A friend asked me for the reason why I decided to set aside the Collective Protest. He said that there was a rumour that I was threatened by Mr. Lim Boon Heng and Mr. Matthias Yao.
I replied that the main reason for my action was the assurance that I have received from Mr. Lim and Mr. Yao on fair treatment of policyholders. This was subsequently stated by Mr. Ng Kee Choe in his address in his address to the Annual General Meeting.
The first two assurances relate to the restructuring of the bonus. I felt that the assurance was adequate in ensuring that policyholders would not be placed in a worse off position. The third assurance, which I asked for, was more important - that "policyholders will receive bonuses that reflect the actual experience".
I have subsequently pointed out to Mr. Lim and Mr. Matthias Yao that the bonuses declared were too low, and did not reflect the actual experience. Mr. Ken Ng (the chief actuary) replied to me that this will be adjusted in 2009 and later years.
I pointed out to Mr. Ken Ng that policies maturing in 2008 would be receiving a maturity value that was far less than the "actual experience". This would be unfair to the policyholders. I quoted the specific case of the Growth policy taken by my wife. I asked for this matter to be reviewed to give a fair payout on the policies that are maturing this year.
After two weeks, I have not received a satisfactory reply from NTUC Income. I intend to lodge a complaint on this matter with the regulator. I am quite disappointed that, after receiving the assurance that the bonuses will reflect the actual exprience, nothing is being done for the policyholders of the maturing policyholders.
I have two policies affecting by the bonus restructuring. The bonuses declared in the past and the cash values are significantly less than the values that reflect "the actual experience". As these policies will not be maturing this year, I am prepared to wait for one or two more years for the bonuses and cash values to be adjusted to reflect "the actual experience". So far, I have not received any indication that this will be done.
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07/13 - 07/20
- Advice to the young - save 15% of your earnings
- A fair premium for private Shield plan
- Invest in an indexed fund
- Unfair rejection of Shield claim
- Returned E-mail
- Keen to work for an honest insurance company
- Impact of market drop on long term yield
- Paying the right price
- A low cost investment fund
- Buy critical illness for 20 years only
- Buy the right product
- MAS Guidelines on Fair Dealing
- Rejection of claim on grounds of non-disclosure
- ERP charges displayed on gantry
- Price of a product or service
- School should not be a business
- Find out about the charges
- Advice for young people
- Business ethics
- Joke: Establish the fact
- Courtesy in use of mobile phone
- Joke: Telling the truth
- Weakness of the Global Financial System
- Large profit margin on Shield plan
- Switch to basic Medishield
- Shop around to get a competitive rate
- Global recession
- SAFRA insurance
- Choose a low cost term insurance plan
- A fair rate of return
- Joke: Inflation and wages
- Excellent Public Transport in Hong Kong
- Tips on personal insurance
- World class transport system
- Visit to Manila 14-16 July 2008
- Existing Life Insurance Policies
- Joke: Amputed the wrong leg
- Joke: Planning for retirement
- Insurance for a child
- Complaint to the regulator
- Insuring against critical illness
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