Advice needed for endowment plan purchased

[jmapsmylife]

Hello, please find images below.

mean you onli get 2k+ if you surrender since you are at your 3rd year

 

[Shion]

PruFlexiCash

Yes, for this one it is not capital guaranteed, so can't expect too much from this

 

[LingBit]

the amount you have put in, part of it is going into insurance. also mostly for insurance, first 5 year the amount you put in go into charges here and there. onli after 5 year than the amount you put in will go into what they called saving. there fore the amount you get back now is hopelessly low.

mean you onli get 2k+ if you surrender since you are at your 3rd year

PruFlexiCash

Yes, for this one it is not capital guaranteed, so can't expect too much from this

Hello, I did not know of these as I just trusted what the bank says. I have since learnt a lesson.

From the chart, I can still get back 2k+ although I have not completed my full 3rd year?

 

[jmapsmylife]

Hello, I did not know of these as I just trusted what the bank says. I have since learnt a lesson.

From the chart, I can still get back 2k+ although I have not completed my full 3rd year?

no. that is for completeing your 3 year than get that amount. for now you can call up your agent to ask what is the surrender amount or access online if you have the passward all those. most likely your agent will ask you nt to stop or will try selling you other product. so unless you are firm on what you need, you will end up having another policy or not cancelling

 

[LingBit]

no. that is for completeing your 3 year than get that amount. for now you can call up your agent to ask what is the surrender amount or access online if you have the passward all those. most likely your agent will ask you nt to stop or will try selling you other product. so unless you are firm on what you need, you will end up having another policy or not cancelling

Hello, thank you so much for all the help. I have called prudential, and I can only get back 1100, only after i complete 36 months, then I can get back the 2k+. The agent that sold me has resigned from the bank, and did not really contact me after selling me the plan.

I have contacted the bank, but they seem to be trying to persuade me that this is a no risk plan, so it is almost like guaranteed but no black and white.

 

[jmapsmylife]

Hello, thank you so much for all the help. I have called prudential, and I can only get back 1100, only after i complete 36 months, then I can get back the 2k+. The agent that sold me has resigned from the bank, and did not really contact me after selling me the plan.

I have contacted the bank, but they seem to be trying to persuade me that this is a no risk plan, so it is almost like guaranteed but no black and white.

next time do not mix insurance and saving. there is no such thing as guarantee. if you plan ends at an economic downturn the non-guarantee amount is as good as nth. now depending on what you wan, you can sell to third party buyer or sell back to pru. or you can continue to keep it.

i also advice you to get urself insurance. to insure yourself. pls go read more about it before buying but you will need to buy for sure especially H&S plan

 

[icyboiz]

Hello, thank you so much for all the help. I have called prudential, and I can only get back 1100, only after i complete 36 months, then I can get back the 2k+. The agent that sold me has resigned from the bank, and did not really contact me after selling me the plan.

I have contacted the bank, but they seem to be trying to persuade me that this is a no risk plan, so it is almost like guaranteed but no black and white.

dam this plan again i hate this plan, it looks bad on first glance. personally i have a plan that looks as bad. but i took the risk that time and i managed to pull through. but most people wouldn't advise it. it's up to you.

 

[akwl88]

Insurance is for protection only. Kindly get the basics such as term and hosp plans.

This kind of "savings" plan is only helping your agent save for his retirement, not yours.

 

[henrylbh]

This kind of "savings" plan is only helping your agent save for his retirement, not yours.

 

[dendii]

Hello, thank you so much for all the help. I have called prudential, and I can only get back 1100, only after i complete 36 months, then I can get back the 2k+. The agent that sold me has resigned from the bank, and did not really contact me after selling me the plan.

I have contacted the bank, but they seem to be trying to persuade me that this is a no risk plan, so it is almost like guaranteed but no black and white.

I can tell you that it is not no risk. The risks are as real as the market nowadays. Prudential is one of the insurers that declared cutting bonuses during the early part of the year.

http://sph-vld7.shareinvestor.com/d...bonuses-for-some-participating-policyholders/

If you want to get anything from the bank, in my opinion, you might as well get it from the insurer agents directly. At least there is better service.

 

[akwl88]

Hello, thank you so much for all the help. I have called prudential, and I can only get back 1100, only after i complete 36 months, then I can get back the 2k+. The agent that sold me has resigned from the bank, and did not really contact me after selling me the plan.

I have contacted the bank, but they seem to be trying to persuade me that this is a no risk plan, so it is almost like guaranteed but no black and white.

now is depend on you whether you want to cut your losses or hold till maturity

i see your BI states when hold till maturity,

total premiums paid = $44,941
total guranteed returns = $26,400

i dont know whether to laugh or cry for you

 

[FP_IFA]

There seem to be some cashback portion. How much are you getting for the cashback and when does the cashback start?

