Tan Kin Lian's Blog: Unable to pay premium till 70

Wednesday, September 24, 2008

Unable to pay premium till 70 - Revosave

Dear Mr Tan
I attended a talk you conducted when you were still with NTUC income and you came across as honest and sincere.

I vaguely understand that Revosave is a combination of insurance, savings and investment. Expecting no one to support my needs in old age, I bought Revosave on impulse, putting in about $1,000 every month. If I understand correctly, I should be getting a "guaranteed cash benefit" after two years, but how much and whether it is worth it, I don't know.

I am past 55 and getting worried that I would not have the resources to put aside $1,000 a month till I'm 70 years old to benefit from the plan. Should I cut my losses and terminate the plan now and just put my money in a fixed deposit?

REPLY
It is improper for the insurance adviser to sell you a policy without considering your abilty to pay the premium. If you have been badly advised, you should lodge a complaint with NTUC Income. If they do not give you a suitable redress, you can complaint to FiDREC (www.fidrec.org.sg). You should not have to suffer a big loss from this bad advice.

11 comments:

zhummmeng said...: Just march into the ntuc CEO's office and demand the return of all premium paid and if the CEO doesn't accede to your demand write to the press and lodge a complaint with FIDREC and MAS. This is the most ridiculous and inappropriate recommendation and smacks of conflict of interest and unscruples.
This is similar to the situation the minibond investors are in now. They bought without understanding the product. Did you know the cash back return is 1%+ provided you complete the full term and for some reasons you can't you will suffer a big loss loss.
While your retirement will go up in smoke , the so called consultant will be holidaying somewhere overseas with the commission earned from conning you.
Mr., report the so called financial consultant, senior or exeeeecuthief or whatever, to FIDREC and MAS for misleading you. You might also have been misled by the title and fell for the misrepresentation and lies.
You are not alone. There are many in similar situation but have not awaken to the fact that they have been fleeced.All hell will break loose when all of them wake up.Then there will be a crisis similar to the AIA. This time the queue will form right to City Hall MRT .; September 24, 2008 11:03 PM
Anonymous said...: Whoever sold you this plan is unscrupulous.This is anticipated endowment cashback plan and this is a lousy and useless even for young people let alone someone your age.
What you need is a plan where saving can be enhanced or one that can make your money work harder. With revosave your money hardly works and never mind you get locked up for donkey years.You cannot stop and you will be held hostage till the end of the term and for how much more? Miserable return!!!! I think if you have your money under your pillow you will be better off.You have complete freedom and liquidity and spend whenever you want.
Don't surrender. You have the right to refund of all the premium paid.Or else report to FIDREC or sue the company and the agent.
This is one product consumers should not touch with a 20 foot pole.

Concerned Citiizen; September 25, 2008 12:16 AM
Anonymous said...: Beleive it or not now these "exeecuthief" financial consultants are using another illusion to hoodwink the passers by at roadshows that using the coupons(cashbacks) from the revosave to pay for another product called vivolife which is a limited payment critical illness plan.I cannot see any increase in benefits for the buyers except for the consultants who will get 2 commissions. This looks like churning or twisting.
These people are getting more "creative". Indeed greed and money make people more creative and unethical.They forget they are selling to another human who put s his trust on them.
What happened to Singapore? Now old people are being conned at the banks, at the raodshows and in their own home by salespeople, insurance agents disguised as financial consultants and relationship managers and who have no conscience to rob them of their hard earned saving.
Poor old folks are even hunted by Chinese Nationals.

