japanese spend the most time on blogs

in a report by digital analysts comScore, internet users in japan spent more time reading blogs than internet users in any other country in the world.

why is this so?

President of comScore Japan Daizo Nishitani stated, "Blogs play a central role in Japan's Internet culture[...] Blogging has historically been a popular Internet activity, as the opportunity to interact anonymously appealed to many online users."

The top ten global markets for blog category usage in June 2011 according to comScore were:

01. Japan (average minutes per visitor = 62.6)
02. South Korea (average minutes per visitor = 49.6)
03. Poland (average minutes per visitor = 47.7)
04. Indonesia (average minutes per visitor = 33.1)
05. Brazil (average minutes per visitor =32.5)
06. Vietnam (average minutes per visitor = 30.3)
07. Sweden (average minutes per visitor = 29.2)
08. Malaysia (average minutes per visitor = 26.6)
09. Portugal (average minutes per visitor = 24.8)
10. Taiwan (average minutes per visitor = 24.1)


my comments:

going by my own daily observations when commuting on public transport, most commuters are either engrossed in texting on their mobile phones while many others others are seemingly engrossed on the internet with a growing number using tablets, other than netbooks. that's why i'm somewhat surprised that singapore is not even placed amongst the top 10 countries in the world in terms of spending the most time on blogs.

while i am one blogger in the midst of the many thousands in singapore, it takes a great deal of passion and more importantly, discipline to continue to blog continually.

and though i suspect most of my readers are from the financial industry, whether insurance agents, bankers and bank advisers and even fellow financial advisers, i will still continue to blog even if there is a minority of consumers who benefit from my blog postings.

and that is a promise i intend to honour for as long as i can get up from bed each and every day, by the grace of God.

testing

great eastern life: launch of prestige global medicare

great eastern life has recently launched in july 2011; prestige global medicare.

what is prestige global medicare?

prestige global medicare is an international healthcare plan that provides:

a. seamless worldwide healthcare insurance coverage
b. access to elite healthcare facilities and doctors worldwide
c. up to USD 2 million coverage* with no lifetime limit.
*maximum limit per person per period of insurance
d. emergency medical help
e. 24 hour international healthcare support by vanbreda international**

**from wikipedia:

Vanbreda International is a diversified cross-border health care insurance provider, headquartered in Antwerp, Belgium.

caveat emptor!

it is not unusual for me to receive hundreds of emails in my yahoo mailbox everyday and some of these may be from readers of my blog with their queries.

but i can safely say the vast majority of these emails (>90%) are purely unsolicited belonging to the spam category but within these, there are the more insidious kind with incredulous claims like being the winner of a $100 million lottery, sharing in the wealth of a dignitary/monarch of a faraway country who has passed away with no beneficiaries, how to get super rich in one day, grow your ahem, ahem by a few inches, and what not, etc.

lately, there have been emails of another kind like numerous facebook friend requests and messages purportedly from facebook prompting u to retrieve a lost message from a facebook friend. being the gullible person that i am (yes, seriously), i tried to open the emails and my gatekeeper (internet security suite) flashes me a warning that the message is embedded with all kinds of malware.

my comments:
my advice to all readers is simple, and my email always comes with this disclaimer which says:

The contents of any e-mail may contain viruses that may damage your computer system. Although this e-mail and attachments have been checked for the presence of computer viruses, we cannot be held responsible for any viruses or other material transmitted with or as part of this e-mail. In accordance with good computing practice, you should carry out your own virus check before opening any e-mail messages.

that's right, do make sure your computing is always updated with the latest internet security protection.

but more importantly, there is a very simple solution which is just press the delete button and u will have saved yourself any heartaches and money.

but relating this to the world of insurance, your finances and financial advisors, my best advice is caveat emptor or latin for let the buyer beware. and if it sounds too good to be true, it probably is just that, too good to be true!

hsa warns against taking 3 health products

HSA WARNS AGAINST TAKING THREE HEALTH PRODUCTS FOUND TO CONTAIN POTENT WESTERN MEDICINAL INGREDIENTS

The Health Sciences Authority (HSA) alerts members of the public against taking three health products sold under the disguise of traditional herbal medicines, which have been tested to contain potent western medicinal ingredients. These illegal adulterated health products are labelled as:

I. TIAN MA TU CHUNG SEVEN LEAVE GINSENG
[天麻杜仲七叶参]

II. VALL-BOON TONGKAT ALI
[冬革阿里]

III. PAO NI KANG
[保胰康]

2 The three adulterated health products were purchased by consumers from overseas or obtained through friends and relatives. The serious adverse effects experienced by the consumers were detected by astute doctors, who promptly reported the cases to HSA’s Vigilance Branch for investigation. These products were tested at HSA’s Pharmaceutical Laboratory, which revealed the presence of potent western medicinal ingredients. HSA has alerted the drug regulatory authorities of the countries in which these products were purchased.

3 Members of the public, who have the above-mentioned products in their possession, should stop taking them as these products can cause life-threatening adverse effects.

 
About the Products and Adverse Reactions

i) TIAN MA TU CHUNG SEVEN LEAVE GINSENG [天麻杜仲七叶参]

4 Tian Ma Tu Chung Seven Leave Ginseng [天麻杜仲七叶参] was tested to contain two adulterants – dexamethasone and chlorpheniramine. It is packaged in a bottle of 48 black round pills. The product label claims to treat pain and numbness. Refer to the Annex for a photograph of the product and details of the adulterants.

5 Two elderly patients in their 60s were reported to have taken the product to relieve physical pain and discomfort. One of them suffered from Cushing’s syndrome due to the prolonged intake of dexamethasone (a corticosteroid found in the product) after taking it for about one month. The symptoms include puffy face, hump back and high blood pressure. In addition, she experienced hallucination and memory loss. The patient has sought medical treatment and is recovering from the adverse effects. According to the patient’s family, her other relatives were also consuming this product but have since stopped.

ii) VALL-BOON TONGKAT ALI [冬革阿里]

6 Vall-Boon Tongkat Ali [冬革阿里] is presented in a bottle of 35 brown capsules and claims to relieve fatigue and tiredness. It was tested to contain four adulterants of western medicines - dexamethasone, chlorpheniramine, ketoconazole and pheniramine. Refer to the Annex for a photograph of the product and details of the adulterants.

7 A male patient in his 20s was reported to have taken Vall-Boon Tongkat Ali as an energy booster. His doctor noted signs and symptoms of Cushing’s syndrome, such as thinning of the skin and appearance of red stretch marks (striae) all over his body. The patient also experienced dependency on the product when he tried to stop consuming it and developed persistent headaches and insomnia. He is currently under medical treatment for the adverse effects.

iii) PAO NI KANG [保胰康]

8 Pao Ni Kang [保胰康] is packaged in a bottle containing 80 yellow capsules. The product claims to invigorate vital energy and was tested to contain repaglinide. Repaglinide is a potent anti-diabetic western medicine, which should be taken under medical supervision. Refer to the Annex for a photograph of the product and details of the adulterants.

9 A male patient in his 30s developed symptoms of low blood glucose after he self-medicated with Pao Ni Kang for his diabetes. He was hospitalised when he suffered from confusion, giddiness and slurred speech. Life-threatening conditions such as brain damage and coma could result from dangerously low blood glucose levels. The patient has since recovered from the serious adverse effects.


