I attended a retreat at Batam View.
On my return, I waited at the ferry terminal. It was slow pace, tranquil and peaceful.
I enjoy the cool breeze, and the rustling of the leaves on the trees. A few people were at the terminal, including the employees and shop attendants. It was a calm.
I will like to visit again, especially during the weekdays, when there is no crowd.
Friday, May 27, 2005
Financial Tips - do not roll over your credit card
Excessive spending on credit is the No 1 cause of bankrupcy in Singapore.
4 in 5 young people roll over their credits monthly, and pay interest of up to 24% per year. If late payment and other charges are added, they may be paying up to 30%.
For a credit of $5,000, the charges can be as high as $1,500.
There is a better way. Take a loan from the cash value of your policy, and pay interest at only 5.5% per year. You can save up to $1,200 on a credit of $5,000.
Call 6788 1122
4 in 5 young people roll over their credits monthly, and pay interest of up to 24% per year. If late payment and other charges are added, they may be paying up to 30%.
For a credit of $5,000, the charges can be as high as $1,500.
There is a better way. Take a loan from the cash value of your policy, and pay interest at only 5.5% per year. You can save up to $1,200 on a credit of $5,000.
Call 6788 1122
Tuesday, May 24, 2005
Lower Charge on our Investment Plan
The Straits Times printed a table to show the allocation on investment linked plans offered by various life insurers.
In the case of NTUC Income, our allocation is 85% for the first 3 years, and 100% thereafter. This means that the total charge is 45%. If you invest $1,200 per year, your total charge is $540. This goes to pay the insurance adviser and covers the expenses of issuing the policy.
Some other insurers have total charge of 100% to 150% of the premium. For an annual premium of $1,200, the charge is $1,200 to $1,800. This is much higher than NTUC Income.
Another difference is the spread on the investment. In NTUC Income's case, the spread is 3.5%. For most other insurers, the spread is 5%. A lower spread means that a larger proportion of the premium is invested.
In brief, the charges imposed by NTUC Income are quite modest. They are more than offset by the higher return earned from investing in our Combined Fund.
In the case of NTUC Income, our allocation is 85% for the first 3 years, and 100% thereafter. This means that the total charge is 45%. If you invest $1,200 per year, your total charge is $540. This goes to pay the insurance adviser and covers the expenses of issuing the policy.
Some other insurers have total charge of 100% to 150% of the premium. For an annual premium of $1,200, the charge is $1,200 to $1,800. This is much higher than NTUC Income.
Another difference is the spread on the investment. In NTUC Income's case, the spread is 3.5%. For most other insurers, the spread is 5%. A lower spread means that a larger proportion of the premium is invested.
In brief, the charges imposed by NTUC Income are quite modest. They are more than offset by the higher return earned from investing in our Combined Fund.
Thursday, May 19, 2005
Motorist prefer to insure direct
Some motorists prefer to insure directly with NTUC Income at our branches, instead of going through an agent.
We give them a loyalty discount of 5% on the premium. They enjoy this discount on renewal as well. Based on an average premium of $800, they can save $40 by coming direct.
However, many motorists prefer to go through an agent or adviser who can provide advice on the most competitive rate and handle the insurance and road tax renewal for them.
We give them a loyalty discount of 5% on the premium. They enjoy this discount on renewal as well. Based on an average premium of $800, they can save $40 by coming direct.
However, many motorists prefer to go through an agent or adviser who can provide advice on the most competitive rate and handle the insurance and road tax renewal for them.
Cash Settlement having a slow start
We started to offer cash settlement for motor repairs at three Idac centers from 16 May.
It made a slow start with 2 cases for the first day, but activity is picking up. We are now handling 5 cases a day.
We will be taking a weekly advertisement to remind motorists about this option.
It made a slow start with 2 cases for the first day, but activity is picking up. We are now handling 5 cases a day.
We will be taking a weekly advertisement to remind motorists about this option.
Wednesday, May 18, 2005
Casinos in Batam closed down since January
The casinos in Batam has closed down for the past few months, since January 2005. It is probably due to enforcement action taken by the central government in Jakarta. It seemed that the casinos were operating illegally.
With the closure of the casino, several thousand workers in Batam have lost their jobs. Batam was relatively quiet. Few people used the ferries, or visited the island.
