Saturday, May 03, 2008

Shocked with bonus cut

I received a copy of this letter written by a policyholder to the appointed actuary of NTUC Income.

I'm glad to receive the INCOME 2008 annual Bonus Statement yesterday but was shocked with the contents.

My family of 5 have a total of 25 insurance policies with NTUC INCOME, nothing else but our trust on the house brand that give us protection and more reasonable returns.

I'm deeply disappointed with the new formulas used in calculating the annual bonus.

My family 5 Living Policies got the greatest hits. Based on the presentation by your agent, I accepted these Whole Life Policies and hope that in case needs arise, I can anticipate the Cash Value at that point of times in need. Now that INCOME told us
that we can expect the good returns after we leave this world and amount is up to INCOME mercy at that time. We have lost on planning of our insurance asset and unable to anticipate the amount we can get.

Your cut of about 50% in annual bonus for Whole Life Policy give a BIG BLOW to INCOME Policy Holders.


Anonymous said...

I heard Annuity is also affected, How? Does it mean the payouts will not increase? How and where does the special bonus come in?
For crying out loud, it is getting very messy. What is going on?
This guy and those whom he brought in
must go. They brought in nothing but troubles.

Anonymous said...

It is like a cancer and it is spreading. This is not good for the image and reputation of NTUC Income, which has been trusted for the last 30 years. This is mismanagement. Stop the rot before it is too late.

Anonymous said...

I thought insurance coy sld adhere to the terms and conditions when one signed the contract? Why are they allowed to change their policy anytime they want like our CPF?

Now they have changed the bonus system, would there be another change in future? Is it fair for us?

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