Saturday, August 1, 2009

Etiqa Takaful: Mesra

I was approached by some Etiqa agents after withdrawing money from an ATM machine. They set up a counter at the Maybank branch, opened til 11pm. There were at least 4 agents stationed there.

First, they try to attract your attention by asking you if you have a Fixed Deposit account. Then they tell you the rate is only 2% now (July 2009). Why not save in our Etiqa Takaful product where you will get 5.5% - 8% per annum? Sounds good eh?

This will be told to you: "You only have to save a minimum of RM100 per month. You will even be covered with a life and disability insurance under the Takaful scheme. This plan's maturity is 30 years, but you can stop and withdraw your money any time."

Your money will be channelled into two accounts: Tabung Tabarru (which invests in halal products and companies) and your savings account. 80% of the profits from both accounts will be added into your savings account each year, whereas the remaining 20% is given to Etiqa under the Islamic profit-sharing concept (mudrabaha).

Some agents are trained to tell you that this is not an insurance or investment policy, and this is a pure SAVINGS plan / contract.


This is what they usually hide:
  • Part of your savings is donated to the Tabung Tabarru. 1st Year: 100%, 2nd Year: 90%, 3rd Year: 50%, 4th Year and onwards: 25%. The rest goes into your savings account, which you may withdraw from at any time. So, if you decided to stop saving/cancel within the first year, you won't get anything back.
  • As a huge portion of your savings is donated to the Tabung, you're left with a maximum of 75% in your savings account. Even if you get 5.5%-8% profit, it will not be much considering the minimum 25% 'used for the insurance'.
  • As an Etiqa agent pointed out in a LowYat forum thread, it will take roughly 12 years before your 'investment'/savings break even! This is awfully a long time.
  • Overall, for 30 years, the annualized returns is approximately 3% only. It is so much better to invest elsewhere.

So, as a savings plan, this product really SUX! 3% for 30 years, no way. Even the FD rate will increase in the near future. But you may see it differently if you were to view it as a life insurance product.

162 comments:

  1. Thank you very much for the information!

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  2. I don't think FD rate will increase, just look at past history, from '97 9.33% to now 2.5%, look at Singapore,'97 4.41% to now 0.83% so FD continue to suck (because bank lower down borrowing rate OPR). So if you're interested to invest elsewhere, why not try Public Mutual, average 15% or more, contact me tehchekyih@gmail.com

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  3. Jacky, in my opinion, Malaysian FD will increase a little, but only to the region of around 3%. It won't be this year though, maybe next year or two.

    I do agree FD sucks. Unit trusts are good for investors with little investment knowledge to make their own decision or analysis, but otherwise, I feel that it's good to try it out and learn it on our own. If we really can't make money, then better to leave it to fund managers.

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  4. yup...agree with u, i get cheated.. therefore I need to bringg this case to tribunal

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  5. hey anonymous did you get any statement??

    anonymous 2

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  6. "Part of your savings is donated to the Tabung Tabarru. 1st Year: 100%, 2nd Year: 90%,..."
    -- Please share with me any policy having cash value if the policy is terminated in the early years? Like the rest, the fact is there are expense to cover and a foundation to build to sustain the later years should the person decide to pause payment after like the sixth years yet without the risk of lapsing the plan within just few years.

    "As a huge portion of your savings is donated to the Tabung,..."
    -- This is a simple saving plan (pay RM100 monthly for 30yrs get about RM70K in the end on 5.5% interest). But right on the start, the insured is given about RM170K plus of protection on incident of death/TPD/PA... (Higher if the person pays RM200 or more). The RM170K shall increase each year on any announced interest rate as per your saving also. So while the person gets only RM70K on RM100 monthly after 30yrs, throughout the period the person is covered quite decently though. Of course, like what people said, "Even if i want to give you this Protection money, you won't want it also!". This is a simple saving plan with handy value-added feature should the incident arise.

    "As an Etiqa agent pointed out in a LowYat forum thread,..."
    -- if continually paying for ten yrs and on 5.5% interest throughout, the person could consider not putting any more fresh fund afterwards yet the plan still remain active till the end, but of coz there will be little money left to withdraw like abt RM10K. But remember, the person will remain protected still throughout the period at least RM170K. I can't say if other plans will breakeven after sixth or eighth years, but again, we have to look at how much we are paying in the first place to begin with.

    "Overall, for 30 years, the annualized returns is approximately 3% only. It is so much better to invest elsewhere."
    -- This is a SAVING plan, if the person is to desire higher return, property/shares/Unit Trust shall beckon, it is surely unwise to even consider this plan. Nevertheless, it is a saving plan with handy protection should the occasion arise. The trend moving forward is more likely to be of lower interest than otherwise, look at S'pore, Japan, Taiwan, US.

    I suggest you approach an Etiqa unit manager as such, hopefully they will explain better than what i said here. I feel bad too if you are misled into buying this plan thinking otherwise.

    K

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  7. To the anonymous above,
    I'd say it's a pretty standard Takaful plan. It's the method and gimmick of some agencies approaching ppl that annoys us.

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  8. To MyPrecious,

    I agree, a better communication is necessary especially when comes to commiting your hard-earned money.

    To clarify, Islamic version of insurance doesn't work on the same principles the rest of the policy do. So the interest rate is only a projection, but again, please take note of any profit made from using the pool of money provided by insured, 80% of the profit shall return to insured, 20% back to Etiqa. This ratio doesn't exist in non-Islamic product, as who in normal frame of mind will distribute 80% of the profit back to shareholders?
    For example, Etiqa uses the pool of money to buy the land for Sime Darby to develop another palm oil plantation in Indonesia, after in operation Sime Darby shall gradually buy back the plant and everything from Etiqa with of course higher price such as in Islamic banking.

    K

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  9. ya...i gt cheated oso...planning to cancel it and get bec my money

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  10. hi, anyone know the procedure of canceling the plan ?

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  11. Bryan, bring your policy to the Etiqa office and fill up the surrender/cancellation form. If your policy is still within the cooling off period (15 days, I think), then you will get full reimbursement.

    If not, you'll only get a certain portion of your premiums back, depending on how long you have been holding on to your policy.

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  12. i think i got cheated too! the way they approach me and my husband is a savings plan with high return which previously only meant for muslims! and when i got the policy it looks more like an insurance policy... i am really disappointed with this kind of marketing strategies.

    i wonder where can we file compain of such unscupulous act?

