ST ONLINE FORUM
I BOUGHT three policies from Prudential for my children 15 years ago. Recently, due to a need for cash, I decided to terminate one of the policies.
To my shock and disappointment, the amount I am getting back upon surrendering the policy equates to less than 50 per cent of my contribution in the last 15 years.
I can understand if the early termination results in an 80 per cent return, but 50 per cent?
The customer service officer told me that given the crisis last year, policyholders did not have good bonuses and therefore the drop in value. So my questions are:
How can the year's bonus affect 50 per cent of my investment because a good bonus does not double my principal sum.
Is there an organisation in Singapore that ensures that policyholders are being protected?
As much as there are risks, what about those who have invested for 30 years hoping to get a good return only to be given the same answer?
Will the authorities please look into this so all of us who hope to retire well by investing in insurance policies will not lose a substantial amount of our hard-earned cash.
Sabrina Tan (Mdm)
MAS should be the body that is responsible to look after the interest of consumers and make sure that they are fairly treated, especially on the declaration of bonus. I hope that MAS will ask Prudential to given an explanation and check if the explanation is acceptable. I am surprised that the cash value is only 50% after 15 years. It should have "broke even" by now.
MAS should not refer this matter to FIDREC. It should be investigated by MAS, as it is the core of the operation of the insurance company.
- ► 2019 (1436)
- ► 2018 (1406)
- ► 2017 (1258)
- ► 2016 (828)
- ► 2015 (691)
- ► 2014 (144)
- ► 2013 (501)
- ► 2012 (1269)
- ► 2011 (1873)
01/31 - 02/07
- Tricks by property agents
- 15% discount at Internet Shop
- Seek compensation for losses on the credit linked ...
- Residual values of credit linked notes
- Strategy to pick the right stocks - low PE and hig...
- Fighting rejected health claims
- Practice to pick the right stocks
- Palindrome - the Lost Generation
- Medan is a nice city with nice people
- Rechargeable torchlight - 15% discount
- Seminar on class action
- Immoral profit
- A positive approach towards taxation
- GST is a costly exercise
- Need for a minimum wage policy
- High Notes 5
- Financial institution benefited from the settlemen...
- Pinnacle and Jubilee Notes
- Voting in general elections - survey results
- Voting in the general election
- Overcharging by lawyer
- The Growing Underclass - Jobs Gone Forever
- Improve productivity in Singapore
- Rechargeable lamp (with locator) - delivery $1
- Calculate the rate of interest
- Minibond Payout
- Class action in America
- Two casinos
- Interest payable on loans
- FISCA - Member's benefits
- Good response for Financial Planning book
- Practical suggestions to improve a call center
- Practical ideas to improve a corporate website
- Social services and taxation
- Order for Financial Planning book
- Help the singles with affordable housing
- Crackdown on Tax Avoidance
- What the General Election is about
- Filing my first GST return
- ST Online Forum: Hit hard by insurance policy term...
- Car loan for 60 months
- Adopt a consistent approach
- Foreign currency payments on credit cards
- Football on Pay TV
- Bubble in commodity funds
- Lessons from Canada about banking
- Pricing of HDB flats and subsidy
- Political risks in Asia
- Personal savings
- Cash loan - 16% effective rate
- Creating productive employment
- GST - who benefits and who loses?
- GST is wasteful
- Character building
- Improve your negotiating power
- Practical Guide on Financial Planning - book avail...
- Pressure to develop the financial market
- Low cost housing - a model for economic developmen...
- Universal coverage for health care
- Small country can find its niche
- ▼ 01/31 - 02/07 (62)
- ► 2009 (1654)
- ► 2008 (2104)
- ► 2007 (1803)
- ► 2006 (696)
- ► 2005 (159)