Should i keep my NTUC foundation policy or AVIVA SAF?

[Cashcow]

now inc dont send orange letter if not wrong ;probably thats why some reconsidering after paying premiums to them(their cs paying counter branches not so service customers le ..only concerned about getting ur number everytime so that u rate their cs levels/times can purposely about the p.holder with remarks)) ..sigh

End of the day:

"Good things are not cheap, cheap things are not good".

 

[HandsTied]

End of the day:

"Good things are not cheap, cheap things are not good".

Good things are cost-effective.

 

[punkster]

Must make clear that 28k is not guaranteed.

My 14 yrs endowment just matured last month fell far short of projected and I got 3.25% instead of 5.75%.

This month my 10 yr single premium policy also fell short of projected yield and I got 2.99% instead of 5.03%.

5.75% shown on BI is never real. after effects of deductions 3.25% is pretty decent tbh

SP of 2.99% though seemed really low... care to share which plan/insurer?

 

[compositeb]

I too do have a foundation policy with NTUC, and i intend to cash out the bonus after marriage.. i have a question is that.. by cashing out the bonus, does it affect the value of the policy?

 

[Cashcow]

Good things are cost-effective.

Nonsense.

Those sports car like ferrari, lambo, porsche are not fuel efficient, heavy, noisy and costs like crazy but ppl still hope to own one. If you can't afford the best, that means you are not the best. Only the best ppl can be my clients.

 

[HandsTied]

Nonsense.

Those sports car like ferrari, lambo, porsche are not fuel efficient, heavy, noisy and costs like crazy but ppl still hope to own one. If you can't afford the best, that means you are not the best. Only the best ppl can be my clients.

Are you that desperate to justify your overpriced policies by comparing insurance to luxury cars? Tell me, why is your company's integrated Shield policy more expensive and yet has lousier claims experience than NTUC Income's? Only the "best people" get to claim?

 

[Cashcow]

Are you that desperate to justify your overpriced policies by comparing insurance to luxury cars? Tell me, why is your company's integrated Shield policy more expensive and yet has lousier claims experience than NTUC Income's? Only the "best people" get to claim?

You better back your claims by providing concrete evidences. I see you always badmouthing tied agents and products from other companies, seems to be against MAS regulations. Better be careful if you still want to be in biz.

 

[HandsTied]

You better back your claims by providing concrete evidences. I see you always badmouthing tied agents and products from other companies, seems to be against MAS regulations. Better be careful if you still want to be in biz.

http://postimage.org/image/guw2jvr8/
http://postimage.org/image/guxq3890

Source: http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=342

The claims experience rates are almost the same, although NTUC Income still has the best claims experience. With such similar claims experience, one should be looking at cost-efficiency, but yet Cashcow keeps going around this forum saying "cheap is no good". Now it is your turn to provide concrete evidence that cost-effective policies are not good.

 

[The_Davis]

http://www.aviva.com.sg/customer-care/faqs/index.html#saf

Check out the Nomination Of Beneficiaries.

Tbh, if you want the claim to be fast, make the nomination.

Nomination Of Beneficiaries
Q: Can I make nomination of beneficiaries for SAF Group insurance scheme?
A: The Nomination of Beneficiaries framework is not applicable for group insurance scheme. The main policyholder, that is, SAF/MINDEF, had directed Aviva to pay according to the prevailing laws of Singapore. That is to say, in the event of a Death Claim, the law provides for Aviva to pay to the immediate next-of-kin (NOK) or proper claimant up to S$150,000. The payout of the balance of the insurance compensation has to be decided by a Court.

If the deceased had written a Will before his/her death, the family has to engage a lawyer to apply to the Court for a Probate, which may take up to 6 months.

If the deceased did not have a Will before his/her death, he/she would be considered to have died intestate. In such an event the family also has to engage a lawyer to apply to the Court for a Letter of Administration, which may take up to 3 years to resolve.


but it says here we can't nominate beneficiaries

then any amount > $150k have to be decided by a court????? What if we have $600k coverage?

 

[jack81]

but it says here we can't nominate beneficiaries

then any amount > $150k have to be decided by a court????? What if we have $600k coverage?

What you posted has already answered your query liaoz.

That is to say, in the event of a Death Claim, the law provides for Aviva to pay to the immediate next-of-kin (NOK) or proper claimant up to S$150,000. The payout of the balance of the insurance compensation has to be decided by a Court.

So out of $600k, $150K is available immediately while the remaining $450K will be decided by a court lor..

 

[iAdvisor]

Nonsense.

Those sports car like ferrari, lambo, porsche are not fuel efficient, heavy, noisy and costs like crazy but ppl still hope to own one. If you can't afford the best, that means you are not the best. Only the best ppl can be my clients.

I think rather comparing the product of yours with ferrari, lambo, etc. I suggest its more like a mini-bond sold. Expensive yet toxic. Expensive plan does not means the best plan. And please, talks about branding, is Prudential branded/positioned like those cars? People willing to pay for the car, for the quality and of course the prestigious status it provides (not anyone can own a lambo). Is Prudential marketed that way?

Thanks HandsTied for the claim experiences report. At least, that should stop others from claiming to be the 'best'. And I really feel sorry for those best people though....

