Visit this website and read what the author writes about the ILAS (investment linked assurance scheme) in Hong Kong. The ILAS is similar to the ILP (investment linked policies that are sold in Singapore.
The author is direct in criticizing the insurance companies for creating these products to "rip off" consumers by charging high fees at the start of the policy, and not telling the consumers about them. When the consumers find out, it is too late, A large part of their savings had been taken away.
He also criticized the regulators (i.e. Office of the Insurance Commissioner and the Securities and Futures Commission) for neglecting their duty to protect consumers from these bad products.
His criticisms apply to the practice in Singapore as well.