Public Advisory

10 Members of the public who have purchased these products are advised not to consume them and those who have taken them should stop consuming these products and seek medical attention, especially if they experience any of the adverse effects.

11 Ms Chan Cheng Leng1, Assistant Group Director of the Health Products Regulation Group in HSA says, “The harmful effects of adulterated health products are evident from the many reports of adverse reactions that HSA received. Although these products provide temporary relief from medical conditions such as aches and pains, they can also cause serious and life-threatening adverse effects which may be permanent and irreversible. The health risks of taking these products are not worth it”.

12 Consumers are reminded to be wary of traditional or herbal medicines that provide quick and miraculous relief for chronic medical conditions, especially if these products are bought from unreliable or unknown sources, including that from the Internet.

13 Medical practitioners are encouraged to report any serious adverse events experienced by their patients to HSA’s Vigilance Branch for investigation, if they suspect that the patients have been consuming any adulterated health products.

14 HSA strongly encourages the public to report sales of any suspicious and illegal health products to the Enforcement Branch of HSA at Tel: 6866 3485 or Email: hsa_is@hsa.gov.sg.

my comments:

when it comes to taking health supplements, i belong to the 'kiasee' category. i believe in this ultra-safe approach because when it comes to my health and well being, there is no turning the clock back should anything adverse happens.

other than health issues, and from the perspective of insurance, does the consumption of health supplements resulting in a negative consequence to one's health impact or even void the benefit/s as provided for in the insurance coverage?

therefore, i will avoid consuming any health supplements other than those prescribed by my doctors/specialists.

singapore banks safest in asia

amidst the current market turmoil which has decimated the wealth of many investors, isn't it really reassuring to know that singapore banks have been voted asia's safest in an annual league table compiled by new york-based global finance magazine.

in terms of local banks, occupying the top spot is dbs bank, ranked 19th in the top 50 listing, followed by ocbc bank taking the 25th spot and uob bank, the next place at 26th.

in a seperate ranking, dbs, ocbc bank and uob bank took 1st, 2nd and 3rd place respectively in global finance's list of safest banks in asia.

the ranking was based on evaluations of long-term credit ratings and total assets of the 500 largest banks worldwide.

my comments:

the monetary authority of singapore has announced on june 28, 2011 that singapore incorporated banks must meet new capital requirements which will be tougher than that of basel III rules.

MAS will require Singapore-incorporated banks to meet a minimum Common Equity Tier 1 (“CET1”) capital adequacy ratio (“CAR”) of 6.5%, Tier 1 CAR of 8% and Total CAR of 10% from 1 January 2015. These standards are higher than the Basel III minimum requirements of 4.5%, 6% and 8% for CET1 CAR, Tier 1 CAR and Total CAR, respectively.

In addition, MAS will require Singapore-incorporated banks to meet the Basel III minimum capital adequacy requirements from 1 January 2013, two years ahead of the Basel Committee on Banking Supervision’s 2015 timeline. This means that from 1 January 2013, Singapore-incorporated banks will meet a minimum CET1 CAR of 4.5% and Tier 1 CAR of 6%. MAS’ existing requirement for Total CAR will remain unchanged at 10%.

In line with Basel III requirements, MAS will introduce a capital conservation buffer of 2.5% above the minimum capital adequacy requirement. This will be met fully with CET1 capital and phased in on 1 January each year, from 2016 to 2019. Including the capital conservation buffer, Singapore-incorporated banks will be required to meet a CET1 CAR of 9%, which is higher than the Basel III requirement of 7%.

notes:

1 Basel III sets out the global standards on bank capital adequacy established by the Basel Committee on Banking Supervision.

2 The requirements will apply to every bank incorporated in Singapore with a Full Bank licence, and its locally-incorporated bank subsidiaries. The requirements will apply at both bank-group and bank-solo levels.

source: http://wsww.mas.gov.sg/news_room/press_releases/2011/MAS_Strengthens_Capital_Requirements_for_Singapore_incorporated_Bank.html

my comments:

although the new requirements are to be phased in from jan 01, 2013 to jan 01, 2019, our local banks are confident of meeting them. for example, dbs bank had a total capital adequacy ratio (CAR) of 17.2%, tier 1 ratio of 14.2% and core tier 1 ratio of 11.5% as at end march 2011.

and with the di-ppf bill passed and effective may 01, 2011, i have full faith in our financial institutions and insurers and should go a long way to assure consumers' trust in them.

testing

vivocare - query from reader

after the launch of ntuc-income's vivocare, i received an email query from one of my regular blog readers:

hi pat,

what are your thoughts on vivocare?

regards

ms lim

my comments:

ntuc-income: launch of vivocare

ntuc-income launched their new whole of life product, vivocare to their agency 2 days ago and today, it was formally launched to the fa channel at hotel novotel, clarke quay.

what is vivocare?

this is a hybrid whole of life plan with choice of limited premium payment terms of 20 years, 25 years or till age 64 or age 84.

VivoCare - Product Summary

Comprehensive whole life coverage plus essential coverage against early stages of Dread Diseases.

VivoCare also covers an extensive range of 74 medical conditions, ensuring you of comprehensive coverage for Early, Intermediate and Advanced stages of Dread Diseases1.

BENEFITS AT A GLANCE

Covers an extensive range of 74 medical conditions for Early, Intermediate and Advanced stages of Dread Diseases1
Comprehensive coverage against Total and Permanent Disability (TPD)
First insurer with 3 times coverage for death and terminal illnesses before age 65 (last birthday)7
Extra coverage4 for Angioplasty, Diabetic Complications, Severe Osteoporosis and Severe Rheumatoid Arthritis

Early Stage Dread Disease Coverage

VivoCare provides the benefit of timely financial support, allowing you to seek prompt treatment from the onset of Early Stage Dread Diseases, letting you focus on your recovery. VivoCare allows for multiple claims to be made during the policy term.
How VivoCare works for you

Mr Chen bought a VivoCare policy at age 35 for sum assured of $200,000. At age 45, he was diagnosed with Mild Coronary Artery Disease under the Early Stage Dread Disease.
Claim
Stage Dread Disease Benefit Payable Payout Amount2
Early Stage Dread Disease Mild Coronary Artery Disease 50% of sum assured or $75,000 (whichever is lower) with pro-rated accumulated bonuses $85,837

The policy has a remaining sum assured of $125,000 after the Early Stage Dread Disease claim.

At age 55, Mr Chen’s arteries narrowed again and were developed into an Intermediate Stage Dread Disease.
Claim
Stages Dread Disease Benefit Payable Payout Amount3
Intermediate Stage Dread Disease Moderate Coronary Artery Disease (i) 100% of remaining sum assured or $150,000 (whichever is lower) with pro-rated accumulated bonuses
OR
(ii) $75,000 if the early medical condition under the same Dread Disease had previously been claimed with pro-rated accumulated bonuses $107,001

The policy has a remaining sum assured of $50,000 after the Intermediate Stage Dread Disease claim.

The figures in the illustration are non-guaranteed and are projected based on the assumption that the Life Participating Fund earns an average return of 5.25% per annum in the future. Returns are projected based on estimated bonus rates that are non-guaranteed. The actual benefit payable may vary according to the future performance of the Life Participating Fund.