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  13. Anonymous,
    You can try to lodge a complain through this website (National Consumer Complaints Center):
    http://www.nccc.org.my/v2/

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  14. I think I got cheated too! I just signed up the plan in the afternoon by paying RM300 via ATM card, but plan to cancel it now. I can only cancel it and get back my refund(RM300) when the contract issued 2 months later? Is it possible to terminate now?

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  15. To the Anonymous above, you should return and cancel your policy within 15 days of receiving it. This is the ruling by BNM:

    "Within 15 days of receipt of the policy, the
    insured can return the policy without giving any
    reason and the insurer then has to refund the
    premium which has been paid, subject only to
    the deduction of the expenses incurred for the
    medical examination of the life insured. This is
    known as the “cooling off” period."

    I'm not sure who you paid the RM300 to, but it's better to get your refund (usually by cheque) from Etiqa directly.

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  16. Is not a cheated la.... they are using compaund interetsed ur interest is more than 3% la.... if u don't trusted u use excel worksheet to count.
    Part of your savings is donated to the Tabung Tabarru. 1st Year: 100%, 2nd Year: 90%, 3rd Year: 50%, 4th Year and onwards: 25%.
    EG: RM 100 per month = Total saving is RM36K, then total donated RM10980. total u get at the end is RM59,263.76, u still earn RM23,263.76 interest. (base on 5.5% per year).... any comment can email me b_heong@hotmail.com

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  17. Green, some agent mislead or hide certain info to the clients who signed up for this policy. Especially on the Tabung Tabarru part, where a big chunk of your investment gets donated, and considered gone. Even though you still get interest based on the $ in the Tabung Tabarru, the trade-off is not worth it.

    As an investor, we look at annualized interest, and not total interest over the years. And 3% is a small figure.

    And I say again, this is marketed as an investment product (another misleading concept), so it's not worth it. But as an insurance product, it's a different case.

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  18. This is just a saving not a investment.

    I don't know how how u get the 3%. there is many way to calculate the interest, u can base on 1st year (sure lost), base on 10 years) base on 30 years.

    In the market got a lots of saving product, a lot of product also hiding some term & condition behind, is whether we got go and ask and research on the product or not.

    Don't have No. 1 product in market. All also want ours money for investment, sure the Company earn a lot one.

    As long as u feel comfortable, saving here or there is the same. Save better than don't have saing la....

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  19. i think i get cheated as well yesterday. gosh! does anyone manage to cancell this plan and get 100% refund? i want my 300 back :( i called the agent and she said i've to wait for 2 month for the contract first. so distracted! >.<

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  20. thanks so much for the advice.

    are they sending the contract thru mail or by hand? coz now i start to worry if the agent try to delay the policy. if by post at least I had evidence of the date.

    however, thank you.

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  21. manek, my agent delivered it to me by hand.
    Did you have any receipt of payment of any sort to use as proof of the sign-up date? That could help you out, in case your agent tries to use that dirty tactic.

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  22. This comment has been removed by a blog administrator.

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  23. u guys r so funny out there...pls ask clearly before buy..after buying only ask..then wanna do cancel..this n tat..susah sendiri sudah those agent...

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  24. i bought this takaful 2 yrs ago..not much la..rm200 per month..so far so good..i undrstood tat is a long term saving..got life insurance coverage as well..not bad wat..rm200 can buy 2 things..saving + life..i think it's a good plan..my agent explain very clearly to me..spend abt an hour..coz i hv so many questions..haha..
    finally,i really understood abt this plan..i mean the purpose..as he told me..all ppl need 3 type of account..S,M,L..short term..middle...and long term..different designed account for different purpose..like FD actuallt considered shoet /middle..to save money for 1 ,3 or 5 yrs..takaful saving is at long term category..is to save money for future..
    i m quite buy his concept..becoz all of us will become oldman 1 day..we lost earning power but we still need money wat..he told me takaful wouldn be high but stable..coz saving plan 's interest never can be high..if saving plan interest can as high as investment..who wan to take risk anymore right?saving means let our money grow without risk but it needs time..becoz compounding needs time..
    i hope wat i heard is true ,but honestly..he really gv me a good share..he even said for long term saving..actually dunhv to put too much money..coz puting too much is not 'logic'..if our extramney got rm1000..ut 200 to 300 is enf..others can put for unit trust or others got risk product...for long term saving,wat we need is 'habit'
    i think i got luck..my etiqa agent is good and patient..i can remember the point so well becoz i used to be insurance agent for 3 yrs..
    anyway..i hv met some other agents as well at roadshow..told me 3 yrs or 5yrs can get back money..i think they r no professional at all!!

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  25. To Anonymous above, they employ tactics to deceive us. So they susahkan themselves and us, the buyers. Some of us won't notice or won't know what to ask. That's what this post is for.

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  26. Sherly, I'm glad you met a good and professional agent. There are a lot of new/young agents out there who are trained to close sales and not to service a client well. A good agent really makes you feel good about buying a product.

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  27. yes. agree... agent like that destroy others agent's reputation.

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  28. Green, do you have any excel which to calculate this? Sherly, you are so lucky to meet prof agent! my agent also cheat me said got return by every year, hidden all the others information. And i just found out i been cheated when i received an email from my sister. Now i only know about the calculation. I already paid for this policy about one and 1/2 yrs, if i cancel now, i wouldnt get back any refund.. i was thinking a solution right now. very upset!!!

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  29. Dear Green and sherly, i just call to etiqa asked about my plan (Mesra plan), they told me this plan really no interest at all. Based on their calculation, if we pay RM100/mth, 30yrs, RM36k, however we only can get back RM25,050, w/o any cents of interest. They said cox what i bought is under type of insurance. If your plan is under conventional, it's only have profit sharing basic, which is not guarantee got return value as well. Now, i was headache of what i have paid. Cost me about RM5000 already, if i cancel my policy right now, only can get back RM90.00. How sad with this!!!! any comment can share with me at "isngui@yahoo.com"

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  30. Dear Anonymous,

    Kindly give me the name of the staff or officer, which branch and his or her telephone number you called and i want to ask cause i want to know why this person said like this to you.

    Thanks.
    Blue

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  31. hey.. i had the same situation too. i already sent the surrender letter n only can get back rm60 something. so what should i do to get fully refund back.. any comment can share with me at "pookzhongling@hotmail.com"
    thanks a lot..

