Urgent advice needed! AXA Pulsar is ILP?

[penguinxxx]

Hi all, does anyone have opinion on whether the AXA Pulsar plan is worth taking up? Initially I wanted to sign for it as investment but I saw on their website that it is actually an ILP. I want a pure investment, not ILP. However my agent insist that it is 100% investment though it is called an ILP. Does anyone know? Thanks

 

[iCuteCube]

It is an ILP, you have 7 days cooling period which you can cancel your policy without any extra charge.

Inform the agency of the agent whom spoke to you that the agent assured you the wrong things, about his unethical acts.

Cheers.

Reference link: http://www.axalife.com.sg/investments/investment-linked-plans/pulsar

 

[kebinu]

Just check on the allocation.

It seems to me that you can still trust your agent. As it is an insurance product, there will be a small sum assured.

ps: I have zero knowledge of the product, but it seems you are getting what you want. 100% into investment totally. unlike ILP, 15% in 1st year etc.

 

[Shiny Things]

Hi all, does anyone have opinion on whether the AXA Pulsar plan is worth taking up? Initially I wanted to sign for it as investment but I saw on their website that it is actually an ILP. I want a pure investment, not ILP. However my agent insist that it is 100% investment though it is called an ILP. Does anyone know? Thanks

It's an ILP. Your agent's lying to you because he's terrified you'll cancel and he'll lose his (gigantic) commission.

And the fees on that are - if you'll pardon my French - f**king extortionate.

Have a look at the fee disclosure statement:

• 4% of everything you put in for the first 18 months (the Initial Units Account); plus,
• 1.5% of your account balance every year as an "account maintenance fee"; plus,
• 0.5-1.5% of the account balance every year in management fees to the funds; plus,
• 0.5% of the annual premium as a "policy maintenance fee", which you only get back if you hold it to maturity; plus,
• $96 a year in "administration fees" because they're not charging you enough fees already!

And you can get all those funds elsewhere anyway - Fundsupermart's got them all except the Blackrock and Pictet funds, and they're a hell of a lot cheaper at FSM.

This product is a disgrace and your agent is a scumbag for selling it to you. Call your agent and cancel - don't take no for an answer. You don't want to be locked into this fee-sucker for the next five to thirty years.

 

[RaPtOrZ]

y so chim, do not buy something that you don't understand.

 

[igreenz]

anything to do with insurance coy confirm is NOT a 100% invesment

 

[Marcusse]

Does your agent left you any physical BIPS?

I need to see that to be fair in my comment.

Simple rule:
With protection comes insurance cost,
Where do you think the cost comes from?

Btw, it has alot of perks in bonus $$$,
put this into a normal IFAS platform fund, whats the diff? Your agent should have the answer, and you will get your answer.

 

[matchy]

TS nv check with ur agent?

 

[whyee]

It's an ILP. Your agent's lying to you because he's terrified you'll cancel and he'll lose his (gigantic) commission.

And the fees on that are - if you'll pardon my French - f**king extortionate.

Have a look at the fee disclosure statement:

• 4% of everything you put in for the first 18 months (the Initial Units Account); plus,
• 1.5% of your account balance every year as an "account maintenance fee"; plus,
• 0.5-1.5% of the account balance every year in management fees to the funds; plus,
• 0.5% of the annual premium as a "policy maintenance fee", which you only get back if you hold it to maturity; plus,
• $96 a year in "administration fees" because they're not charging you enough fees already!

And you can get all those funds elsewhere anyway - Fundsupermart's got them all except the Blackrock and Pictet funds, and they're a hell of a lot cheaper at FSM.

This product is a disgrace and your agent is a scumbag for selling it to you. Call your agent and cancel - don't take no for an answer. You don't want to be locked into this fee-sucker for the next five to thirty years.

