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Netty

Etiqa - Saving plan????

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Hai, members,

I have questions regarding to the Etiqa saving plan. Last year Sept, my FH have signed up this plan with RM300 per months. The SA asked us to deposit RM900 1st (requirement), according to the her, the plan was started on OCT, then NOv and Dec. Thus the bank system will start automatically deduct the money for our saving acc. But when the statement comes, it stated that the plan only started on Nov, and by Jan 2009 it has started to deduct money already.

We have consulted the etiqa company already, but they always play "tai qi". I feel really frastruated already. Feel like wanna cancel the plan already. and the SA is like disappear for nothing already.

I wonder any1 facing this problems? or any comments on this Plan.

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This is the firstime I heard need to pay deposit for a insurance plan???

I'm also in Insurance line but not etiqa, I only collect cash for the 1st month if is auto-debit. No cash will be collected if is by credit card.

Do not call the etiqa, if possible, take the policy and go to the etiqa company check. If u cancel now, u will lost watever u have paid. So, u better think carefully before cancel the plan.

By the way, how long u need to pay the RM300 for this plan?

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My insurance friend last time got help me and ask the Etiqa agent, they insist claimed that it is not a insurance plan.

As what i heard from the SA last time, she say it is like a saving plan. The mature date is 30 years. They didnt even give me the quotation. Just the contract like those many many page and words. They didnt provide the percentage that they guarantee like other insurance company do. I feel kinda being cheated liao. I feel it is worse than a insurance plan.

Now trying to reduce the amount from rm300 to rm100. I feel it cant be cancel already.sign*

Frenz, next time really need think twice when wanna sign up with this plan.

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Etiqa is a insurance company, they cannot sell things which is not related with insurance. If I'm not mistaken, the saving plan is actually a "Life Insurance" plus "Investment Plan". My client also plans to take up this plan, in fact she already signed the proposal form, the SA persuade her to pay RM500/month. I get to know this client after she signed the etiqa form. She bought a Lady Plan with me. Then next day, she called me and consult my opinion on the etiqa plan she have signed. The sum assured and return is very very attractive, she does not know the return just only "Projection", not guarantee until I explaint to her. Then she refer back to the etiqa agent, only then the agent tell her is only projection, but then keep telling her do not worried about the investment, as etiqa very good in investment and bla bla bla.

I tell her the money is yours, decision is on your hand. I just tell her, you already worried this plan at the begining and the SA keep twisting the information, so how you can trust for rest of 30 years? After I gave her my advise, she immediately cancel the plan. (Insurance have 15 days look free period)

The plan can be cancelled, but is not worth to cancel. By reducing the premium will lesser your worried. But I think you will have difficulty in reducing the premium, as the SA will lost the commission. I do not think the SA will allow you to reduce the premium easily. If you insist, better go straight to etiqa HQ and request the form to reduce premium. Please bring along your policy. Request them to give you a copy of whatever form you signed for your own record purposes.

In future, consult your own insurance agent before you signed any insurance plan.

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Yeah, now My FH direct to their HQ d, and their servics responce was like.... :dry: . It cant be denied that the etiqa SA's pershuading skil is better than my insurance SA. :wacko3:

Just wanna spread out the news about what i have faced with this etiqa..

all less experience ppl like me..need becareful

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Hi Netty ,

Last month , my mum also signed up with this plan (ETIQA TAKAFUL MESRA ) with RM 100/month. The agent explained to us that this is a saving plan plus protection ; the money is used to invest in government projects like Petronas, TNB... and we can get 5%-8% return per year as tho it is guaranteed .

When i received the contract and read through it , it didn't mentioned about the return at all , most are about accident claim and i feel there are a lot uncertainties about this plan . 

I even online check to find more information and i found this thread http://forum.lowyat.net/topic/682225 , after reading it , i decided to cancel the plan because there are alot of unanswered questions . I have sent a contract cancellation letter to their HQ ( Policy Servicing Department ) and we "burnt" RM 200 (luckily small amount ) coz we have paid RM 200 to the agent when signed up the contract for month of March and April . 

 

Netty , jus a gentle reminder , if u wish to cancel or reduce the monthly premium, do inform ur bank that they are no longer authorized to directly debit ur saving account or they can only deduct RM 100 instead of RM 300. 

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Is some agents tactic to attract clients, when agents said the return of 8%, most of clients 90% will get attracted and signed the proposal on the spot.

This insurance company is currently recruit lots of chinese agent to target chinese for their saving plan. Not saying all the agents are bad, just to be extra careful when selecting a plan and a agent.

