Facebook user Lo Chi Ming shared how he was waiting for his 10-year endowment plan to mature by the end of the year.
However, his policy suffered a loss 3 months before maturity, and he said that when he contacted Great Eastern’s customer service, all her got were templated replies.
Here is what he said
GREAT EASTERN SG – Terrible Return Of Investment Projection
Happily waiting for my 10yr GE Policy to mature end this year, but heart sank after reading their letter of revising the payout downward recently (just 3 months from maturity). Projection update issued last year July was still on track.
Just puzzled that why a 10yr endowment like policy would suffer a lost only at the last 3 mths before maturity. What about those “reserves” that they held back over those good years? Are projections on GE policies no longer reliable or are they riding on the perfect excuse of an economy downturn to pay Customer less?
Have been corresponding with their Customer Service the last few weeks, but all I get were templated replies (did not even bother to format the cut and past reply properly before sending out), playing the broken record game. Also don’t know what kind of calculator GE uses that derived the 255% bonus (did a calculation, interest given was only about 2% per annum). All the “we care” and core values of integrity are just empty words. Please be wary of their terrible projects and last minute “crawl back” if you are considering buying a policy from them.
Just disappointed with such a old brand. Wonder if MAS is aware or monitoring such malpractices to protect the citizens.
Netizens’ comments
- I was the victims of aia policy. Many years ago. So don’t buy aia. Fincial guardian plans. Now i only buy income. Fell sick n claimed. No problem face.
- Pretty much all these packaged endowment plans are like. It will be hard to even demand an annualized performance from the fund. It is somewhat like a unit trust ….except that the trust portion is questionable.
These days, many are posting that they more or less just gotten back the guaranteed amount, nothing more. Better just close your eyes and throw into any stocks….even with the downturns, the return seems way better. - That’s how the insurance agents can go overseas for grand MDRT parties, and carry branded goods.
- So far my policies from NTUC much better than GE. Also cashed out my GE last time at a loss
- The $$$ might have gone into financing their fanciful MDRT parties and fast cars?
