Sure boh?? If placed FD get RM 80 interest, but this you can RM 1K interest!
March 12th, 2009 | by jys |I met my insurance agent for lunch just now. She will come find me for lunch from time to time since I bought the insurance from her 6 – 7 years ago. The reason I’m willing to go out lunch with her is that she seldom raised insurance stuff to me unless i asked her. Else we will just have our lunch and chat about other stuff.
During lunch just now, we started to chat as normal, then we talked talked talked and somebody mentioned about FD’s rate (which is currently super low!!). Then she told me about this newly launched Great Eastern saving plan, Centennial Wonder. They will only sell this plan for 2 months (why???). I’m not interested in getting another insurance but after hearing what she said, I found myself quite interested.
The first thing she told me was, “you put 4K and after 1 year u get RM 1K interest”. Wow!! that’s right, that’s how I feel too at that moment. RM 1K is a lot, if you put RM 4K FD for a year, I bet the interest will be around RM 100 only.. But of cos, I believe it’s not that simple, just put RM 4K and can get RM 1K, so i asked her more questions. Monthly how much, Yearly how much? How long I have to pay? When can I get money? and etc etc etc.
Since we only have 10 minutes left (my one hour lunch almost finished), she briefly explained to me. She said the plan is for 25 years (or 35 years), for my age, I will need to pay RM 4k per year (or about RM400 per month) for 8 years. Every year, I will get RM 1K interest which I can choose to withdraw it, or I can add it on to my principal.
So what happened after 8 years? Well, I will not need to pay anymore but every year I can still entitled for the RM 1K bonus (or more.. this part i not so sure yet) till 25 years. After 25 years, I can withdraw my principal plus all the interest plus cash bonus. So if touch wood within the 8 years something happened to me (critical illness, death or anything), the beneficiary will get the interest for the remaining years and can withdraw after 25 years.
Sounds good right? I still have lot’s of questions to ask, such as withdrawal process lar, what if I need the money and I need to withdraw lar and things like that..But due to the time constraint, I didn’t get to ask her these…
Any of you heard about this plan? Any “hidden” things that can share with me?
Tags: FD, Great Eastern, Insurance, interest, saving plans
4 Responses to “Sure boh?? If placed FD get RM 80 interest, but this you can RM 1K interest!”
By annant on Mar 12, 2009 | Reply
da interest is seriously very da high…
my mami just buy one donno what saving from asia life, heard that it’s not too bad too
Jys:
yawor, dono how true is that..that is why now trying to ask around..
By Forever28 on Mar 13, 2009 | Reply
I also buy insurance from Great Eastern wor, but I never heard about it.
Jys:
this is the newly launched saving plan, i think they launched it in mid of feb 2009 and will going to sell it for 2 months only.
By 24Seven on Mar 13, 2009 | Reply
I am not sure about the whole package but I don’t much believe in these kind of “investment”.
Businesses are meant to make money.
And from the way I calculate, it seems like they are going to loose money.
So how can that be logical.
Jys:
haha, i think there must be some “hidden” stuff she haven’t tell me gua…
By Jayce on Mar 14, 2009 | Reply
You pay RM4,000 for 8 years == RM32,000. After 25 years, you will have RM25,000 (interest) and RM32,000 (principal) == RM57,000.
I calculated using compound interest calculator
I can get around RM66,113.91 after 25 years. And flexibility to get out the money anytime. But no insurance cover.
As conclusion, I will not sign up this kind of investment link insurance. ^_^
Jys:
hmm, she did tell me, if I choose not to withdraw the interest out and add on to my principal, great eastern will give an extra 5%.. or something like that.. then upon withdrawal (25 years later), they will give us dono what cash bonus lar…