Extra coverage against 4 common medical conditions

VivoCare provides you with additional coverage against four common medical conditions4

Diabetic Complications
Severe Osteoporosis
Severe Rheumatoid Arthritis
Angioplasty and other invasive treatment procedures for Coronary Artery conditions

If any of the above events occur before age 85 (last birthday), 20% of the remaining sum assured will be payable subject to a cap of $30,000 per condition per insured5.

Comprehensive coverage

VivoCare provides you with comprehensive coverage against Total and Permanent Disability (TPD). In the event of Total and Permanent Disability (TPD) before age 65 (last birthday), you will receive 100% of your remaining sum assured plus accumulated bonus6.

Three times coverage

VivoCare is designed to provide you with three times your remaining sum assured against death and terminal illness if it occurs before age 65 (last birthday)7. This gives you and your loved ones the added peace of mind.

IMPORTANT NOTES

1 A waiting period of 90 days will apply from the date of policy issue, inclusion/increase of any benefit or policy reinstatement.

2 Early Stage Dread Disease Benefit is equivalent to
(i) 50% of the Remaining Sum Assured, subject to a maximum of $75,000 for each Early Stage Dread Disease per Insured and
(ii) 50% of the accumulated bonuses, or a pro-rated amount if the maximum sum assured of $75,000 is paid out.
Ntuc-Income will not pay the Early Stage Dread Disease Benefit (a) for the same Dread Disease more than once; and (b) if we had already paid the Intermediate Stage Dread Disease Benefit for the same Dread Disease.

3 Intermediate Stage Dread Disease Benefit is equivalent to
(i) Remaining Sum Assured subject to a maximum of $150,000 for each Intermediate Stage Dread Disease per Insured and
(ii) accumulated bonuses or a pro-rated amount if the maximum sum assured of $150,000 is paid out.
Ntuc-Income will not pay the Intermediate Stage Dread Disease Benefit for the same Dread Disease more than once. If Ntuc-Income had already paid for Early Stage of the same Dread Disease, the amount payable for the Intermediate Stage Dread Disease Benefit will be capped at $75,000 plus pro-rated accumulated bonuses.
Each claim paid for Early and Intermediate Stage Dread Disease will reduce the sum assured. Subsequent premiums, claims and cash values will be based on the reduced sum assured called the Remaining Sum Assured. The Policy will cease when 100% of the original sum assured has been paid out on a cumulative basis.

4 A survival period of 30 days from the date of occurrence of insured event applies.

5 Ntuc-Income will pay this benefit at most twice, provided that the Policy has not ceased, and so long as the second claim is not for the same medical condition as the first claim.

6 Bonus rates are not guaranteed and the actual benefits payable may vary according to the future experience of the Life Participating Fund.

7 The maximum aggregate benefit payable for terminal illness per Insured is $3 million, inclusive of all policies issued by us and other insurers. If the Insured dies or is certified to be terminally ill from age 65 onwards, remaining sum assured with bonuses will be paid.

This blog is for general information only and is not a contract of insurance. The precise terms, conditions and exclusions of this plan are specified in the Policy Contract. You should seek advice from a qualified adviser if in doubt. If you choose not to, you will have to take sole responsibility to ensure that this product is appropriate to your financial needs and insurance objectives. Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid.

my comments:

after attending the launch, i tried to download the latest software version winquote august 2011 release (V4.08.00) and like all other fa reps doing the same thing at the same time, the speed of the download was extremely slow and after >4 hours, i had to give up and apologise to a prospect who had earlier arranged a meeting with me to be on the same day of the launch of vivocare.

on hindsight, i should not have agreed to the meeting and should have anticipated that i may not be able to download the latest winquote software incorporating the new product, vivocare and avoid incurring the wrath of my prospect. i believe i may have lost this prospect already. sigh.....

aia - an important announcement

today, we received this email notification from aia:

Dear Business Partners,

We are pleased to share with you the attached Press Release where we announced today that American International Assurance Company, Limited (AIA) will be transferring its Singapore life and general insurance business, which has to-date been owned and operated by its Singapore branch to AIA Singapore Private Limited (AIA Singapore), a wholly-owned, Singapore-incorporated subsidiary of AIA.

This transfer is yet another milestone in our 80 years of successful operations in Singapore. It reaffirms the importance of Singapore as a strategic key market in AIA Group Limited’s pan-Asian business and our long-term commitment to the development of the nation’s financial services industry. It also reflects our deep engagement with the local community and our policyholders. AIA Singapore will continue to provide top-quality products and services to fulfil the protection and savings needs of Singaporean families across generations

We will be sending letters to all policyholders to inform them on the transfer from September 2011. A set of ‘Frequently Asked Questions’ will also be posted on AIA.COM.SG for customers’ reference. We have attached a copy of the letter and the ‘Frequently Asked Questions’ for your reference too.

We are proud to be your partner and are committed to helping you protect and grow your business, now and in the future.

Kindly share this Press Release with your advisors.



Yours Sincerely,

Shawn Goh
Head of FA Channel

my comments:

we are pleased to be part of the aia family, being one of only a handful of fa companies contracted to distribute aia products.

testing

health subsidies extended to 700,000

in pm lee hsien loong's national day rally speech, he shared that the government will extend subsidies for medication and for patients to seek medical care at their local GPs and dentists which should come into effect early next year.

what are the changes to the current schemes?

a. primary care partnership scheme (subsidised consultants at private GPs
and dentists.
age criteria down from 65 to 40 years old.
income criteria - up from $800.00 to $1,500.00 per capita monthly
household income.

b. drug subsidies
higher cost standard drugs - increased from 50% subsidy to up to 75%
subsidy.
medication assistance fund for selected expensive drugs - raised from
up to 50% subsidy to up to 75% subsidy.
the medication assistance fund will be expanded to cover non-standard
drugs on a case-by-case basis.

c. medisave withdrawal limit for chronic outpatient treatment
to be raised from $300 to $400.

d. medifund
to be extended to include community and home-based intermediate and
long term care services.

with the government setting aside $73 million worth of subsidies, the number of people who will benefit should number more than 700,000, up from just 87,000 currently.

my comments:

with the move, the government is mindful of our rapidly ageing population which will grow to 19.6% (aged 65 years and above) in the year 2030 numbering approximately 800,000 seniors.

but thank God, there is still a basic medishield scheme which serves as a fundamental hedge against healthcare costs, even with all of it's limitations, especially with dollar-capped benefits, very low annual limit and longevity risks (there is no lifetime coverage). but consumers who is seeking more comprehensive coverage should always consider an integrated shield plan or even any other private h&s umbrella with more options, higher annual limits and of course, lifetime cover.

the cap on using medisave should be raised to $1,000

a reader posed this feedback in one of the letters published today in the forum page of the straits times:

health care cover - "the cap on medisave should be raised to $1,000"

MR CHEN ZIWEI: 'In view of the rising health-care costs here, the $800 cap on using Medisave funds to buy a hospitalisation and surgery insurance plan should be raised to $1,000. Better still, scrap the cap because there are seniors who may have enough Medisave funds but insufficient cash to pay the premiums. Raising the cap will encourage more citizens to seek health insurance plans. Those with more cash in hand can use it to buy riders, which will boost their coverage.'

