Wednesday, July 29, 2009
50% compensation for Minibond
Hi Mr. Tan
Thank you very much for helping the CLN victims. Your Blog has been my lifeline for the past few months. I have signed your petition to PM Lee.
I invested $X in Minibond. I have filed my case with FIDREC. Upon mediation, FI offerred 20%. I rejected and went for adjudication. FI then offered 35%. I submitted additional documents.
Later, the FIDREC case manager informed me that the FI offerred 50%, the amount I initially asked for. The final offer of 50% made me shocked, very angry and felt very bullied again. I wanted to go ahead with the adjudication. Can I ask for 100% compensation? Can I accept the compensation, as I already signed the Petition?
REPLY
It is all right for you to accept the compensation, although you signed the Petition. I suggest that you should ask for compensation of 50% and any balance on maturity (in case the matuirty sum exceeds 50%). Some of the Minibond actually has value more than 50%.
Lesson: It is quite bad for the financial institution to make it so difficult and stressful for the customer to get fair compensation.
Thank you very much for helping the CLN victims. Your Blog has been my lifeline for the past few months. I have signed your petition to PM Lee.
I invested $X in Minibond. I have filed my case with FIDREC. Upon mediation, FI offerred 20%. I rejected and went for adjudication. FI then offered 35%. I submitted additional documents.
Later, the FIDREC case manager informed me that the FI offerred 50%, the amount I initially asked for. The final offer of 50% made me shocked, very angry and felt very bullied again. I wanted to go ahead with the adjudication. Can I ask for 100% compensation? Can I accept the compensation, as I already signed the Petition?
REPLY
It is all right for you to accept the compensation, although you signed the Petition. I suggest that you should ask for compensation of 50% and any balance on maturity (in case the matuirty sum exceeds 50%). Some of the Minibond actually has value more than 50%.
Lesson: It is quite bad for the financial institution to make it so difficult and stressful for the customer to get fair compensation.
Company Y not wanting to pay out my insurance claims
Dear Mr. Tan,
I was diagnosed and operated upon for my brain cancer. The cancer is classified as terminal. With the doctor's recommendations & letters, CPF paid all my savings into my bank account. Company X initially refused to allow me to claim my DPS but after I send them the CPF statement - they paid me as well.
I did a similar claim with Company Y for 3 policies. For more than a year, they have been giving excuses after excuses in not wanting to pay me by saying the requirement for us to pay a claim for Total & Permanent Disability is:-
"totally & permanently disability so that life assured cannot engage in any occupation, business or activity which pays any income"
OR
"suffers total and irrecoverable loss of effective use of
- both eyes; or
- any 2 limbs at or above the wrist or ankle;
- or one eye and any one limb at or above the wrist or ankle"
Company Y is adamant in not wanting to pay me - I even got a letter from my last employer as to why they could not hire me back and they verbally told me they need more proof of further rejection letters. I had paid my insurance premiums monthly for the last 23 years without any default to date.
I hope you can take advise me on how best to approach Company Y.
REPLY
You can lodge a complaint with the Insurance Commissioner's Office in MAS. Show them evidence of payment by CPF and Company X. MAS will ask Company Y to justify their delay.
You can also make a complaint to Fidrec, www.fidrec.com.sg. As your claim exceed $100,000, you can select one or two policies that fall within this limit to lodge your complaint.
Lesson: Insurance companies usually make it difficult for the customer to claim under its permanent disability of critical illness cover, especially for large sums. This is why I recommend against insuring for large sums under critical illness. There is no point in paying so much premium and to face difficulty in making a claim.
I was diagnosed and operated upon for my brain cancer. The cancer is classified as terminal. With the doctor's recommendations & letters, CPF paid all my savings into my bank account. Company X initially refused to allow me to claim my DPS but after I send them the CPF statement - they paid me as well.
I did a similar claim with Company Y for 3 policies. For more than a year, they have been giving excuses after excuses in not wanting to pay me by saying the requirement for us to pay a claim for Total & Permanent Disability is:-
"totally & permanently disability so that life assured cannot engage in any occupation, business or activity which pays any income"
OR
"suffers total and irrecoverable loss of effective use of
- both eyes; or
- any 2 limbs at or above the wrist or ankle;
- or one eye and any one limb at or above the wrist or ankle"
Company Y is adamant in not wanting to pay me - I even got a letter from my last employer as to why they could not hire me back and they verbally told me they need more proof of further rejection letters. I had paid my insurance premiums monthly for the last 23 years without any default to date.
I hope you can take advise me on how best to approach Company Y.
REPLY
You can lodge a complaint with the Insurance Commissioner's Office in MAS. Show them evidence of payment by CPF and Company X. MAS will ask Company Y to justify their delay.
You can also make a complaint to Fidrec, www.fidrec.com.sg. As your claim exceed $100,000, you can select one or two policies that fall within this limit to lodge your complaint.
Lesson: Insurance companies usually make it difficult for the customer to claim under its permanent disability of critical illness cover, especially for large sums. This is why I recommend against insuring for large sums under critical illness. There is no point in paying so much premium and to face difficulty in making a claim.
Gathering on 22 August at Hong Lim Park (2)
The gathering of investors of the credit-linked notes will be held as follows:
Venue: Hong Lim Park
Date: Saturday 22 Aug 09
Time: 5 pm to 6.30 pm.
There will be signing of the Petition asking the help of the Prime Minister to get a settlement similar to Hong Kong for investors of the credit-linked notes. The online Petition has gathered 600 signatures. The physical signing is for investors who were not able to sign the online Petition.
There will be a donation box for investors to make a contribution towards the expenses of the Gathering. Any excess will be used towards an advertisement on the Petition (if there are sufficient money) or contributed to the newly formed Financial Services Consumer Association (FISCA). Any deficit will be underwritten by some well-wishers.
Venue: Hong Lim Park
Date: Saturday 22 Aug 09
Time: 5 pm to 6.30 pm.
There will be signing of the Petition asking the help of the Prime Minister to get a settlement similar to Hong Kong for investors of the credit-linked notes. The online Petition has gathered 600 signatures. The physical signing is for investors who were not able to sign the online Petition.
There will be a donation box for investors to make a contribution towards the expenses of the Gathering. Any excess will be used towards an advertisement on the Petition (if there are sufficient money) or contributed to the newly formed Financial Services Consumer Association (FISCA). Any deficit will be underwritten by some well-wishers.
Books and puzzles
I like to introduce you to my books and puzzles. They are good for children, adults and seniors. They develop logic, intelligence and exercise the mind. Have hours of fun and enjoyment.
More details are found here:
www.easyapps.sg/ishop
More details are found here:
www.easyapps.sg/ishop
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