AIA continues to charge high rates for unsuspecting customer

I received this email and got the permission to share it.

Dear Mr Tan,
I am writing to you to seek your opinion as a veteran in the insurance industry. My wife “KMM” bought an AIA life insurance with a 5-yr Term rider back in 1995 when she was 25. The 5-year Term rider started with a S$176/year premium for S$100,000 coverage. However, after 25 years, I found out that the premium has ballooned to S$630/year for the same 5-year Term.

This insurance has been discontinued long time ago, and I just checked on Income and FWD website. A S$100,000 20-year Term for KMM at age 50 only cost S$200+/year.

It is indeed our fault for not checking but we trusted AIA and trusted oversight by MAS and was confident that such things will not happen.

Over the years, AIA could have done the following: -Agents were assigned to KMM, but none reviewed her policies and just interested in up-selling -AIA could have notified KMM that the old 5-year Term has been discontinued and there are equivalent 5-year Term at a cheaper rate. But instead AIA kept quiet, and let us stupidl


I gave this reply:
I agree with you. It is a bad practice.
But this is how things are in Singapore.
Consumers are “ripped off” to increase profits for the businesses.

 

Tan Kin Lian

 

 

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7 Responses to “AIA continues to charge high rates for unsuspecting customer”

  • oxygen:

    CONSUMER PROTECTION IN LEE-jiapore is a LIVING JERK in LEE-jiapore, from pretended ownership of HDB to PERPETUAL TRUSTEE (retaining your retirement savings until you die not spent or collect back) CPF to financial institutions ripping customers off for no services rendered or PLAINLY KEEP SILENT of over-selling etc etc.

    Consumers don’t fightback or even challenges legality or illegality of such deceptive conduct.

    THAT IS WHY THEY ARE SO EASILY TAKEN ADVANTAGE OF.

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  • oxygen:

    PERPETUAL TRUSTEESHIP IS THEFT OF PRIVATE PROPERTY in common law. Trustee law exists for over 700 years – there is no such a thing as perpetual trusteeship because it waits out for the property owner to die and the title then silently, in default, pass on to the trustee (which could be a corporate or state of permanent existence).

    Which living person lives forever to perpetuity?

    oxygen: PERPETUAL TRUSTEE (retaining your retirement savings until you die not spent or collect back) CPF

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  • HDB flats depreciate to ZERO:

    PAP also continue to overcharge Singaporeans for shrinking, low quality, depreciating HDB flats.

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  • Stolen HDB CPF:

    Isnt this the same for PAP government?

    You now have to step up and exert your rights and interests,..
    stop relying on assumption or Goodwill…

    don’t ” I thought, I thought..” anymore like a brainless dumbass.

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  • keep away from AIA:

    we speak from personal experience.

    we have policies with GE Life Prudential NTUC AIA.

    AIA is the worst. we have since canceled every single policy we have.

    We have also canceled Prudential. as a local citizen, we realize buying ang mo in own land is pure suicide since we have small voice.

    We think GE Life, so far, is best. NTUC, although we have bad vibes due to probably fake news from others, is not too bad. Quite customer focuses, like GE Life. So we keep more with GE Life, but also some with NTUC.

    no more ang mo ones such as AIA, the worst, and Prudential.

    The above is our opinion from our experience. We remain adamant we are right in our opinion by our experience.

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  • DavidNeo&IreneVanessa:Morons:

    Be carefil when you want to draw out bonus from your insurance policy. The lump sum of the policy might fall drastically. My insurance company never told me that. How much back interest they charge etc.

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  • Rotten Banana:

    K L Tan knows better than any one. He was in NTUC insurance. This is how big fish bullied small consumers in Singapore

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