I estimate that 10,000 people buy a life insurance policy every month. They may be unaware that they are buying a life insurance policy, as it is usually sold to them as an "investment" or a "saving plan" by a relationship manager working in a bank.
The sales person is required to give a Benefit Illustration to the customer. In many cases, the BI is not given at that point but is quietly sent to the customer with many other documents. The customer may overlook the BI.
There is an important page in the BI that the customer should read and understand. When the customer reads that page, or sees the figures, the customer will cancel the policy for a full refund within 14 days.
If the customer does not do it, the customer may lose a lot of money - which is shown as "the effect of deduction":
See this explanation.
http://fisca.sg/Login2.aspx?URL=Info/417/Understand-the-Benefit-Illustration
The sales person is required to give a Benefit Illustration to the customer. In many cases, the BI is not given at that point but is quietly sent to the customer with many other documents. The customer may overlook the BI.
There is an important page in the BI that the customer should read and understand. When the customer reads that page, or sees the figures, the customer will cancel the policy for a full refund within 14 days.
If the customer does not do it, the customer may lose a lot of money - which is shown as "the effect of deduction":
See this explanation.
http://fisca.sg/Login2.aspx?URL=Info/417/Understand-the-Benefit-Illustration
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