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.
1 comment:
The company u used to be CEO has a similar rubbish regular ILP called vivolink whcih breaks even at 15 years and worse, some idiotic salesmen recommend wrong fund the break even is even longer. The regular ILP during your time was the best but your successor think his is better. They sold like 'hot cake' or maybe hot shit because the salesmen who sold this shit didn't know or qualified. I heard the story that the product was introduced to help the greedy salesmen and women to qualify for the incentive trip. They claim that it is saving plan but actually it is losing plan for the buyers. The people who benefit are the greedy salesmen and women and the company and the buyers are fools..
I wonder how many victims of this product have committed financial sucide already since it was introduced for the salesmen.
MAS should also actually investigate if there was mis-selling and misrepresentation.
Post a Comment