A customer ask a competitor's agent, "Is it true that the investment-linked plan from your company takes away 19 months of my savings, compared to 7 months by NTUC Income?"
The agent said, "Oh, our 19 monhts is already built into the premium. The 9 months from NTUC Income is an additional charge."
It is a blatant lie. But, the agent knows how to tell it in a convincing way. The customer is too confused and afraid to ask for the agent to explain.
Lesson: The only way for the competitor's agent to get away with a high charge of 19 months is to tell a blatant lie. Do not trust this agent. He is only interested to earn a big commision on the sale.
Monday, June 12, 2006
Sunday, June 11, 2006
An idea - start the school year in 4 enrolment dates
I suggest that the school year should have 4 enrolment dates, ie in January, April, July and October.
This allows parents to send their child to a school immediately after the birthday, rather than to wait for up to 11 months.
We can divide the schools into 4 groups, to start at the various enrolment dates.
In the future, parents can plan to have their children born in the same time of the year, so that they can go to the same school.
If there are born at different months of the year, the parent can still find the enrolment date that is most convenient for both children.
This approach will also help to spread the school holdays throughout the year. As the school holidays are spread out, parents do not have to pay a higher price for air tickets and hotels.
It is time to move to a more flexible system.
This allows parents to send their child to a school immediately after the birthday, rather than to wait for up to 11 months.
We can divide the schools into 4 groups, to start at the various enrolment dates.
In the future, parents can plan to have their children born in the same time of the year, so that they can go to the same school.
If there are born at different months of the year, the parent can still find the enrolment date that is most convenient for both children.
This approach will also help to spread the school holdays throughout the year. As the school holidays are spread out, parents do not have to pay a higher price for air tickets and hotels.
It is time to move to a more flexible system.
High pressure sales by a bank?
My friend told me this story.
A bank advertised interest rate of 3% for a fixed deposit of more than $50,000. This is only available when you visit the branch.
If you wish to place the same fixed deposit through their internet website, the bank pays only 1.5% per annum.
When he visited the branch, he is advised by the bank's marketing officer to change to a investment fund or structured product.
My friend is knowledgeable. So, he knows how to resist the marketing pitch.
But he said that less educated people may be persuaded to invest in the risker product, without understanding the risk.
Perhaps, it is time for the bank's marketing practice to be reviewed?
A bank advertised interest rate of 3% for a fixed deposit of more than $50,000. This is only available when you visit the branch.
If you wish to place the same fixed deposit through their internet website, the bank pays only 1.5% per annum.
When he visited the branch, he is advised by the bank's marketing officer to change to a investment fund or structured product.
My friend is knowledgeable. So, he knows how to resist the marketing pitch.
But he said that less educated people may be persuaded to invest in the risker product, without understanding the risk.
Perhaps, it is time for the bank's marketing practice to be reviewed?
Pay motor insurance and road tax in monthly installments?
Tentative (subject to change).
FAQ (frequently asked questions)
Motor Insurance Plan G
1. How do I save up to 15% on motor insurance?
NTUC Income offer competitive rates for motor insurance. For many models of cars, our rates are up to 15% lower than our competitors.
If you are now insured with another insurer and you move to us, you can enjoy a saving of up to 15%.
Just call us for a quotation. You can compare for yourself.
2. How do I pay my premium in 12 monthly installments, free of interest?
If you insure your car under this plan, we allow you to pay your premium in 12 monthly installments by GIRO. This will be free of interest.
Example:
Insurance premium: $600 a year
You can pay in 12 monthly installments of $50.
We require you to pay the installment 1 month in advance. At the start, you will pay 2 monthly installments. After that, we will collect the monthly instalments every month through GIRO.
3. How do I pay my road tax in 12 monthly installments?
You can also apply for an advance to pay your road tax. We will collect it from you in 12 monthly installments with a flat interest of 3%.
Example:
Road tax $1,200
You can pay in 12 monthly installments of $100 plus 3% = $103.
This will be combined with the monthly installment of the insurance premium.
4. How do I apply to join this plan?
Call 6788 1111 at least 2 months before the renewal date and sign an agreement and GIRO form. We will notify the Land Transport Authority and pay the road tax on your behalf.