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me n hubby also signed with them but dont really rmrber much at all about what the agent was talking about.

the only thing we did know was that the it would help us save since we are the type that cnat save $$.

we signed up when we were looking for BS at Mv exhibition hall.

i guess at that point of time we were worried of not having enough $$ for future.

now it seems we should ahve invested in a savings/insurance policy =/

oh wells, whats done is done i guess.

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My FH has already filled in the form to reduce the amount from RM300 to RM100. For our current stage, rm300 is too much, somemore we cant take out the money if any emergency. well, rm100 just take it as ....another saving ... :mellow:

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i did not buy their savings plan, but i bot the Cube Capital Guarantee. I bot from maybank, din know it's etiqa until i receive the statement. It is like investment like in mutual funds. They guaranteed the capital and also say that the projected income is 18% (after 3 years). it is a 3 years plan. but until now, i am still making loss, not a lot, like now only RM0.992 per unit. but then, the capital guarantee is after minus the commission of 3%.

so, felt cheated also.

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When it comes to insurance and policies, it pays to educate yourselves on a few basic things:

1. Insurance companies can sell only insurance policies - so no matter what the SA or agent tell you, it is some sort of insurance cover. They can minimise the cover amount and make the investment amount bigger but there is bound to be some sort of cover.

We NEED to know what the coverage amount is and what the policy is covering. Only then can we know whether the policy is suitable for us.

2. Investment linked policies are investing some of your premium amount in some sort of funds. As with ANY investments, the returns CAN NEVER be guaranteed! Guaranteed returns are offered by the insurance company itself on some of their policies but these returns are relatively low. DO NOT expect a return of 9% or higher to be guaranteed. If you want to get high returns, go study on how the stock market works and make the investments yourself.

3. Insurance SA or agents like to exploit the word 'savings' when referring to the premiums that you must pay. E.g. save RM100 per month or save RM300 per month and what not. Make the distinction between savings and PAYMENTS. Premiums are PAYMENTS and they are MANDATORY to keep your policy in force. Try asking the SA or agent that if you find that your finances are tight for a few months can you opt not to SAVE for those few months and still have your policy in force.

Savings is money that you put aside and you have the freedom to stop saving at any time. You also have the freedom to WITHDRAW any amounts that you have saved to use. Ask your insurance SA or agent whether you can do that with your policy.

Purchasing an insurance policy is a commitment to service the monthly or quarterly or annual premiums until the policy matures. You can then collect whatever bonus or returns AFTER the policy matures. Please keep that in mind. It is not like 'savings'.

Insurance does have their role to play in your financial planning but you must know what you are buying and what are the terms and conditions. Cancelling any insurance policies prior to maturity usually results in loss of premium paid.

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Thx daddyo for the info. I don't hv any knowledge of the insurance or saving plan. Now i do learn the lesson. Feel like the rm100 already throw into the deep salty sea..

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Dear Netty,

The RM100 will not throw into the deep sea, do not worry. You just treat this RM100 is a saving. Wait for 30 years (retirement age), you will get a sum of money. By the way, did you checked inside the policy, what is the sum assured and does it cover 36 critical illness?

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They didnt provide any quotation or policy, just the contract and a piece of paper which is to brief about how many % they will deduct from the 1st year sum premium, and the following years. No guarantee how much $$ return after mature date, no guarantee how many % that the company provide every years and they call that a saving plan. But heard from the SA, when the covered person die or anything, got pay us la. Not sure how much, guess they got stated it somewhere kua.

haiz..consider lucky that they allow me to reduce premium, i rather buy another insurance policy using the extra rm200 than putting into the etiqa. At least, this is what i feel.

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Dear Netty,

Firstime I heard of this. But cannot be nothing written in that so called piece of paper. Maybe you should get help from your insurance agent, ask you agent help to read the content in the paper.

A insurance company cannot be so "cincai" one. If you want help in go thru your policy, please do not hesitate to PM me.

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me and bf just bought it in March'09 during wedding fair. However, when we received the policy, found that something problem on the policy and checked with the agent again. Same thing she reply that it's not insurance plan and it's saving plan. However, one of my insurance fren told me that it's the worst plan in the ........and read some thread in here, lowyat, etc. End up, we decided to terminate it. Fortunately, we get full refund of 3 months advance deposit instead of let Etiqa tight up for 30 years.