my comments:

me chen may be interested to know that although the cap on medisave being used to pay for premiums of private Medisave-approved Integrated Shield plans, is subjected to a withdrawal limit of $800 per policy, per year but for policyholders aged 81 and above, the withdrawal limit has been raised to $1,150 per policy, per year, since december 01, 2008 when the enhanced medishield plan was rolled out, albeit with an increase in premiums:

Age (NB) PAP CAP
< 30 30 33
31 – 40 40 54
41 - 50 80 114
51 – 60 160 225
61 – 65 225 332
66 – 70 265 372
71 – 73 335 390
74 – 75 375 462
76 – 78 420 524
79 – 80 510 615
81 – 83 600 1087
84 – 85 705 1123

Note: NB = Next Birthday/PAP = Previous Annual Premium/CAP = Current Annual Premium

as can be seen from the premium table, the higher withdrawal limit for seniors will fully fund the payment of premiums with the revised medisave withdrawal limit of $1,150.00 per policy, per year from age 81 onwards.

change is in the air for keypoint

yesterday, there was a headlines in the teletex on cna that caught my eye confirming that frasers commercial trust has been given the nod to redevelop keypoint building (where our offices are located) into a commercial/residential development.

keypoint is located at the junction of beach road and jalan sultan and is situated almost diagonally opposite the concourse.

currently, keypoint consists of a 3 storey podium, a 22 storey office tower and a 4 storey carpark with 227 parking spaces.

fcot has been given permission to rezoning the site from commercial use to mixed commercial and residential use by the urban redevelopment authority but a formal application to the latter will also need to be submitted for approval before any development can take place.

fcot is exploring all options which include the following:

a. the sale of the building
b. redeveloping it or
c. retaining the property as an office building

which may include additional regulatory approvals.

my comments:

some of my advisors are already asking the obvious question of whether we will be affected by the latest news on keypoint. but this is really a premature reaction as fcot is still considering its options.

our offices are located on the 2nd floor and we have 2 more units on the 21st floor. but to address my advisers' query and if ceteris paribus or all other things being equal, i'm pretty sure we will love to stay-put at keypoint because we have been here for the past 8 years or more at least.

World Bank chief warns of 'more dangerous' times

in an interview with the weekend australian newspaper, World Bank chief Robert Zoellick warned of a "new and more dangerous" time in the global economy.

he added: "we are in the early moments of a new and different storm, it's not the same as 2008."

mr zoellick said eurozone's debt issues were more troubling.

my comments:

it seems like deja vu once again with shades of the last global financial crisis still fresh in the minds of the many who have realised losses in their investments.

with a 'heavy weight' like the world bank chief, mr zoellick warning of a more dangerous time in the global economy, u can choose to ignore this perhaps at your very own peril.

one thing i have noticed when the markets turn bearish, there will be a focus back on fundamentals and the masses of people usually gravitate back towards wealth protection. after all, in any crisis, there will always be the popular refrain that 'cash is king' and preservation of wealth is key.

testing

tokio marine - withdrawal of tm nest egg (sp -g'teed 5th series)

we have just received this email notification from tokio marine life insurance, singapore:

Dear Business Partners,


We would like to thank you for your support in TM Nest Egg (SP-Guaranteed 5th Series).

Please be informed that we will be closing the subscription next Wednesday, 17 August 2011.

Attached is the Product Announcement for your reference and dissemination to all your advisers.

Hurry, talk to your clients now to avoid disappointment!


Best Regards,

Yvette Lee
Manager
Partnership Distribution Department
Tokio Marine Life Insurance Singapore Ltd
(Company Reg. No.194800055D)
Tel: (65) 6592 6254
Fax: (65) 6223 9120
Email: Yvette.Lee@tokiomarine-life.sg
Website: www.tokiomarine-life.sg

my comments:

in the midst of the current market turmoil, and due to demand, tokio marine has just squeezed out an additional $1 million allocation for their tm nest egg (sp - guaranteed 5th series) which may not last long given the closing date of august 17, 2011 or earlier. as of yesterday, $0.4 million of the additional $1 million has been taken up.

what is tm nest egg (sp - guaranteed 5th series)?

tm nest egg (sp - guaranteed 5th series) is a fixed 3 year non-participating single premium endowment product with a fully guaranteed 1.4% return on maturity.

insurer: sorry

the following letter appeared in the st forum on august 03, 2011 which i posted in my blog on august 04, 2011:

Insurer doesn't deliver on promises

IN MID-APRIL, I wrote to my insurer, MSIG Insurance (Singapore), to ask why a premium was debited from my account on Jan 6 when the policy - an accidental death plan - was terminated when I reached 75 years old in August last year.

I received no reply. The next month, I wrote in again, this time to the office of the chief executive officer. There was no reply either.

The absence of a reply is in marked contrast to its previous promises to be committed to a high level of service, and to serve me with a professional as well as personal touch.

All I wanted explained was whether it was legal to debit premiums from a policy that had been terminated.

Lee Boon Chui

today, mr takaaki nakamura, the managing director of msig has responded:

insurer says sorry

WE APOLOGISE to Mr Lee Boon Chui ('Insurer doesn't deliver on promises'; Forum Online, Aug 3) for his unpleasant experience with MSIG.

MSIG is committed to providing a high level of service and handling our customers' feedback in a fair and prompt manner. We have explained the delayed deduction and resolved the matter with him amicably.

Takaaki Nakamura
Managing Director
MSIG Insurance (Singapore)

my comments:

generally, in my entire time in the financial industry, i find the following words; please, thank you and sorry to be almost non-existent or perhaps, people have seemingly forgotten that these words remain part of the english vocabulary.

therefore, it is good for the top honcho himself, mr takaaki nakamura to have said so himself to one of his customers and put right the unpleasant experience of lee boon chui behind them. but more importantly, the company must have learnt from this and going forward, deliver outstanding customer experience each and every time.

a 'freak' accident

an article in today's edition of the straits times caught my eye with regard to a person who slipped on a sloping ramp near his block.

mr aw kian chow was heading back to his flat in block 415, sembawang drive when he fell and fractured his spine and became paralysed from the neck down. this happened in august 2008 and now, 3 years later, this 46 year old father of 2 young children is still bedridden and cannot speak.

in addition, mr aw needs life support equipment, regular hospital care as well as caregivers to turn him on his bed every 3 hours to drain out mucus and other fluids.

as a result of this most unfortunate turn of events, mr aw's wife, in her 30s, is holding a job as a bank officer and became the family's sole breadwinner.

the aw family has since downsized their dwelling into a smaller flat which used to be their 5 room flat in sembawang to meet mr aw's ongoing, hefty medical bills.

