Great Eastern Maxgrowth Endowment

Much better to put these money into CPF SA and prep for retirement anyway, better interest and government guaranteed 4% interest as of now. even OA is much better at 2.5%. Bought in 2016 and supposedly maturing soon will see the final amount.

Earlier this year, I almost bought an endowment plan from another bank.

The sales team leader focused heavily on the illustrated 4.5% return and repeatedly told me that his customers had achieved the projected returns over the past few years. Based on our discussion, I came away believing that the plan offered reasonably good long-term investment growth.

After signing the application, I brought the policy documents home and read them carefully. I noticed that the historical bonus rates stated in the policy were much lower than what I had been led to expect. When I called him for clarification, he explained that the returns were based on compounding. I was still not convinced, so I continued reading the policy documents.

I then came across the surrender value table, which showed that even after many years, surrendering the policy early could result in receiving significantly less than the total amount invested. This was very different from the impression I had formed during our discussions, so I called him again to seek clarification.

This time, he became upset and said, "You're wasting my time. If you don't like it, then cancel it. I can't afford to keep spending time explaining it to you."

I was shocked by his response. I felt that the way the product had been presented gave me an impression that was very different from what was stated in the policy documents.

Fortunately, there was a 14-day free-look period, so I cancelled the policy and received a full refund.

That experience taught me an important lesson. I now make it a point to read the policy documents carefully instead of relying solely on a sales presentation. Personally, I now view endowment plans primarily as protection rather than as growth investments. If my objective is long-term investment growth, I would consider other investment options instead.

Hi, I am no exception from you all. The maturity payout is even lesser than the 3% illustrated! I did a search with AI and learnt that FIDReC is a channel for such dispute. Has anyone tried disputing through FIDReC?

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