 

[Shion]

now is depend on you whether you want to cut your losses or hold till maturity

i see your BI states when hold till maturity,

total premiums paid = $44,941
total guranteed returns = $26,400

i dont know whether to laugh or cry for you

This one is a non-capital guaranteed endowment...

There are capital guaranteed endowments in the market...

 

[akwl88]

This one is a non-capital guaranteed endowment...

There are capital guaranteed endowments in the market...

hmmm i would prefer insurers to up their yearly guranteed returns by say 2-3%?

when policy matures, their guranteed returns irr should be 2-3% more than their total premiums paid?

 

[MikeZhang]

hmmm i would prefer insurers to up their yearly guranteed returns by say 2-3%?

when policy matures, their guranteed returns irr should be 2-3% more than their total premiums paid?

There is quite a few in the market already

 

[Perisher]

There is quite a few in the market already

Got examples?

 

[thekang]

Just to clarify regarding risks of participating insurance policies. It is somewhere in between "low risk" (i.e. capital-guaranteed) and "high risk" (follow the stock market up and down).

Participating policies have a chance of paying low/no non-guaranteed bonus, but this will only happen if the market performs badly for a few years. It is designed to smooth each year's bonus declared, so policyholders will generally see not much differences in additional bonus each year (until a bonus cut of course). You can read more here:

http://www.moneysense.gov.sg/Understanding-Financial-Products/Insurance/Types-of-Insurance/Life-insurance/Types-of-Life-Insurance/Participating-Policies.aspx

Hello, thank you so much for all the help. I have called prudential, and I can only get back 1100, only after i complete 36 months, then I can get back the 2k+. The agent that sold me has resigned from the bank, and did not really contact me after selling me the plan.

I have contacted the bank, but they seem to be trying to persuade me that this is a no risk plan, so it is almost like guaranteed but no black and white.

next time do not mix insurance and saving. there is no such thing as guarantee. if you plan ends at an economic downturn the non-guarantee amount is as good as nth. now depending on what you wan, you can sell to third party buyer or sell back to pru. or you can continue to keep it.

i also advice you to get urself insurance. to insure yourself. pls go read more about it before buying but you will need to buy for sure especially H&S plan

I can tell you that it is not no risk. The risks are as real as the market nowadays. Prudential is one of the insurers that declared cutting bonuses during the early part of the year.

http://sph-vld7.shareinvestor.com/d...bonuses-for-some-participating-policyholders/

If you want to get anything from the bank, in my opinion, you might as well get it from the insurer agents directly. At least there is better service.

 

[LingBit]

next time do not mix insurance and saving. there is no such thing as guarantee. if you plan ends at an economic downturn the non-guarantee amount is as good as nth. now depending on what you wan, you can sell to third party buyer or sell back to pru. or you can continue to keep it.

i also advice you to get urself insurance. to insure yourself. pls go read more about it before buying but you will need to buy for sure especially H&S plan

Hello, actually I bought it as a saving, and got a rider as the insurance part. Did not meant for it both together. Recently was looking into getting health insurance, that's why I looked into my existing policy then realised this. Have started reading up on health insurance already, thank you!

 

[LingBit]

I can tell you that it is not no risk. The risks are as real as the market nowadays. Prudential is one of the insurers that declared cutting bonuses during the early part of the year.

http://sph-vld7.shareinvestor.com/d...bonuses-for-some-participating-policyholders/

If you want to get anything from the bank, in my opinion, you might as well get it from the insurer agents directly. At least there is better service.

Thank you for the advice...

now is depend on you whether you want to cut your losses or hold till maturity

i see your BI states when hold till maturity,

total premiums paid = $44,941
total guranteed returns = $26,400

i dont know whether to laugh or cry for you

Most probably I will cut my losses.. No faith in the bank and the plan now..

There seem to be some cashback portion. How much are you getting for the cashback and when does the cashback start?

Cashback is about 1k, after completing 24 months of payment.

 

[LingBit]

Just to clarify regarding risks of participating insurance policies. It is somewhere in between "low risk" (i.e. capital-guaranteed) and "high risk" (follow the stock market up and down).

Participating policies have a chance of paying low/no non-guaranteed bonus, but this will only happen if the market performs badly for a few years. It is designed to smooth each year's bonus declared, so policyholders will generally see not much differences in additional bonus each year (until a bonus cut of course). You can read more here:

http://www.moneysense.gov.sg/Understanding-Financial-Products/Insurance/Types-of-Insurance/Life-insurance/Types-of-Life-Insurance/Participating-Policies.aspx

The bank did tell me that the chance of that is very low as well, and provided me with past figures. Although it makes sense somewhat, but non-guaranteed does mean there is still even a slight chance to not getting my money back..