We like to share with you some real life stories contributed by our policyholders and insurance advisers. To read the "Real Life Stories" booklet, click here.
Fair Claim, Fair Treatment Document Date: July 2006
Chia Hock Teo bought his new car last year. His insurance was taken with another insurance company as part of the car sales package.
Recently, Chia's car was hit from the back by a car insured with NTUC Income. He sent his car to a distributor workshop authorised by his insurer. After the workshop's assessment on the damage, he was told that he could make an Own Damage claim and pay an excess of $500. The insurance company will pay 70% for the new parts while the excess has to be borne by Chia.
Knowing he should not be accountable for the accident, Chia finds it unfair to have to bear any part of the repair cost. He refused to have his car repaired at the workshop. Instead, he sent his car to the Independent Damage Assessment Centre (IDAC). IDACs are set up by the major motor insurers for motorists to send their damaged vehicles for independent assessments.
The IDAC officers made a claim against the third party insurer (i.e. NTUC Income), who duly paid the claim. Chia was not required to shell out a single cent for the repair.
Through this incident, Chia realised the importance of choosing the right insurer who will ensure fair treatments to all policyholders at all times, in this case, NTUC Income. He is spared from worrying if claims will be inflated or if fraudulent claims are involved.
The very next day, he contacted one of NTUC Income's advisers to arrange for his motor policy to be renewed with us.
** Names were changed to protect the identities of our policyholder
Claims Paid in Full - Family in Need Document Date: May 2006
Chan is a policyholder with NTUC Income. Recently, he made a claim on his daughter's Foundation policy though there was no situation of death nor permanent disability. His daughter, Ruth, 19 was diagnosed with tongue cancer last year. Expecting a bright future ahead of her, the sudden news threw her and her family to a deep pit.
Her doctor confirmed that her days are numbered. Being the sole breadwinner of the house, Chan has to take on the burden of paying for Ruth's treatment, as well as his son's education, apart from worrying about her condition.
Mrs Chan quitted her job to take care of Ruth at home.
The medical bills piled up quickly over a short period of time, Chan's income from being a taxi driver was not able to sustain the medical bills, not mentioning supporting the family. Chan had no choice but approached NTUC Income for help. We sympathised with Chan family's plight. As a kind gesture, we paid the claim in full under Total Permanent Disability factor. Chan was deeply appreciative of our action.
With the claim paid, Chan was able to settle Ruth's medical expenses and his outstanding taxi rental.
*Ruth passed away on 24 May 2006.
Names were changed to protect the identity of the family.
Public Liability Claim by Company A Engineering* Document Date: May 2006
Our Insured, Company A Engineering was appointed by a shipyard to overhaul turbochargers for a vessel. Company A Engineering completed the job on 6 June 2005. The vessel's Chief Engineer tested the engine and was uncomfortable with the readings. On inspection, they found out one of the turbochargers was damaged with broken claws. Company A Engineering was thus liable for the damage to the impeller. The cost of rectifying the damage was $200,000.
Company A Engineering's staff was qualified to do the job and the loss was a one-off situation.
This situation is not covered under a public liability policy. Company A Engineering had requested for the policy to be extended, to also cover damage to property that they worked upon. However, NTUC Income underwriters confirmed that the extension does not cover the insured for matters pertaining to the standard of their work.
But in view that this is Company A Engineering's first claim with us, NTUC Income approved a complimentary settlement to help the insured with the claim by the vessel owner. We negotiated with Company A Engineering and contributed $125,000 (about 70% of the claim after policy excess) to the claim against them.
** Name has been changed to protect the identity of the company
Thankful to Insurance Agent for Good Advice Document Date: January 2006
Madam Lee purchased an Incomeshield plan for her son when he was born.
When
her son was six months old, he was admitted to the hospital for jaundice. The
condition was not declared at the time of signing. Under normal circumstances,
this meant that she would not be able to claim for the treatment.
Madam Lee's
insurance adviser helped to appeal the case based on the fact that jaundice is
a common condition for newborn babies. Her claim was processed successful.
Madam Lee went on to take up a Protection plan for her son at the advice of her
insurance adviser. A protection plan is a whole life policy, payable upon death.
Madam Lee's son passed away at 11 months of age from liver failure. The proceeds
helped her settle majority of the medical bill.
Thankful of what policies have done for her during times of crisis, she invests
in two more policies with her trusted NTUC Income insurance adviser.
Handling Claims with Compassion Document Date: January 2006
Mr and Mrs Sundram's daughter passed away from an accidental fall out of a friend's apartment.
