GE/OCBC endowment maxgrowth plus

[sgboy85]

GE/OCBC endowment maxgrowth plus
6yrs payment + 6 yrs lock period

Hi any actually have the similar plan?
I heard usually we will be making loss after plan maturity. Non guaranteed figure are gimick.
Am making a loss of 10k just like that

 

[BBCWatcher]

How ill ocbc acquiring GE affect our endownment plan?

OCBC has had majority ownership of Great Eastern since mid-2004. A few days ago OCBC increased its ownership stake in Great Eastern from 87.9% to 88.4%. I don’t see how this event would have any impact on your endowment plan.

 

[Lè Crayons]

I bought a similar plan from GE years ago when I first started working. Paid 10k a year for 5 years. Then keep for another 5 years. I didn't have 50k as a student when I bought it.

After buying, many people including RMs told me that I will sure lose money. When mature will make a loss.

Actually, not true a least for my case. I got back about $56k at maturity.

Well interest earned not a lot but I did not make any loss. It was higher than the guaranteed return but of course I never bothered to care about non guaranteed return coz that will never happen.

Before maturity, I saw the survival benefit balance was much lower than my capital of 50k but when matured I got 56k. So wait till maturity... this type need to hold till maturity.

 

[Shion]

My relative bought one of such plans in the past, whenever I see the surrender values I do worry if will make a loss or not as the amount is forever much lower than the total premiums paid to date.

Maturity in 2025 iirc, I shall update again by then.

 

[blurpandasg2014]

GE recently cut it's terminal bonus projections.

Go to great Eastern app > documents > download the bonus statement. Check if there are any reduction in maturity value from the originally projected value

 

[sgboy85]

I bought a similar plan from GE years ago when I first started working. Paid 10k a year for 5 years. Then keep for another 5 years. I didn't have 50k as a student when I bought it.

After buying, many people including RMs told me that I will sure lose money. When mature will make a loss.

Actually, not true a least for my case. I got back about $56k at maturity.

Well interest earned not a lot but I did not make any loss. It was higher than the guaranteed return but of course I never bothered to care about non guaranteed return coz that will never happen.

Before maturity, I saw the survival benefit balance was much lower than my capital of 50k but when matured I got 56k. So wait till maturity... this type need to hold till maturity.

Thank u for ur reply. Hopefully they have a good investment last 3 yrs even during pandemic. Just praying

 

[maumu]

my GE plan (family tree 15-year pay) suffered a $15k drop in value.

shame on Great Eastern. kept our bonuses during good years, and cut our plan values during bad years.

wish them nothing but karma strike them some day for their fat bonuses given to their CEO, agents, etc. at the expense of our hard-earned savings.

 

[blurpandasg2014]

my GE plan (family tree 15-year pay) suffered a $15k drop in value.

shame on Great Eastern. kept our bonuses during good years, and cut our plan values during bad years.

wish them nothing but karma strike them some day for their fat bonuses given to their CEO, agents, etc. at the expense of our hard-earned savings.

Same here... Mine had 6k drop (2017) plan

Hope karma strike them hard

 

[sohguanh]

I bought a similar plan from GE years ago when I first started working. Paid 10k a year for 5 years. Then keep for another 5 years. I didn't have 50k as a student when I bought it.

After buying, many people including RMs told me that I will sure lose money. When mature will make a loss.

Actually, not true a least for my case. I got back about $56k at maturity.

Well interest earned not a lot but I did not make any loss. It was higher than the guaranteed return but of course I never bothered to care about non guaranteed return coz that will never happen.

Before maturity, I saw the survival benefit balance was much lower than my capital of 50k but when matured I got 56k. So wait till maturity... this type need to hold till maturity.

That is good correct?

Total Premiums Paid: 50K (it is not lump sum upfront but pay each year for 5 year to last for 10 years)
Total Maturity: 56K (at 10th year)

56K - 50K = 6K = 600 per year means 600 / 5000 x 100 = 12%

Can I know the 56K is inclusive of the yearly declared bonus and final terminal bonus upon maturity?

 

[xiaosinsinful]

I bought a similar plan from GE years ago when I first started working. Paid 10k a year for 5 years. Then keep for another 5 years. I didn't have 50k as a student when I bought it.

After buying, many people including RMs told me that I will sure lose money. When mature will make a loss.

Actually, not true a least for my case. I got back about $56k at maturity.

