Wednesday, November 28, 2007

Flexi-Link is a better choice

I have been recommending the Ideal plan (ID7) from NTUC Income, as it allows 100% of the monthly savings to be invested. The policy fee is $4 a month. It is available from the Business Center.

Someone told me that the Flexi-Link (a single premium ILP plan) is actually better than ID7. It has the following features:

1> Inital deposit should be at least $5,000.
2> Allows recurring top up: $250 quarterly, $500 half-yearly and $1000 annually
3> Allows ad hoc top up: $1,000 per single premium top up
4> No policy fee after account cash value reached $15,000.

If you have an initial sum of $5,000 to invest, it is better to choose Flexi-Link instead of Ideal (ID7).
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4 comments:

Anonymous said...

Using the flexilink and recurrent
approach saves you some cost.But there is a front charge of 3% of the amount invested whether it is first or the subsequent recurrent. Anyway it is cost saving anytime better than the ID7.
But the insurance agents would not tell you. Just like someone mentioned the agents would recommend you ID2 which gives them high commission.
This is invariably the case when you engage a salesman.

November 25, 2007 5:11 PM
Anonymous said...

It seems there are so many hidden good plans, we need to explore ourselves. Anyway, pay the price to learn the lesson is worthy also.

November 25, 2007 6:10 PM
Anonymous said...

Plans that are good for customers are kept away and plans with higher commission are actively promoted to customers.Many customers are unaware of this practice. Serve them right if they choose to put their trust on agents. The agents are not wrong as someone said the onus lies with the customers. It is die your business, isn't it. Otherwise this business would have disappeared long ago considering the numbers of complaints to CASE each month.

November 26, 2007 9:25 PM
Anonymous said...

on paper, Flexilink applying recurring top up or ad hoc top up is indeed better than ID7. However, not everyone have e spare cash of $5000 (initial) & regular top up of$1000 (min requirement).
ID7 is a good plan if it combined with a Term Insurance such as i-term.

December 01, 2007 7:31 PM

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