If you already have a GIRO form with NTUC Income, we can use your existing GIRO. You do not need to sign the form again.
5. What happens if I fail to pay the instalment?
We will contact and remind you. You can pay within 14 days. There is a service charge of $3.
If you still do not pay the installment after our telephone reminder, and do not get our agreement for an extention, we will cancel your insurance policy and notify Land Transport Authority. Under the law, you will not be allowed to use your car.
We will also take legal action on you for the balance of the road tax that you have not paid. The legal cost will be charged on you.
In future, you will not be allowed to enjoy this privilege with NTUC Income.
6. What do I renew my insurance in the future?
We will send a letter to you 2 months before the renewal date and notify you about the premium and road tax for the next year. We will call you to get your confirmation to continue this arrangement.
7. Can I go through an agent?
You can go through an agent for the first year. In subsequent years, we will deal with you directly on the renewal and the road tax.
8. Can I cancel my insurance, if I find that another insurance company can offer a lower rate to me?
We believe that our premium rate will be lower than the market.
However, if you can find another insurance company willing to give you a better rate, and you wish to cancel your insurance with us, we will refund to you 85% of the proportionate premium. The 15% is used to cover our expenses.
Example:
If the premium is $600 and you cancel the insurance after 2 months, you will get a refund of 85% of $600 X 10/12 = $425.
End of FAQ
FAQ (frequently asked questions)
Motor Insurance Plan G
1. How do I save up to 15% on motor insurance?
NTUC Income offer competitive rates for motor insurance. For many models of cars, our rates are up to 15% lower than our competitors.
If you are now insured with another insurer and you move to us, you can enjoy a saving of up to 15%.
Just call us for a quotation. You can compare for yourself.
2. How do I pay my premium in 12 monthly installments, free of interest?
If you insure your car under this plan, we allow you to pay your premium in 12 monthly installments by GIRO. This will be free of interest.
Example:
Insurance premium: $600 a year
You can pay in 12 monthly installments of $50.
We require you to pay the installment 1 month in advance. At the start, you will pay 2 monthly installments. After that, we will collect the monthly instalments every month through GIRO.
3. How do I pay my road tax in 12 monthly installments?
You can also apply for an advance to pay your road tax. We will collect it from you in 12 monthly installments with a flat interest of 3%.
Example:
Road tax $1,200
You can pay in 12 monthly installments of $100 plus 3% = $103.
This will be combined with the monthly installment of the insurance premium.
4. How do I apply to join this plan?
Call 6788 1111 at least 2 months before the renewal date and sign an agreement and GIRO form. We will notify the Land Transport Authority and pay the road tax on your behalf.
If you already have a GIRO form with NTUC Income, we can use your existing GIRO. You do not need to sign the form again.
5. What happens if I fail to pay the instalment?
We will contact and remind you. You can pay within 14 days. There is a service charge of $3.
If you still do not pay the installment after our telephone reminder, and do not get our agreement for an extention, we will cancel your insurance policy and notify Land Transport Authority. Under the law, you will not be allowed to use your car.
We will also take legal action on you for the balance of the road tax that you have not paid. The legal cost will be charged on you.
In future, you will not be allowed to enjoy this privilege with NTUC Income.
6. What do I renew my insurance in the future?
We will send a letter to you 2 months before the renewal date and notify you about the premium and road tax for the next year. We will call you to get your confirmation to continue this arrangement.
7. Can I go through an agent?
You can go through an agent for the first year. In subsequent years, we will deal with you directly on the renewal and the road tax.
8. Can I cancel my insurance, if I find that another insurance company can offer a lower rate to me?
We believe that our premium rate will be lower than the market.
However, if you can find another insurance company willing to give you a better rate, and you wish to cancel your insurance with us, we will refund to you 85% of the proportionate premium. The 15% is used to cover our expenses.
Example:
If the premium is $600 and you cancel the insurance after 2 months, you will get a refund of 85% of $600 X 10/12 = $425.
End of FAQ
Saturday, June 10, 2006
Enhanced Incomeshield
1) Last year, you said that NTUC Income will not be offering a "as charged" plan. Why do you change your mind?
