ocbc maxgrowth plus/ enhancement endowment plan

xiao.xin

Arch-Supremacy Member
Joined
Mar 16, 2015
Messages
12,356
Reaction score
4,017
Hi,
Maxgrowth Enhanced 10 year plan. Pay $20K yearly for 5 years. Next 5 years no need to pay. Guaranteed/Sum Assured is $89K. Projected gain after 10 years, $21K @ 3% or $33K @4.5%. Take back lump sum after 10 years.
Anyone can advise is this a good or bad plan?
Thanks.

People in money mind will tell you this is not a good plan for sure, get an ETF will be better :s13::s13::s13:

Perhaps, you wanna ask yourself, why 10 years, what do you want to use the money for. With all this information will be easier for people to advice. Within this 10 years, will you need to use the 100k anytime?
 
Last edited:

xiao.xin

Arch-Supremacy Member
Joined
Mar 16, 2015
Messages
12,356
Reaction score
4,017
The agent who can sell such a plan deserves his commission. =:p

talked to some PB from OCBC, youll be shock how much the aunties and uncles like all these plans.

But one thing to note for the rest here, at least, putting there is better than putting in their savings account which is what the aunty and uncle are doing. Thats why they find it attractive
 

Agility

Member
Joined
Feb 8, 2008
Messages
147
Reaction score
0
That's why i never trusted bankers ever since they had my parents bought plans during my younger days. If you are seeking for guaranteed endowment savings plan, you can seek for Aviva.

I always recommend my clients to get them as their guaranteed is always more then the amount put in. The additional amount gained will be based on a 4.75% non-guaranteed, which has been on track for the past 2 years.
 

JK1688

Member
Joined
Jun 21, 2016
Messages
424
Reaction score
1
OCBC is tied up with GE thats why got such endowment. You are still buying a GE product in the end, which there are way better endowment in the market, comparing apple to apple.
hi bro, Just saying that OC has such products as well.

And i believe that some products offered by bank, is not available to GE agent.

Cheers :)

Sent from using GAGT
 

abowlofwords84

Junior Member
Joined
Nov 29, 2016
Messages
1
Reaction score
0
Hi.
I have a Maxgrowth Plus plan too.
$8000 pa X 6 years
Next 6 years free
Guaranteed of only $41,477

But there is a clause that i need to enquire

3.6 What do we(GE) pay for Maturity Benefit?
We pay a guaranteed Maturity Benefit of 62.50% of the sum assured plus attaching bonuses if any, upon maturity of the policy.


What does this clause mean does anyone know? TYVM
 

akwl88

Arch-Supremacy Member
Joined
Feb 15, 2016
Messages
10,696
Reaction score
1
Hi.
I have a Maxgrowth Plus plan too.
$8000 pa X 6 years
Next 6 years free
Guaranteed of only $41,477

But there is a clause that i need to enquire

3.6 What do we(GE) pay for Maturity Benefit?
We pay a guaranteed Maturity Benefit of 62.50% of the sum assured plus attaching bonuses if any, upon maturity of the policy.


What does this clause mean does anyone know? TYVM

Pay 48k and guranteed 41k after 12 years?

Really is max growth for your agent's pocket lol
 

SBC

Arch-Supremacy Member
Joined
Mar 19, 2001
Messages
18,704
Reaction score
817
If need to continue to hold this policy, can choose to pay via OCBC CashFlo card. Auto installment with small rebates.
 

JK1688

Member
Joined
Jun 21, 2016
Messages
424
Reaction score
1
Is yours the paid out or accumulated mode?

If need to continue to hold this policy, can choose to pay via OCBC CashFlo card. Auto installment with small rebates.
It'll be 1% cash rebate for premium above 1k and the 8k premium can be split into 12mth installment.

Sent from using GAGT
 

OCBC Bank

Suspended
Joined
Sep 13, 2013
Messages
6,964
Reaction score
119
Hi.
I have a Maxgrowth Plus plan too.
$8000 pa X 6 years
Next 6 years free
Guaranteed of only $41,477

But there is a clause that i need to enquire

3.6 What do we(GE) pay for Maturity Benefit?
We pay a guaranteed Maturity Benefit of 62.50% of the sum assured plus attaching bonuses if any, upon maturity of the policy.


What does this clause mean does anyone know? TYVM

Hi there,

Should you require any clarifications, you could leave your contact details at https://internet.ocbc.com/internet-banking/PublicOnlineForm/Form?FormId=OCBCInsuranceForm

Our colleagues from the insurance team would get in touch with you.

^DG
 

shareholder

Senior Member
Joined
Mar 17, 2015
Messages
1,308
Reaction score
1
It is actually a good deal vs putting money in savings acct or fd, so don't worry too much about the negative comments about endowment. But there are better deals if you are willing to spend more time to study on investing. Definitely buying shares of ocbc is better in the long term, but shareholders bear the risks so that retail consumers can enjoy consistent 3% returns.
 

JK1688

Member
Joined
Jun 21, 2016
Messages
424
Reaction score
1
What is paid out or accumulated mode? Din hear such terms before.
For this plan, it provides "liquidity" from 2nd year end onwards.

1.5% of sum assured
2% of sum assured
2.5% of sum assure
.
.
.
6% of sum assured

This will be the paid out mode.

For accumulated mode, the above will be keep in to grow interest.

Sent from using GAGT
 

dendii

Senior Member
Joined
Aug 11, 2016
Messages
628
Reaction score
0
If you have no insurance yet, this should be the last thing to look at.

Focus on your protection first, then at savings and investment. This is a critical step before you embark on anything.

No matter how people say it, endowment is still a monthly commitment that you will put in and it eats into your protection budget. Even if you can see it another way where you do not consider saving plan as part of your insurance budget, there are better instruments to generate potentially better returns with a similar risk appetite towarda an endowment.

But if not, my suggestion will be to terminate the plan first and if possible, push for a full refund of your premium since clearly, they did not go through the proper financial planning with you.

Hi all the experts.

I just puchased (1 month) an endowment plan with ocbc (tied up with great eastern insurance).

Firstly I am 29 yo and I have not purchase any insurance yet. So I totally of giving the endowment a try. The endowment is 6 plus 6, pay $12k pa for 6 years and let it run for another 6 years. Total payout is $72k. Sum assured $62k. Projected bonus 3% on top of the sum assured.

I met a friend who are in financial line scolded me and gave alot negative feedbacks on the endowment plans. He told me i will lose ard 10k with no bonus. Is it true? What is the minimum interests can a person get?

Currently I paid the endowment plan with my cash flow card (installment).

If there is no earning i dont mind. I just hope i get the 72k at the end of policy. Its another form of saving force me to save. I have other cash saving on hand.
 
Last edited:

computers70

Member
Joined
Jun 30, 2011
Messages
224
Reaction score
0
I am sure he will scold you, as he could have sold you an ILP instead. Which will give him big comms. haha

Hi all the experts.

I just puchased (1 month) an endowment plan with ocbc (tied up with great eastern insurance).

Firstly I am 29 yo and I have not purchase any insurance yet. So I totally of giving the endowment a try. The endowment is 6 plus 6, pay $12k pa for 6 years and let it run for another 6 years. Total payout is $72k. Sum assured $62k. Projected bonus 3% on top of the sum assured.

I met a friend who are in financial line scolded me and gave alot negative feedbacks on the endowment plans. He told me i will lose ard 10k with no bonus. Is it true? What is the minimum interests can a person get?

Currently I paid the endowment plan with my cash flow card (installment).

If there is no earning i dont mind. I just hope i get the 72k at the end of policy. Its another form of saving force me to save. I have other cash saving on hand.
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top