Blow the whistle on hidden charges

Here is a letter by Su Kim Teck printed in the Strait Times.

I have written a reply to the Straits Times to address the key points in the letter. In this blog I will only touch on the point why I did not "blow the whistle" earlier on the hidden charges.

First, I wish to point out that this type of personal attack is not necessary for the debate. As the Straits Times found it appropriate to print it, I have to give my reply.

My explanation is:
a) I did raise this issue earlier, but they did not reach the public domain
b) It would not be appropriate for me to criticize the marketing methods of the other insurance companies openly
c) Perhaps NTUC Income was also involved in adopting some of the "market practice" at that time.

When NTUC Income introduced its investment linked policy during my time, it kept its upfront charges to a total of 45% of the annual premium (compared to 160% of most other insurance companies) and made it quite explicit. Another product was introduced that kept the charges to a fixed amount (at a rather modest level).

Tan Kin Lian