Reply: Here are three reasons why we decided to introduce the enhanced plan to offer "as charged" coverage:
- Some policyholders indicate that they are willing to pay a higher premium for the "as charged" plan. We wish to meet the wishes of these policyholders.
- Our "as charged" plan requires prior approval, except for emergency. This is to allow our medical adviser to give a second opinion of the proposed treatment and to avoid unnecessary treatment. In most cases, approval will be given within one day.
- We will continue to offer the basic Incomeshield, which is subject to limits for each category of treatment. Our basic plan will continue to be the most affordable in the market.
Initially, the enhanced Incomeshield cost about 15% higher than the similar basic plan, but this difference may widen in the future, based on the claim experience. We will try our best to keep the premium rates at an affordable level for the enhanced plan. It depends on our ability to prevent escalation in medical expenses.
If the gap widens, some policyholders may wish to opt back into the similar basic plan (which will continue to be available) to enjoy the lower premium rates.
Our strategy is to offer a choice for consumers.
2)An industry observer said that insurers are not fighting to get a bigger piece of the pie, but instead its a fight for healthy lives Did you face problems with unhealthy policyholders who wish to upgrade to "as charged plans.?
Reply: We will allow our existing policyholders to upgrade to the enhanced plan without any underwriting on the next renewal date. This will be hassle free. They can upgrade to the enhanced plan during this window period, even if their health condition does not meet the normal acceptance standard.
This is a privilege that we wish to give to all existing policyholders of the basic Incomeshield plan.
After the window period, they will be required to provide evidence of good health for upgrading at a future renewal date.
3) Your "as-charged" plan requires the policyholder to give 4 days advance notice before being treated in a hospital. How is this being managed? If a policyholder fails to fulfill this condition, is there a penalty?
Reply: Under the Enhanced Incomeshield Plan, we ask the policyholder to call us, four working days prior to admission to hospital to seek our guidance on admission and coverage.
We will check that the proposed medical treatment and the charges are reasonable, and give our approval as soon as possible. This can normally be done within one or two working days.
If there is any doubt, we will seek a second opinion of our medical adviser or a panel of specialists. This opinion can be obtained quite quickly.
We believe that this approach will help to reduce the possibility of unnecessary treatment or inflated charges.
In the case of emergency, there is no need to get our prior approval.
If a policyholder overlook to get our prior approval, we will still process the claim. If the medical bill is reasonably and necessary, it will be paid in full. In other cases, we will still make a partial payment, based on the limits that are provided under the basic plan.
4) What is the rate of claims for your various medical insurance plans?
We process about 60,000 claims a year, representing about 7.5% of the policyholders covered under our Incmeshield plan.
5) In the event of a dispute, where do NTUC Income and the consumer take their claims to?
Reply: We refer all disputes to an independent third party, such as the Financial Industry Dispute Resolution Center (FiDREC). Less than 1 percent of claims lead to a dispute.
6) Do you expect many new policyholders, or existing policyholders to upgrade to the "as charged" plan?
Reply: We are getting good response from existing policyholders to upgrad to the enhanced plan. We are getting many new applications as well.
Reply: Here are three reasons why we decided to introduce the enhanced plan to offer "as charged" coverage:
- Some policyholders indicate that they are willing to pay a higher premium for the "as charged" plan. We wish to meet the wishes of these policyholders.
- Our "as charged" plan requires prior approval, except for emergency. This is to allow our medical adviser to give a second opinion of the proposed treatment and to avoid unnecessary treatment. In most cases, approval will be given within one day.
- We will continue to offer the basic Incomeshield, which is subject to limits for each category of treatment. Our basic plan will continue to be the most affordable in the market.
Initially, the enhanced Incomeshield cost about 15% higher than the similar basic plan, but this difference may widen in the future, based on the claim experience. We will try our best to keep the premium rates at an affordable level for the enhanced plan. It depends on our ability to prevent escalation in medical expenses.
If the gap widens, some policyholders may wish to opt back into the similar basic plan (which will continue to be available) to enjoy the lower premium rates.
Our strategy is to offer a choice for consumers.
