Need some advice for PRUflexicash

[shearmanlee]

I have just signed up this PruFlexiCash plan with 600 SGD per month for 20 years, they offer free iPad 2 16G, Abalone set worth 88 SGD, Sony Camera worth 150 SGD, hope I can make it all the way.

Any other bros signed up same plan?

 

[FP_IFA]

I have just signed up this PruFlexiCash plan with 600 SGD per month for 20 years, they offer free iPad 2 16G, Abalone set worth 88 SGD, Sony Camera worth 150 SGD, hope I can make it all the way.

Any other bros signed up same plan?

You bought a plan because they give you free gifts? Did you not see what other insurer plan could have given you over the year in the thread here?

 

[masato4]

You bought a plan because they give you free gifts? Did you not see what other insurer plan could have given you over the year in the thread here?

Ya I agree that the main basis for taking up any plans should not be based on the free gifts but rather on the benefits of the plan and how the insurer plans can cater to your needs and requirements.

 

[shearmanlee]

You bought a plan because they give you free gifts? Did you not see what other insurer plan could have given you over the year in the thread here?

thanks for the remind, but for me it is not only because of the gift, actually I know this plan long time ago, and is also thinking about such plan to "force" myself to have a saving plan with some insurance function, other plan with better return also come together with higher risk, this is the item no body can change.

Anybody can explain me about the cashback withdraw from 3rd year? I am not quite sure about this part, my plan is can make 5% cashback withdraw from 3rd year, thanks.

 

[FP_IFA]

thanks for the remind, but for me it is not only because of the gift, actually I know this plan long time ago, and is also thinking about such plan to "force" myself to have a saving plan with some insurance function, other plan with better return also come together with higher risk, this is the item no body can change.

Anybody can explain me about the cashback withdraw from 3rd year? I am not quite sure about this part, my plan is can make 5% cashback withdraw from 3rd year, thanks.

I am referring to the RevoSave from NTUC presented by ntucagent. I think it beats Pru in every column there. I don't think NTUC is riskier than Prudential. I actually think it is the opposite given the fact we don't know how much exposure Prudential has with Europe.

But anyway as long as you are informed and you are comfortable than it is fine.

 

[dannyphw]

Hi all,

I have the above policy with prudential right now and i'm into my 3rd year. Do you think I should terminate my plan? I would lose about $2000+ according to the BI above. Or do you guys think I should continue with the plan?

I sign on to this plan without thinking in the past.

Any inputs will be appreciated.

i've gotten the similar plan before and i've terminated it when i join as a wealth planner.

but u still need to ask yourself this questions before deciding:
1) why the plan was taken up in the first place? Liquidity or the coupon payment that attracts you?
2) are you ready for the lose if you terminate?
3) what can you do after you terminate? this is to make sure your losses can still be gain by other source of investments.
4) have existing whole life plan? you still need coverage ultimately

 

[andyhalo]

thanks for the remind, but for me it is not only because of the gift, actually I know this plan long time ago, and is also thinking about such plan to "force" myself to have a saving plan with some insurance function, other plan with better return also come together with higher risk, this is the item no body can change.

Anybody can explain me about the cashback withdraw from 3rd year? I am not quite sure about this part, my plan is can make 5% cashback withdraw from 3rd year, thanks.

u knew of this plan long time ago and yet u put in red that u are not quite sure wat is the cashback withdrawal? the adviser selling u the policy didnt explain to u? or was he only explaining the gifts that u can have if u sign up the plan?

 

[heng_alvin]

wau lau,u gave big biz to your agent and u now too shy to ask him/her for details on what you have juz bought? you call me,i explain 1800 3330333.

 

[shearmanlee]

I just want to get more comments and comapre and make sure what the agent say is correct,these two days she is on leave.

Could anybody just help answer the questions but not make useless comments by saying:why you are so stupid taking something purely because of gift, haha.

Thanks again.

 

[shearmanlee]

I am referring to the RevoSave from NTUC presented by ntucagent. I think it beats Pru in every column there. I don't think NTUC is riskier than Prudential. I actually think it is the opposite given the fact we don't know how much exposure Prudential has with Europe.

But anyway as long as you are informed and you are comfortable than it is fine.

Can anyone beat this sentence: the performance of a saving insurance is mainly depend on the stocks & bonds the fund management company running, so bigger company will have better management resource, so they relatively can make better performance. thay is why they can last long and have the name.

 

[jack81]

Can anyone beat this sentence: the performance of a saving insurance is mainly depend on the stocks & bonds the fund management company running, so bigger company will have better management resource, so they relatively can make better performance. thay is why they can last long and have the name.

Then have you thought of this qn before: why some long lasting companies with the name are offering lower guaranteed maturity value then others in an apple-to-apple comparison?

NTUC Revosave is a good example. I think your free iPad 2 16G, Abalone set worth 88 SGD, Sony Camera worth 150 SGD actually is worth upfront value of at least 6K man

 

[shearmanlee]

Then have you thought of this qn before: why some long lasting companies with the name are offering lower guaranteed maturity value then others in an apple-to-apple comparison?

NTUC Revosave is a good example. I think your free iPad 2 16G, Abalone set worth 88 SGD, Sony Camera worth 150 SGD actually is worth upfront value of at least 6K man

Good to discuss with you, NTUC insurance as a newcomer to this industry, he must show some more attractive products to attract ppl to buy, if not who care NTUC? but for thoes long running insurance company, they know what is the market, what is the running system of this industry, how to divide the interest, fund manager, their staff, etc.

Let's wait 3-5 years and look back NTUC same product, I believe you will see it in a mess.

 

[jack81]

Good to discuss with you, NTUC insurance as a newcomer to this industry, he must show some more attractive products to attract ppl to buy, if not who care NTUC? but for thoes long running insurance company, they know what is the market, what is the running system of this industry, how to divide the interest, fund manager, their staff, etc.