The family has since moved out of the five-room flat in Sembawang into a smaller flat elsewhere so the family can meet mr aw's ongoing, hefty medical bills.

my comments:

whenever i read such heart wrenching real life stories, i feel saddened that a 'freak' accident, no matter how remote, can happen to any individual or family.

there have been many cases when an event such as an untimely death, being disabled or contracting any dreaded disease have uprooted individuals and families from the normal schedule of everyday living and without wealth protection planning, many challenges lie ahead.

that's why, even though i'm into my 14th year in the financial industry, i remain fully committed and passionate in my role as a financial adviser.

the pledge moment 2011

today, i'll deviate from my usual blog on everything u need to know on insurance and pen my thoughts on our national day.

during our sunday church service on auguest 07, 2011, we held our own national day celebrations with an item dedicated to singapore and our senior pastor, joseph prince led us in praying for our tiny red dot nation and our government.

on the occasion of singapore's 46th birthday, i, together with all singaporeans (placing a right-handed clenched fist over the heart) have the honour to recite the national pledge* tonight at 2010 hours.

here's moi wishing singapore and her people, many more happy years!

*national pledge:

we, the citizens of singapore, pledge ourselves as one united people, regardless of race, language or religion to build a democratic society based on justice and equality so as to achieve happiness, prosperity and progress for our nation.

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standard & poor's downgrade us debt to AA+

this is the shocking headlines that must have caught many, many eyeballs when rating agency, standard and poor's downgraded us debt to AA+ yesterday which has warned that it may do so some weeks ago.

us debt is now rated AA+, (for the very first time since 1941) which is one notch down from the coveted AAA rating, the highest possible but s&p decided to maintain its negative outlook on the long-term debt, although both the short and long-term ratings have been removed from 'creditwatch'.

standard and poor's explained its decision on 3 main factors viz:

1. The incapacity of Congress to work together (reflected in part in that to some extent politicians have tended to go for the ‘low-hanging fruit’ as regards expenditure cuts, as well as the lack of new revenue measures)

2. The now lesser likelihood that the 2001 and 2003 tax cuts for high-earners will be allowed to expire from 2013 onwards.

3. The recent downward revisions to GDP estimates, on the past 29th of July, which underscore the historically subdued pace of the recovery in economic growth.

my comments:

the downgrade comes amid market sentiment already jittery with the ongoing concerns on the eurozone debt issues and the slowing global economy.

generally, the downgrade will definitely translate into more uncertainty in the market place and the reaction of the global markets when they open after the weekend although (as an indication), the dubai and tel aviv bourses have registered huge falls.

with greater uncertainty, one thing may be certain, meaning there will be a shift to safer haven instruments of which one is in wealth protection solutions.

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insurer doesn't deliver on promises

Aug 3, 2011
Insurer doesn't deliver on promises

IN MID-APRIL, I wrote to my insurer, MSIG Insurance (Singapore), to ask why a premium was debited from my account on Jan 6 when the policy - an accidental death plan - was terminated when I reached 75 years old in August last year.

I received no reply. The next month, I wrote in again, this time to the office of the chief executive officer. There was no reply either.

The absence of a reply is in marked contrast to its previous promises to be committed to a high level of service, and to serve me with a professional as well as personal touch.

All I wanted explained was whether it was legal to debit premiums from a policy that had been terminated.

Lee Boon Chui

my comments:

i will withold any comments and await the response from the insurer and in this case, msig, which is one of many general insurers in singapore.

10 jobs that can lead to depression

today, there is an article in the asiaone website* that lists 10 jobs that can lead to depression and they are:

a. nursing home/child-care workers
b. food service staff
c. social workers
d. health care workers
e. artists, entertainers and writers
f. teachers
g. administrative support staff
h. maintenance and grounds workers
i. financial advisors and accountants
j. salespeople

*(source: http://business.asiaone.com/Business/Office/Learn/Out%2BOf%2BOffice/Story/A1Story20110802-292322.html)

my comments:

gosh, if we accept the abovementioned listing, i'm in a profession that can lead to depression and yes, this is a risk which i've to accept.

whenver the 3D's occur and i'm not talking about 3D movies/tv, but premature death, disability or dreaded diseases, and the individual or family has not gone into wealth protection planning, it saddens me a whole lot and if it goes deeper, can drive me or any other financial advisor into depression.

well, that's why i salute all the other professionals in the listing who carries similar risk of falling into depression.

review of a family's insurance portfolio

today, i met-up with a wealthy prospect (referred) who is still almost clueless in terms of the total coverage the family has, even though they have taken up more than 40 life insurance policies over the years. and what is really surprising to me is because even though they have recently engaged a fa rep (whom i know and respect), there was no comprehensive analysis and review of their wealth protection portfolio carried out with the family.

i have a daunting task ahead because firstly, i come highly recommended to the family and secondly, this family's collection of life insurance policies is the highest in number in my entire 14 years in the financial industry.

my comments:

on my first scrutiny of the policies, there are significant gaps already uncovered and the most important one being the lack of any pure individual disability income coverage. should (touch wood) either or both parents not die prematurely, or do not suffer from total and permanent disability but is unable to work due to any accident or illness (which falls outside the specified 30 critical illness), then will all the hard earned monies which total a good five figures towards paying premiums be of any good?

that is why i have always urged and encouraged readers to engage a competent financial adviser to do a review of their wealth protection portfolio. and belive u me, what u don't know, will not go away but remain a significant risk that may have the greatest impact towards your financial health.

some agents are still using misleading titles

in an article in today's edition of the straits times, property firms have reportedly dumped thousands of property fliers because the new rules on stopping misleading advertising kicked in yesterday.

review cut-off age for CPF-Dependents' Scheme

Aug 1, 2011
Review cut-off age for CPF dependants' scheme

THE Dependants' Protection Scheme (DPS) aims to provide Central Provident Fund members and their dependants with financial help to tide them over the first few years should insured members become permanently disabled or die.

It was started many years ago, when the official retirement age was 55, and people got married and had children earlier.

Now that the retirement age has been raised to 62 and people get married and have children later, the DPS' cut-off age should be raised from 60 to at least 65 so it can remain relevant.

Lim Lee Siang (Madam)

another option for insurance advice

Aug 1, 2011
Another option for insurance advice

MS JESSIE Loy said consumers need to have more choices of insurance products ('Banks should not act like insurance agents'; last Monday).

Since 2003, with the introduction of the Financial Advisers Act, independent financial advisers have been allowed to be established here.

Independent financial advisers are companies that specialise in providing consumers with advice on a wide range of financial products and services. They are not tied to a single product provider and do not 'manufacture' their own products, to ensure a higher level of objectivity when giving advice.

Instead, they are formed with the aim of working for their clients to identify their needs and goals, and recommend and implement the most appropriate financial solutions.

Consumers today encounter more complex and sophisticated financial products that may not be easily understood. Hence, we can expect more of them to seek quality advice to help them make informed decisions.

The Association of Financial Advisers (Singapore) comprises 26 members and more than 3,000 representatives who have made a commitment to put their clients' interests first. Its market share for insurance products and solutions has grown from 4 per cent 10 years ago to almost 15 per cent today.

Augustine Lee
President, Association of Financial Advisers (Singapore)





Aug 1, 2011
Review cut-off age for CPF dependants' scheme

THE Dependants' Protection Scheme (DPS) aims to provide Central Provident Fund members and their dependants with financial help to tide them over the first few years should insured members become permanently disabled or die.

It was started many years ago, when the official retirement age was 55, and people got married and had children earlier.

Now that the retirement age has been raised to 62 and people get married and have children later, the DPS' cut-off age should be raised from 60 to at least 65 so it can remain relevant.