2)An industry observer said that insurers are not fighting to get a bigger piece of the pie, but instead its a fight for healthy lives Did you face problems with unhealthy policyholders who wish to upgrade to "as charged plans.?
Reply: We will allow our existing policyholders to upgrade to the enhanced plan without any underwriting on the next renewal date. This will be hassle free. They can upgrade to the enhanced plan during this window period, even if their health condition does not meet the normal acceptance standard.
This is a privilege that we wish to give to all existing policyholders of the basic Incomeshield plan.
After the window period, they will be required to provide evidence of good health for upgrading at a future renewal date.
3) Your "as-charged" plan requires the policyholder to give 4 days advance notice before being treated in a hospital. How is this being managed? If a policyholder fails to fulfill this condition, is there a penalty?
Reply: Under the Enhanced Incomeshield Plan, we ask the policyholder to call us, four working days prior to admission to hospital to seek our guidance on admission and coverage.
We will check that the proposed medical treatment and the charges are reasonable, and give our approval as soon as possible. This can normally be done within one or two working days.
If there is any doubt, we will seek a second opinion of our medical adviser or a panel of specialists. This opinion can be obtained quite quickly.
We believe that this approach will help to reduce the possibility of unnecessary treatment or inflated charges.
In the case of emergency, there is no need to get our prior approval.
If a policyholder overlook to get our prior approval, we will still process the claim. If the medical bill is reasonably and necessary, it will be paid in full. In other cases, we will still make a partial payment, based on the limits that are provided under the basic plan.
4) What is the rate of claims for your various medical insurance plans?
We process about 60,000 claims a year, representing about 7.5% of the policyholders covered under our Incmeshield plan.
5) In the event of a dispute, where do NTUC Income and the consumer take their claims to?
Reply: We refer all disputes to an independent third party, such as the Financial Industry Dispute Resolution Center (FiDREC). Less than 1 percent of claims lead to a dispute.
6) Do you expect many new policyholders, or existing policyholders to upgrade to the "as charged" plan?
Reply: We are getting good response from existing policyholders to upgrad to the enhanced plan. We are getting many new applications as well.
Flexi Cash is now launched
Some details are found in this webpage:
http://www.income.coop/insurance/FlexiCash/
Flexi-Cash works like a bank account. You can put money in at any time. You will earn an interest rate on your money that is linked to the money market.
Currently, the money earns about 3% per annum. It will change with the interest rate in the money market. As interest rate is likely to increase, you can earn more.
The money market (or interbank rate) is what the bank pays to get money from other banks. Usually, the bank will pay 1% to 1.5% less than the money market rate for their fixed deposit.
In NTUC Income's case, we pay 0.25% less than the money market rate. This means that you can earn about 1% more than fixed deposit.
There is a small investment charge of 0.1% when you put money into this account. So, if you keep for more than 1 month, you will get a better return than fixed deposit. Anyway, your money is not locked up for 1 year. It can be taken out at any time.
If you are interested, call 6788 1111.
http://www.income.coop/insurance/FlexiCash/
Flexi-Cash works like a bank account. You can put money in at any time. You will earn an interest rate on your money that is linked to the money market.
Currently, the money earns about 3% per annum. It will change with the interest rate in the money market. As interest rate is likely to increase, you can earn more.
The money market (or interbank rate) is what the bank pays to get money from other banks. Usually, the bank will pay 1% to 1.5% less than the money market rate for their fixed deposit.
In NTUC Income's case, we pay 0.25% less than the money market rate. This means that you can earn about 1% more than fixed deposit.
There is a small investment charge of 0.1% when you put money into this account. So, if you keep for more than 1 month, you will get a better return than fixed deposit. Anyway, your money is not locked up for 1 year. It can be taken out at any time.
If you are interested, call 6788 1111.
Friday, June 09, 2006
It's nice to hear from a happy customer
I was at the check-in queue at the airport yesterday (travelling economy class to Hanoi).
"Hi, Mr Tan".
I turned and saw a woman with a happy smile. "My name is Madam Tan. All of my insurance policies are with NTUC. I recognise you."
We shook hands. She told me that she was travelling to Bangkok.