I just met an IFA and asked for some first investment products that I can do RSP with. I was introduced to this 101 plan (International investment) offered by AXA. Blackrock & Pictet was mentioned since its not offered in other retail funds or platforms. The IFA briefly ran through the concept of IUA & AUA and the fee structure to it. But being a noob, I felt uncomfortable and asked for more literature to be given to read up about it. It was only after I went into the AXA website, I realised its an ILP product which was not even mentioned to me. Is this comparable to the Zurich Vista product where there are more discussions about?

anyway I think this is too complicated for a newbie like me. Can someone point me to other more simple or basic investments for a newbie to start off, with a RSP in mind? I have been reading up about ETFs but it seems like only Nikko am STI ETF can be done without me going for SIP test or someting...

Or should I just look for another IFA for advice n more appropriate financial planning...

Thanks.

 

[WuMing1234]

Why IFA only? They might be exposed to more products but conflict of interest still exists. Shiny things have been sharing a lot things about ILPs which you might want to dig into some of his posts.

I am a newbie as well and i googled zurich vista and found this from TKL.
Tan Kin Lian's Blog: Zurich Vista Plan.
Someone wrote some technical facts on the comments. Please read.

 

[T0uchme]

RE:

What about the 174% allocation in the first year followed by 100% allocation in the second year?

 

[stoneblackdragon]

There is a recent thread on this in the forum. Jus go search, i lazy to do thr math again but its a bad investment

 

[djchris]

The easiest way to say this is insurance companies are not investment companies.

 

[Shiny Things]

I just met an IFA and asked for some first investment products that I can do RSP with. I was introduced to this 101 plan (International investment) offered by AXA. (snip) Is this comparable to the Zurich Vista product where there are more discussions about?

Yeah, pretty much. They're just a way to make insurance agents rich while you're getting the same investments you'd get anywhere else. (Don't be lured by all that rubbish about Blackrock and Pictet. Those funds aren't special - if they were, they wouldn't be open to people with $200 a month and a 22-year-old sales agent in a cheap suit.)

anyway I think this is too complicated for a newbie like me. Can someone point me to other more simple or basic investments for a newbie to start off, with a RSP in mind? I have been reading up about ETFs but it seems like only Nikko am STI ETF can be done without me going for SIP test or someting...

Yeah, but the Nikko STI ETF is really all you need. (Plus, the SIP test is really only one question: "have you traded six or more regulated investment products blah blah wibble". The correct answer, by the way, is "yes".)

Or should I just look for another IFA for advice n more appropriate financial planning...

Nope. Investment is not that hard, and we were all newbies once. You can do this by yourself - you don't need to pay some sleazy insurance agent thousands of dollars to do it for you.

 

[teckgamer]

Just wondering...
What is the typical comission for an ILP?
much higher than a whole life policy?

 

[Viinen]

Just wondering...
What is the typical comission for an ILP?
much higher than a whole life policy?

every insurer have their own product comm structure so can't really answer that

 

[styledude]

now very aggressively marketing it.

one of my friend doing the sales.he managed to sell to my other 22 yr old friends who are easily bought by cheap sale tactics like let your money work harder for you blah blah blah(esp girls don't know why!)

apparently the agent is not even licensed to sell the product.from my understanding its just a induction course by the company.No papers/exam for the agent.

comms wise..either my friend is smoking me or its def a pozi scheme.He told me if he can bring in 20k his comms will be 20k but paid in 1 year time.They are paid based on how much they bring in so probably month to month there is a cut....no basic pay.

Although i didnt buy he's still a good friend of mine.

 

[styledude]

for the lazy

http://forums.hardwarezone.com.sg/money-mind-210/axa-pulsar-4883622.html

 

[stoneblackdragon]

Not a ponzi scheme la, but if u can convince ur fren to surrender asap if first 14 days or first few mths, will beat the anguish of waiting n paying for yrs till breakeven

 

[Shiny Things]

comms wise..either my friend is smoking me or its def a pozi scheme.He told me if he can bring in 20k his comms will be 20k but paid in 1 year time.They are paid based on how much they bring in so probably month to month there is a cut....no basic pay.

It's not a ponzi scheme, but that sounds about right - the sales commission for these things is somewhere around 7% of the upfront amount for a lump sum, or one year of payments for a monthly-payment thingy; that might get split between the actual salesman and his agency, but that's the right order of magnitude.