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  32. I have been cheated too! I joined this plan 3 months ago and due to some financial issue I need to cancel the plan. But the agent told me that the plan only can be cancelled after I had received the policy that approximate will take 2 months to be delivered by post. But after I received and gone through the policy then only realized that the cooling off period is 15 days after the policy had been issued (but the receipt and policy was officially dated 3 months ago!). There was completely 2 months plus over the cooling off period already. Am I still able to refund back all my money? If I surrender now, I only can able to get back 40~50% of my money. This is totally a cheating threat!!! I wouldn't believe on this kind of products and agents in my whole life anymore start from now!

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  33. To the anonymous above,

    If you can prove the date you received the policy, and it's still within 15 days of receipt, you can apply to use the cooling off period. You can name your agent for using this underhand tactic. The cooling off period starts from the time you receive the policy/contract.

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  34. i am one of the victim too. besides that, i had called up the customer service many time to ask for illustration as it was never delivered to me from agent or etiqa itself, however, it was never being sent as well. According to BNM, all the policy we bought must attach with sales illustration. we all get coned...
    according to an experience insurance agent, we can all complain to the consumer department, then raise the issue of the con job because i am very sure Etiqa aware of the team going out all the shopping mall selling the plan and cheat people.. and they let it run for almost a year....

    i was just awared that two weeks ago i got coned when i recieve email from someone saying this plan cheat. what an unethical agent going around the cheat people including the company aware of it but not doing anythings. we all should fight for our full refund..... I had been paying for a year RM6000 in total...and went cancel the policy and one ot the staff said this is special case and company aware that the agent going around to cheat....so we all can appeal... or else we should escalate the issue to newspapar... too many victim out there.

    Victim by Etiqa

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  35. Hi,is there any way to get back all the money that I have contributed?Should I write a formal letter to request?

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  36. I have been paying almost 1 year plus.Am i still able to get all my refund as I got cheated?

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  37. "Based on their calculation, if we pay RM100/mth, 30yrs, RM36k, however we only can get back RM25,050, w/o any cents of interest"

    is tat true? the agent told me can get back 70k++ at the end of 30 years.. she somemore showed me the payback rate table..but in the policy sent to me, dun have all this thing at all... we all get coned!!!

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  38. i also got conned by an agent when me n my friend bought this plan abt 2 yrs ago at midvalley. my friend was so furious when she knew that the plan was not as what the agent described, when she confront the agent, the agent said he did explained very clearly(he didnt,if not we wont be so angry!!!!)so my friend got angry and just stop paying as its like another life insurance to her,as she had many life insurance in hand,there is no need for another 1. For me, i just continued as i didn't have a life insurance that time, but I'm very sure we got conned by the agent as he didn't explain the plan clearly and told us that we could stop paying after 5 yrs!
    today i received a letter from etiqa saying that they will refund my money fully if i would wish to terminate my policy in 15 days cooling period, so check your mail box whether u receive such letter too.So those who wish to terminate your policy, do call up etiqa to get bck your full refunds.
    SHAME TO THOSE ETIQA AGENT WHO LIE TO US!
    they just wants to earn our money without telling us the truth!

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  39. I have written the complaint letter,if I dont get bacj full refund,I will report to BNM.LUckily,I received the letter too by today.I am sure every 1 lost their trust.Etiqa agent also 1 of the victim.IF lie,every agent will lie different story.But this time almost every people facing same situation.I believe is their agent's team leader who guided them accordingly with misleading infor.I hope every 1 will get back full refund.Thank you Etiqa for being helpul in this matter.

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  40. I received the letter and called the CS. She informed the due date to submit termination is by end of this month. We need to also write a letter on our wish to terminate the contract, and also enclose a photostat copy of IC and also write the maybank account no. if applicable. I just sent the letter through post laju to make that deadline. It's pretty clear that the fault rest on eTiQa's Agency Management Team on misleading all those agents and us indirectly.

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  41. Dear Ladies & Gentlements,
    I do not understand why you all always complaint to be cheated, to be con. Actually, takaful product is very good. Do you think insurance is so good ? Do you think Unit Trust, Bond, Mutual Fund so good ?? You will gain tons of money from them ?? Insurance company will give you all the profits ? Come on, which company including small enterprise also need profit. You all discuss until takaful company no need to have profit, only insureds or customers will get. End of the discussion, you all just save that RM 100, RM 200 per month equal to RM 3.33 , RM 5.00 per day also want to bargain for nonsense. Come on Ladies & Gentlement, this is modern generation. If you buy MLM Products,such as Amway, Cosway, Sunrise, eventhough shopping complex products, such as Pantene, Ginvera, Lux.... when you tried the products not suitable for you, you will assist to promote the product is useless. Where else, the factory is still producing the products, is still widely in the market. Conclusion, is nothing wrong with Etiqa or Takaful Product or Maybank Product....It's about people not policies. Please realise !!!

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  42. To the Anonymous directly above me,
    Yes, there's nothing wrong abt a takaful product. The thing that is wrong is the way some agents market the product by hiding very important information, and by telling some lies.

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  43. I do agree nothing bad abt the product, but they are not telling the truth,so what we are angry abt is v don't really know what we are buying in the 1st places, that's y we felt that we got cheated.

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  44. I have heard that BNM is allowed participant of etiqa mesra to cancel the contract and get the full refund. But i have no idea how to terminate the contract??? Any recommendation?

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  45. To the Anonymous 2nd & 3rd above me,
    I appreciate your excuse that the unwell-trained agents brought your thinking direct to another world. First at all, which agent will tell the truth of the products. Attention please, I asking all the agents as well ??? Do you ??? Will you ??? Maybe you will lie by saying "yes". Or else, I gave a clear picture by marketing product, will Lux company announce to public that side effect will appear for long run ?? Will any perfume company announce for the same thing ?? Takaful already appeared since 1984 starting by Malay Market. But, once the market strategy come to this chinese group, so call SC, everything have been poluted.Etiqa image spoilt because of those SC idiot. I do not know why you all can believe those young boys and girls. Maybe you all attracted by their pretty, handsome, sexy, or ...... because, you all do not even what you buy, but bought!! any common sense ?? If you can give me your reason why you sign up at that moment by do not know what you all buying, i will give you comment later.
    Hope that you will reply......