Their daughter was only 13 years of age. NTUC Income empathised with the tragedy that has happened to this couple. Our officers paid attention to their situation and assisted them with compassion. They received the full payout of $100,000 within five days. Life is unpredictable and in this case the insurance payout came in handy to pay for the final expenses.
At NTUC Income, we conduct our business with a heart. We help our policyholders go through difficult periods with a professional, efficient and compassionate attitude.
Medical Insurance Allowed Peaceful Recovery Document Date: January 2006
Mr Lee was leading a normal and healthy life, with a full-time job when he was struck with a severe infection. This illness nearly claimed his life in 2002.
The infection led to a loss of hearing and he lost his job. He incurred a hefty medical bill from hospitalisation and the lengthy treatment period.
During his employment, Mr Lee was insured under his company's group insurance scheme, purchased from NTUC Income. He was able to recover a major part of his hospitalisation bills from this scheme.
However, his illness required follow up treatments after his hospitalisation. The loss of his job meant that he was no longer covered under his former company's group insurance plan. Neither could he make a claim under the policy. Fortunately, he was aware of this shortcoming of company group insurance policy and purchased a separate medical policy himself - Incomeshield plan. The plan covered him for the outpatient treatments.
The sudden illness turned Mr Lee's life upside down. His physical condition left him with an uncertain financial future. Our policies allowed him to recover in peace, without worrying about paying his immediate medical bills.
It was useful too, that all his claims were processed quickly and smoothly by NTUC Income.
Mr Lee is grateful to our compassionate NTUC Income officers who handled his claims with haste and professionalism.
Full Claim Payout to Help Terminally-ill Policyholder Document Date: January 2006
Mr Tan owns an NTUC Income endowment policy. An endowment policy is claimable in the events of permanent or total disability, or death.
In 1999, Mr Tan was diagnosed with lung cancer. Within the next few years, his cancer cells spread to other parts of his body.
In 2004, his cancer advanced to a terminal stage. The five-year survival rate for patients with advanced lung cancer is less than 2 per cent. There was a high possibility that he would not survive beyond a period of 12 months.
Understandably, Mr Tan's medical condition was a huge financial burden to his family. They proceeded to file for a permanent and total disability claim with NTUC Income.
Under normal circumstances, such claims are paid out in five-yearly installments. In Mr Tan's case, we made an exception. We paid out the claim in full.
NTUC Income is a cooperative society with a social mission. This money would go towards providing some form of financial relief to Mr Tan and his family during a very stressful period.
** Names have been changed to protect the identities of our policyholders
When Vincent Seah and Gina Tan realised that clients preferred investment products over traditional forms of insurance, they did not begrudge their loss. Instead, the pair of NTUC Income advisers aimed to get a better understanding of the products. With renewed confidence, they began introducing more investment plans to clients and convinced many of them.
The husband and wife team's success brought them fame as well. Now, the couple are proud members of the Court of Table, a privileged recognition for advisers who have achieved and satisfied a stringent set of criteria. When asked about their success, Vincent quipped, "There is no secret. We adopted our company's belief of Do-Learn-Adapt strategy and it worked."
The couple hope their achievements could be publicised. They believe the publicity would boost their confidence to market to clients easily and spur their peers to set higher goals. The positive effect would be more satisfied clients and many well-rewarded advisers.
Constant Upgrading to Stay Abreast of Changes and Competition Document Date: January 2006
Vivien Lim, a successful insurance adviser follows the following mantra, "To achieve success, we need to have a Positive Mindset, Discipline, Focus and Passion".
Vivien has joined NTUC Income as an insurance adviser in 1996. Throughout the years, she constantly upgrades her skills and knowledge by attending relevant courses and seminar. They help her remain competent and relevant in this dynamic industry.
Every year since she became an adviser, she makes an effort to attend the seminars conducted by the Insurance and Financial Association of Singapore (IFPAS) to help her stay in tune to industry improvements.
She takes the initiative to sign up for other courses, such as the Entrepreneur Advisers Programme. These courses equip her with relevant financial skills and help her recognise her strengths. She draws important learning points and apply them in the pursuit of her successful career.
Vivien owes part of her success to her respected mentor which is her Branch Manager, Mr Alan Neo. He has played an important role in her career by encouraging and motivating her along the way.
Vivien aspires to become a trusted adviser as she believes relationship selling to be the "art of sales" in this millennium. She invests in a good customer relationship management system to help record and keep track of her database.
More importantly, her colleagues at NTUC Income are able to give good support. She said, "My colleagues work closely with my clients and provide prompt backup services, such as replies to their enquiries and underwriting. Their support allows me to focus on my job. Knowing they're there to help gives me a peace of mind whenever I attend courses or go on vacations."
