Dear Mr Tan
I attended a talk you conducted when you were still with NTUC income and you came across as honest and sincere.
I vaguely understand that Revosave is a combination of insurance, savings and investment. Expecting no one to support my needs in old age, I bought Revosave on impulse, putting in about $1,000 every month. If I understand correctly, I should be getting a "guaranteed cash benefit" after two years, but how much and whether it is worth it, I don't know.
I am past 55 and getting worried that I would not have the resources to put aside $1,000 a month till I'm 70 years old to benefit from the plan. Should I cut my losses and terminate the plan now and just put my money in a fixed deposit?
REPLY
It is improper for the insurance adviser to sell you a policy without considering your abilty to pay the premium. If you have been badly advised, you should lodge a complaint with NTUC Income. If they do not give you a suitable redress, you can complaint to FiDREC (www.fidrec.org.sg). You should not have to suffer a big loss from this bad advice.
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