Most insurance companies take away 17 to 19 months of your savings as upfront charge under their investment linked plan (ILP). The ILP plan from NTUC Income (ie Ideal plan) takes away only 7 months. (See www.askdrmoney.com).
The difference is 12 months. We give 12 months of savings extra.
If the monthly saving is $300, we invest an additional $3,600, compared to other plans. Assuming an average return of 6% p.a, the additional investment will amount to $20,000 at the end of 30 years.
They can get $20,000 more, by investing with NTUC Income.
Why do the other ILP plans take away 19 months? Because, they pay higher commission to their agents and aim to make more profit for their shareholders.
Why does NTUC Income take away only 7 months? Because, we pay lower commission and reduce our expenses.
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