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Old 14-02-2018, 08:57 PM   #46
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i have no idea, but the only thing I have received so far is this document entitled

"Proposal for Prulifetime Income"

Is this the actual policy document?
If it is, should there be some wording in it to state that I am the holder of the policy, rather than keep saying 'proposal' on every page?

If this is not the actual policy document, then why was the premium due on the very first day i showed up at the bank and they didn't even want to tell me the name of the product I was signing up for, and they kept saying I'd receive some documents in the mail later giving details of the product name.
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Old 14-02-2018, 09:39 PM   #47
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Go down to the bank or Prudential to ask

Or contact whoever sold you the plan
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Old 14-02-2018, 09:41 PM   #48
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i have no idea, but the only thing I have received so far is this document entitled

"Proposal for Prulifetime Income"

Is this the actual policy document?
If it is, should there be some wording in it to state that I am the holder of the policy, rather than keep saying 'proposal' on every page?

If this is not the actual policy document, then why was the premium due on the very first day i showed up at the bank and they didn't even want to tell me the name of the product I was signing up for, and they kept saying I'd receive some documents in the mail later giving details of the product name.
There should be a formal copy of the policy document given to you, not some proposal thingy. Think you should ask again.
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Old 14-02-2018, 10:00 PM   #49
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i have no idea, but the only thing I have received so far is this document entitled

"Proposal for Prulifetime Income"

Is this the actual policy document?
If it is, should there be some wording in it to state that I am the holder of the policy, rather than keep saying 'proposal' on every page?

If this is not the actual policy document, then why was the premium due on the very first day i showed up at the bank and they didn't even want to tell me the name of the product I was signing up for, and they kept saying I'd receive some documents in the mail later giving details of the product name.
Proposal is not a policy document.

I think you need to get this clear. You may be the recipient of some bad sales trick...

Go down to the bank or CALL the bank.
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Old 14-02-2018, 10:16 PM   #50
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i have no idea, but the only thing I have received so far is this document entitled

"Proposal for Prulifetime Income"

Is this the actual policy document?
If it is, should there be some wording in it to state that I am the holder of the policy, rather than keep saying 'proposal' on every page?

If this is not the actual policy document, then why was the premium due on the very first day i showed up at the bank and they didn't even want to tell me the name of the product I was signing up for, and they kept saying I'd receive some documents in the mail later giving details of the product name.


We have abosolutely no idea what you are talking about unless you u show us photo(s) of the "proposal"

Did u fill up the proposal form with ur personal particulars? Health declarations? You sure did, otherwise they wouldn't have your credit card no.?

Most propably they used the word "interest" to make u sign the form because u could actually sign up the plan officially and be given 14 days to freelook.
Technically right, but ethically F up.

Bottom line, this is dodgy AF.
Go lodge a complain or something.
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Old 14-02-2018, 10:29 PM   #51
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I dind't give them my credit card number, the bank rep was there together and got me to sign up for the standard charted bonussaver credit card on the spot. I didn't get the card till later.

Anyway there is no deduction yet, because I didn't activate the card, so their charging failed.

But what should I do now? Call to cancel? I still have no policy document, so that would imply there's no policy commencement yet, but I find it strange that the premium due date is on the very first day I stepped into the bank and they told me about this product for the first time.
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Old 14-02-2018, 10:31 PM   #52
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I dind't give them my credit card number, the bank rep was there together and got me to sign up for the standard charted bonussaver credit card on the spot. I didn't get the card till later.

Anyway there is no deduction yet, because I didn't activate the card, so their charging failed.

But what should I do now? Call to cancel? I still have no policy document, so that would imply there's no policy commencement yet, but I find it strange that the premium due date is on the very first day I stepped into the bank and they told me about this product for the first time.
Don't activate the card ever. Means deduction will continue to fail. Means policy will not commence. Your problem is solved.

But you may want to get to the bottom of it, and find out why this is happening.
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Old 14-02-2018, 10:35 PM   #53
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This is the only thing I have received.


Does anyone know the specific address to fax a letter of cancellation to, assuming the free look period is still in effect?

Last edited by Sausage; 14-02-2018 at 10:44 PM..
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Old 14-02-2018, 10:53 PM   #54
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This is the only thing I have received.