Lim Lee Siang (Madam)

no more 'absolutely safe investments'

No more 'absolutely safe investments': Munich Re chief

BERLIN - In an interview with a german newspaper, sueddeutsche zeitung, mr nikolaus von bomhard, the head of the leading global reinsurer, munich re was quoted to have said:

"absolutely safe investments, which we have been accustomed to for years, no longer exist."

mr nikolaus von bomhard added;

"a state bond is no longer what it used to be - a safe investment in all respects."

my comments:

yes, one of the unthinkables happened when a 158 years' old financial institution, lehman brothers, filed for chapter 11 bankruptcy protection on september 15, 2008 which remains the largest bankruptcy filing in the annals of us history.

but with respect to mr nikolaus von bomhard, there are still absolutely safe investments available in the form of insurance products.

and with the di-ppf bill* passed by parliament effective may 01, 2011, putting monies into insurance products is still a double-confirmed safe investment.

*source:
http://www.mas.gov.sg/legislation_guidelines/deposit_insu/Deposit_Insurance_Menu.html

introducing gary tay

kindly allow me to introduce u to one of our latest 'promiselanders', mr gary tay who has just joined us.

prior to joining promiseland independent, gary has had several years of working experience in the banking industry.

and in gary's own words,

"As an independent broker and appointed representative from Monetary Authority of Singapore. I specialize in assisting clients from all walks of life in areas of investment planning, retirement planning, risk management & insurance planning as well as working with corporate clients with their key man insurance and other general insurance schemes. I seek to provide unbiased, fair and objective advice to prospective clients."

i wish gary a fruitful and fulfilling time with us at promiseland independent. by the way, gary has his own blog at:

http://sgfinancialplan.blogspot.com



my comments:

it is truly good to know that gary has chosen us over so many other financial advisory firms in singapore and over the last few years, we have seen an 'influx' of younger people joining us.

in terms of the close to 100 advisors in our company, we can see a good mix of newbies and seasoned advisors, both young and not so young. what is interesting is the fact that most of our advisors are ex-tied agents. i salute them because not only have they sacrified their years in their previous companies, but more importantly, their future stream of income in the form of recurrent commissions.

going forward, my wish is for consumers to be more discerning in their choice of financial advisers as the negative consequences in making the wrong call cannot be reversed and is usually detrimental to their financial health.

mas - new requirements to assess investment knowledge and experience of retail customers

yesterday, the monetary authority of singapore issued new requirements for intermediaries to formally assess a retail customer's investment knowledge and experience before selling certain investment products.

generally, these are SIPs or specified investment products and exclude the following:

Annex – Excluded Investment Products

Unless otherwise provided here, the terms used or referred to in this Annex shall have the same meanings assigned to them in section 2 of the Act or section 2 of the Securities and Futures Act (Cap. 289), where applicable.

“Excluded Investment Product” means:

(a) any stocks or shares issued or proposed to be issued by a corporation or body unincorporate, other than where such corporation or body unincorporate is a collective investment scheme;

(b) any unit of a share which represents ownership of the underlying share, where the underlying share is held on trust for the unit-holder by a custodian, and where –

(i) the units of shares have been previously issued, are listed for quotation or quoted on a securities exchange, and are traded on the exchange or an application has been or will be made for permission for the units of shares to be listed for quotation or quoted on a securities exchange or recognised securities exchange and the shares have been previously issued and are listed for quotation on a securities exchange or a recognised securities exchange; and

(ii) no additional consideration (other than administrative fees) is payable by the unit-holder in the event that he converts the unit of share into the underlying share;

(c) any right, option or derivative issued or proposed to be issued by a corporation or body unincorporate in respect of its own stocks or shares;

(d) any unit in a business trust;

(e) any unit in a collective investment scheme, such collective investment scheme being an arrangement:

(i) that is a trust;

(ii) that invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes; and

(iii) all or any units of which are listed for quotation on a securities exchange;

(f) any debenture other than:

(i) asset-backed securities as defined in section 262 (3) of the Securities and Futures Act (Cap.289); or

(ii) structured notes as defined in regulation 2 (1) of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005;

(g) any life insurance policy other than investment-linked life insurance policies as defined in the First Schedule to the Insurance Act (Cap. 142); or

(h) any contract or arrangement the effect of which is that one party agrees to exchange currency at an agreed rate of exchange with another party, where such currency exchange is effected immediately,

but does not include any product specified in items (a) to (h) above that is listed for quotation or quoted only on a securities market or a futures market that is not operated by an approved exchange.

the new requirements shall be effective from january 01, 2012.

source: http://www.mas.gov.sg/news_room/press_releases/2011/MAS_requires_intermediaries_to_assess_investment_knowledge_and_experience_of_retail_customers.html

my comments:

my take is the new requirements will be positive for the industry itself, the advisers and of course, beneficial to the consumers as well.

meanwhile, we shall have to await the actual mechanics of the new requirements to be rolled-out prior to the implementation which is not that far away, on january 01, 2012.

forbes: singapore's 40 richest are now richer

in the latest rich list published by forbes asia, singapore's 40 richest are now collectively worth US$54.4 billion (S$65.5 billion).

this is up by 19% from 2010's US$45.7 billion despite a slowdown in the economy and a weak stock market.

at the top of the list is the family of the late mr ng teng fong with a combined net worth of US$8.9 billion, up by US$1.1 billion from last year and the rest of the top 10 are:

2. the late mr khoo teck puat's family US$6.7 billion
3. mr wee cho yaw US$4.2 billion
4. mr richard chandler US$4 billion
5. mr kwee liong keng and brothers US$3.9 billion
6. mr kuok khoon hong US$3.5 billion
7. mr ong beng seng and ms christina ong US$1.9 BILLION
8. mr peter lim US$1.8 billion
9. mr kwek leng beng US$1.7 billion
10. mr lee seng wee US$1.4 billion.

my comments:

anyone wishing to dispute the age old saying that the rich get richer will have to go against the riches of singapore's richest people (and all over the globe).

and at the other extreme end, there will be the masses of people who will live in poverty and it doesn't matter where they are, be it in mature economies or in the third world countries. having said this, we have a tool in financial planning that may not guarantee riches but will go a long way to prepare individuals and families to attain financial independence.

after 14 years in the financial industry, i do not know of anyone who has regretted executing a financial plan.

honda cars safe to drive but...

according to an article in today's mypaper by mr adrian lim and ms candice cai, on the latest recall over defective engine parts, owners can continue to drive their cars but should watch out for progressive signs of deterioration in performance, distributor kah motor advised.

what are the models affected?

2,811 civic and 1,402 stream models produced between 2008 and last year.

these cars are still safe to drive but owners should contact kah motor if abnormalities apprear.

in the meantime, owners should look out for the following:

a. abnormal noises generated by the bolt coming loose
b. the appearance of a warning light, if the bolt breaks and the suxiliary
belt comes off
c. the disabling of the power steering assist on the 1.8 litre civic
d. the stalling of the engine which cannot be restarted.

although owners are told to be alert to 'abnormalities', mr vincent ng, product manager of product planning and training at kah motor said no cases of engine failure stemming from this problem have been reported here.

honda also said (in an agence france-presse report) that in japan, where 63 customer reports of engine malfuncations caused by the problematic bolt but none have resulted in accidents.

my comments:

the exercise of recalling of cars is not just confined to honda but many other makes as well, both local and globally.

well, this is another 'facet' of car ownership that will have to be accepted and we also read reports of vehicles bursting into flames (including buses) like the following:

feb 06, 2011 - Bus returning to S'pore burst into flames on M'sian highway

A bus returning to Singapore from Malaysia burst into flames in the middle of an expressway near Yong Peng in Johor.

oct 29, 2010 - Bus catches fire in Tampines interchange

THE undercarriage of an off-service SBS Transit bus burst into flames yesterday afternoon at the Tampines Bus Interchange in Tampines Central 1.


