Monday, November 16, 2015

This Prusave policy should not be approved for sale to customers

This Prusave limited payment policy is being actively sold to many bank customers.

The writer of this article asked, "Is it suitable to any customer at all?
My answer is "no". Why should a customer buy this policy which gives such a poor deal? It virtually provides no protection and takes away a large part of the investment return.

My fear is that most customers do not understand the policy and might have bought it due to some mis-representation by the sales person.

But, I agree with the writer that such a "sub-par" policy should never have been approved for sale in the first place. This is a duty that falls on the Monetary Authority of Singapore, which they should not neglect.

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