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NTUC Income Relaunching Capital Plus, Again
NTUC Income is relaunching Capital Plus on 11th July 2011.
It is a 2-year single premium savings plan with a guaranteed return of 1.4% p.a. The minimum sum required is $10,000 cash or SRS, and the plan is available to all between 16 to 80 years of age.
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“Double Charges” in a Regular-Premium ILP
There are charges involved in both investing and getting insurance coverage. Purchasing stocks incurs a brokerage fee, and investing in unit trusts involves annual management fees and sales charges. Bulk of the first few years of premiums of an insurance policy goes to “distribution costs” (mainly commissions to the agent). Typically, distribution costs are highest in the first year and steps down over the next few years of a policy.
Regular-premium investment-linked policies (ILP) are touted by many agents to be for both insurance and investments, but do you know that many such policies charge the policyholder distribution costs (on top of investment charges) on his investments, and investment charges (on top of insurance charges) on his insurance?
No Trouble Until Claim? Smear Tactics Employed by Unethical Agents
In my line, I have always heard horror stories and unbelievable anecdotes of how some agents go all out to make a sale. Some of these are rather complex and difficult to describe to people outside of the industry, but the following is something that is easily shared.
NTUC Income has some pretty good insurance policies that are also cost-effective. Tied agents of other companies usually feel hard pressed to compete with these policies. I have faced this previously, and while I eventually decided to offer my clients better value by crossing to an IFA, other agents have come up with “creative” smear tactics to discredit their competitors, like branding NTUC as – “No Trouble Until Claim”, a play on the abbreviation.