This case occured many years ago. A Chinese educated lady approached me for help. An insurance agent had advised her to invest $50,000 in a life insurance policy, as it gives a better return compared to CPF.
Later, she was told that the policy had lapsed, as she did not pay the second year premium of $50,000. All the money invested earlier was lost.
She was not aware that she had bought an annual premium policy with an annual premium of $50,000.
She complained about the mis-selling to the insurance company but they rejected her complaint.
I helped her to write the letter of demand for the money to be refunded to her, as it was a clear case of mis-selling. A few months later, she told me that she got the full refund.
I asked her to make a donation to FISCA. She asked - how much? I said it was up to her - $200, $500 or $1,000.
Guess how much did she donate to FISCA?
You can find the answer here:
http://www.fisca.sg/ArticleDisplay.aspx?ID=517
Later, she was told that the policy had lapsed, as she did not pay the second year premium of $50,000. All the money invested earlier was lost.
She was not aware that she had bought an annual premium policy with an annual premium of $50,000.
She complained about the mis-selling to the insurance company but they rejected her complaint.
I helped her to write the letter of demand for the money to be refunded to her, as it was a clear case of mis-selling. A few months later, she told me that she got the full refund.
I asked her to make a donation to FISCA. She asked - how much? I said it was up to her - $200, $500 or $1,000.
Guess how much did she donate to FISCA?
You can find the answer here:
http://www.fisca.sg/ArticleDisplay.aspx?ID=517
Mr. Tan, u should have helped her to lodge the miss-selling to MAS. This is to let MAS know that a lot of this kind of misconduct is going on and MAS should do some enforcement against the insurance companies instead of burying its head in the shit.
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