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  46. I had paid for 2 months for this Takaful Mesra thing, and yet I still haven got my policy.. When I asked my agent, he said that the policy was with him and he was waiting for the arrival of the "gifts" before he can give me together with the policy.. I paid RM 350 per months just to know from the mouth of other officer (NOT MY AGENT, HE NEVER TELD ME THIS PART) that my contribution to saving in first year is 0% and 100% will be contributed to insurance.. what is this?? I was told that this is a saving plus investment plus insurance policy!! thats what make me brought it in the first place...

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  47. oh...to the person above me...this is the main point that they didn't tell us. That's why most of us felt that v got conned and decided to get another plan. And when u ask the agent y didn't he tell u this, he will said :"I DID"! and that's bull shit!But seriously it's not only etiqa that have shity agent.... most of those insurance agent,they are the same... no difference! Just a matter of which u think is better.

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  48. Hi all, I also receive the letter bt bcoz i did not realize this so I did not contact them for Terminate. Is it still can terminate now? I had paid rm1200 throughout last 2 years. Anyone know how much I can get back?

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  49. all this is not a company problem is the agent dun pass the term and condition clearly to you and anyone who put in the money few month and wanna cancel or take back money then better go save at saving account interest rate(0,2-0.8)witch you can take money any time any where<--how to save your money so easy put in so easy take out.long term saving plan is save small money in period and get a higher interest.So most of the agent dun suggest to take the money out in early because the interest is high not enough(even can take the money)

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  50. basically, some of the agents didnt explain the terms and conditions well to you all. as i know, this plan isn't an insurance plan.
    if he/she whoever agent that told you it is, then they might have transfered the wrong information to you. the saving plan incurs a benefit which provides funding from the TSM(tabung) that is similar to Singapore's NTUC. which is not exactly like insurance where you have to actually pay your premium monthly // once you stop paying your premium, the policy will not be insured.

    this saving plan provides the benefit when you start saving for the 1st year. all they way until the final year.
    your questions would be: what happens if i dont pay the 2nd year/ following month, will i still gain the benefit?
    of course you will.

    but let me ask you this, why do you plan to save money? for your future right? therefore, why can you save for the 1st year, and not for the following months or year?
    if one simple commitment as saving rm100 a month cannot be fulfilled by you. how can you be a lawful husband in the future for your wife? how are you going to manage a business, if you have one?

    saving in this plan is a long term saving plan.
    the longer you save, the higher interest rate you gain.
    as what anonymous said, savings are classified into 3 parts. SML
    short is for convenience, ATM.
    middle is to see quick return rate, for exp, FD, which requires at least a minimum of 200k to achieve an annual return rate of 5.5k. (yearly)
    long is for saving plans like etiqa. to ensure that you have a fund to support yourself after 30 years.

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  51. I signed up Mesra Plan in May 2010 and was asked to pay Rm600 (Rm300x 2 months) deposit on the day of signing up this plan. And I only received my contract and policy booklet in August. I called up the agent to explain me once again about the contract, still not getting clear image. Until I suddenly recieved a call from Quarter KL yesterday, the lady explained well to me. I thought I understand because the policy wasn't on my hand when I was on the phone. Till I read my policy after back home, I think I am confused again. So conclusion this is a Saving Plan or Insurance Plan or Combined? By paying RM300/month, how much I will get in 30 years later. I am not sure whether my calculation is correct, but I found out I will not get any interest by the end of 30 years later. HOw come?

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  52. Mesra is for protection and saving. Throughout the discussion I see only focus on the saving part. Must not forget if after 2 months of paying (RM100 per month let say)and we got accident or whatever, the indemnity amount they pay (around RM60K)will be more than what we save for 30 years (RM36K)althouh we pay only RM400 for the two months. The money which went to Tabarru' account whatever is to put into the pool of money to pay the indemnity for ourselves and others who join the Takaful. It is what Takaful really about --> protecting each other. Any loss of opportunity we have (like getting higher return by putting money somewhere else) should be compensated by the protection we got. Our family will get money if we die or we will get money if become disable. If nothing happen in the end (which is most desired), we still get at least the amount we put in (RM36K) plus what little extra (at 3% only?) that is in. Just my two cents.

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  53. he knows nothing...come to etiqa and we talk about that 5.5%...its not just 3%...we can make calculation in front of u and show the evidence that etiqa are paying 5.5% mudharabah...

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  54. I am an eTiQa's corporate agent and I've read all the posting above word by word and also I am fully understand of the meaning of takaful.

    Seriously, Mesra Plan is a protection plan cum saving - This is the fact.

    Dear all reader in this forum, if you felt cheated/conned by any of the unethical agent who misled while sharing the Protection plan cum saving.. Punish them. Question : How ??

    eTiQa offered a letter to all participant who join this Mesra Plan - they can get their fully refund by canceling the contract. Therefore, those agents who get commission - 35% from the so-called saving plan for EVERY MONTH for 1st year, 25% for 2nd year, 15% for 3rd and 4th year, 10% for the 5th and 6th year, WILL HAVE TO pay back all their commissions to eTiQa Takaful BHD. for your full refund. ^^

    Confusing?
    Allow me to explain abit here;
    Each day agent 'A' get 1 customer for saving 300/ Monthly which mean for 30 days (1 Month) equally to RM 9,000 <- sales

    1st Month
    RM 9,000 x 35% = 3150

    2nd Month
    Presuming only RM 300 sales per-day.
    30 days = RM 9,000 again
    RM 9,000 x 35% = 3150 + (35% of the 1st month sales - those ppl who continuing the 'saving' = RM 3150)

    Meaning = RM 6300 (Their income for the 2nd month of 1st year 'saving')

    imagine they have been running for more than a year... their Monthly income is around 30k ~ 40k.

    If we cancel the contract now. they will have to pay back all the commision to eTiQa Takaful Bhd.

    1st month - 3150
    2nd month - 3150 + 3150 = 6300
    3rd month - 3150 + 6300 = 9450
    4th month - 3150 + 9450 = 12500
    5th month - 3150 + 12500 = 15650
    6th month - 3150 + 15650 = 18800
    7th month - 3150 + 18800 = 21950
    8th month - 3150 + 21950 = 25100
    9th month - 3150 + 25100 = 28250
    10th month - 3150 + 28250 = 31400
    11th month - 3150 + 31400 = 34550
    12th month - 3150 + 34550 = 37700

    Overall total commission = RM 244,800 per year !!