NTUC Income leverages on technology to enhance their efficiency and customer service. Vivien feels that the company's IT services and websites are great tools in helping to improve her services and communications with clients.
Vivien is looking forward to represent NTUC Income as the Million Dollar Round Table* Life Qualifier in the upcoming MDRT conference in San Diego, USA. This is the second time she has achieved the prestigious "Court of the Table" (COT) title. Vivien is also a recipient of the Associate Wealth Planner qualification.
* Million Dollar Round Table (MDRT) is The Premier Association of Financial Professionals. Founded in 1927, MDRT provides its members with resources to improve their technical knowledge, sales and client service while maintaining a culture of high ethical standards.
Top Adviser Adopts Positive Thinking Document Date: January 2006
Betty Lee joined NTUC Income in 1976. She has been an NTUC Income Summit Club* member for the past 29 years and held positions as its Vice President and President on a few occasions. Despite being a part-time adviser, she has been a Million Dollar Round Table member since 1998. To qualify for the MDRT, the adviser has to earn at least $51,000 in commission on new insurance sales in each year.
NTUC Income is a dynamic organisation, constantly improving to meet the customers' needs. Our strategy is to serve our policyholders in the best possible way. Recently, we introduced a direct channel for customers to visit its business center directly to purchase our insurance products.
Betty has built an impressive base of 2,000 policyholders over the years. She believes her customers have the ultimate choice in deciding on the channels of purchasing insurance products.
In responding to inevitable strategic changes, she said, "I choose to remain focused. I will continue to work hard at building strong relationships and trust with my valued clients. I am very confident that my policyholders would stay loyal because of the personalised service I have devoted to them."
Betty is also grateful to her clients who have in turn given her more than 80 per cent of her business. She is continuously striving towards a better sales achievement. Her sales performance for year 2005 is most commendable, with a net credit of $5.2 million. She's currently ranked number one in sales production amongst her part-time adviser.
Thumbs up Betty!
* Income Summit Club: Prestigious event held annually to recognise top achievers
Together We Soar Like An Eagle Document Date: January 2006
Peter Chan has joined NTUC Income in Nov 1999 and has roped in his wife, Dorcas Lim to join the company in 2002. Both of them are very thankful to God Almighty for their success. They have never been in insurance sales prior to joining NTUC Income, yet they have achieved outstanding and remarkable results.
Peter and Dorcas have been ranked first and second in sales production amongst the full time insurance advisors in Year 2004 and 2005. On top of that, they were awarded First and Second Vice-President of the prestigious NTUC Income Submit Club respectively. They are also Million Dollar Round Table Achievers and members of the Court of the Table for being the Top 3% of financial advisors in the world for providing Independent Comprehensive Financial advice to their clients in 2005. Their achievements earned them an invitation to the annual meeting in San Diego, USA to equip themselves with top-class financial planning knowledge, to further serve their clients efficiently and attain higher success in their careers.
What is the secret that leads to their success? They attribute their success to God's blessings, ever supportive company, embracing the right attitude of placing great importance on clients' interests, a positive attitude towards changes, a culture of continuous learning and lastly, strong teamwork.
They have been active in several campaigns with a group of peers. They believe in team synergy to build on one another's strengths and spur each other through motivation and encouragement. Their team philosophy is built on five pillars: Humility, Hard work, Integrity, Healthy Living and Holiday. Peter and Dorcas regularly share their success strategies with peers, hoping they will benefit from them. "You have to be disciplined, hardworking, healthy and teachable in order to successful", Peter quoted.
Peter and Dorcas are convinced that NTUC Income's policies truly benefit the public. They are also grateful to their clients who constantly recommended them to their relatives, friends and colleagues. They feel that to better manage clients' needs, it is important to join hands and work together with the company. Their parting shot for success: "Believe in your ability and keep faith with the organisation you work for".
Investment Tip : Buy Combined Fund with your CPF Savings and Attend Educational Seminars on Investing Document Date: January 2006
Investment Tip: Buy Combined Fund with your CPF Savings and Attend Educational Seminars on Investing
Being a NTUC Income policyholder for 14 years, Mr Tan has attended at least 20 educational seminars. Every time he attends a seminar, he is more convinced he has made the right decision for his investments, especially in Combined Fund.
Mr Tan has been recommending his friends to invest with NTUC Income by sharing investment tips. He has been investing with his CPF savings for the last 3.5 years since 2003. To date, Mr Tan has made a positive gain of more than $17,000.
"I am very satisfied with the returns. I just keep topping up my investment with my CPF savings every year!"
Mr Tan encourages others to invest their CPF savings in the Combined Funds. His advice to all is to invest any excess CPF savings in the Combined Funds.
