claim, way before similar claims were paid by other insurance companies. NTUC Income practiced prompt and fair settlement of claims. I believe that the pro-customer claim practice continues today.

Wish you all the best.

7 comments:

Anonymous said...: I do agree with Mr. Tan that claim isn't a problem so long everything is in order. Don't let this stop you from investing in real GOOD products.
But before you jump in, is claim your only concern? Are you not concerned that you have been recommended the right products? Did the agent give you a financial needs analysis? Do they meet your goals?How do you know you have the right amount of insurance protection so that you have the peace of mind? Is it plucked from the air? or is it your own fancy?
Remember that all these are dictated by your goals and not by the fancy of the insurance agents and by how much he or she will be rewarded.
One golden rule: the best means to addressing your goals is separate your protection from your saving.
This is the most efficient way.
I hope you are not caught up with the newness of products with fanciful names like revosave and vivolife.They are actually products given a new wrapping.
One warning; it is a retro
step towards financial insecurity.; January 31, 2008 12:16 AM
Anonymous said...: To ensure that you have the right advice and the right recommendation you may want to get an adviser from
www.fpas.org.sg or someone from NTUC who is a member of this association.
Getting a good adviser is the very first important step. He or she must meet these criteria of honesty and competence. Don't buy on your own because the agent is your friend or sister or be sold by a salesman or woman.You are not trained.
GET ADVICE AND HAVE YOUR NEEDS ANALYSED FIRST before implementing your needs with products.
This is to safeguard yourself from predators who are only interested in selling you a product with high commission.; January 31, 2008 12:55 PM
Anonymous said...: In 2003 July, my young sister pass away after terminal illness. I did not know who was the agent and did not make an immediate claim. The agent had known my sister news from her friend. Within days, the agent visit my house and pass me a check personally. He want only copy of death certificate and nothing else.; January 31, 2008 1:43 PM
Anonymous said...: That was in 2003. I have no doubt that during Mr. Tan Kin Lian time claims will be paid promptly and without demand. But judging from the attitude and performance so far from my issues with the new management I am not so sure. They do not seem responsive and in fact smack of arrogance and lack integrity in the way they avoid the issues. Just my two cents worth from my own experience dealing with them recently.; February 01, 2008 3:55 AM
Anonymous said...: My nephew's mother in law has cancer and died last December 2007.

The DPS premium was not paid due to insufficient funds, and lapsed for two months before she died.

In between, premiums were quickly paid up by cash, but policy has already gone into lapsed status.

When she died, an appeal was made on her family's behalf that in her terminal stage, premiums was not kept up as family members were not aware until lapsed.

The management of Income paid the claim on appeal.

I believe if Mr Tan is still in office, he will also do the same.

Mr Tan has testified that the industry spread lies for 30 over years about Income's claim being bad, this is the only way to kill a competitor and many believes such hear say.

- Thomas Phua; February 06, 2008 1:56 PM
Anonymous said...: Other companies would have paid too.It makes no sense if one has paid for the last 20years and forgotten or failed to pay for last 2 months because of illness the companies don't pay. The companies ought to close down.The court would DEFINITELY rule in favour of the policyholder.; February 06, 2008 4:51 PM
Anonymous said...: Whether is make sense or not, lapse policy need not be honoured for claim.

Don't try the system and CPCB later.

If you do not know what is CPCB, it is Cow Peh Cow Bu.....; February 08, 2008 11:12 AM