The hotel manager in Batam told me that he expects the casino to re-open later in the year, after the Batam and central government has sorted out their jurisdication.
With the closure of the casino, several thousand workers in Batam have lost their jobs. Batam was relatively quiet. Few people used the ferries, or visited the island.
The hotel manager in Batam told me that he expects the casino to re-open later in the year, after the Batam and central government has sorted out their jurisdication.
Sunday, May 15, 2005
How to get out of the "time bomb" in your ILP plan
Question:
I bought an investment-linked product from another insurance company (not NTUC Income). It has increasing charges for my life insurance cover. How do I get out of this "time bomb" ?
Reply:
Ask your insurer to give you the coverage and premium that you have to pay for the current and the next few years.
You can compare them with the cost of similar coverage under the Family Insurance Policy offered by NTUC Income.
If our cost is lower (which is likely to be the case), you can ask your current insurer to terminate the insurance coverage. Ask them to state if they have imposed any penalty for this termination. You can continue with the investment with your current ILP plan.
I think that some insurers charge high premium rates for the coverage under their ILP plan.
I bought an investment-linked product from another insurance company (not NTUC Income). It has increasing charges for my life insurance cover. How do I get out of this "time bomb" ?
Reply:
Ask your insurer to give you the coverage and premium that you have to pay for the current and the next few years.
You can compare them with the cost of similar coverage under the Family Insurance Policy offered by NTUC Income.
If our cost is lower (which is likely to be the case), you can ask your current insurer to terminate the insurance coverage. Ask them to state if they have imposed any penalty for this termination. You can continue with the investment with your current ILP plan.
I think that some insurers charge high premium rates for the coverage under their ILP plan.
Tuesday, May 10, 2005
Direct settlement of injury claims
Editor
Forum Page
Straits Times
I refer to your article entitled "Case questions cost-saving tactics"
(Straits Times, May 4, 2005)
You reported a comment from a lawyer, Manoj Raj as follows, "Well before we
begin any proceedings, they call my clients and tell them they have no case."
Mr Roy's statement is not correct.
Here is what actually happens. We approach the injured persons and encourage them to make their claims directly with us. This will allow us to make immediate payment to cover their medical expense and loss of earnings. The compensation for permanent injury will be determined at a later date, when the extent of the injury is determined.
Our action is explained in a practice note which is given to the claimant.
Where our policyholder is liable for the accident, which applies to 80% of these cases, our officer will encourage and assist the injured person to make a direct claim. For the remaining cases, our officer will advice the injured person to claim against the actual party at fault. However, if the injured person wish to make a claim against us, they can still do so.
Our aim is to be pro-active in giving prompt and fair compensation to the injured person and to reduce legal expenses.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Forum Page
Straits Times
I refer to your article entitled "Case questions cost-saving tactics"
(Straits Times, May 4, 2005)
You reported a comment from a lawyer, Manoj Raj as follows, "Well before we
begin any proceedings, they call my clients and tell them they have no case."
Mr Roy's statement is not correct.
Here is what actually happens. We approach the injured persons and encourage them to make their claims directly with us. This will allow us to make immediate payment to cover their medical expense and loss of earnings. The compensation for permanent injury will be determined at a later date, when the extent of the injury is determined.
Our action is explained in a practice note which is given to the claimant.
Where our policyholder is liable for the accident, which applies to 80% of these cases, our officer will encourage and assist the injured person to make a direct claim. For the remaining cases, our officer will advice the injured person to claim against the actual party at fault. However, if the injured person wish to make a claim against us, they can still do so.
Our aim is to be pro-active in giving prompt and fair compensation to the injured person and to reduce legal expenses.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Thursday, May 5, 2005
New or re-conditioned parts?
Editor
Forum Page
Straits Times
I refer to the article in St Times May 2, 2005.
It reported that Mr Abdul Masood was unhappy that the repair to his 7 year old van was done using second-hand parts.
I wish to inform the public that insurers generally practice the following guidelines on the repair of vehciles. This is posted at the website for General Insurance Assocation and stated in the consumer guide that is made available to the public:
quote:
The aim of most policies is to have your vehicle restored to a condition similar to the one it was in before the accident. Based on this principle, for a relatively new vehicle, damaged items will usually be replaced with new parts, which are either genuine or OEM (original equipment manufacturer) parts.
