Providend giving 50% commission rebate on all insurances

chanweijie

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Providend giving 50% commission rebate on insurances

It is advertised in the Invest section of Sunday Times!
 
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SpinFire

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Interesting. And they provide financial advise with the commission rebate too.
 

Darkzi0n

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went to their webpage... still dosnt really understand.

m i rite to say that only term plans are eligible for the 50% rebate?
which insurer plans can they recommend?
do i have to pay a fee for their recommendation?
 

chanweijie

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Hi Darkzi0n,

The answers to your questions can be found in the FAQ page.

Providend is a partner with most of the major life insurers in Singapore such as NTUC, Aviva, Tokio Marine, HSBC, AXA, etc.

Hope that helps! :)
 

o0KelviN0o

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Just when FSM withdrew their insurance business :s13:
 

Motherliquor.P

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Anyone has tried providend services before? Met their agents? Seems like a good deal
 

orientexpress

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did check out their website and FAQ just now. will call tomorrow to find out more. looks interesting :D
 

Pika mianbao

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they don't sell whole life, no endowment and no hospital plan. they selling term or ILP only?????
 

chanweijie

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Providend is a strong advocate of term and definitely do not sell ILP.

This is what I found in the Providend web site: Frequently Asked Questions | Providend

Whole-life.jpg


endowment%2520and%2520hospitalisation.jpg
 
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WindBoi

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it will be best if chanweijie declare whether he has an affiliation with Providend
 

klarklar

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Providend can cut rebate insurance commission but raise financial advisory fees or other sort of fees. What's the point?
 

SpinFire

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Providend can cut rebate insurance commission but raise financial advisory fees or other sort of fees. What's the point?

From what I read and understand, Providend will not charge advisory fees. They get the sales commissions only. Can the guy from Providend clarify please?
 

Darkzi0n

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bythesea

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Providend is still charging an advisory fee, but it isn't charged upfront, instead the fees are offset against the commissions received. In a nutshell, there is no cash outflow required to engage Providend, and clients will still get minimum 50% rebate in the commissions.

See Insurance Planning Service | Providend and Frequently Asked Questions | Providend

What was Providend's usual practice before this promotion?
Charging an advisory fee and pocketing the commissions received from the insurance companies?
 

chanweijie

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wat if advise liao i dun wan buy? need to pay fee?

There is no need to pay fees if you do not wish to go ahead with the recommendation. For the insurance planning service, Providend has redesigned the payment scheme from upfront to offset against commission. Based on past experiences, due to the rigor of Providend's analysis and advice, cases of people with genuine needs not taking up our recommendations are far and few. As such, Providend is willing to take this business risk in order to allow more people to access Providend's services.

Here is a screenshot from the FAQ page: Frequently Asked Questions | Providend

Commission.jpg
 

chanweijie

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What was Providend's usual practice before this promotion?
Charging an advisory fee and pocketing the commissions received from the insurance companies?

The usual practice is to charge an upfront fee and rebate 100% of the commissions received.
 

klarklar

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We cannot expect Providend to be totally transparent on their fee/commission structure. But as a profit-making entity, I will expect them to cut here, add there on their pricing structure. Cut commission which is totally transparent, add fees which is more opaque and likely to go undetected by clients.
 

lumueh

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klarklar, think you missed the point. There is no upfront fees as mentioned for this insurance service. It is quite straightforward I think. You buy what you need, you get a min 50% rebate.
 
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