    This will teach them a lesson =)

    Brgds,
    Ant

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    Replies
    1. hi, i had bought this takaful plan 2 years ago. it was fine all along until few days ago i received a letter from takaful saying my contract has expired because my payments were due 3 months. BUT I PAID EVERY SINGLE MONTH! furthermore, august is not even over yet they included this month is on of the "due payment month".
      i have called takaful service centre but they are not being helpful at all and said that if i wished to surrender i could only get back RM670 but i have paid almost RMk5 in the past two years and asked to pay RM200 more and wait for two weeks to see how things go.
      what can i do to get a full refund? btw, i did not get the termination letter. please, i really need your help. my email: jy_violin@hotmail.com

      Delete
  55. "Our family will get money if we die or we will get money if become disable. If nothing happen in the end (which is most desired), we still get at least the amount we put in (RM36K) plus what little extra (at 3% only?) that is in. Just my two cents."

    Dear above, yes if we have accident, it really can have high return, but you don't forget to read the term & condition, they wouldn't give you sum amount in one time, is divided few times, and need to depends on the injured we have. Unless really die directly, only can get FULL AMOUNT! In fact, i believe a lot people above, when you all decide to bought the plan, main is for "SAVING" not "INSURANCE", Therefore we only felt been cheated and wish to get back our money. Just from now on, train self to save the money in account, and invest something else which you think thats have return.
    And i was "anonymous" comment on 16th July 2010,
    After i found been cheated, actually i still hope there is a benefit if that's is saving + insurance plan. (Which earlier the agent only told me that is SAVING PLAN) and luckily i got a friend, he help me point out all the "hide" info from the policy, and make me totally frustrated!
    and luckily i received the letters from Etiqa also, which mention whoever wish to cancel the policy can get FULL REFUND, and my husband already get it. Now left mine policy to get refund. Hope really can get it back!!! and for anonymous above, if there is really the way calculate the agent commission, really is a great return. I hope they now pay for what the "DO" !!

    ReplyDelete
  56. the letter i received stated if i wanna cancel my policy and get fully refund, i have to cancel it within 15 days from the date we received the letter. Now 2 months after only i realized there's some misunderstands btw me and the agent, can i still get my money back? i mean full refund. the policy i bought was MESRA.

    ReplyDelete
  57. my commencement date is jun 30th..if i cancel the plan nw will i get the full refund?

    ReplyDelete
  58. Hi all,
    I am an agent of etiqa takaful. I understand every single problem stated above. Well, I actually joined etiqa for only about a month. If you guys notice that 2-3 months ago, they were a lot of youngsters hanging around at almost all shopping complexes doing agent recruitment. I am actually a student and one of the victims, they attracts me with the superb high commission and the plan that we are 'supposed' to be selling now, which is (MUSTIQA).

    Normally they will ask for your contact number and call you when they have this so called 'talk'. They are too smart to recruit youngsters which are around age(18-23), a average of age 20 because youngsters are easy to be brain washed. Yes, their tactic is to brain wash those agents.


    After I joined and paid for the examination fees (RM367) and went to their so-called "meeting", they tend to postpone the new plan which is Mustiqa by giving us lots of excuses. By now, we are still selling mesra plan because other agents who joined etiqa before me, maybe 6 months ago, they actually earning -ve income because we do not have any basic if we do not do sales but expenses are increasing. I think we only started to sell mesra plan again 3 weeks ago and last 2 weeks they told us there is a "new" plan came out which is (warisan). I went to survey and this warisan was actually launched few years back. So by now, they are selling both warisan and mesra.

    We as an agent also conned by this (SC) company, they asked us to sell this plan first while waiting for mustiqa plan to be launched and trained us to practice the plan and we as an agent do not know anything behind because we are being cheated as well. Well, of course when I see the quotation and calculate, I found out a lot of problems and when I ask my team leader, he told me something else and some long long story and eventually I forgot what I wanted to ask. *this is their sales tactic* The even hide things from agents and when I ask again they will scold and tell me not to be so complicated. Their theory is, if we being as an agent think complicate stuff will lead the customer to ask as well, so we can't think so much just do sales if we want to earn.

    By now, I never do any sales because they are now doing warm market which is targeting on friends and relativse. I can't get over myself to do all this things to my friends and relatives. So yea...

    Well, they are some agents as victims as well because a lot of customers make complaints, they simply terminated 200 agents randomly but not even one of those so-called seniors. Worst case is, when customer received those letters and choose to surrender, those agents have to pay back all their commissions. If they don't have the money to pay back they need to declare bankcrupcy. p/s: their commissions are really high that you can't imagine. Let me give you an example, there are leaders age 20 earning around 10-40k per month, driving big big cars. Can you imagine how much they are earning? Those are part of customers money, maybe like 35% for agent commission, 15% maybe for SC, another 15% for leader, we call that (SGSM),and part of it will be donated to the tabung, imagine how much your money is actually being saved?

    My case is actually not a very big case, I only paid a 367 and wasted my sem break. Some of them even stop their study to join this. Those are really sad cases. So, you guys decide whether it is the company's problem or agent's problem?

    ReplyDelete
  59. Hi all,

    I had been paying 500/mth for 1.5 yrs... I called my agent after receiving letter from Maybank about the full refund for termination within 15 days from receiving the letter... He said is ok to terminate later also, not necessary within 15 days... Bcoz that time me and him also busy with life, no time to meet up for further discussion abt continuity of my plan...

    I wish to check if what he said is correct, I still can entitle full refund now if I really choose to terminate the plan NOW... Another friend of mine who is ING agent told me her client unable to get full refund even though act on time... But anonymous commented on 27/10/10,12.06pm said her husband already got full refund...

    I am confused... Anyone with such information please share with me... Thank you..

    ReplyDelete
  60. Hie,

    Just for your info, your ING friend is full of crap, tell him if he dont know just say dont know dont have to act smart. etiqa sent out the letter to all the customer of a corporate company called Secure Corporate, This group of ppl have been going arround and cheating everyone by saying this is a saving account. so who ever get the letter from etiqa and act on time the will 100% get the full REFUND.

    ReplyDelete
  61. so many people to get cheat, but the agents still hang around the shopping mall to cheat people, why? Is really the agent problem, i not think so, why the company didnot stop them? We are the victims to give money out and didnot receive the full and clear information and who is real people to earn the big money? that is the big question there.