Does anyone know the specific address to fax a letter of cancellation to, assuming the free look period is still in effect?
Just cancel your card and the policy will automatically ceased.
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Old 14-02-2018, 11:18 PM   #55
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I dind't give them my credit card number, the bank rep was there together and got me to sign up for the standard charted bonussaver credit card on the spot. I didn't get the card till later.

Anyway there is no deduction yet, because I didn't activate the card, so their charging failed.

But what should I do now? Call to cancel? I still have no policy document, so that would imply there's no policy commencement yet, but I find it strange that the premium due date is on the very first day I stepped into the bank and they told me about this product for the first time.
So u went to the bank for something else but end up kena mis-sold 2 different stuff?
LoL.

Most prob u signed up a GIO product which doesn't require much underwriting hence immediate policy commencement date.

Head down to the bank and request that banker to free-look the policy for you, at the same time, lodge a complain.
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Old 15-02-2018, 04:57 PM   #56
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I sent the whole backstory to the bank RM and asked for clarity about whether the policy is in effect or not, because to date I only have the proposal and not a certificate of policy ownership, and yet there was an attempted charge on my bank debit card on 20 January for the first month of the premium, close to $2000. Not a small sum so I cannot let this just go.

The reply was that the bank RM did not proceed with my application yet and has put it on hold as per my instruction. So if the application is not submitted yet, then how can Prudential charge me, and say the due date is on the very first date I stepped into the bank regarding this policy? Even before I received the BI?
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Old 15-02-2018, 06:24 PM   #57
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I sent the whole backstory to the bank RM and asked for clarity about whether the policy is in effect or not, because to date I only have the proposal and not a certificate of policy ownership, and yet there was an attempted charge on my bank debit card on 20 January for the first month of the premium, close to $2000. Not a small sum so I cannot let this just go.

The reply was that the bank RM did not proceed with my application yet and has put it on hold as per my instruction. So if the application is not submitted yet, then how can Prudential charge me, and say the due date is on the very first date I stepped into the bank regarding this policy? Even before I received the BI?
What exactly were you signing for in the proposal?
I don't think they would just attempt to charge $2000 like that without your consent.
If you were misled into signing, you should lodge a complaint with the bank and MAS.
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Old 15-02-2018, 07:19 PM   #58
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I sent the whole backstory to the bank RM and asked for clarity about whether the policy is in effect or not, because to date I only have the proposal and not a certificate of policy ownership, and yet there was an attempted charge on my bank debit card on 20 January for the first month of the premium, close to $2000. Not a small sum so I cannot let this just go.

The reply was that the bank RM did not proceed with my application yet and has put it on hold as per my instruction. So if the application is not submitted yet, then how can Prudential charge me, and say the due date is on the very first date I stepped into the bank regarding this policy? Even before I received the BI?
Did u not direct these qns to ur RM?
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Old 15-02-2018, 07:58 PM   #59
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I did

the reply was

"I have put all documents on hold and did not proceed with the application at all.
However, I did mention that you will receive documents (both hard and soft copies) even in the application stage. And yes you are absolutely right, when we next meet, it is to review and answer your questions, and we will still be pending your final decision.
Please rest assured that I am giving you in formal writing, that we did not proceed with your application, and I put it on hold. So you can ignore all correspondences from Prudential’s side."

I don't think this is a satisfactory reply. They did not answer my question about why I the premium due date is put in writing as on the very day I set foot in the bank and they told me about this policy for the first time. If the application is really on hold and there is no policy yet (ie in the proposal stage), why do I have a letter from Prudential saying their attempt to charge my debit card $2000 was unsuccessful? And how can they ask me to ignore an attempt like this? If the debit was really successful I'd be saying goodbye to the $2000 already since they dated the premium due date as 20 January and more than 14 days for the free look period have elapsed since then.

I got no direct replies to my questions. Are there grounds for me to lodge a complaint to some authority?
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Old 15-02-2018, 08:04 PM   #60
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As long as you signed on a proposal form (regardless whether it's empty, partially or fully completed) and a copy of IC is provided, your SCB RM probably has completed the application on your behalf and submitted to Prudential.

Point 1: Never sign anything without understanding
Point 2: You should have approach your RM and their Prudential account manager immediately to stop all these. The fact that proposal is submitted, payment is deducted probably would mean the policy is already in force. Policy document might be mailed or hand delivered via your rep.
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