Let's wait 3-5 years and look back NTUC same product, I believe you will see it in a mess.

So you are willing to lose out on your own money to the big name insurance companies solely for their knowledge of the market, the running system of this industry, how to divide the interest, fund manager, their staff, etc.

Wow, I hope there are more people with similar thinking as you. It will definitely make my job more easier.

Wait, the more i think the more i feel you are actually a Pru agent!!

 

[heng_alvin]

Good to discuss with you, NTUC insurance as a newcomer to this industry, he must show some more attractive products to attract ppl to buy, if not who care NTUC? but for thoes long running insurance company, they know what is the market, what is the running system of this industry, how to divide the interest, fund manager, their staff, etc.

Let's wait 3-5 years and look back NTUC same product, I believe you will see it in a mess.

To be fair,pruflexicash is better than revosave if compare quotation side by side till maturity date. Y? coz pruflexicash covers terminal illness which revosave doesn't.

But saying ntuc income is a newcomer then u r a frog in a well. Reason on y not many knows about ntuc income insurance is simply becoz they have least agents as their agents commission is the least in the market.

Company sure muz make money therefore left either agent or customers bottomline to sacrifice. Most companies chose to sacrifice clients' coz they know agents are the ones bringing biz. Someone once said,insurance are always only being sold,never to be bought.

As long as u r happy then ok liao la,i can tell u only ppl in the know buy from ntuc. Some agents from other companies ask their next of kin to buy ntuc while pushing their own products only to extended families. Up to u to believe.

 

[heng_alvin]

l will do a good deed today by reminding u that you have 14 days of free look period to surrender this policy with full refund should u change your mind after receiving policy documents.

MAS required all agents to remind customers when they signed on the dotted line,i hope your agent did. But of course i am not saying pruflexicash is bad,who knows if i will be selling it one day lolz...

 

[shearmanlee]

To be fair,pruflexicash is better than revosave if compare quotation side by side till maturity date. Y? coz pruflexicash covers terminal illness which revosave doesn't.

But saying ntuc income is a newcomer then u r a frog in a well. Reason on y not many knows about ntuc income insurance is simply becoz they have least agents as their agents commission is the least in the market.

Company sure muz make money therefore left either agent or customers bottomline to sacrifice. Most companies chose to sacrifice clients' coz they know agents are the ones bringing biz. Someone once said,insurance are always only being sold,never to be bought.

As long as u r happy then ok liao la,i can tell u only ppl in the know buy from ntuc. Some agents from other companies ask their next of kin to buy ntuc while pushing their own products only to extended families. Up to u to believe.

Thank you for the advise, but I will still stick to this product, now my agent explain to me that I can choose get cashback from 3rd year, and collect maturity in as early as 3rd year onwards, even through now the plan I signed up is Accumulate it, as long as it is like that, I am happy.

Actually my only concern is that can I put in 7200 SGD into the product, because later I will buy house, will have baby, a lot of extra money will be in need, with the cashback & collet maturity function, I will make it more easily.

For the wealth gain, I did not expect much, 3% per year is fine with the 30 major diseases covered, it is fine to me.

Am I reasonable?

 

[heng_alvin]

this product doesn't payout if 30 critical illness hits unless u add in rider which is consider additional expense that won't add into your cash value. if you took out cash back every year, there is no way your product can give u 3% return year by year. I expect only 1-2 %.

what do u mean collect maturity as early as 3rd yr?

 

[shearmanlee]

this product doesn't payout if 30 critical illness hits unless u add in rider which is consider additional expense that won't add into your cash value. if you took out cash back every year, there is no way your product can give u 3% return year by year. I expect only 1-2 %.

what do u mean collect maturity as early as 3rd yr?

Thank you for the helpful discussion:

From Pruddential Website:

Offers 2 options at maturity to collect maturity proceeds in

1. one lump sum
2. yearly installments over 3, 4, 10, 15 or 20 years depending on your needs. The outstanding balance will continue to earn interest at 3% per annum*

Dose it mean I can start get maturity fund as early as 3rd year?

Thanks again.

 

[heng_alvin]

Thank you for the helpful discussion:

From Pruddential Website:

Offers 2 options at maturity to collect maturity proceeds in

1. one lump sum
2. yearly installments over 3, 4, 10, 15 or 20 years depending on your needs. The outstanding balance will continue to earn interest at 3% per annum*

Dose it mean I can start get maturity fund as early as 3rd year?

Thanks again.

Option 2 means that instead of collecting one lump sum at maturity date, you ask Prudential to safekeep that lump sum and pays u in 3,4,10,15 or 20 years instalments and they promise that the lump sum would earn 3% p.a (which is subject to changes if I am not wrong).

Seriously, as a rule of thumb...only buy stuffs that you understand. Oh, on a side note it should not matter that your financial advisor is on leave.

Even though she is not an agent...she is under the monthly payroll of prudential's+ some commission from your policy. Therefore, she should be happy answering your question considering you are a big client. Of course please don't call her in the middle of the night

 

[shearmanlee]

Option 2 means that instead of collecting one lump sum at maturity date, you ask Prudential to safekeep that lump sum and pays u in 3,4,10,15 or 20 years instalments and they promise that the lump sum would earn 3% p.a (which is subject to changes if I am not wrong).

Seriously, as a rule of thumb...only buy stuffs that you understand. Oh, on a side note it should not matter that your financial advisor is on leave.

Even though she is not an agent...she is under the monthly payroll of prudential's+ some commission from your policy. Therefore, she should be happy answering your question considering you are a big client. Of course please don't call her in the middle of the night

Thanks, and can leak little bit how much the commission it is for such a big client? haha.