Home / Malaysia Insurance Law / Insurance Law I want to surrender my policy insurance

I want to surrender my policy (modified 0 times) md.noor hi there ! i just want some advices from " otai-otai" in this forum, almost six years i was paid a premium of my endowment insurance, and i want to surrender my policy because some reason.... the problem is ,at last weeks i try called the ins company's about this things and asked either i got fully refund or not. ins.company tell me, they can refund only about 40% for what i paid,they said the reason many ins.company just paid same liked that.If i satisfied,they asked me to write the letter to company. the question is: 1.is it logic the company paid me just 40% only? 2. is it possible i cant get back what i was paid? hope someone can give some advise .TQ 20 Nov, 2009 23:05:51

RE:I want to surrender my policy (modified 0 times) Unknowm I am sorry to said, if you are hoping to get at high return for your policy or saving and flexible like bank to withdraw/surrender anytime, what for we need bank? Guarantee high return= time needed NOT SURRENDER ANYTIME! Low interest but flexible = bank 26 Nov, 2009 20:35:01

RE:I want to surrender my policy (modified 0 times) Jesus Read the policy. Its where the details about the company's liability to you is enshrined. If you seek short cuts, your pay outs will also reflect the short cuts. 01 Dec, 2009 19:07:06

RE:I want to surrender my policy (modified 0 times) simpoon48@gmail.com hi there ! i just want some advices from " otai-otai" in this forum, almost six years i was paid a premium of my endowment insurance, and i want to surrender my policy because some reason.... the problem is ,at last weeks i try called the ins company's about this things and asked either i got fully refund or not. ins.company tell me, they can refund only about 40% for what i paid,they said the reason many ins.company just paid same liked that.If i satisfied,they asked me to write the letter to company. the question is: 1.is it logic the company paid me just 40% only? 2. is it possible i cant get back what i was paid? hope someone can give some advise .TQ 20 Nov, 2009 23:05:51 Dear Friend, Buying an insurance policy is like acknowledgement of risk of a lifetime/or period of time, say 20 years endownment in your case. Insurance company gives away bonus/dividend such as reversionary/simple/compounded calculation involving statitical data and mortality table as projection and real scenarios may be different. Say in twenty years you are suppose to get a return of 2, 21/2, or 3 times what you have invested, when compare to other instrument of saving and instrument such as F.Deposit. The company still assumed some risk if out of the contributor group a percentage may visit god/heaven leaving no contributions and claim face amount of his/her policy in advanced rather then the survivors. During the policy period most Life quotation are regulated by bank negara on projection with company's letterhead and policy documents are required to state the guaranteed part of cash available table when policy surrendered. To prevent abuse of this system a penalty normally imposed on contributor who opt out earlier as the company needs to pay for agent commission, operation expenses such as staff, management, utilit,licensing, overhead, and insurance benefits such as claims and maturity, surendder of policy. Surrendering a policy should not be an option but as a feature in the policy and as the older you get you earning power decreased. Needs increase such as inflation, dependent, retirement. Will this clear the air for you. Certified Insurance Consultant 05 Dec, 2009 17:54:01

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