She turned to her two companions and introduced me, "This is Mr Tan, CEO of NTUC Income". I shook hands with her friends.
It is nice to hear from a happy customer, who is proud to be with NTUC Income!
"Hi, Mr Tan".
I turned and saw a woman with a happy smile. "My name is Madam Tan. All of my insurance policies are with NTUC. I recognise you."
We shook hands. She told me that she was travelling to Bangkok.
She turned to her two companions and introduced me, "This is Mr Tan, CEO of NTUC Income". I shook hands with her friends.
It is nice to hear from a happy customer, who is proud to be with NTUC Income!
Personal Accident + Infectious Disease
1. When was this new policy launched?
NTUC Income is the first insurer in Singapore to roll out this innovative policy that covers personal accident and infectious diseases at a low premium. The insurance plan provides worldwide cover, 24 hours a day. It was launched in April 2006.
2. Why was this introduced?
In recent years, there is a spread of infections disease, such as SARS, bird flu and dengue fever.
We launched this policy to provide an added coverage to our personal accident policy. 14 infectious diseases are covered.
3. Is the premium under PA+ID cheaper than a life insurance policy?
The premium for PA+ID is $100 a year and it covers $50,000 on death by accident and infectious disease.
The premium for a life insurance policy covering the same amount depends on age and term of policy, and will probably be $1,000 or higher.
NTUC Income is the first insurer in Singapore to roll out this innovative policy that covers personal accident and infectious diseases at a low premium. The insurance plan provides worldwide cover, 24 hours a day. It was launched in April 2006.
2. Why was this introduced?
In recent years, there is a spread of infections disease, such as SARS, bird flu and dengue fever.
We launched this policy to provide an added coverage to our personal accident policy. 14 infectious diseases are covered.
3. Is the premium under PA+ID cheaper than a life insurance policy?
The premium for PA+ID is $100 a year and it covers $50,000 on death by accident and infectious disease.
The premium for a life insurance policy covering the same amount depends on age and term of policy, and will probably be $1,000 or higher.
Wednesday, June 07, 2006
What is the secret of success for NTUC Income?
I presented a paper on branding at a conference. One question asked is, "How much of the success of NTUC Income is due to the personal contribution of Tan Kin Lian?"
My reply:
The success of NTUC Income is largely driven by its core values:
- quality products
- low cost
- fair treatment of policyholders
As a cooperative, we do not seek to make excessive profits for shareholders. We distribute most of our surplus to our policyholders.
Over the years, I work hard to get the my colleagues to feel passionate about our cooperative values, and look after the best interest of our customers. This strategy will ensure the long term success of NTUC Income.
As the CEO, my task is to articulate the cooperative values and to communicate it actively through various channels. I use my blog to help to pass this message.
My reply:
The success of NTUC Income is largely driven by its core values:
- quality products
- low cost
- fair treatment of policyholders
As a cooperative, we do not seek to make excessive profits for shareholders. We distribute most of our surplus to our policyholders.
Over the years, I work hard to get the my colleagues to feel passionate about our cooperative values, and look after the best interest of our customers. This strategy will ensure the long term success of NTUC Income.
As the CEO, my task is to articulate the cooperative values and to communicate it actively through various channels. I use my blog to help to pass this message.
Do you understand this structured product?
Taken from www.askdrmoney.com
Name of Product: "Income X Fund"
Distributor: 4 banks, 1 insurer
Type of Product: Currency arbitrage fund
Bold Claim: "9 % payout in the first year of inception of the fund."
The Facts:
A footnote explains that the payout may be made from the capital of the fund. It means the fund would be giving back part of your own investment and calling it a "payout".
There is no guarantee that any distribution will be made or that the frequency or amount of distributions as set out in the prospectus relating to the Fund will be met.
The sales charge is 5 per cent and the yearly management fee is 1.5 per cent.
For details of how this product operates, read Dr Money's blog. Personally, I find it very complicated.
Lesson: Do not invest in any product that you do not understand.
Name of Product: "Income X Fund"
Distributor: 4 banks, 1 insurer
Type of Product: Currency arbitrage fund
Bold Claim: "9 % payout in the first year of inception of the fund."