16 May 2011 - SMRT bus catches fire at bus stop

SINGAPORE: On Sunday night, an SMRT bus caught fire at a bus stop near Circuit Road.

The bus service number 61 was headed towards Eunos interchange with about 30 passengers.

therefore, while commuting in vehicles, be it a car, lorry, pick-up, taxi, bus, mrt, etc, and no matter how safe travelling can be in our tiny red dot nation, we have to accept the fact that things can go wrong and if u are true to the spirit of being kiasu, don't ever leave home without insurance.

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banks should not act like insurance agents/anti-competitive

the following letters highlighted very interesting and pertinent questions and was published in today's straits times forum page:

Jul 25, 2011
Banks should not act like insurance agents

RECENTLY, my husband and I were looking to buy some insurance policies. As we had previous bad experiences buying through insurance agents who were keen on pushing only their own companies' products, we thought of buying through banks instead.

Since most banks are now positioning themselves as one-stop centres offering a suite of financial products, we thought they would be independent. We were wrong.

We visited DBS Bank and it was aggressively pushing only Aviva's products. We tried OCBC Bank and it was pushing Great Eastern's products. We tried United Overseas Bank and Standard Chartered Bank as well and came out ruffled as their insurance consultants were pushing Prudential's products. In other words, we had no choice.

The bank staff told us that the insurance companies they were representing were the best and their products offered the best value. But how would we know if this is true if we cannot make any direct comparisons and decide for ourselves?

Are banks independent if each pushes only one insurance company's products? Or have they become agents of the insurance companies? Are banks driven by customers' needs and interests or by the commissions paid by insurance companies?

Shouldn't the Monetary Authority of Singapore make banks stick to their banking business and stop behaving like insurance agents?

Jessie Loy (Ms)

Jul 25, 2011
Anti-competitive

'Almost all car dealers insist buyers take up motor loans and insurance from companies they have tied up with.'

MR LEONG SZE HIAN: 'I bought a new car recently and was told by the manufacturer's sole agent that I must take up its motor insurance policy with an insurance company. This was despite the fact that I could get a cheaper net motor insurance premium and a lower claims excess from another insurance company. This is clearly anti-competitive behaviour, which I understand is prevalent in the motor industry here. Thus, is it any wonder that motor insurance premiums have been going up in recent years, when consumers are forced to take up more expensive policies with less benefits in the event of a claim? My understanding is that almost all car dealers insist buyers take up motor loans and insurance from companies they have tied up with. What this means is that even if the buyer can obtain a car loan with better terms, he cannot do so.'

my comments:

firstly, going by ms jessie loy's question to the monetary authority of singapore for banks to stick to their 'knitting' or core business, there is no restriction for banks to sell insurance or for that matter, other investments also.

the fact is that the bancassurance channel has enjoyed a surge in their share of new life insurance business in the 1st quarter 0f 2011 with 37% market share, up by 14 percentage points from that achieved in the same period of previous year.

but what is really interesting is mr leong's experience on the purchase of his new car that leaves him with little or no choice in terms of taking up motor loans and insurance from the same car dealer.

would this not beg the question of being anti-competitive?

aia - launch of family first series

aia has just launched their aia family first series products which are investment-linked policies.

the aia family first series offers 2 affordable plans with premiums starting from $100.00 monthly, aia family first protect and aia family first invest.

aia family first protect focuses on providing high protection during income-earning years with the flexibility to decrease protection and place greater emphasis on investment as customers approach retirement and their protection needs decline with these features:

Affordable cover

Receive one of the highest amounts of cover per dollar for the premiums you pay
For instance, a 33-year-old father supporting his wife, young child and mother could meet all his life protection needs for only $9.35^ a day – or about the price of a meal for two at a food centre.

The amount of cover you need, when you need it

Choose to have high protection (and low investment) during your income-earning years, and low protection (and high investment) as you get closer to your retirement
Get an even greater level of protection with optional riders that cover the unexpected things in life – accidents, disabilities and hospitalisation

Flexible investment to meet your financial goals

Choose from a wide range of investment funds suitable to your risk profile, each managed by a professional Fund Manager
Switch funds at any time to benefit from the ones that are performing well
Make top-ups to increase your investment amount
Have access to your cash any time after the first policy year through partial withdrawals – which will be most ideal during your retirement years


aia family first invest is for customers who are already well protected, and offers them the opportunity to focus primarily on growing their wealth namely:

Flexible investment to meet financial goals

Choose from a wide range of investment funds suitable to your risk profile, each managed by a professional Fund Manager
Switch funds at any time to benefit from the ones that are performing well
Make top-ups to increase your investment amount
Have access to your cash any time after the first policy year through partial withdrawals – which will be most ideal during your retirement years

Affordable premiums to suit budget

Start with as little as S$100 a month, and make top-ups at any time. There’s no need to save up a lump sum to invest -- you can get started now to maximise your time in the market.

important notes:

aia family first protect and aia family first invest are Investment-linked Plans (ILP) offered by American International Assurance Company, Limited, Singapore Branch (“AIA”), which invests in ILP sub-fund(s). Investments in this plan are subject to investment risks including the possible loss of the principal amount invested. The performance of the ILP sub-fund(s) is not guaranteed and the value of the units in the ILP sub-fund(s) and the income accruing to the units, if any, may fall or rise. Past performance is not necessarily indicative of the future performance of the ILP sub-fund(s). You should seek advice from an AIA Financial Services Consultant and read the product summary before deciding whether the product is suitable for you. A product summary relating to the ILP fund(s) is available and may be obtained from your AIA Financial Services Consultant. A potential investor should read the product summary before deciding whether to subscribe for units in the ILP fund(s). All insurance applications are subject to AIA’s underwriting and acceptance.

This is not a contract of insurance. The precise terms and conditions of this plan, including exclusions whereby the benefits under your policy may not be paid out, are specified in the policy contract. You are advised to read the policy contract.

Buying a life insurance policy is a long-term commitment. An early termination of the policy usually involves high costs and the surrender value payable may be less than the total premiums paid.

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aia - latest singapore nationwide protection survey

in a latest aia singapore nationwide protection survey conducted by the nielsen company in june 2011, the key findings are not surprising (at least to me) and looks pretty consistent with many other surveys conducted previously by other companies.

the survery polled 1,013 singaporeans and permanent residents aged between 20 to 60 years old.

some of the key findings:

a. close to 6 in 10 singaporeans believe they have done well to prepare
for their dependents' financial protection needs, the reality is that
fewer than 2 in 10 actually have done so.

b. 1 in 5 who do not own life insurance do not see the need for it.

sex and zen

well, the movie that's caught many eyeballs is finally here. and the board of film censors* has exercised a good dose of liberalism in allowing the film to be passed albeit with an R21 rating but there was a good 27 minutes of footage snipped off the original version.

even then, i suspect the theme of 'sex' (being the second oldest profession in the world) has always been alluring and probably not a few adults will open their wallets to catch it on the big screen of our local cinemas.

