I have two rounds of discussion with the management of NTUC Income on the restructure (now called reshaping) of the bonus for 310,000 policies.
NTUC Income's management has assured me that the have the best interest of the policyholders in making this restructure of the bonus and will continue to observe the social purpose of NTUC Income (which they have stated previously). They are also willing to find ways to address the concerns of the policyholders. I have accepted their position on this matter.
I will provide an update within the next few days.
I wish to advise the NTUC Income's management to learn from this mistake and move on.
ReplyDeletePlease remember : "One man's meat is another man's poison ".
The main thing is to keep the main thing, the main thing !
Here's hoping NTUC Income continues to do very well! I hope so, as I have 10 policies with them... ranging from 4WL, 1 motor, 2 shield plans, 1 rider and 2 term plans!
ReplyDeleteSo Mr. Tan, you accept that the reshape or restructure of the bonus is in the interest of the policyholders and you think it is not a bad move and the interest of policyholders is not put at risk in the context of the current global market volatility.
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ReplyDeleteDear Zhummeng,
ReplyDeleteI have only accepted the three statements that are contained in the paragraph.
At this time, I have not accepted the restructure of the bonus. It will depend on the outcome of the discussions on the two concerns of the policyholders, as expressed in the collective protest.
If NTUC Income thinks the "reshaping" of bonus structure is better than the existing one, then NTUC Income should be able to commit to certain minimum percentage of terminal bonus at 3 years, 5 years,7 years, and so on which CLEARLY shows that the total payout of policies upon maturity in 3 years, 5 years, 7 years, etc will be higher than what would be paid out under the existing structure.
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