Discussion Forum

7 Jul 2012, 10.51PM

8 comments & replies |by Guest | Learn and Earn

This lawsuit is extremely crucial to about 110,000 AIA policyholders who bought AIA Financial Guardian & Whole Life policies during the period of May 1986 to April 1994, says the plaintiff who instituted the suit.
Are you one of them? It may be a test case for all other whole life products of other companies too.
Watch out for the verdict.
Unfortunately this case was never reported in the MSM. Why? dunno , leh.

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Guest

7 Jul 2012, 11.44PM

So what is MAS and the regulator of insurance firms in Siongapore comments on this matter?
As usual there will be no comment at all.

Guest

8 Jul 2012, 8.47AM

Not sure why MAS allow trash products/ irresponsible clauses to exist in AIA for the past decade.

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Guest

8 Jul 2012, 12.56PM

It is the duty of MAS to protect the consumers from insurance companies which sell rotten products and their rotten agents.
Consumers are helpless . They are not financially educated or know insurance or financially savvy. To make consumers make informed decision is unfair. They cannot be made to responsible what they buy as many if not all consumers buy based on trust and not because they know.. The salesmen or advisers should be responsible for the outcome.
MAS must prosecute the insurance agents and and advisers for the misconduct.

Guest

13 Jul 2012, 1.14PM

May I know base on WHAT GROUNDS MAS to PROSECUTE THE COMPANY OVER THE ROTTEN PRODUCTS?

Obviously you have absolutely no clue on what's going on, and you don't even bother to do research. Only know how to complain, complain and complain. Why don't you just go and borrow a CMFAS M5 textbook from any insurance agent.

Let your EYES OPEN BIG BIG... then come post about what MAS should do. Rotten products? Prosecute? You want MAS to prosecute themselves? Not going to happen...

Guest

8 Jul 2012, 4.53PM

The insurance agents anyhow sell .They don't care the products can meet your needs or not. What they care is how much commission they can earn from the products they sell to you. So the next time when agents try to sell you a product ask him how much commission can he get from that product.
There is another woman also conned and she is suing the company.

Guest

8 Jul 2012, 11.27PM

A heroic task.

I am a policy holder and I have signed documents to agree to certain terms. My premiums are being paid out from accumulated dividends since 2005 ( $2027 p annum after removing a rider))
The policy began in 1990
In 14 years ( $2177 p annum )I had paid $30,478. The "critical" year was 2005 ( year 15 after 1990)
The accumulated dividends up till 2004 was $9,242.33
Since 2005 my premiums have been paid from this 'credit' amount.
The residual amount in the accumulated dividends is $2,063.54. When they declare this year's dividend amount, it may just add $200 with interest. I can therefore pay for another year perhaps.
In year 2014, I will have to pay cash out of pocket.
Since my accumulated dividends are depleted, and if I surrender the policy in 2014, I will get $48,000 ( I think!)
Basically, after 24 years, I get my capital sum back.
If I had spent all the $48,000 to buy shares, I would have had a better return, plus capital appreciation. Of course I would not enjoy insurance on my life.. but what the heck, Financial Guardian valued my life at $100,000 face value only!
I wish her all the best in her legal pursuits.

Guest

10 Jul 2012, 11.51AM

Yes, readers here must keep in mind, buy term and shield only, rest of money invest in high dividend stocks and in property when it is down in the dumps.
Recently Aviva is canvassing around for SAF Term suscribers to take up their Critical Illness Rider, maybe our SAF boys should consider if they want more protection. The Rider is very much
cheaper than those sold separately on the market.(those limited pay early stage critical illness plans are scam) But then bear in mind, Aviva may play you out when coming to claims, maybe you need to have one foot in the coffin first, before you could get some claims, so ask them to specify clearly in black and white, and ask your lawyer to go thru.
Never trust all Insurance agents, they are protected by MAS, else you feel like a trussed up defeathered dead chicken when you get played out some years down the road. Be extra wary if that Agent is your
friend or relative.
And going to Court is going to enrich another rascal, your lawyer,
your case will drag on for years, with the Judiciary here favouring all these big shot Insurance companies.

Guest

12 Jul 2012, 2.01PM

Ms Zhu, a Chinese national who has taken Singapore citizenship and is self-represented, says she was given a quote that detailed the premium to be paid and the annual dividends accumulated as part of the policy.

CHINA WOMEN want to come Singapore and CHEAT MONEY AGAIN. A BIT A BIT GO LAWYER ONE LEH.

NO WONDER NOT IN NEWSPAPER LAH. FORIEGN TALENT.

LATER CHECK. SHE STILL HOLDING CHINA PASSPORT OK !