Man Bought Insurance Savings Plan 20 Years Ago Only To Received Half Of RM122,000 That Was Promised - The Coverage
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Man Bought Insurance Savings Plan 20 Years Ago Only To Received Half Of RM122,000 That Was Promised

For people who find it hard to save money, we’re encouraged to start a savings plan in order to collect money for our future needs. However, much research is needed if you plan to invest in such plans as a large sum of money goes into it! You want to make sure that you get the right company and one that you can trust!

Source: Health Plan Markets

Early this year, a man who goes by the name Tyler Jwy took to Facebook to share his father’s encounter with Prudential Singapore.

According to his post, Tyler’s father had bought a 20-year savings plan with Prudential and was promised to get SGD42,000 (RM128,000) at the end of the term, which was in March 2017. However, the company only sent his father a cheque totaling up to slightly more than SGD20,000 (RM61,000).

Source: Facebook

The family visited the Prudential office to lodge a complaint and to inquire as to why the company isn’t giving the full sum as promised in the contract. But the company allegedly dismissed Tyler’s father with a convenient excuse,

“Our company isn’t earning much so that’s the sum you’ll have.”

While some people will just accept it as it is, Tyler and his father aren’t going to let it slip as he wrote,

“Is this ethically right? What’s the point for anyone to save with Prudential if you’re going to make a loss in the end after 20 years? That money could’ve been many times more if my dad invested in other financial instruments and inflation.”

Source: Facebook

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As his parents are just hawkers, he asked the public if it’s possible to sue them, noting that the savings plan is an endowment plan.

It is understood that the man bought the savings plan through an agent who is no longer working for Prudential and that there has been no withdrawal and payment was made regularly since 1994!

Source: Facebook

Not expecting that he’d get this much response, Tyler sent copies of the documentation to his friends who are from different insurance agencies to see if they could help in any aspect. At the same time, they’re also waiting for a representative from Prudential to contact them.

On April 8, Tyler was able to understand more about insurances through the help of the public and was able to educate his father on that. But his father’s biggest question is,

“Why did the policy schedule indicate that he would be receiving $42k based on the contract he has in the 90s even though the assured sum is 20k? There has been no signs of the word “projected” anywhere in the policy schedule which is pretty misleading imo.”

Source: Facebook

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When contacted by a representative from Prudential a few days later, she explained to Tyler’s father about the policy as a whole, but there was no explanation regarding the letter which states the SGD42,000 (RM128,000).

He told the rep that he had requested to see the manager when he was at the Prudential office but was denied and that customer service allegedly told them to proceed with their complaint.

Source: Facebook

When asked if the first letter had the company logo or an envelope accompanying it to prove their claims, he did the necessary and emailed them. Tyler pointed out,

“The first letter which accompanied the policy was sent in this gold coloured envelope during the year of purchase.”

Source: Facebook

On April 12, three Prudential representatives visited the family home to explain the policy once again and to understand the entire situation. As they have no records of the documentation regarding the policy, they took pictures of it and brought it back for investigation.

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What’s frustrating is that the representatives kept emphasizing that the agent who sold the plan no longer works for the company. Regardless of whether it was done by an agent or the company, the policy came from Prudential. That means, the company should be accountable for it, after all, the letter and policy had the Prudential logo on it.

Fortunately, the representatives have also agreed that the company has the responsibility regarding this issue too. Though they said that they’ll be investigating the matter, Tyler has closed his post and will no longer update us. Therefore, we wouldn’t know if the case has been solved.

Before you say anything, bare in mind that Tyler’s father has been honest throughout the whole investigation and that there is nothing to hide.

What’s your take on this? Share your thoughts with us in the comment section below!

(Source: Facebook)

11 Comments

11 Comments

  1. Chris Ng

    January 4, 2018 at 01:19

    The agent represents Prudential and it should not wash its hand from responsibility. There are many occasions Prudential is known to have cheated the policyholder and their beneficiaries. I hope MAS will take this up and protect the customer.

  2. Param

    January 14, 2018 at 11:45

    It’s a clear case of not honouring the legal pledge in the policy.The case is straight and in favour of the policy holder.

  3. Jon Snow Law

    March 15, 2018 at 08:57

    ‘bear’ and ‘bare’ are two different things, entirely

  4. Terence Gui Soon Hock

    September 11, 2018 at 21:52

    Whether or not the Agent involved has left or not, the Company is still responsible for the commitments as stated in the Policy.
    Don’t give them the Original Policy, only copies if they ask.
    If they still continue to deny just compensation, then seek Legal Advice.
    And make sure that they get all the publicity, one way or the other !

  5. Simon

    September 13, 2018 at 01:15

    Insurance company is liddat 1 la. Their motto is to get your money. Their mission is to keep your money.

  6. Charles Cheng

    September 13, 2018 at 21:20

    Never ever buy insurance for investment or savings! Buy insurance only for Protection!
    Stay away from investment-linked policies!

  7. Hotshot

    September 14, 2018 at 08:58

    From experience, their projection earnings when trying to sign you up are a total bullshit. My advice is to buy insurance solely for protection and nothing else.

  8. S

    September 18, 2018 at 11:28

    If prudential does not give him a satisfactory response, tyler’s father should complain to FiDREC (www.fidrec.com.sg) the financial ombudsman in Singapore which is mandated by MAS to resolve monetary disputes between MAS licensees and their clients.

  9. Jacky Yong

    September 20, 2018 at 09:40

    Bear in mind, not bare in mind! OMG!

  10. Choong wing fatt

    September 20, 2018 at 19:12

    All insurance company is the same – they talk very nicely to convince you that you are dealing with GOD. Bubwgen it is time to claim money THE FACE OF THE SATANIC INSURABCE COMPANY APPEARS HAHAHA

  11. DD

    September 21, 2018 at 23:23

    This issue already resolved long time ago. The family already get clear clarification from d insurance company. Even the son had showed the message that they already understood & will not post anymore regarding this case as its closed already. Stop spreading the news that will only create stir.

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