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me and bf just bought it in March'09 during wedding fair. However, when we received the policy, found that something problem on the policy and checked with the agent again. Same thing she reply that it's not insurance plan and it's saving plan. However, one of my insurance fren told me that it's the worst plan in the ........and read some thread in here, lowyat, etc. End up, we decided to terminate it. Fortunately, we get full refund of 3 months advance deposit instead of let Etiqa tight up for 30 years.

Lucky u...Now i think they have reduce our premium from rm300 to rm100 already. I guess. Not yet update with my FH. Just...feel wanna punch them :lol: .

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me and bf just bought it in March'09 during wedding fair. However, when we received the policy, found that something problem on the policy and checked with the agent again. Same thing she reply that it's not insurance plan and it's saving plan. However, one of my insurance fren told me that it's the worst plan in the ........and read some thread in here, lowyat, etc. End up, we decided to terminate it. Fortunately, we get full refund of 3 months advance deposit instead of let Etiqa tight up for 30 years.

jesy..can help me i wana make the cancelation also...feel like being cheated by them...zzz pls give me details how to write inside the letter...wana settle this asap....later cant refund really boring.......

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The most important thing about getting an insurance plan is to get the adequate coverage. Never let the agents tell u about the guaranteed returns or the prospect of getting good money, they are not guaranteed. Sad to say that most of the Etiqa agents are very unethical, and i have been approached by them, all stating that their plans are saving plans. Be very careful guys..

If u r looking for insurance + investment, u can opt for investment-linked insurance, which combine funds and insurance together. Some people like tis, some people dun. It all depends on their needs and wants.

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Hai... My name is Amin. I'm also one of the Etiqa takaful Agents. I'm feel so sorry to hear your story but please the name "etiqa" on this mistake...it's the agents that cheat you.. He/She should be responsible for this problem.What you can do now is call your agent and discuss with him about your problem. Because once you take with him, you are his responsibilities.. Or else, you also can go to etiqa takaful HQ to report about this problem. They can detect which agents that take your deposit and take action on that matter.

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hubby and I both have our Etiqa savings cum insurance plan...

we contribute rm100 monthly and it also comes with a 50K insurance on life & permanent disability

when i signed up for it, i was given a chart showing how our money would 'grow'... they did mention that the first 5 years may not show return... and adviced to wait till 6 years to see the growth, but were adviced to see the best results on the 10th year onwards.

I am not regretting taking this plan, cos after all, it helps us to save some money monthly, and its been 5 years now.

I am thinking of surrendering the plan and get the cash now... but maybe i should wait for 6 years?

Anyone knows any trusted Etiqa agent, or should i just visit their office?

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Hi qarezma,

Do not surrrender the etiqa saving if not u r not tight to cash flow. Or else you will loose very much. Be frank, RM100/mth with 50K is not a very good coverage. However, if they do declare divident/bonus every year, then is a good plan.

Can I know why you think of surrender the plan? Even I am not from etiqa, I do not encourage you to surrender this policy. Keep it if your financial is okay.

When is your policy maturity date?

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Hi qarezma,

Do not surrrender the etiqa saving if not u r not tight to cash flow. Or else you will loose very much. Be frank, RM100/mth with 50K is not a very good coverage. However, if they do declare divident/bonus every year, then is a good plan.

Can I know why you think of surrender the plan? Even I am not from etiqa, I do not encourage you to surrender this policy. Keep it if your financial is okay.

When is your policy maturity date?

policy is for 70 yrs i think.

The reason i wanna surrender now is becos both hubby and I have our insurance for illness & accident... perhaps can put the cash to FD or something...

Maybe i should check out their dividend plans first?

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Me and my hubby also took up the plan with Etiqa a year back. So far so good dealing with the Chinese lady agent, she has been keeping in touch with us, calling us and remind us to check the statements/ agreements are correct and safe keeping them every single document the Etiqa HQ sends to us. To me, it's like a life insurance + saving plan + a bit of investment returns like 3% is good enough...end of the day you don't put all eggs into one basket, I have my medical insurance from other insurance company. Most of the insurance policies do come with the investment plan, or you can simply work it out with your agent to customize it, just need to be clear with them about your priority...

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me and bf just bought it in March'09 during wedding fair. However, when we received the policy, found that something problem on the policy and checked with the agent again. Same thing she reply that it's not insurance plan and it's saving plan. However, one of my insurance fren told me that it's the worst plan in the ........and read some thread in here, lowyat, etc. End up, we decided to terminate it. Fortunately, we get full refund of 3 months advance deposit instead of let Etiqa tight up for 30 years.

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