Prudential endowment question

[new-comer]

Asking on behalf of a relative.
He bought PruFlexiCash Protection Plus back in 2014.

Can anyone point out which is the exact surrender value till date?

Below are the policy values as shown in the PruAccess. So many numbers, which one reflects the current surrender value?

Extract of the revised benefit illustration (personal info omitted). The numbers don't tally with what is reflected in the policy values in PruAccess?

 

[Trazora]

What is the date of the policy was bought?

 

[new-comer]

What is the date of the policy was bought?

6 August 2014

Thank you

 

[JuniorLion]

1046.99 is the current value.

Between surrender value and BI table, the accurate one is the surrender value. Prudential can modify their BI as and when they like.

 

[new-comer]

1046.99 is the current value.

Between surrender value and BI table, the accurate one is the surrender value. Prudential can modify their BI as and when they like.

That is outright pathetic

 

[JuniorLion]

You can't expect much if policy is in force for only a few years.

 

[new-comer]

You can't expect much if policy is in force for only a few years.

If continue to pay, total premiums paid will be around $44,000 and guaranteed value (no cashback) probably in the high $20,000 range considering there is some interest and bonus etc.

 

[Maeda_Toshiie]

Understand the they can modify the BI numbers as and when they like. So for this case, there is chance may not even get back what is being paid for?

The breakeven point is almost always near the end of the policy. This is the rule of virtually all whole life and endowment policies.

Why do you think agents drive big cars and wear expensive watches?

 

[new-comer]

The breakeven point is almost always near the end of the policy. This is the rule of virtually all whole life and endowment policies.

Why do you think agents drive big cars and wear expensive watches?

I took at look at the original BI, even at end of term also never break even. The projected figures under 3.25% non-guaranteed is close to on par with guaranteed amount.

 

[JuniorLion]

I took at look at the original BI, even at end of term also never break even. The projected figures under 3.25% non-guaranteed is close to on par with guaranteed amount.

PruFlexiCash is one of the worst out there

 

[KinoChoco]

1046.99 is the current value.

Between surrender value and BI table, the accurate one is the surrender value. Prudential can modify their BI as and when they like.

Not a fan of endowment or ILP, however, am really confused about this, isnt end of 4 years be 3k guaranteed based on BI?

 

[Trazora]

Not a fan of endowment or ILP, however, am really confused about this, isnt end of 4 years be 3k guaranteed based on BI?

end of 4 years is 5 Aug 2018, not yet reached

 

[new-comer]

end of 4 years is 5 Aug 2018, not yet reached

No wonder. But, can it really reach that figure, since it is like off by over $2,000

 

[JuniorLion]

Not a fan of endowment or ILP, however, am really confused about this, isnt end of 4 years be 3k guaranteed based on BI?

If there is any difference between BI and current surrender value, trust the surrender value.

 

[Shion]

This plan debate in this forum until nothing to discuss already. Definitely a poor buy.

The guaranteed value is actually the total of your accumulated cashback. So if you start to withdraw your cashback, you will earn less.

 

[new-comer]

I have a question. The gross surrender value is $1046.99, but there is no withdrawal of any cashback.

The accumulated cashback is $2061.23. Shouldn't the total surrender value also includes this amount ($2061.23 + $1046.99) and total should be $3108.22?

 

[lifeishard]

You will get a faster answer by calling Pru hotline.

 

[JuniorLion]

Just did a calculation. The rate of return of the investment is less than 2.5% even if the participating fund performed at 4.75%.

Definitely one of the worse in terms of "returns".

However, one must be aware that PruFlexiCash Protection Plus is more of a "protection" kind of plan than savings. Most of the money put in is used to "protect" the life assured.

I guess, it's a give-and-take thing. If you want protection, go protection. if you want returns, go investment. It tries to protect and invest. In the end, the returns suffer.

 

[Shion]

Just did a calculation. The rate of return of the investment is less than 2.5% even if the participating fund performed at 4.75%.

Definitely one of the worse in terms of "returns".

However, one must be aware that PruFlexiCash Protection Plus is more of a "protection" kind of plan than savings. Most of the money put in is used to "protect" the life assured.

I guess, it's a give-and-take thing. If you want protection, go protection. if you want returns, go investment. It tries to protect and invest. In the end, the returns suffer.

There was a time this plan very popular, now I don't know. You can do a search on this plan in this forum, there are many threads about it, with people complaining and also people seeking help/advise.

So far the issue has been consistent...This plan sold as pure savings.

 

[Shion]

http://forums.hardwarezone.com.sg/money-mind-210/prudential-pruflexicash-5209236.html

http://forums.hardwarezone.com.sg/m...i-terminate-my-pruflexicash-plan-5445849.html

http://forums.hardwarezone.com.sg/money-mind-210/pruflexicash-vs-pruwealth-5244398.html

http://forums.hardwarezone.com.sg/money-mind-210/pruflexicash-vs-prusave-4428847.html

http://forums.hardwarezone.com.sg/m...sh-protection-plus-should-cancel-5013192.html

http://forums.hardwarezone.com.sg/money-mind-210/need-some-advice-pruflexicash-4509632.html

http://forums.hardwarezone.com.sg/money-mind-210/trying-terminate-pruflexi-5659088.html

http://forums.hardwarezone.com.sg/money-mind-210/anyone-sign-up-pruflexicash-2681770.html

http://forums.hardwarezone.com.sg/money-mind-210/help-flexicash-5204464.html