Time to Cancel your NTUC Income Policy.

[creampuff]

I used to work at Income many, many years ago. Their insurance policies are good but the company has some shortcomings and known to "squeeze" agents. That said, I would still urge people to get some basic insurance cover.

Anyway NTUC can also mean ... Never Trust Union Chief :bsmilie:

 

[raincool2005]

remember to read and ask carefully when u buy something from insurance.

my fren thought he actually made money in this insurance investment but only to realise the maintenance fees has eaten up his profits instead, this info the agent never disclose to him

 

[zekai]

What I'm saying is, if an agent doesn't do those things, do we have a legal course of action against him?

If it is merely a guidance document (ie the agent can't be punished or barred for practising for not following the directions), then it isn't that much of a use?

There are many different types of salesmen, and I did not intend to use salesmen as a derogatory label. There are sales people who say "all there, see yourself", and there are those who explain the product to you, demonostrate, give you after sales service etc. An insurance agent may fall within either extremes of the spectrum.

yes, you have legal recourse. misrepresentation by the agent render the insurance company liable. complaint against agent are alway investigated and punishment are strictly enforced.

what the thread originally is about is the poor claim handling of particular insurance comapny.

 

[vince123123]

Hmm, who enforces these punishments? The insurance company or some independent body?

yes, you have legal recourse. misrepresentation by the agent render the insurance company liable. complaint against agent are alway investigated and punishment are strictly enforced.

what the thread originally is about is the poor claim handling of particular insurance comapny.

 

[Snowcrash]

Interesting case.
Another case to consider. If one will on a plane and it crashed, and the body was not found/recovered. Do insurance pay under accidental death?

 

[xunjas]

a true story to encourage Income policy holders,

quoting a friend case, he had a surgery to repair torn knee ligament in 2003. Till 2005, PA and AIA will accept him to buy policy under standard term and conditions. PA and AIA excl. that leg. Only Income accept him under standard terms and conditions with no extra charges or exclusion. In 2006, his recovered knee had to undergo surgery due to torn ligament. He filled up claim form and mailed the claim form by normal mail.

After 7 days, he received his claim by interbank transfer. He found out that Income underpaid his medisave claim. He called up Income and the medisave was transfered in 1 week time.

 

[zekai]

a true story to encourage Income policy holders,

quoting a friend case, he had a surgery to repair torn knee ligament in 2003. Till 2005, PA and AIA will accept him to buy policy under standard term and conditions. PA and AIA excl. that leg. Only Income accept him under standard terms and conditions with no extra charges or exclusion. In 2006, his recovered knee had to undergo surgery due to torn ligament. He filled up claim form and mailed the claim form by normal mail.

After 7 days, he received his claim by interbank transfer. He found out that Income underpaid his medisave claim. He called up Income and the medisave was transfered in 1 week time.

i do not know how that make income better? they insure him, they have to pay him....
doing what they have to do should not impress anyone.

 

[vince123123]

My sentiments too.

i do not know how that make income better? they insure him, they have to pay him....
doing what they have to do should not impress anyone.

 

[westwest2]

Interesting case.
Another case to consider. If one will on a plane and it crashed, and the body was not found/recovered. Do insurance pay under accidental death?

i think this should be covered by the airline...not sure insurance in sg covers that a not also...

 

[Yatlapball]

Uh... abit OT. But regarding the airline crash where there are multiple claims from dead/alive, the insurance company has only a limited liability for "the crash". e.g. up to 5million in total. even if the total amount sort after by the claimants are more than that amount.

 

[zekai]

Uh... abit OT. But regarding the airline crash where there are multiple claims from dead/alive, the insurance company has only a limited liability for "the crash". e.g. up to 5million in total. even if the total amount sort after by the claimants are more than that amount.

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