    ReplyDelete
  62. the company already STOP those agents which went around cheting ppl, now the agents out there doing sales are the agent which is trained by the company itself. you can try to lisen to them and they will promote to you the product which you will find NOT THE SAME as last time .

    ReplyDelete
  63. is there any successful case to refund?? i have been paid since Jun 2010...now i really want to cancel it.. they auto charge from my card. should i stop it now?? if anyone can share their experience how to get refund...pls add me in hammy-wong@hotmail.com

    ReplyDelete
  64. I think we all should lodge a complaint to Bank Negara since alot of ppl get misleaded n cheated iin this plan. For those who get reviewed letter I think is mainly bcoz they signed under SC. Whilst those nt didnt get most probbaly signed under etiqa consultant itself. Instead of complaining here, let;s bring this issue by writing into Etiqa n BNM.

    ReplyDelete
  65. correct ... i agree ... but how we make a complaint to Bank Negara?

    ReplyDelete
  66. I was told i'm not able to get full refund, becos i exceeded cooling off period! What is the problem?

    They allow us to cancel via the questionaire but not full refund?

    Anyone got full refund?

    ReplyDelete
  67. i bought d plan from oct 2009. The agent also told me that a saving plan. Now i want to cancel, got full refund o not? Who can give me some idea???

    ReplyDelete
  68. I had bought the same thing and only found out that it is an insurance scheme and not savings as mentioned by the agent. I got a call from Etiqua in November 2010 explaining about the scheme and can get a full refund if I write in. I did that and was told to wait a month for a reply. With no reply coming, I called to their customer service last week and was told that this matter is now pending a decision from Bank Negara which should be known by the end of January 2010. Meanwhile I need to pay the monthly premium otherwise I'll not get a sen back. Anyone can confirm this?

    ReplyDelete
  69. i was anonymous last comment on "October 27, 2010 12:06 PM" . For those did receive the "Borang Soal-Jawab" from Etiqa, u should cancel you policy on the time. For update, i already get all refund for my own and my husband policy except the last month installment which has direct credit my credit card. Now still waiting they refund the balance RM300 to me. Actually the letter sending by etiqa, is BNM force them to do so, because too many people make complaint about this policy. So, for those yet cancel your policy, please call etiqa customer service to find out whether still can be refund or not, and must call twice or few times to confirm with different people to ensure your policy really can refund after cancel. The other way is better if can direct go to their office to meet those manager level people to confirm about that also.
    Because as i know all very difficult to call the hotline, always said "line busy", ask to left the contact no, but also didn't return the call.

    ReplyDelete
  70. I just sign up saving investment Plan with Maybank about two months. Its really good to know this blog. I was surprised that i received letter from ETIKA and not Maybank, to notify my unit relocation. I'm very confusing why the letter is not from May bank instead of ETIKA. Fyi, i just call Maybank to follow up my policy. Am i being cheated too ..please advise and help..Im still waiting my policy and will do cancellation if got any fraud or doubt on it..

    ReplyDelete
  71. Etiqa is created to suit with muslim market,non muslim do not understand what is tabarruat,wadiah,mudarabah and all this thing.non muslim,,do not buy takaful,,,just buy insurance,,settle.its a big different between Takaful and Insurance,,,even Etiqa Insurance and Etiqa Takaful also has a big different,,,thank you.

    ReplyDelete
  72. To the anonymous above, for your info, there are a lot of non-muslims taking takaful and islamic financial planning certification. It's a matter of individual choice. Example: you still see a lot of non-muslims investing in sukuk instead of fixed deposits/conventional bonds. You also see non-muslims taking up islamic home loans.

    ReplyDelete
  73. takaful or insurance is meant for income protection. If you are seeking for high savings return you must consider in unit trust funds or asb..bonds...

    ReplyDelete
  74. Etiqa takaful = 100%>90%>50%>25%for rest of life!!
    Takaful M'sia= 30% for rest of life!!!
    Pru BSN =60%>40%>25%>25%>17%>17%>0%..Better
    MAA Takaful= 60%>40%>30%>30%>15%>10%>0%...The Best

    ReplyDelete
  75. MAA Takaful ( NO BANK BACKUP )
    TAKAFUL MALAYSIA ( NO BANK BACKUP )
    PRU TAKAFUL ( BSN BACKUP) HOW BIG AND HOW STRONG IS BSN?? HOW MANY OF US HAVE ACCOUNT THERE ?? DO YOU???
    ETIQA TAKAFUL......
    MAYBANK BACKUP.... DO U HAVE ACCOUNT IN MAYBANK?
    NO 1 TAKAFUL COMPANY IN THE WORLD....
    SO ... WHICH IS A GOOD , STRONG & THE BEST TAKAFUL COMPANY DO U THINK???? MAA??? BULLSHIT

    ReplyDelete
  76. This comment has been removed by the author.

    ReplyDelete
  77. Yes, the Etiqa and the Se.Corp are fakers, they cheated their customers and agents!!!!! I am an agent too but they closed the branch and took the money and run away!! Now some of them joined another insurance company, is abt Takaful again!!!!!!! But they left their partner - agents and customers aside when things happened!!!! !@#$%^&*()

    ReplyDelete
  78. oh noooo i didnt even get a questionaire letter from etiqa about the termination of the policy?!?!?!??!!? anyone here hav same problem with me......????? i started the plan on oct 2009./...... can i still get full refund:(

    ReplyDelete
  79. hi,
    i started my plan on jun 2010.i also was cheated by the agent.i went cancel my plan nov 2010.when i cancel de plan i attach a letter stating that my agent gave me wrong information.i didnt get any letter from them.2day i called them and they told me that i get full refund.and the voucher will be out next week.

    ReplyDelete
  80. Raj Where did bought the plan ??? and where did you cancel it ???

    ReplyDelete
  81. HW can i get full refund.

    ReplyDelete
  82. i didnt get any letter from them.How can I get the letter by which way?pls add me in lenalee0515@hotmail.com.PLS teach me...

    ReplyDelete
  83. i bought the plan from 1 agent in 1utama shopping centre. i gc the cancellation form to the etiqa office in jalan pinang near klcc.

    ReplyDelete
  84. 1 of my fren also applied the mesra plan with me in 1utama and he cancel the plan in jalan melaka.he also got de full refund.

    ReplyDelete
  85. Anonymous, i oso same case like u... if u get, pls let me know, and how you make it.

    ReplyDelete
  86. raj wen u buy this plan?