Well interest earned not a lot but I did not make any loss. It was higher than the guaranteed return but of course I never bothered to care about non guaranteed return coz that will never happen.

Before maturity, I saw the survival benefit balance was much lower than my capital of 50k but when matured I got 56k. So wait till maturity... this type need to hold till maturity.

6K return on 50k principal over 10 years, correct me if I’m wrong that’s like 1.2%PA?

that’s actually a pretty bad return considering money was locked for 10 years

 

[sgboy85]

GE recently cut it's terminal bonus projections.

Go to great Eastern app > documents > download the bonus statement. Check if there are any reduction in maturity value from the originally projected value

This is bad news siaz. From the photo o am making a loss of around $7k
Am i right? Still learning. If thats a case i will spread and tell everyone dont buy endownment. Any chance they will increase the maturity value few yrs time?

 

[royalmix]

6K return on 50k principal over 10 years, correct me if I’m wrong that’s like 1.2%PA?

that’s actually a pretty bad return considering money was locked for 10 years

about 1.4 - 1.5%pa compounded, not good but no loss is lucky!

 

[xiaosinsinful]

about 1.4 - 1.5%pa compounded, not good but no loss is lucky!

I don’t see a value on this product to be honest

given same amount and same timeframe could have better alternatives
equities higher return
or if you are looking for capital protection(which again I don’t even think this product does since I see many people complaining that they are in negative) can go for SSB? Also 10 years, good rating, higher interest rate and guaranteed too

not financial advice, just my 2c

 

[sohguanh]

6K return on 50k principal over 10 years, correct me if I’m wrong that’s like 1.2%PA?

that’s actually a pretty bad return considering money was locked for 10 years

Can you provide the maths how you derive at ? You include compounding or use some Excel formula?

6k after 10 years is 600 each year correct? Then 600 / 5000 x 100 = 12% isn't it (assume no compounding)
You need to know the 50k is not upfront full lump sum. You spread out over 5 years so monies for future years can actually take and compound elsewhere for e.g

 

[sgboy85]

This is bad news siaz. From the photo i am making a loss of around $7k for both plan.

Am i right? Still learning. If thats a case i will spread and tell everyone dont buy endownment. Any chance they will increase the maturity value few yrs time?

 

[royalmix]

I don’t see a value on this product to be honest

given same amount and same timeframe could have better alternatives
equities higher return
or if you are looking for capital protection(which again I don’t even think this product does since I see many people complaining that they are in negative) can go for SSB? Also 10 years, good rating, higher interest rate and guaranteed too

not financial advice, just my 2c

It is always easy to critic on hindsight! I have endowment 15 years, yet to mature, when it matures likely more than 4% pa compounded.

 

[xiaosinsinful]

Can you provide the maths how you derive at ? You include compounding or use some Excel formula?

Just quick simple math?

6000 return over 10 years = 600/year return
principal =50k

600/50,000*100= 1.2% PA

 

[sgboy85]

I don’t see a value on this product to be honest

given same amount and same timeframe could have better alternatives
equities higher return
or if you are looking for capital protection(which again I don’t even think this product does since I see many people complaining that they are in negative) can go for SSB? Also 10 years, good rating, higher interest rate and guaranteed too

not financial advice, just my 2c

But i am glad i bought the 2 endownment plan. If i dont i might use the cash to buy crypto last yr at all time high.

 

[xiaosinsinful]

That is good correct?

Total Premiums Paid: 50K (it is not lump sum upfront but pay each year for 5 year to last for 10 years)
Total Maturity: 56K (at 10th year)

56K - 50K = 6K = 600 per year means 600 / 5000 x 100 = 12%

Can I know the 56K is inclusive of the yearly declared bonus and final terminal bonus upon maturity?

Eh hello how you derived 12%?

where got insurance product so go give you 12% return one? The fact that you got 12% from insurance, you don’t think something is wrong with that number?

if really got such product, no one will buy bonds, equities liao

P.S your 12% is total return? Don’t people usually calculate returns based on p.a?

 

[royalmix]

Pls learn to understand what you are buying. It is endowment plan, subject to insurer's par fund performance and other factors.

GE revised your projected maturity value, from now till maturity, this value can still change depending on their performance.

What exactly did they change? I just looked at a relative's letter, appears they adjusted it from the higher projection to the lower projection. There are 2 rates they used to project, now they are using the lower rate instead of the higher rate. Check yours.