Tan Kin Lian's Blog: Bonus that reflect the actual experience

Tuesday, July 01, 2008

Bonus that reflect the actual experience

Siewkhim asked if NTUC Income has responded to my question about adjusting the bonus to reflect the "actual experience".

I had sent a question regarding the maturity value of the 5-year Growth policy belonging to my wife that will be maturing in August. I pointed out that the maturity value is far short of and does not reflect the "actual experience" during the past five years. I have received a reply that my issue will be attended to "officially". I have not received any further communication after two weeks.

This is the style adopted in most organisations of Singapore. Keep the customer waiting. Do not engage in any conversation. When you are finally ready, give an official reply and defend it strongly. It reflects a disrepect for the rights of the customer.

As this is a complicated matter, I will wait for another one or two weeks, before I take it up at a higher level.

I also intend to raise the issue of the bonuses and cash values of other existing policies that are far short of the "actual experience". A few of my personal policies fall in this category.

2 comments:

siewkhim said...: Dear Kin Lian,

I am not surprised with NTUC Income's attitude toward your letter. What they responded is just a "holding reply". I believe they need to marshal all the possible high powered backing before they ultimately responded accordingly. That is why they they took such a long time when the earned asset share computation based on actual experience would take less than 30 minutes since the information should be readily available.

Since the premiums are already in their hand, people like us has no more bargaining power. We are at their mercy. We are going to lose at every count.

There is nothing much we can do since whatever we do is likely to be a time wasting and probably costly affair. They have the financial and political stamina to go where we want them, and we lose.

For those who read this comment, this is a lesson to learn never to deal with NTUC Income or purchase any participating policies from any insurers.

When the former CEO of NTUC Income who build the co-operative brick by brick for the past 30 years is treated so rudely, what do you expect if it is we tom, dick and harry?; July 01, 2008 12:31 PM
zhummmeng said...: Yes , never buy the participating policies like revosave and vivolife. Of the two the worse is revosave. How on earth people are so gullible to believe the insurance agents. Nither is the cashback good not the total return good. The cashback or more correctly refund is like recieving with one hand from you and returning to you with other hand. Example; take $3000 from you and return you $1700.How can it be good? How can people not see it? How can people be so idiotic?
And what is the return of the total cashback? Miserable 1.8% provided you hold on till maturity for 22 years otherwise you lose until your pant drops.Even you hold to the 21st year without completing you still lose? The special bonus is given ONLY you hold to the last year. This bonus is 5 times of the annual cashbacks. Imagine how much loss if you miss the last year. Of course you will complete it, by hook and by crook. But what about those who run into financial problem half way? for them it is byebye love.
So , people, before you are approached by those hungry greedy unethical agents, just run when you hear anything that has a revo or vo infront or at the back of a word. It pays to avoid.
If you are told about buying revosave to pay for vivolife report to Fidrec.; July 01, 2008 9:40 PM