*BFC: From Censors to Classifiers

The Board of Film Censors (BFC) comprises a chairman and a group of classifiers who classify films and videos submitted to the board, as governed under the Films Act. The chairman is Ms Amy Chua.

The BFC classifies films, videos and video games based on content guidelines drawn up in consultation with the community and industry. These guidelines reflect the social norms and values of Singapore’s multi-racial society. The aim of classification is to protect the young while providing more choice for adults. This is done by providing a comprehensive rating system with consumer advice.

One misconception about the board is that its function is to edit films. Over the years, the BFC has moved away from censorship to classification. This means that the BFC views films and classifies them into age-appropriate ratings. Classification allows films to be suitably rated for different audiences . Video games classification, introduced in 2008, is also aimed at providing more choice for adults while protecting the young.

Source: http://www.mda.gov.sg/Industry/Films/Classification/Pages/BoardofFilmClassification.aspx

my comments:

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hsbc insurance - launch of mortgage protector campaign

here's another bite of good news and this time, it's from hsbc insurance via the following email which we received this morning:

Dear Valued Partners,

Please find enclosed the Green Paper on the captioned and its attachment for your information and circulation to your advisers please.

This is a 6 months campaign.

Customers will enjoy a 20% perpetual discount off their MortgageProtector premiums for single life and 14% for joint lives for all application submitted during the campaign period.

A Benefit Illustration software (ver B11.00c) specific to this campaign will be released to you on 18 July 2011 (Monday). Please use this illustration software for all new proposals during this campaign period.

Please find enclosed the Green Paper on the captioned and its attachment for your information and circulation to your channel please.

Green Papers 2011/14c Launch of the “MortgageProtector Campaign”

(See attached file: Green Paper 2011 14c Launch of the MortgageProtector Campaign IFA.pdf.zip)

Jason Tan
VP - Independent Channel | HSBC Insurance (Singapore) Pte. Limited
10 Eunos Road 8, #11-01 Singapore Post Centre, Singapore 408600.
_____________________________________________________________________________________________

Phone (65) 6225 6111
DID (65) 6319 3997
HP (65) 9820 2816
Fax (65) 6221 2188
Email jasontan@hsbc.com.sg

my comments:

hsbc mortgage protector is a mortgage reducting term assurance plan which can be applied to both single lives and joint lives.

with the perpetural discount*, hsbc mortgage protector is now even more competitive versus the competition. but do take note that the generous discounts apply only within the campaign period.

*terms and conditions apply

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axa life - customer campaign on ci benefit rider

i have a piece of good news for consumers because we have just received this email notification from axa life:

Dear Business Partners

We are pleased to share with you an exciting Customer Campaign on Critical Illness Benefit Rider (CIB).

Customer Campaign on Critical Illness Benefit Rider (CIB)

A discount of 15% will apply to the premium on Critical Illness Benefit Rider (CIB) that is attached to either Term Protector or Term Protector (to age) plan.

Campiagn period from 16 July to 19 September 2011 (both dates inclusive). Cases must be incepted by 30 Dec 2011.

All applications taking part in the CIB Campaign must attached with the Client's Acknowledgement Form new business (as attached) together with the proposal form for submission.

Thanks & Regards

Sylvia Koh
Assistant Manager, Alliance Distribution
AXA Life Insurance Singapore Pte Ltd
8 Shenton Way #27-02
AXA Tower Singapore 068811
sylvia.koh@axa.com.sg

DID: +65 6880 5519
Fax: +65 6880 5482

my comments:

with the perpetual discount*, consumers will be reaping the benefit of paying much, much lower premiums than before the discount campaign.

according to axa life, with the discount applied, their pricing is very competitive against the competition especially for those in the middle age group.

*terms and conditions apply

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ntuc-income: closure of capital plus (CPN23)

just launched 2 days ago and we received this urgent email notification from ntuc-income yesterday evening:

Dear Partners,

We have received overwhelming response for our recent tranche of Capital Plus (CPN23). Thank you for your support!

This is to inform that the subscription for CPN23 will be closed tomorrow, 13 July 2011, at 5 pm.

Please ensure that the applications you hold on hand reach our office (75 Bras Basah Road, NTUC Income Centre, Level 7) by 5 pm tomorrow.


Thank you.


Regards,

Regina Lim
Account Manager, Financial Advisers, Sales Division
t: (65) 6866 7260 fa hotline: (65) 9746 2663
www.income.com.sg

my comments:

perhaps this early closure of the current tranche of capital plus (the fastest on record) may not be too surprising because of the ultra-low interest on savings environment.

with a guaranteed 1.4% return on maturity after 2 years definitely beats putting extra cash into any bank's savings account.

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ntuc-income: relaunch of capital plus (CPN23)

this email notification was sent to us on friday afternoon:

Dear Partners

We are relaunching a new tranche of Capital Plus (CPN23) with effect next monday, 11 July 2011.

CPN23 will be opened to all policyholders and new applicants. It has a policy term of 2 years and a guaranteed yield of 1.4% p.a. upon maturity.

More details of the plan can be found in the application form and FAQ attached.

Please note that this is a very small tranche of Capital Plus (CPN23) and we anticipate that it will be fully subscribed in a very short time from the launch.

Application will be closed once we have reached the sales allocation.


Regards,

Shawn Goh
Head, Financial Advisers, Sales Division
FA Hotline: (65) 9746-2663 | www.income.com.sg

my comments:

what is capital plus (CPN23)?

capital plus (CPN23) is a non-participating single premium endowment product. it has a short tenure of just 2 years and a fully guaranteed return of 1.4% upon maturity of the plan. it also provides insurance coverage for death and total and permanent disability.

with a relatively small subscription target, i believe this latest tranche of capital plus will be taken up pretty quickly.

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tokio marine life insurance - launch of enhanced endowment products

today, i attended a soft launch* of tokio marine life insurance's enhanced endowment products.

the 2 products are:

a. tm education (lp)
b. tm nest egg (lp)

what is tm education (lp)?

this is a juvenile limited premium participation endowment plan with limited premium options of 5, 10 or 15 years for policy term of up to ages 20, 21, 22 or 23 next birthday.

policyholders have the option of receiving the benefits in one lump sum or over several years to coincide with when the tuition fees (and other expenses) are due.

what is tm nest egg (lp)?

this is a limited premium participation endowment plan with limited premium options of 5, 10, 15, 20 and 25 years dependent on policy term options of 10, 15, 20, 25 and 30 years. minimum entry age 1 year age next birthday and up to maximum entry age of 70 years age next birthday (less policy term).

on maturity, the sum assured plus any attaching bonuses will be payable. alternatively, the maturity amount payable may be converted into a yearly payment while the remaining balance earns a non-guaranteed interest rate at 3.75%**. the amount may be paid over any period from 3 to 25 years.

*official launch date - july 11, 2011

**the interest rate of 3.75% is subject to change according to prevailing market conditions.

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