Hi Mr. Tan
I was misled into buying insurance for all these years, thinking that the lump-sum amount paid to insurance will be like fixed deposit, and that once bonuses are declared, the surrender value in the benefit illustration shown will be guaranteed.
I did ask the agent about the guaranteed and non-guaranteed part but the answer was to look at the surrender value shown in the BIPS, which she claimed will be payable to me on surrender.
I have now found out that the terminal bonus and future reversionary bonuses are not guaranteed, which was not advised to me. Please advise me if I got a case against them.
It is the duty of the agent to advise you correctly. If you were mis-informed, you should take the following steps:
a) Lodge a complaint to the management of the insurance company, giving facts about the mis-representation by the agent
b) If the insurance company does not give you a satisfactory solution, you can lodge a complaint to FIDREC. Details are in www.fidrec.com.sg. If you need legal or other advise, you should be willing to pay $500 for someone to advice you. I will not be able to look into your complaint, as it takes a lot of my time.
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