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Where would CPF money go if it is nominated to a bankrupt? When Madam Lim Lye Kiang sought to claim the $102,000 from CPF which her late sister had left her, she would never have expected that the CPF Board transferred the money to the OA (Official Assignee) to...

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Why you should not buy IPOs As Sheng Siong is launching its IPO next month, I expected a few calls as whenever an IPO is launching. And if you are my client, you know my answer. I decide to write this article so everybody can benefit...

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Questions to ask your Financial Adviser Every Sunday morning when I flip open the newspapers, I always see articles or advertisements regarding "Financial Advisers". Nowadays, just like the once prestigious word "Banker", which is misused in...

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Revision to Nomination of Insurance Nominees Regulation With the onset of the Mental Capacity Act ("MCA") coming into effect on 1st March 2010, the Insurance (Nomination of Beneficiaries) Regulations 2009 ("the Regulations") will be amended to effect 2 changes: The...

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The ABCs of the Financial Advisers Act The title, Financial Adviser, is always mis-used in the industry and misunderstood by the consumers. On 10 October 2002, the Financial Advisers Act came into effect and all financial institutions are...

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AIA to Transfer Insurance Business

Posted by Ivan Guan | Posted on 18-08-2011

Category : Insurer News

Tags:

American International Assurance Company, Limited (AIA) announced today plans to transfer 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 Group.

AIA has lodged the formal Scheme of Transfer with the Monetary Authority of Singapore (MAS). The Scheme of Transfer is also subject to confirmation by the High Court of Singapore and is expected to take effect on 1 January 2012 or such later date as the High Court may approve. AIA Singapore will replace AIA as the insurer for the insurance policies once the transfer is effective.

“With the transfer of the life and general insurance business to AIA Singapore, our policyholders will enjoy the same terms and conditions of their insurance policies. Any policy benefits due will continue to be honoured by AIA Singapore Private Limited, and the transfer will be a seamless process,” said Mr Tan Hak Leh, Senior Vice President and Chief Executive Officer of AIA (Singapore branch).

AIA will be sending notifications to all policyholders on details of the transfer from next month.

AXA extends to cover pre-existing medical condition for Hypertension and High Cholesterol

Posted by Ivan Guan | Posted on 02-08-2011

Category : Financial Product Update, Insurer News, Medical Insurance

Tags: ,

Hypertension and Hyperlipidaemia (High Cholesterol) are becoming common ailments in Singapore. Many people with such pre-existing medical conditions are struggling to find medical coverage for themselves. They are either declined or excluded for such conditions.

Although they can choose Moratorium Underwriting offered by Aviva to obtain hospitalization coverage, these pre-existing conditions are still excluded.

Fortunately, AXA has taken the step to extend their health insurance plan coverage on these said medical conditions. People with pre-existing condition can complete a questionnaire and submit to AXA for review. Once accepted, there will be a loading to the premium and customers can get their hypertension and hyperlipidaemia covered.

In addition, AXA is offering Individual Take-Over. You can now switch your Individual Hospital & Surgical policies over to AXA from another insurance company. You will enjoy the same underwriting terms as their current policies, including coverage of any pre-existing conditions already covered by your existing insurer.

Besides AXA, Global Health Policy offered by Bupa International has similar benefits.

HSBC MortgageProtector Campaign

Posted by Ivan Guan | Posted on 22-07-2011

Category : Life Insurance, Promotions

Tags: ,

Update on Jan 31, 2012 – This campaign has been extended till further notice. 

HSBC has just launched MortgageProtector Campaign from 18 July 2011 to 31 January 2012.

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.

MortgageProtector is a mortgage insurance. the key product features are:

  • Life protection up to age 70. In the event of death, your family will receive the sum assured in a lump sum.
  • Total and permanent disability coverage up to age 65
  • Flexible plan with a wide range of terms available from 10 to 40 years, and interest rate from 1% to 10% to match your mortgage plan.
  • Single or joint coverage are available for joint homeowners who are spouses or family members.
  • Affordable premium rates that are guaranteed, giving you the coverage you need at a fixed premium rate. Furthermore, enjoy a one-time waiver on the first month’s premium.
  • Premium payment term will end four years before the end of policy term, while you continue to enjoy full coverage.

You can contact me if you are interested in the product.

NTUC Relaunching Capital Plus – 1.4% Yield for 2 Years

Posted by Ivan Guan | Posted on 08-07-2011

Category : Life Insurance

Tags: ,

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

Capital Plus (CPN23) is a single premium short-term savings plan with guaranteed returns. This plan has tenure of 2 years and a guaranteed maturity benefit. It has a guaranteed yield of 1.4% p.a. upon maturity. It also provides cover against death and total & permanent disability (TPD).

Capital_Plus _CPN23_ FAQ-11_July_2011.