The Facts:
A footnote explains that the payout may be made from the capital of the fund. It means the fund would be giving back part of your own investment and calling it a "payout".
There is no guarantee that any distribution will be made or that the frequency or amount of distributions as set out in the prospectus relating to the Fund will be met.
The sales charge is 5 per cent and the yearly management fee is 1.5 per cent.
For details of how this product operates, read Dr Money's blog. Personally, I find it very complicated.
Lesson: Do not invest in any product that you do not understand.
Tuesday, June 06, 2006
Lower age requirement for reverse mortgage on HDB flat
Previously, HDB require the owner to be at least 70 years old, before they can apply for a reverse mortgage.
HDB had now just relaxed the minimum age limit of applicants to 62. The loan period is up to age 90 or death or sale of property, whichever is earlier.
HDB had now just relaxed the minimum age limit of applicants to 62. The loan period is up to age 90 or death or sale of property, whichever is earlier.
Insurance Academy
http://www.income.coop/academy/
The Insurance Academy is a collaboration between Nanyang Polytechnic (NYP) and NTUC Income.
The Academy train news and current professionals in the financial services and insurance industryl in Singapore and in the region.
There are currently two full time courses:
1 week: Certificate in Entrepreneurial Management
3 months: Specialist Diploma in Insurance Studies
The Insurance Academy is a collaboration between Nanyang Polytechnic (NYP) and NTUC Income.
The Academy train news and current professionals in the financial services and insurance industryl in Singapore and in the region.
There are currently two full time courses:
1 week: Certificate in Entrepreneurial Management
3 months: Specialist Diploma in Insurance Studies
Amazing: special benefits for policyholders
Amazing.
NTUC Income policyholders are eligible for many special benefits.
Some are very useful.
Find out more:
http://www.income.coop/benefits/
NTUC Income policyholders are eligible for many special benefits.
Some are very useful.
Find out more:
http://www.income.coop/benefits/
Should I sell and come back later?
QUESTION FROM POLICYHOLDER
I would like to know your opinion that if a ILP (using CPF OA) are making money say after 3 years, would it be advisable to sell it off and put the money back to CPF and wait for another opportunity or just wait for it to keep rolling?
REPLY
It is usually quite difficult to time the market.
If you are really sure that the market is "too high" and you wish to take profit, then it is okay.
But, if you are wrong in selling out, you may have to re-invest at a higher price, and you miss out on a significant portion of the gain.
Normally, I prefer to invest for 10 or 20 years and avoid taking decisions at shorter intervals.
I would like to know your opinion that if a ILP (using CPF OA) are making money say after 3 years, would it be advisable to sell it off and put the money back to CPF and wait for another opportunity or just wait for it to keep rolling?
REPLY
It is usually quite difficult to time the market.
If you are really sure that the market is "too high" and you wish to take profit, then it is okay.
But, if you are wrong in selling out, you may have to re-invest at a higher price, and you miss out on a significant portion of the gain.
Normally, I prefer to invest for 10 or 20 years and avoid taking decisions at shorter intervals.
Interested to invest in NTUC Income shares
FROM SHAREHOLDER
I have always viewed NTUC income shares as a good defense stock as it provide a very decent return (6% based on recent dividend) with little/no risk of losing the principal.
Is it still open for investment? Some months back, I have checked with the NTUC Income staff in the Tampines Centre and was told it was not available.
I am currently holding 1,000 shares and would like to purchase more shares if possible to form part of my defensive portfolio.
REPLY BY TAN KIN LIAN
We are not taking application for Income shares. As we have sufficient capital, we are not likely to invite applications for the next few years.
I suggest that you attend our educational seminar and learn about the various investment choices. The seminar on "re-investing your maturity proceeds" offer choices for single premium investments. It covers a choice of various investment products.
I have always viewed NTUC income shares as a good defense stock as it provide a very decent return (6% based on recent dividend) with little/no risk of losing the principal.
Is it still open for investment? Some months back, I have checked with the NTUC Income staff in the Tampines Centre and was told it was not available.
I am currently holding 1,000 shares and would like to purchase more shares if possible to form part of my defensive portfolio.