"It is good to invest a long term of at least 10 years. I am confident you will make an attractive return. And of course, attend the educational seminars conducted by NTUC Income, you will learn much more from the experts."
- Mr Tan, 47, is a business manager. He is married with 3 children.
Invest in Combined Fund for Retirement Document Date: January 2006
Mr Fang, aged 60, switched to Growth portfolio, one of the Combined Fund offered by NTUC Income in 2003. His investment has appreciated from S$150,000 to about S$180,000. When he retired in 2005, he invested another S$500,000 in Combined Fund. On top of this, Mr Fang also invested through his CPF savings in the Growth Fund yearly. He is happy with the returns.
Mr Koh, friend of Mr Fang invested S$500,000 in Growth Fund. He is considering to invest more money in our Combined Fund.
We asked Mr Fang a few questions in our interview with him.
NTUC Income: You have many options to invest your money. What made you invest with NTUC Income?
Mr Fang: I trust NTUC Income. As a Cooperative, your mission is to ensure you place the interests of the policyholders first.
I have done my research and found that the performance by NTUC Income is good as compared to similar risk and investment objectives. Furthermore, the expense ratio is lower. Most of my investment returns are not eaten away by high charges.
The other thing I like and appreciate is the monthly email updates on my investments. I do not have to wait for annual statements, this gives me constant updates.
NTUC Income: You have invested a large sum with NTUC Income's Annuity. Why is that so?
Mr Fang: As I mentioned, I have done my research. I find Annuity offered by NTUC Income gives the best value. I do not have to worry I will outlive my savings.
Manager Channels His Savings to Investment-Linked Plans Document Date: January 2006
Mr Yap, 43, was one of many policyholders who invested with NTUC Income and made a positive profit. Mr Yap started investing in Technology Fund in October 2002.
Mr Yap committed all his investment between October 2002 to May 2003. There were no education seminars then. He was able to get advice through various discussions with his peers.
Mr Yap is very happy with his investments in Investment Link Products (ILP). He has invested in high risk funds such as Technology, Japan, Europe and Growth. To date, he has invested about $110,000 in total and have made a profit of almost $50,000. This is a return of about 45% over 3 years!"
"I would definitely invest more in future. In the past, I do not believe in ILP or unit trust as the price movement is slow. I prefer higher risk instruments like shares and warrants.
However, I learnt some painful lessons which come with very bad losses. The lesson leant is, for working people like me, it is better to leave the investment to the professional fund managers who charged reasonable costs."
Mr Yap acknowledges that it is also less stressful to invest in investment funds and to aim for reasonable good returns. Investing in speculative stocks can be a very stressful experience for a already busy man like him.
"I will not hesitate to recommend my friends to invest with NTUC Income."
NTUC Investment Linked Policy Gives Good Returns Document Date: January 2006
Ms Lee P G has been a policyholder of NTUC Income since 1985. She shared with us on her investment experience with NTUC Income.
"I am glad that I had learnt the importance of savings and get into the habit of saving part of my salary to buy insurance policies. I believe in taking care of myself when I am old, hence, early savings is very important to me. Because of budget constraint, I started on a policy of a small premium. I will review my insurance and savings every 3 years. July is the month I will be getting pay increments, it is a good time to channel my increment into a new insurance policy.
In 1993, when I obtained a lump sum of cash from CPF, I started to do some investments on my own instead of putting these monies in the bank and CPF. I started to purchase investment linked plans with NTUC Income. I began by investing $120,000 in Prime and Technology Funds. To date, I have made good returns. The value in my Prime Fund is more than doubled my initial investment. This is a very good return as compared to the shares I have bought separately. I made some losses on these shares, simply because I do not have the expertise to pick the right shares and time to monitor them regularly. I have learnt that it is important to leave this to the experts. For example, the fund managers who have been managing my Prime Funds.
However, Technology Fund has not done as well. I believe over a long term, my investments will continue to grow steadily.
I did not attend any educational seminars, however, most of the sharing are from the Focus magazines and investment leaflets sent to me regularly by NTUC Income.
I have recommended NTUC Income investment funds to my friends and would definitely continue to do so. I find that NTUC Income's investment linked products are managed with a long term value approach. I believe they are funds which will deliver best values and low charges."
** Real names are not featured in order to protect the Identities of our policyholders.
Disclaimer:
The returns are calculated to a bid-to-bid basis. All dividends are reinvested. Fees and charges payable through premium deduction or units cancellation are excluded from the calculation.
Past performance of the funds is not indicative of future performance. Actual returns are also not guaranteed. The bid prices and returns can fluctuate, just like the overall fluctuations of stock and bond markets. Our funds are subjected to market risks, which we have diversified across many quality investments.
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