Can AIA do this?

[golden]

AIA had two high profile bonus cuts, once in 2003 and once in 2008. Heaviest hit policy series I believe are Financial Guardian and Prime Life. It's not suprising that returns from these policies are very much lower than projected at inception. Can they do that? Yes, they can and did. Read your policy document and illustration properly. There're guaranteed and non-guaranteed columns.

TS is mentioning about endowment policy, not investment link products.
for endowment policy sold 20 years ago, there is a [COLOR="_______"]guaranteed[/COLOR] amount payout upon maturity plus every 3 years you can choose to withdraw the coupon paid out.

if you choose not to withdraw the coupon paid out and leave it with AIA to generate accumulated higher interest payout.

The guaranteed amount must be honour. The accumulated interest portion, i am not so sure..but they cannot based on some years low earning to determine that..over a span of 20 to 25 years, there are more good years than lean years..

 

[Ramseth]

TS is mentioning about endowment policy, not investment link products.
for endowment policy sold 20 years ago, there is a guaranteed amount payout upon maturity plus every 3 years you can choose to withdraw the coupon paid out.

if you choose not to withdraw the coupon paid out and leave it with AIA to generate accumulated higher interest payout.

The guaranteed amount must be honour. The accumulated interest portion, i am not so sure..but they cannot based on some years low earning to determine that..over a span of 20 to 25 years, there are more good years than lean years..

What I mentioned, Financial Guardian and Prime Life series, are whole life participating policies, yes, not endowment or anticipated endowment polices. Anticipated endowment tri-annual payout is guaranteed, that cannot be cut, yes, but the residual maturity value can be cut on the bonus side but not only the basic sum assured side, yes.

Note that insurance companies cutting bonuses has nothing to do with investment-linked policies.

 

[1sickpuppy II]

After calling them up they told me that my old agent (21yrs back) explained to me wrongly and that I should only get back those stated in colum with the heading Cash R. and not Cash A. where the insurance agent circled in red and insist that I will be getting back I told them that thats what the 1st agent said and what the 2nd agent that took over her said too but them keep insisting that I must have misunderstood or they explained wrongly and that AIA is not in the wrong.

 

[golden]

After calling them up they told me that my old agent (21yrs back) explained to me wrongly and that I should only get back those stated in colum with the heading Cash R. and not Cash A. where the insurance agent circled in red and insist that I will be getting back I told them that thats what the 1st agent said and what the 2nd agent that took over her said too but them keep insisting that I must have misunderstood or they explained wrongly and that AIA is not in the wrong.

how old was the guy handling your case? asked him, 21 years ago, how old was he? was he there to hear what transpire?

did they ask you to fill up two forms for further investigation?

 

[1sickpuppy II]

how old was the guy handling your case? asked him, 21 years ago, how old was he? was he there to hear what transpire?

did they ask you to fill up two forms for further investigation?

Nope all they said was to refer to my present agent to clearify and if I am still not satisfy can go down to their head office for them to explain to me fully what my policy is about :(

:oIo: AIA

 

[sammyboi]

i think it's the prudential transition phase

 

[Ramseth]

i think it's the prudential transition phase

Could well be most probably. Prudential would want AIA to "cleanup" before they takeover. It's practically a sure thing now. Listing of combined Prudential/AIA on SGX is also applied for. Not only policyholders, stock players also look out.

 

[golden]

you should go down to their office for faster and better answers.

request to speak to someone higher up instead of the CS attending to you.
tell them you not happy with thier reply and wants to take furture action.
they will give u two forms to fill in for furture investigations.

AIA standard No.1 question was: can u remember what the agent told you 20 years ago? and later they will tell you your agent gave you wrong information.

Is AIA sending the subliminal message that says, not to trust their agents based on the above question and answers? AIA will tell you that upon maturity of your policies, that your agent had given you wrong info. Thats very unprofessional by trying to pay less.

AIA should include all the payout amount details in the final contract send out instead of leaving out the most critical information.

In the commercial world, companies has to honor their salesman quote and orders received with the salesman price, unless the mistake was rectified early with the agreement of the buyer. however, if the Purchase Order was sent and the company process the order and send acknowledgement, they cannot later says the price is wrong. Go to court, the company had to lan lan honor the wrong price..

 

[CoffeeAhSoh]

Complain to CASE. Make a big fuss and threaten media publicity in ST, STOMP, SBF, HWZ, etc. These insurance companies feared bad publicity most. They will privately and quietly give what you want as long as it is legally yours as stated on the contract.

Bro , sure they like that :p:p:p

 

[numero uno]

Complain to CASE. Make a big fuss and threaten media publicity in ST, STOMP, SBF, HWZ, etc. These insurance companies feared bad publicity most. They will privately and quietly give what you want as long as it is legally yours as stated on the contract.

insurannce companies are cheats like banks. look at the fine prints. get a lawyer and sue them for breach of contract. a guaranteed sum is a guaranteed sum. period. if they syas cannot pay then ask them AIA to file for bankruptcy. so simple such a concept sinkies cannot think.

 

[johnny333]

One of the reasons that turn me off from getting insurance is that when it is time for them to pay up. They will have all sorts of excuses.

One has to be a lawyer to understand all the small print in their contract. The laws in Spore are also pro-business & not on the side of consumers.

 

[CoffeeAhSoh]

One of the reasons that turn me off from getting insurance is that when it is time for them to pay up. They will have all sorts of excuses.

One has to be a lawyer to understand all the small print in their contract. The laws in Spore are also pro-business & not on the side of consumers.

George Yeo joins AIA as independent director



http://news.asiaone.com/News/Latest+News/Singapore/Story/A1Story20121103-381188.html

AsiaOne

Saturday, Nov 03, 2012

SINGAPORE - Former foreign minister George Yeo has been appointed by insurance giant AIA as an independent non-executive director to the company.

His new position took effect from yesterday.

Mr Yeo, 58 is currently the Vice-chairman of Kerry Group and the Chairman of Kerry Logistics Network Limited.


He is best known for being a Member of the Singapore Parliament from 1988 to 2011. A member of the governing People's Action Party (PAP), he served in various positions including as the Minister for Information and the Arts, Minister for Health, Minister for Trade and Industry and Minister for Foreign Affairs.

He left politics when he lost his seat in Parliament at the 2011 general election when the PAP team he lead lost the Aljunied Group Representation Constituency (GRC) to the Workers' Party.

From 1972 to 1988, he served in the Singapore Armed Forces and attained the rank of Brigadier- General in 1988, when he was director of joint operations and planning in the Ministry of Defence.

He is also a visiting scholar at the Lee Kuan Yew School of Public Policy, patron of the LASALLE College of the Arts and the Eurasian Association, and an advisor to the Sun Yat-Sen Nanyang Memorial Hall.


He is a member of the Foundation Board of the World Economic Forum and the Nicolas Berggruen Institute's 21st Century Council.

Welcoming Mr Yeo to the AIA Board, AIA's Group Chief Executive & President Mr Mark Tucker said: "Throughout a distinguished career in Singapore, George has accumulated vast knowledge and expertise in both the public sector and international business affairs.

"We look forward to the benefit of George's considerable insight as we continue to execute our growth strategy as the leading Pan-Asian insurer."

AIA Group and its subsidiaries comprise the largest independent publicly listed pan-Asian life insurance group, with market presence in 14 Asia Pacific countries.

[email protected]

 

[CoffeeAhSoh]

Is it AIA also need to Buy Insurance ?