    ReplyDelete
  87. better take medical card coz can cover ur HOSPITAL BILL...choose the right plan that offer SAVINGS,PROTECTION & MEDICAL....plan 3 in 1...can have some money(savings) if didn't make any MEDICAL claim not as standalone card plan...any question, email me at azizi398@prupartner.com.my

    ReplyDelete
  88. i'm a victim too who buy the mesra plan. i bought it almost 2 1/2 year and every month need to pay rm200.last year i also received a letter from etiqa whether i want full refund o not. after that, i have called my agent, he said don't border the letter, what he had said is truth, never cheat me. i also have asked my friend who also is a agent, she said don't worry and don't border the letter, jz believe etiqa. so, i jz keep it. then on oct (after the due date), the newspaper have reported about this new, i started worry and called my agent, he never answer it. so i went to a branch of etiqa and asked them about the policy, they said that is not saving and asked me refer the main office in kl and faster send back the 'soal jawab' to main office. so my brother help me send it to there by himself.after a week, the agent's brother called me and asked me don't send the letter and wanted me change the policy to another policy because can fully refund. i rejected him.then, i always called etiqa what is the conclusion every two weeks. they (different ppl)always took my phone number and said will call me but they never call me. so i called again on Feb, a staff answered me and helped me follow my case then said will called me. but she never called me. so i went to main office on march, a malay staff asked me wrote a complain letter. then i wait for a week and called again, another staff helped me to check my condition and said that they never get my 'soal jawab' that means my 'soal jawab' lost, actually my brother took the 'soal jawab'for fully refurn to the main office and pass it to another malay staff's hand because that is a important document. after a month, also no news. then, i went to complaint department, a staff serve me well and i told what have happen, so she helped me follow my case because my case have around 8 months ago. at the time, i always called her, so difficult to find her because every time i call to office, different ppl will answer and restart my case. every time i did the same things and fax the same documents to them but finally no answer from them.i felt angry and scold them. y the staff who works in complaint department like tat? the staff who said want to follow my case also never gv response. i also cant find her even though i called her everday.today i received a letter from etiqa, conclusion is i cant refund back the money. so i have lost rm6000. i felt sad. who can help me????

    ReplyDelete
  89. impossible can refund the money,if didnt over 1 year. my case is pay RM200 each month,but i juz pay 2 month only then i terminated it,the bank staft say cant refund any money because didnt over 1 year. after terminated it,i didnt get back any document or statement,so i cant get any prove n the bank n Etiqa didnt provide any instruction to check the terminated insurance. i dun thinks this is good plan insurance,juz can say poor service. :)

    ReplyDelete
  90. try email to them again and at the same time also email to Bank negara Malaysia and tribunal (hope i not miss-spelling or you try taip "persatuan pengguna" and find the email add.) . My still on the process....

    ReplyDelete
    Replies
    1. hi, i also get cone by etiqa . did u get your refund ?

      Delete
  91. kalau tak sure dengan apa yang agen tu cakap, kenapa tak tanya? sempitnya pemikiran korang yang ni. dah takot kene tipu, tanya that agent until u are crystalclear dengan product tu. dah tu tak cukup, just contact their agency, kalau i cakap korang otak cetek kang ade yg marah, tapi boleh tengok keratan akhbar online pasal those priduct and hiw they give back all your money bila kontrak tamat or else pada yg mati, family dpt duit simpanan korang tu. itu gunanya agent. kalo korang diam bererti korang faham, bila dah sign kontrak baru nak buat entry camni baek tak payah. bagi i, sapa yg buat cancellation memang orang yg rugi. seriously.

    ReplyDelete
  92. hi Anonymous(May 3, 2011 12:34 PM)
    i apply the policy on jun 2010.and cancel on nov.each time i cl thy ll tel my termination stil under consideration and in march i get letter stating that i get full refund.

    ReplyDelete
  93. Hi Raj,
    Appreaciated if you and other friend here share with me your suscess case to get the full refund ! Mean from which dept and how ? (just write a letter or how ?
    Also any friends here can share with us the failure case, I actaully applied the full refund with the reason of misleading information by the agent on Apr 11, but received the response from Head of Agent, Etiqa Takaful Berhad (not the Secure Corporate Service S/B) that they are "unable to accede to your request....". I'm so upset and now considering to pursue to Bank Negara and/or MCA.... pls anyone share your valueble experience with me and other victim. Tx.

    ReplyDelete
    Replies
    1. i also one of the victim which bought this plan 4 yeers ago , just realize get cone by the agent . Anyone here can share with me the success case for full refund ?

      Delete
    2. It'll be best if you write to Etiqa and cc Bank Negara, providing details of your whole experience with the agent, and request for a full refund.

      Delete
  94. hi mesra victims,
    how long d u apply for the mesra plan?ya i wrote a letter stating that the agent gv me wrong information n it was more thn 8months bt i didnt get their policy book.so i state that oso.bcuz my agent tel v gt 10days of time 2 tink fr de day v get policy book.bt til i cancel i didnt get de policy book.so i state tat oso in letter,

    ReplyDelete
  95. Hi mesra victim
    I just got my full refund after 3 months complaint and follow up , thanks for this blog

    ReplyDelete
  96. I think most of people in this forum really not understand why need insurance/takaful. So,better back to school and learn more about it. If in your mindset say will get more money through the insurance,u're wrong man. For MUSLIM,this is your contribution in TABARRU' FUND. This fund so beautiful. That's why we call contribution not premium. Means, saving is the last part in takaful..first : To help other peoples, second : For our family to survive without us,3rd : Saving..not promise cause it depends on company performance. So, don't easily blame other people, agent or company. See ourself first....ask our self why we need insurance/takaful.Guys, i just ask you simple question...why u need sugar? For energy...everyday u take sugar, go retail shop but when u got sick due to level of sugar, u never thinking how much sugar u bought or took. Is it u ask or report to consumer departmet that u want to summon the GIANT SUGAR COMPANY? But insurance/takaful provide u protection
    /medical card for treatment or survive due to that sugar..think about it. Actually i'm ex agent takaful pru, ikhlas & now AM in ETIQA. I have 8 years in this field, i never blame pru, ikhlas or ETIQA. Then about agent, may be he still new..in progress to learn..then he will learn from mistake,how about u? keep complain..complain...again & again.So please ensure,when u take insurance/takaful..don't think about saving,but your family first.

