My dad bought this prudential savings plan twenty years back and he was supposed to get 40k+ this year during March. However, they’ve only sent my dad a cheque for 20k+ (the initial investment is 30k+).
My family went up to the prudential office to lodge a complaint and to enquire as to why the company isn’t giving the full sum as promised on the contract. The company dismissed my dad with a convenient bullshit excuse ” our company isn’t earning much so that’s the sum you’ll have “.
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.
Update: it’s an endowment plan.
Update2 : there has been no withdrawal made and payment has been made regularly since 1994. The agent who sold this policy to my dad is no longer in prudential so it’s more troublesome too. I’ve also attached another pic regarding the loss of $ (which I’ve no idea what it is)
Update3: Hi there! Didn’t expect to receive so much help from everyone. I’ve already sent the documentations to my friends who’re from diff insurance agencies and they’re looking into it to see if they’re able to help. I’ve also translated the knowledge I’ve learnt from everyone to my dad but we’ll have to wait till Monday to see how the situation unfolds (I was told that someone from prudential will be contacting us, we don’t know how it’ll go but we’ll see).
For those who’re not providing any useful advice at all and is attacking my dad and I, please know that none of us expected this to happen. The term insurance is a very new concept to him in the 90s. Just because you’re literate now doesn’t mean that everyone is back then in the 90s. Your parents could’ve bought similiar policies for their retirement plan back then, and they could’ve ended up in a similar fate if they’ve an unethical agent whose mind is prob only on their KPI, serving them.
Once again, thanks everyone for your advice and concern regarding the situation and I really appreciate it. Have a great weekend ahead!
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