 

[iAdvisor]

Nomination Of Beneficiaries
Q: Can I make nomination of beneficiaries for SAF Group insurance scheme?
A: The Nomination of Beneficiaries framework is not applicable for group insurance scheme. The main policyholder, that is, SAF/MINDEF, had directed Aviva to pay according to the prevailing laws of Singapore. That is to say, in the event of a Death Claim, the law provides for Aviva to pay to the immediate next-of-kin (NOK) or proper claimant up to S$150,000. The payout of the balance of the insurance compensation has to be decided by a Court.

If the deceased had written a Will before his/her death, the family has to engage a lawyer to apply to the Court for a Probate, which may take up to 6 months.

If the deceased did not have a Will before his/her death, he/she would be considered to have died intestate. In such an event the family also has to engage a lawyer to apply to the Court for a Letter of Administration, which may take up to 3 years to resolve.


but it says here we can't nominate beneficiaries

then any amount > $150k have to be decided by a court????? What if we have $600k coverage?

Yes like jack81 mention. The remaining sum payable will have to be decided by the court. With or without will, will cause the period of claim to be difference as well. without will, it can take decades for claim to be done.

 

[iAdvisor]

I too do have a foundation policy with NTUC, and i intend to cash out the bonus after marriage.. i have a question is that.. by cashing out the bonus, does it affect the value of the policy?

Almost forget to answer your queries.

Yes, on the cash portion. But from my knowledge, foundation policy allow you to cash out double the cash value for studies or marriage. Thats the ultimate. Thereafter the policy actually has not much uses.

 

[Carnesir]

Almost forget to answer your queries.

Yes, on the cash portion. But from my knowledge, foundation policy allow you to cash out double the cash value for studies or marriage. Thats the ultimate. Thereafter the policy actually has not much uses.

i did cash out whatever i could during my marriage.

now i wonder wht else my policy has after claiming this initial benefit. can i just surrender this policy if it has no more use rather then pay every quarter?

premium - 50.8 every quarter till 2040
premium paid - 5,181.3
Cash Value - 3,262.79 (just redeemed 6,574.5 last yr for marriage)
sum assured - 10k

 

[netsit]

i just discovered this policy too. Paid for by my dad for the past 24 years.

Monthly premium: $60
Sum Assured: $71k
Bonus: $40k
Cash Value: $26k

Est Prem Paid: $16.7k

It says the premium expires in 2073

I am covered for 300k with aviva's term life. what's the point of ths foundation policy?

 

[JuniorLion]

i just discovered this policy too. Paid for by my dad for the past 24 years.

Monthly premium: $60
Sum Assured: $71k
Bonus: $40k
Cash Value: $26k

Est Prem Paid: $16.7k

It says the premium expires in 2073

I am covered for 300k with aviva's term life. what's the point of ths foundation policy?

Happy to buy it from you and pay you a higher price than your surrender value. Please see my thread:http://forums.hardwarezone.com.sg/general-merchandise-bazaar-261/wtb-insurance-policies-5714739.html.

 

[blurpandasg2014]

i just discovered this policy too. Paid for by my dad for the past 24 years.

Monthly premium: $60
Sum Assured: $71k
Bonus: $40k
Cash Value: $26k

Est Prem Paid: $16.7k

It says the premium expires in 2073

I am covered for 300k with aviva's term life. what's the point of ths foundation policy?

U pay only 16.7k and now u earn abt 10k... Nearly doubled le. This plan is good. I also have it. If u surrender, I don't know what to say

 

[i.c.e.d.c.u.p.p.a]

I also have similar policy albeit cheaper and lesser sum assured.

Monthly premium: 51
Sum assured: 65k
Cash value: (6k + 11k) guaranteed/non guaranteed

Premium paid: 11.7k

Not sure what's the bonus calculated? Non guaranteed protection value/cash value?

Is it worthwhile to holding it for the whole of 82 years or should I cash it out soon? Have got GE term and Aviva too

Since non guaranteed cash value is more risky and not confirmed?

 

[JuniorLion]

I also have similar policy albeit cheaper and lesser sum assured.

Monthly premium: 51
Sum assured: 65k
Cash value: (6k + 11k) guaranteed/non guaranteed

Premium paid: 11.7k

Not sure what's the bonus calculated? Non guaranteed protection value/cash value?

Is it worthwhile to holding it for the whole of 82 years or should I cash it out soon? Have got GE term and Aviva too

Since non guaranteed cash value is more risky and not confirmed?

It is probably decent.

Low-cost ETFs can do better, eg DCA into STI ETF or global ETFs like IWDA (I am currently doing that. Please read Shiny Things thread).

If you are considering to surrender, I would buy it from you. Do see my thread at: https://forums.hardwarezone.com.sg/...azaar-261/wtb-insurance-policies-5714739.html
In

 

[BlackRozeInc]

Im currently in a similar situation. My parents took out 2 NTUC foundation policies for me with different maturities.

Policy 1
Maturity (year): 2026
Monthly Premium: 30.95
Premium Paid (to date): 8418
Payout upon Maturity: est 15370 [ of which 11820 is guaranteed ]
Current Cash Value: 7783

Policy 2
Maturity (year): 2046
Monthly Premium: 16
Premium Paid (to date): 4880
Payout upon Maturity: est 24500 [ of which 11800 is guaranteed ]
Current Cash Value: 3204

I already have insurance coverage, already completed my degree and already married. It feels like this policy is not really useful to me and a drain on my parents resources as premiums are still be deducted.