Can AIA do this?

[1sickpuppy II]

Hiya was wondering if AIA could do this? I paid for this AIA endownment policy for 25years and it was stated that upon muturalty I would get back $17,000.00 garenteed amount. But 2 years ago I got letters from AIA stating that they could not pay me the garenteed amount and this year when this policy muture all I got back was $12,800.00. I did not lapse in my payment for the last 25years.



:oIo: AIA

 

[popdod]

Tan Kin Lian ish chiur saviour.

:o :p :o

 

[peterlth]

Complain to CASE. Make a big fuss and threaten media publicity in ST, STOMP, SBF, HWZ, etc. These insurance companies feared bad publicity most. They will privately and quietly give what you want as long as it is legally yours as stated on the contract.

 

[cooleo]

U should go check your insurance benefit illustration. For endowment, usually there are 2 components - guaranteed and projected cash values. If the underlying endowment funds perform badly, they are only obliged to pay u guaranteed component which can be v little.

 

[Jabba]

call TNP and speak to a reporter...AIA will call u soon enough...

 

[Cestbon]

Make it to main news. Sure AIA will call you next same day when news are out. They will be happy to pay extra $5k rather than spoil the image/brand.

 

[fat bear]

Think you never read your contract properly. They always said that garenteed amount, but they will never tell you that it's all depend on weather the company is making enough profit to pay you the garenteed amount. So when time come they will adjust the amount base on their company profit. Normally it will be less but not more (when more profit is been made "market very very good in the contract years") then the amount they stated on your first sign contract.

 

[SQguy]

speak to Chinese newpaper...it has better base and will get AIA attention fast

 

[makapaaa]

Do whatever you want, but donch kar cheow me and my mei meis. Ah...​

 

[angie II]

"I am the rose among the thorns because China stewardess CMI one." * Hee Hee *

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​

 

[acer3939]

insurance companies before you sign they call you father, after you sign your turn to call them DAD!:(

 

[shelltox]

your premium goes into the bonuses of the ceo, the division managers, the agents.
and of course the huge advertisements they take out to congratulate themselves for been the agents of the year and finally the big cars that they are driving

 

[johnny333]

Why is he not flying SIA, he's the owners son sure to get special services

"I am the rose among the thorns because China stewardess CMI one." * Hee Hee *

.
​

 

[gbomega]

You read the terms and conditions or not? My friends also kenna, matured already asked to pay for another 10 years or not get back the same amount they paid without interest, something like that. Insurance agents may not tell you the full story.

 

[golden]

Hiya was wondering if AIA could do this? I paid for this AIA endownment policy for 25years and it was stated that upon muturalty I would get back $17,000.00 garenteed amount. But 2 years ago I got letters from AIA stating that they could not pay me the garenteed amount and this year when this policy muture all I got back was $12,800.00. I did not lapse in my payment for the last 25years.



:oIo: AIA

i have similar problem with them over the guaranteed amount on the endowment policy. they short change me more than 10K+.
i have raised my unhappiness and they asked me to fill up an investigation form for their review which will takes up to 8 weeks.

they always asked..can you remember what transpire between and your agent when you bought this policy. and GOD knows, its more than 20 years ago la..

i tell them, 20years ago, AIA are manned by people of intergrity and professionalism. Now it's like being run by con man trying to pay you less and looking for loopholes. asked them what is the meaning of guaranteed? they say the payout amount was only from their agent presentation material and not included in the contract send to you and they tell you that the agent may made a mistake in the presentation. ##$#

i am waiting the outcome of their investigation before taking the case to Fidrec and court, if Fidrec fails.

 

[kaipoh]

what same amount? now tell me what happen if today you paid your premium to purchase your insurance plan and you walk out of of AIA office and kills by a stupid low wages van driver, your family will get the sum insured of $100K, this illustration tells you that in your insurance premium there is proportion for insurance and XXX proportion for investment. when your insurance agent try very hard to explain to you and you are "gey kiang" tell your agent to shut up and go! so you are now KPKB here.

 

[kingrant]

Every AIA policy holder was kept informed. Were you missed out? What happened was that when the financial crisis broke, and AIG went to $2, AIA publicly announced that they wanted to contact all policy holders to inform them that they can't live up to their previous promises and would like to renegotiate terms, so all AIA holders were given (if I recall well) 2 or 3 options: I can't remember now all 3 but I was one of the people who bought their Financial Guardian.

I chose the option to be covered for the same amount without paying any more premiums, and they did this by rolling some of the supposed dividends to extend my premium free period to infinity.

You might wish to contact yr agent to choose yr option.

Hiya was wondering if AIA could do this? I paid for this AIA endownment policy for 25years and it was stated that upon muturalty I would get back $17,000.00 garenteed amount. But 2 years ago I got letters from AIA stating that they could not pay me the garenteed amount and this year when this policy muture all I got back was $12,800.00. I did not lapse in my payment for the last 25years.



:oIo: AIA

 

[kingrant]

Ya, due to the financial crisis, AIA wrote to those who were induced into buying by their agents based on the benefit illustration to see their reps and discuss options to revise the illustrated benefits because they have become too optimistic projections after the crisis started.

U should go check your insurance benefit illustration. For endowment, usually there are 2 components - guaranteed and projected cash values. If the underlying endowment funds perform badly, they are only obliged to pay u guaranteed component which can be v little.

 

[golden]

Every AIA policy holder was kept informed. Were you missed out? What happened was that when the financial crisis broke, and AIG went to $2, AIA publicly announced that they wanted to contact all policy holders to inform them that they can't live up to their previous promises and would like to renegotiate terms, so all AIA holders were given (if I recall well) 2 or 3 options: I can't remember now all 3 but I was one of the people who bought their Financial Guardian.

I chose the option to be covered for the same amount without paying any more premiums, and they did this by rolling some of the supposed dividends to extend my premium free period to infinity.

You might wish to contact yr agent to choose yr option.

you heard the news that AIG pay themselves hugh amount of bonus right? even when they reported a loss..
and in singapore, the gov tell us that AIA is a seperate entity.. how can 1 year of financial crisis wipe out all the past earnings? dont they made huge % of profits during the earlier years..

a contact is a contact..like singapore water contact with malaysia buying water at a predetermine price and can only be change when the time is up

 

[Ramseth]

AIA had two high profile bonus cuts, once in 2003 and once in 2008. Heaviest hit policy series I believe are Financial Guardian and Prime Life. It's not suprising that returns from these policies are very much lower than projected at inception. Can they do that? Yes, they can and did. Read your policy document and illustration properly. There're guaranteed and non-guaranteed columns.