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22 Jul 2012, 3.48PM

13 comments & replies |by Guest | Our Common Space

What this customer experienced at the NTUC income was normal and so is with all the other insurance companies.
No fact find and usually customers are sold the most expensive product with the highest commission.
At Ntuc don't expect anything about having needs met. They all unqualified in financail planning. Even they know they are only interested in pushing you products that earn them high commission.
What do you expect of salesmen and women? At ntuc the agents are salesmen disguised as financial consultants. They have fancifool titles. They are product psuhers. What do they know about investment when they are struggling even to recommend a correct insurance product to meet your needs.
Does ntuc management care? They care about being #1 and they push their salesmen to push ONLY high API products. High API products are high commission products. Ask any of their agents and they will tell you that they have pressured to push only high commission products.
This is the problem with the industry. Unless MAS audit them frequently this practice will persist.

964 views | 13 comments & replies |

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Guest

20 Aug 2012, 1.33PM

Ask the senior VP of ntuc income to buy one vivolink for his grandmother and grandfather and his other grand relatives. I feel enraged when a senior VP has no shame to say that regular ILP is suitable old grandmother. I wonder MAS is reading this. MAS should send a strong warning to this VP to buck up .

Guest

4 Aug 2012, 11.19AM

MAS should act against the company. This is evidence of unethical practices in this company. This is evidence of management closing their eyes to unacceptable substandard practice and collusion to cheat the consumers. MAS should question how they achieved the #1 few years ago.

Guest

4 Aug 2012, 2.43PM

The regular ILP vivolink was found by the Senior General Manager of Ntuc Income to be suitable for the old lady who is in her 60s. Wonder how she is to benefit when the breakeven point is 20 years. She may have to wait until she is 85 years to get back all what she saved.You think she can? Is it a fair dealing outcome?
The GM said the old lady stated her objective of investing.I wonder if it was to acheive the agent's goal or the company's goal, because it was definitely not hers, right?
This is called Fair Dealing outcome for the agent and the company.

Guest

12 Aug 2012, 2.08PM

99% of ntuc agents aere not qualified salesmen although they have feirce titles like financial consultant. They don't consult but peddle and that is why the old lady had a bad experience. It is also the reason the Senior Vice President had to defend the shoddy a reconmendation of unsuitable product quickly .But no matter how the public knows ntuc agents are salesmen pushing products for themselves and the company.Another reason why they are "made different" is because they very good salesmen and product pushers.

Guest

22 Jul 2012, 4.37PM

This Vivolink regular ILP is a brilliant product of the new ceo who thought that the consumers are i diots like in those days when he schemed the first ILP. This vivolink robs the customers of 110% of the premium compared to the ID7 , the ideal plan sold during his predecessor's time. ID7 or ideal plan had no charges and 100% of the premium is invested from day one. This Ideal plan was the best of the regular ILPs in the market and if it was not selling like hot cakes it was because the agents were not qualified at all or fearful of selling investment. The old ceo beleived in putting the customers first. The new one beleives in putting the company and the agents first. This is makes a lot of difference between the 2.Although the company's tagline is "we are made different' but the question is for whose interest. Sure you are made different....from your predecessor.

Guest

23 Jul 2012, 7.11PM

Vivolink is a rip off regular ILP designed for the auntie and uncle salesmen to sell investment. Although the commission is lower than other regular ILPs it is still a rip off. If the 'investment expert" aunties chose the wrong fund the poor customer will have to live with it forever with no breakeven point and there are many of these aunties there .Some of them are Executive financial Consultants, believe it or not. What a misleading title!! to fool their customers?. It is as good as cheating.

Guest

23 Jul 2012, 10.43PM

Not only vivolink is a rip off ntuc agents are not qualified to sell any ILP.. They are a bunch of salesmen in disguise.

Guest

24 Jul 2012, 9.55PM

How come the agent's supervisor didn't discover the recommendation was not suitable? What about the manager above and the compliance? You mean they were all sleeping? or it is more than that? is it common in ntuc ?
A friend in ntuc said it is common. They and the company are not interested in the customers' goals. They close their eyes so long it is a sale.They are more interested in thier own goals, the commission and the company's production.
No wonder such kind sloppy work and unethical practices.
This should interest MAS and it is proof to MAS that what the industry is doing.

Guest

4 Aug 2012, 10.40PM

The managers are all not qualified . Their job is to approve the sale and not to check for suitability.

Guest

28 Jul 2012, 4.10PM

NTUC agents are good at CONvincing the old ah peks, ah sohs and aunties and uncles to buy insurance.
I remember a few old men were sold revosave as annuities. This is a conjob . I am not surprised the management also said this product is suitable for old people. MAS should raid this company.

Guest

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