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

Who should buy this product?

In my opinion, the yield itself is not very high. However, if you have already set aside all other obligations and have extremely low risk appetite, you may consider the product. After all, it beats almost all Singapore time deposit rates.

The product can also be used as a strategic allocation for your investment portfolio. This is more complicated, I will not talk about it here.

Application will be closed once the allocation is reached. you may contact me if you are interested in the product.

(Update: due to overwhelming response, the subscription for CPN23 will be closed tomorrow, 13 July 2011, at 5 pm)

Aviva MyShield Enhancement II

Posted by Ivan Guan | Posted on 05-07-2011

Category : Insurance, Medical Insurance

Tags: , ,

With effect from 1 July 2011, Aviva MyShield is enhanced without any increase of premiums. This is on top of the enhancement done last year.

Clients will continue to enjoy the free coverage for children* as well as the opportunity to potentially cover pre-existing medical conditions with Moratorium Underwriting.

The enhanced benefits are:

  • Interim Coverage for up to $30,000 in accident medical reimbursements* – first Shield plan in Singapore
  • Letter of Guarantee (LOG) now includes private hospitals
  • Annual Claim Limit for Plan 1 increasing from S$500,000 to S$650,000 and from S$300,000 to S$400,000 for Plan 2

You can refer here for more Product Information of Aviva MyShield.

* Terms and conditions apply

InterGlobal introduces UltraCare Plans in Sing dollar (SGD)

Posted by Ivan Guan | Posted on 21-06-2011

Category : Medical Insurance

Tags:

With effect from 1 July 2011, InterGlobal will be able to offer a Sing dollar denominated benefits and premium plans for its award-winning international health insurance plan UltraCare.

This plan is provide global medical coverage  for expatriates, frequent travellers and high net worth individuals.

It is one of the very few insurance plans which accept Moratorium Underwriting, besides Aviva’s MyShield

 

Changes in procedures concerning the repair of motor vehicles involved in accidents

Posted by Ivan Guan | Posted on 10-05-2011

Category : Personal General Insurance

Tags:

In today’s Straits Times, “48 hours to access damage in third-party motor claims”, it mentioned

Motorists who file third-party insurance claims after an accident now have to contact the other driver’s insurer before getting their vehicle repaired.

The new rule by the Motor Insurance Taskforce is another attempt to clamp down on inflated and fraudulent claims

I will give more details about the protocol as below:

With effect from 1st May 2011, the Non Injury Motor Accident Protocol (NIMA) mandated by the Subordinate Courts of Singapore, to regulate and guide how road traffic motor accident claims are to be handled, has been amended to allow Insurers to carry out inspection to all damaged vehicles before repairs are carried out.

Click here for the details of Amendments to the Non-Injury Motor Accident (NIMA) Protocol- Pre-Action Protocol

AXA launched leader II – new version of Directors & Officers Liability Insurance policy

Posted by Ivan Guan | Posted on 10-05-2011

Category : Corporate Insurance

Tags: ,

AXA has officially launched leader II – their new version of Directors & Officers (D&O) Liability Insurance policy. Their new policy wordings with increased extensions, broader coverage and more user-friendly language coupled with their increased capacity.

This policy specially caters for clients who are looking to purchase protection for their Board of Directors against potential personal liability to third parties and erosion of personal assets while performing their duties as directors.

For professional advice for D&O policy, you may contact our insurance team.

S&P Raised AIA Group Rating TO AA-

Posted by Ivan Guan | Posted on 24-11-2010

Category : Insurer News, Stocks

Tags:

HONG KONG, 23 NOVEMBER 2010 – AIA Group Limited, (“AIA”; stock code: 1299), the largest independent listed pan-Asian life insurance group in the world, is pleased to confirm that Standard & Poor’s Rating Services (“S&P”) has raised its ratings on two of AIA operating entities — American International Assurance Company, Limited (“AIA Ltd”) and its wholly owned subsidiary American International Assurance Company (Bermuda) Limited (“AIAB”) — to ‘AA-’ from ‘A+’, outlook stable.

AIA IPO will start trading in Hong Kong today

Posted by Ivan Guan | Posted on 29-10-2010

Category : Insurer News, Stocks

Tags:

AIA Group Ltd. will debut on the Hong Kong stock exchange today after climbing in unofficial over-the-counter trading following the biggest initial public offering in the city’s history.

Shares of Hong Kong-based AIA, the insurer sold by American International Group Inc. in a $17.8 billion IPO, last traded at HK$21.50 each yesterday in gray market transactions brokered by BTIG LLC, said Christian Kielland, a managing director at the firm’s Hong Kong office. That’s 9.2 percent higher than the IPO price of HK$19.68 each.

Read the full story at Bloomberg

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