Aviva MyEasySaver

[ChloeNeo3411]

Hi,

I am new here, but I need to ask some pressing question with regards to Aviva MyEasySaver.

I was walking around Suntec City that day and one of the sales people from Aviva keep asking me to sign this plan say save $200/mth can get 3% returns.

I really signed but was doing some research online and chance upon this website. I read the details on the page and realise it is different from what the sales person say. I also read the Aviva webpage too.

This is the website link: xxxx

Can you all tell me is this product good? I just want to make sure it is principal guaranteed and I can get back my money. Or put in bank better？I thinking of cancelling it if its not good!

Thanks in adv!

[ecureilx]

Hi,

I am new here, but I need to ask some pressing question with regards to Aviva MyEasySaver.

I was walking around Suntec City that day and one of the sales people from Aviva keep asking me to sign this plan say save $200/mth can get 3% returns.

I really signed but was doing some research online and chance upon this website. I read the details on the page and realise it is different from what the sales person say. I also read the Aviva webpage too.

This is the website link: xxxxxx

Can you all tell me is this product good? I just want to make sure it is principal guaranteed and I can get back my money. Or put in bank better？I thinking of cancelling it if its not good!

Thanks in adv!

Don't let a insurance company manage your investment. Put it in a savings account.

I lost 12k with Pxxxxxxxl.

Because a) I trusted the agent who was a member of the million $ round table and b) I didn't read the super fine print of no money for the first 5 years even if I am jobless, but I must continue to contribute or lose it all (and that's how I realised I been shafted by myself) and c) even super fine print that only 75% was being channelled to saving, since, after all, it's a insurance linked savings plan - insurance I didn't need never used since my then employer covered me fully.

Once was enough.

If I had been putting money of 12k into a bank account I would have had 12k when I needed it.

Not zero $

Rant over!! Sorry to rain on your parade..

PS, you signed up? Did you read the exit clause?

[taxico]

she's posting the same thing on multiple forums.

my money says she ain't bona fide.

[ecureilx]

she's posting the same thing on multiple forums.

my money says she ain't bona fide.

She's promoting AVIVA I guess ?

[archcherub]

go for those IFA or insurance brokers
they are more neutral and will not push for 1 single insurer because they represent many insurers

[ChloeNeo3411]

she's posting the same thing on multiple forums.

my money says she ain't bona fide.

Yes I am posting on 3 forums just to get the fastest reply. You are a regular of forum eh!

Anyway, in the end I cancelled my plan but the agent keep telling me this is actually very good. I have also got replies from other forums that say the 3% is not guaranteed:-|

I asked her and she say yes not guaranteed but past performance all is 3%. Now then change say not guaranteed.

I chose to cancel the plan after i contact one of the comparison site online and the person send an adviser down that can sell all products from all insurance company. The person in the end told me to buy a whole life insurance since I do not have one. Again, headache.

He told me Manulife LifeReady and Aviva MyWholeLife.

I listen till gong gong liao. How ah? U all think good or not?? He say the Life Ready is new product very powerful one but I scare kena cheated again Haiz.

[Strong Eagle]

NEVER invest in anything that someone keeps trying to talk you into buying.

Never "invest" in whole life insurance. Never invest in an annuity.

It has been proven time and time again that no managed funds of any kind every beat the market as a whole. You want to invest? Get into an exchange traded fund whose investments match a current market index, for example, the Standard and Poor's 500... the 500 largest US companies, which comprise about 85 percent of total stock market coverage.

[SamG]

Not everyone are meant to be investors.

Anyway, Chloe, just curious which comparison site you went to?
There are FAs (Financial Advisory) firms that can recommend you products from different insurers, but they could be biased with their advise.
There are also IFAs (Independent Financial Advisory) firms who provides unbiased advise.

Some FAs market themselves as Independantly-owned Financial Advisory firm, which easily misleads people thinking that they are unbiased, however they can be incentivized by specific insurers to particularly push their products at times. Do beware.

For the benefit of others, one of the largest/strongest sales team previously from Pxxxxxxxxl has been bought over by AxVxA. That explains why a new batch of lousy salesmen starts appearing in the malls and on streets.

Are you a foreigner? You name ChloeNeo sounds pretty local to me.
MyEasySaver is a regular premiums endowment with guaranteed returns lower than the total premiums you put in (not capital guaranteed). Based on the BI i generated, net yield projected at 4.75% is only at best 2.5% (tt 3% the agent mentioned is total BS). Good that you've surrendered the policy. I hope you cancelled within free-look period?

With regards to Whole life plan (if you do investment on your own, buy Term instead), my personal favourite is Manulife's LifeReady. Reason being you pay lower premiums for higher coverage compared to Aviva's MyWholeLife, which focuses on it's surrender/cash value instead.

While cash value is good for people who doesn't invest but aims to grow their money, the idea for getting an insurance plan should still be placed on getting ample protection rather than aiming to get the cash value in the future if you live a healthy life and wonderful life ahead.

Some might find plan A more suitable than Plan B and vice versa. There isn't a right or wrong as long as the plan is not crappy (like what you were previously sold) and that you fully understand how the plan works when you make comparison and decision.

Finally, NEVER buy a financial plan on impulse. The damage done is worst off than buying the wrong pair of heels.