However, for vehicles more than three years old the insurer might opt to use good-quality reconditioned parts. Such parts are carefully checked to ensure they do not compromise the safety or roadworthiness of the vehicle. A six-month warranty for repairs is usually provided by the workshop.
unquote
I wish to state that the practice adopted by NTUC Income conforms with the market practice. Our aim is to give the appropriate repair at a reasonable cost, so that motor insurance premiums can be kept low.
Tan Kin Lian
Chief Executive Officer
Forum Page
Straits Times
I refer to the article in St Times May 2, 2005.
It reported that Mr Abdul Masood was unhappy that the repair to his 7 year old van was done using second-hand parts.
I wish to inform the public that insurers generally practice the following guidelines on the repair of vehciles. This is posted at the website for General Insurance Assocation and stated in the consumer guide that is made available to the public:
quote:
The aim of most policies is to have your vehicle restored to a condition similar to the one it was in before the accident. Based on this principle, for a relatively new vehicle, damaged items will usually be replaced with new parts, which are either genuine or OEM (original equipment manufacturer) parts.
However, for vehicles more than three years old the insurer might opt to use good-quality reconditioned parts. Such parts are carefully checked to ensure they do not compromise the safety or roadworthiness of the vehicle. A six-month warranty for repairs is usually provided by the workshop.
unquote
I wish to state that the practice adopted by NTUC Income conforms with the market practice. Our aim is to give the appropriate repair at a reasonable cost, so that motor insurance premiums can be kept low.
Tan Kin Lian
Chief Executive Officer
Work-life Balance
Editor
Today Paper
I refer to Ms Lena Soh Kwee Kim's letter "Work-life balance: Bosses too have part to play" (ST, May 3).
Ms Soh asked bosses to be flexible in giving concessions to all employees to help them deal with stress, work and family demands. I agree with this view.
I wish to share some of our practices in NTUC Income.
We believe that a competent and happy employee is able to give better service to our customers. We encourage our employees to achieve a balanced work-life and a healthy lifestyle. This is done without sacrificing our competitive edge or increasing business costs.
Our employees enjoy the following schemes:
- flexible working hours
- part-time work
- telework, working from home
Our flexible working hours is most popular. Our employees can choose to start work at any time between 7.30 to 9.30 a.m. and to work 8 hours during the day.
About 300 employees, or 25% of the workforce, have opted for a different starting time, according to their individual need.
Last year, we introduced a one month paid leave for an employee who has completed
three years of service. This benefit cost 3% of payroll but is offset by the savings of 3% in employer CPF contribution.
Our employees enjoyed this benefit, as they can spend time with their family and friends, learn a special skill, or take an extended overseas vacation.
Our human resource practices have made a positive impact on our employees, leading to a high satisfaction score and a low turnover rate for our employees.
In our regular survey, our employees voted the work-life balance to be a strong
positive factor in our work environment.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Today Paper
I refer to Ms Lena Soh Kwee Kim's letter "Work-life balance: Bosses too have part to play" (ST, May 3).
Ms Soh asked bosses to be flexible in giving concessions to all employees to help them deal with stress, work and family demands. I agree with this view.
I wish to share some of our practices in NTUC Income.
We believe that a competent and happy employee is able to give better service to our customers. We encourage our employees to achieve a balanced work-life and a healthy lifestyle. This is done without sacrificing our competitive edge or increasing business costs.
Our employees enjoy the following schemes:
- flexible working hours
- part-time work
- telework, working from home
Our flexible working hours is most popular. Our employees can choose to start work at any time between 7.30 to 9.30 a.m. and to work 8 hours during the day.
About 300 employees, or 25% of the workforce, have opted for a different starting time, according to their individual need.
Last year, we introduced a one month paid leave for an employee who has completed
three years of service. This benefit cost 3% of payroll but is offset by the savings of 3% in employer CPF contribution.
Our employees enjoyed this benefit, as they can spend time with their family and friends, learn a special skill, or take an extended overseas vacation.
Our human resource practices have made a positive impact on our employees, leading to a high satisfaction score and a low turnover rate for our employees.
In our regular survey, our employees voted the work-life balance to be a strong
positive factor in our work environment.
Tan Kin Lian
Chief Executive Officer
NTUC Income
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