Tuesday, May 27, 2008

Seek a solution to the Bonus Restructure?

I have two rounds of discussion with the management of NTUC Income on the restructure (now called reshaping) of the bonus for 310,000 policies.

NTUC Income's management has assured me that the have the best interest of the policyholders in making this restructure of the bonus and will continue to observe the social purpose of NTUC Income (which they have stated previously). They are also willing to find ways to address the concerns of the policyholders. I have accepted their position on this matter.

I will provide an update within the next few days.
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6 comments:

Victor Foo said...

I wish to advise the NTUC Income's management to learn from this mistake and move on.

Please remember : "One man's meat is another man's poison ".

The main thing is to keep the main thing, the main thing !

May 26, 2008 2:56 PM
Raymond T said...

Here's hoping NTUC Income continues to do very well! I hope so, as I have 10 policies with them... ranging from 4WL, 1 motor, 2 shield plans, 1 rider and 2 term plans!

May 26, 2008 9:53 PM
zhummmeng said...

So Mr. Tan, you accept that the reshape or restructure of the bonus is in the interest of the policyholders and you think it is not a bad move and the interest of policyholders is not put at risk in the context of the current global market volatility.

May 26, 2008 10:07 PM
Tan Kin Lian said...
This comment has been removed by the author.
May 27, 2008 6:01 AM
Tan Kin Lian said...

Dear Zhummeng,

I have only accepted the three statements that are contained in the paragraph.

At this time, I have not accepted the restructure of the bonus. It will depend on the outcome of the discussions on the two concerns of the policyholders, as expressed in the collective protest.

May 27, 2008 3:37 PM
blueoceans said...

If NTUC Income thinks the "reshaping" of bonus structure is better than the existing one, then NTUC Income should be able to commit to certain minimum percentage of terminal bonus at 3 years, 5 years,7 years, and so on which CLEARLY shows that the total payout of policies upon maturity in 3 years, 5 years, 7 years, etc will be higher than what would be paid out under the existing structure.

May 27, 2008 10:02 PM

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