A fan of this blog; September 25, 2008 9:10 AM
Anonymous said...: Zhummmeng,
You must be kidding when you ask him to march to the CEO's office to protest. He would not be able to get past the security guard. They do not let people into the office beyong the ground floor without their permission.
Even if he gets into the CEO's floor, I do not think he can even get to sit on the posh $40,000 chairs while waiting for that CEO. What makes you think that that CEO will entertain him since he has a track record of not even answering direct requests from policyholders to communicate with him? He does not even answer your calls nor make any attempt to call or write to you?
Furthermore, this Malaysia born CEO is now so arrogant that he can decide to drop customers when they try to bring to his attention that NTUC Income is being fleeced. See Wednesday Straits Times Home Edition. The reason given was something about the policyholder wasting senior management's time when all the policyholder is trying to do is to flag out how the other party is making a fraud claim against NTUC Income by inflating claims costs. How is that wasting senior management's time. Is the new CEO colloborating with other parties against NTUC income interests? Instead of doing all he can to stop the fraud, he arrogantly drops his own policyholder by such an arrogant excuse of the policyholder wasting his time. Why is the Singapore govt allowing these foreign born salesmen nowadays doing all these to Singaporeans.; September 25, 2008 11:39 AM
Unknown said...: $1000 a month! You're having 2nd thoughs now but didn't you have second thought before signing?; September 25, 2008 11:59 AM
Anonymous said...: Remember the magic stone conman?

Insurance agents are becoming like the magic stone conman. They tell you whole life and endowment can protect almost anything,especially when you are old.
Every now and then they would come out with different kind of magic stone. This 55 year old man kenna a magic stone, called revosave that can take care of his retirement.
In the old days the magic stone conman operated in the back lane with a small "booth." Now they operate at malls, mrt and they call the booth roadshow. It is the same old trick but in different form and shape.The magic stone can cure critical illness, can give money when you are retrenched, can give you some money provided you pay some money. This is the kind of cheats. And the authority MAS bochap because it is Caveat Emptor. If you buy and not careful your business.Isn't this what the minibond investor are told now. Talk to the conman first and you cannot get any money then go to Fidrec and then to us. No wonder there are so many conman operating openly in mrt and malls with big booth and openly advertise all the magic stones in big posters. The conman ,dressed smartly, peddle the
stones to passers by, harrass them.
Nothing you can except to take your own action by avoiding them.

MAGIC STONE VICTIM; September 25, 2008 12:02 PM
Anonymous said...: Jomni, you think that man signed willing , with all the knowledge and made an informed decision? He was probably under some kind of spell. He didn't know what hit him until he saw his bank account.
No matter what, it is still wrong to recommend such a product if you have examined his needs and financial circumstances.
I bet you don't even know about this product.The insurance agent also didn't know much. So HOw do you expect the customer to know? So you beleive in caveat emptor too.I think you are an ntuc agent.
Let FIDREC decide.; September 25, 2008 1:26 PM
Invest SGX said...: I personally felt that we are not only the victim of receiving bad advice, but the victim of receiving insufficient advice.

How many of us can understand a financial product?; September 26, 2008 8:19 AM
Anonymous said...: Those who were fooled, tricked or conned into buying revosave like this man should examine what you have bought . Get some qualifeid expert to help you and discover how you have been conned.
Should come forward like the Minibond investors to organise a protest to the ntuc management that all of you have mis-sold and misrepresented on this useless anticipated endowment by greedy and unethical consultants.Send a strong message to MAS that this product has no saving value and should not have been allowed to be sold and that it was designed to fool the consumers using the greedy and conscienceless agents to push and peddle at roadshows.
Don't let this opportunity go. Don't be a victim of unscrupulous agents who misuse the brand name to con their trusting customers for their own interest.

Also 55 years old; September 26, 2008 9:12 AM
Anonymous said...: Don't understand why MAS still behaving like dead wood. There are so much evidences that the insurance agents , financial consultants from the banks are miss-selling and misrepresenting the products not only to old people but all the consumers.They must put a stop and haul up these agents and consultants to prove they are serious. The public must be protected against these greedy salespeople and their companies' products. Sometimes it is a wonder and puzzling why products like revosave is allowed to be sold.It is a useless product.; September 26, 2008 9:28 AM
Anonymous said...: Sue this agent from ntuc to get the full refund.Why should you suffer loss because this of this greedy cheat? This is a typical case. Avoid them.; September 26, 2008 8:10 PM