Mr. Tan. if you remember during your time there was a regular ILP known as ID7.It was a fantastic product with 100% allocation less sales charge and a set up fee in the first year, and of course with nominal insurance coverage.It was a great saving plan. But it wasn't popular because it was sold only by the business centre although the greedy agents were at first allowed to and the commission was a flat one time $300, regardless of the size of the premium. This should be the remuneration structure, a one time fee, of the future products if MAS decides to ban commission in the next few years. This is win win for salesmen and customers but not those rip off regular ILPs and whole life products which only the salesmen and the company benefit at the expense of the consumers.
Mr. Tan. if you remember during your time there was a regular ILP known as ID7.It was a fantastic product with 100% allocation less sales charge and a set up fee in the first year, and of course with nominal insurance coverage.It was a great saving plan.
ReplyDeleteBut it wasn't popular because it was sold only by the business centre although the greedy agents were at first allowed to and the commission was a flat one time $300, regardless of the size of the premium.
This should be the remuneration structure, a one time fee, of the future products if MAS decides to ban commission in the next few years.
This is win win for salesmen and customers but not those rip off regular ILPs and whole life products which only the salesmen and the company benefit at the expense of the consumers.