A policyholder was shocked to learn that the surrender penalty under his ILP policy at the end of 2 years was so high that it took away 90% of his savings. He was not properly advised of this matter by the distributor who sold the policy to him.
He pursued this matter vigorously against the distributor who sold the policy and the insurance company who created the product. He met with the senior officials of both organisations and also complained to MAS.
He was given various types of excuses and disclaimers. He was not discouraged but continued to fight on.
He was finally offered a full refund of the premiums paid for the 2 years and was asked to sign a non-disclosure agreement.
Lesson: If you are willing to fight for your right, the financial institutions may surrender, instead of the consumer.
Tan Kin Lian
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