REPLY BY TAN KIN LIAN
We are not taking application for Income shares. As we have sufficient capital, we are not likely to invite applications for the next few years.
I suggest that you attend our educational seminar and learn about the various investment choices. The seminar on "re-investing your maturity proceeds" offer choices for single premium investments. It covers a choice of various investment products.
Monday, June 05, 2006
250 people visit my blog each day
An average of 250 people visit my blog each day. This is a 65% increase over the average of 150 people two months ago. This is measured through the site meter that is pasted to my blog.
Thank you for visiting my blog. Please help to spread the word to your friends. Ask them to come and read my views and tips.
Thank you for visiting my blog. Please help to spread the word to your friends. Ask them to come and read my views and tips.
More visitors to Business Centers
Each day, 80 people visit our two business centers, an increase of 80% compared to 6 weeks ago. After the official opening of the centers, more people are aware about it.
They come to the business centers for financial planning and to buy our insurance products. We offer great value on these products, which are much better than similar products from our competitors.
For example, a person saving $300 a month over 30 years can get $60,000 more from our product compared to a similar product from our competitors - for the same risk profile.
You get more from NTUC Income becuase we give an additonal 12 months of investments and charge 1% less in annual fee. $60,000 is A LOT OF MONEY!
We are able to handle double the number of visitors, so we welcome more people to vist our business center. Call 6877 3366 to make an appointment.
They come to the business centers for financial planning and to buy our insurance products. We offer great value on these products, which are much better than similar products from our competitors.
For example, a person saving $300 a month over 30 years can get $60,000 more from our product compared to a similar product from our competitors - for the same risk profile.
You get more from NTUC Income becuase we give an additonal 12 months of investments and charge 1% less in annual fee. $60,000 is A LOT OF MONEY!
We are able to handle double the number of visitors, so we welcome more people to vist our business center. Call 6877 3366 to make an appointment.
Savings rate among the young is low in Canada
Our consultant in Canada was very impressed with the educational talk given by NTUC Income on "financial tips for the young".
He also like the financial awareness talks conducted under the Money Sense programme funded by the Monetary Authority in Singapore.
There is no similar educational program in Canada. The personal savings rate, especially among the young, is now in negative territory, which is the lowest level since the 1920s.
He also like the financial awareness talks conducted under the Money Sense programme funded by the Monetary Authority in Singapore.
There is no similar educational program in Canada. The personal savings rate, especially among the young, is now in negative territory, which is the lowest level since the 1920s.
Sunday, June 04, 2006
Our investments are doing well
I received a monthly e-mail statement on my investments with the funds operated by NTUC Income.
I invested $208,000 of my money from CPF, SRS and cash. The average duration is 3 years. They are invested in several combined and specialised funds.
The total value of my investments is $245,000 (even after the 5% correction in May). I get a return of 18% for the 3 years.
My wife invested $201,000 of her cash savings. The average duration is 2 years. Most of her investments are in the combined fund.
Her investments are now worth $230,000, giving a return of 14% for 2 years. This is a better return than mine.
I invested $208,000 of my money from CPF, SRS and cash. The average duration is 3 years. They are invested in several combined and specialised funds.
The total value of my investments is $245,000 (even after the 5% correction in May). I get a return of 18% for the 3 years.
My wife invested $201,000 of her cash savings. The average duration is 2 years. Most of her investments are in the combined fund.
Her investments are now worth $230,000, giving a return of 14% for 2 years. This is a better return than mine.
Learn about insurance on your own
www.KnowYourInsurance.com.sg
This educational website tells you about the key facts on
common insurance products, such as motor, health, life and
home insurance. It also tells you about estate duty, writing a
will and other useful topics.
Each topic can be completed within 20 minutes. You can take
a test to check your understanding.
It is educational and fun. And can save you a lot of money by
buying the right product.
This educational website tells you about the key facts on
common insurance products, such as motor, health, life and
home insurance. It also tells you about estate duty, writing a
will and other useful topics.
Each topic can be completed within 20 minutes. You can take
a test to check your understanding.
It is educational and fun. And can save you a lot of money by
buying the right product.
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