    ReplyDelete
  97. HI, how can i get refund from etiqa mesra. Agent and CS not giving me refund?

    ReplyDelete
  98. help help i just got call from takaful mesra agent..i realize sumting suspicious bcause i think i never agree to the policyhe mention that this is my second year covered under this policy..last year free so this year they will charge rm250 per year..what how am i covered without knowing and he mention i can only cancelled it next year august..yes last year i agree to one policy through fon call (silly me)its from Pru-Mal.but i already send a letter and cancel it..and they notify my cancellation..this guy said his name Razuan from Takaful mesra..at first i thought it from Tak-Pru-Pru-BSN because i just hvg this insurance this year..so i've given my i.c. number and my daughter BOD as confirmation because he said he need to send policy to me..then i realize he's not from Tak-Pru-BSN.He's reading my address, my card credit number use for payment, and name on the card..and want me to confirm whether its correct..he also asking me on card validity..but because i think he's fraud so i didnt confirmed the card number and the validity. If he's a fraud can he do anything with info i've given i.e. my daughter name(not full), my ic and conformed name on the card. thye rest i didnt give.is the info given enough for him to charge on my card?

    he try to blackmail me saying that he will report to top management that i didnt give cooperation and each month i will receive a complain letter and have to pay penalty of rm20 each month..what??is that how they treat customer...i think he just want to scared me..

    If they really cut some amount from my credit card, what should i do?help help..

    Anonymous 88

    ReplyDelete
  99. Anonymous 88, your case seems like a fraud, unlike most others which are actually giving misinformation.

    If you have not agreed to or signed anything, then you complain about this case to the insurance company. Ask for the policy, check the details and file a complaint on the agent involved. This is a serious case against him.

    ReplyDelete
  100. I have just spoken to the customer service personal, she claimed that I may possibly get my money back if the agent approached me could admit her fault in misleading me. This is Etiqa's marketing approach in cheating/ misleading their client. It's not 100% fault of the agent, but the company itself. I questioned her, if your agent will admit her fauly, will you need to ask me for evidence? If agents admit their fauly, I think all their client will claim for refund. What's the point of complain or get BankNegara to look into when there is no way that the client or Etiqa will admit their misleading marketing speach? I'm totally upset and disappointed.

    ReplyDelete
  101. Hi! I want to share my experience terminating two etiqa policies recently - tn mesra and tn sarjana, after 4 years. I was misleaded too. Out of rm12 thousand that i paid, they only refunded me rm3217. Please help me on how to go about reporting this. Thank you.

    ReplyDelete
  102. You should first submit your complaint to the Complaints Unit of your insurance company or takaful operator

    1)Takaful Operator / Insurance
    2)Bank Negara Malaysia
    3)Malaysian Takaful Association
    4)Life Insurance Association of Malaysia (LIAM)
    5)National Consumer Complaints Centre (NCCC)

    6)Financial Mediation Bureau(but i think this one does not handle fraud cases but you can try and check)

    I feel so sorry for you guys and wishing you all the best. I leave my email if you have any other questions that maybe I could help.
    kladaiskop@yahoo.com

    ReplyDelete
  103. Hi etiqa mesra victims,
    2 years back I was approached by these people claiming that they are from maybank and they would like to offer me a special job which can generate an income up to 100k a month. I was too naive and trusted them as I thought maybank is a solid bank in malaysia. We were asked for around Rm350 to join as an agent, where by in other insurance companies the fee is only Rm80. I joined and become an agent, but I didn't even earn a single cent from it. They taught me how to cheat customers, how to hide important information, etc. Basically just to get sales. I left the company after knowing all these.

    Right after I came out from etiqa, I joined AIA. There is a similar plan from AIA, 100/month, with high interest rate as our funds are managed by CIMB fund managers and basically they invest in blue chips. Plus there is a life protection provided as well.

    I came across many customers who got cheated and invested in this so called etiqa takaful saving plan for few years. I was shocked to hear from my customers about how those agents cheat by telling them the death benefits would be the money one would get when the 30 years matured. I got my customers to stop the plan and start a same one with AIA.

    If you wish to know more about my story in Etiqa or if you wish to invest in a trusted company - AIA, please contact me at

    ybyeongbin@hotmail.com

    ReplyDelete
  104. Dear ybyeongbin,

    What were the bad things that Etiqa did to you?? It is also very wrong & not professional for you to blame the company on something that it did not do to you at all. You shall only blame the person/agency that cheated you. I strongly believe AIA also has problematic agents/agencies & 'confusing' products, it is not indifferent from other companies either takaful or non-takaful.

    I am an Advisor from Etiqa Takaful since 2008. We paid RM80 only to join as an Agent (for exam fees etc), not RM350. Your experience on this was extremely rare in Etiqa agencies network but the way you elaborated it was not good, looks like you have other hidden agendas - to get customers by backstabbing one of your major competitors as a whole - this is not healthy for insurance industry. I wonder whether the AIA teaches you to sway your prospects with such tactics??

    My advice, before you put such serious accusation on a company as whole, kindly double check & think deeply before sharing with other people like this. Please take note & bear in mind, it is not the company's practice & policy to do such thing or to behave like that.


    hadi.etiqa@gmail.com

    ReplyDelete
  105. To ybyeongbin,

    I think either that was a tactic from you or you have misunderstood. I am also an Etiqa Takaful advisor, and I only paid RM100 (exam fees/book) to join Etiqa. I have not heard anyone paid RM350. If you didn't do well in Etiqa, it's because of your own fault, not Etiqa. Being in Etiqa is like having your own business. You control your time, your work, everything... not Etiqa. If you failed, you only have yourself to blame.

    Also, we have our own 'akad' (something like mutual agreement) that we need to explain to customers (first year 100% of money will go into special tabarru' account with understanding of helping each other) and if your advisor didn't explain everything to you, it's the advisor's fault because you do learn about this for the exam. Every advisors are required to be clear about the policy, terms and conditions.

    ybyeongbin, I think you trying to bad-mouth the company is extremely unethical and unprofessional. We are taught not to bad-mouth other companies because that's not who we are. Each have pros and cons and the final decision would be the customer to decide which is better. We will not put other companies down unlike what you just did.

    If I was your customer, and if that's how you tell me about Etiqa and to join AIA, I would definitely assume all AIA agents are unprofessional and unethical.

    Also one important thing is that, Etiqa Takaful is based on Islamic syariah/law. It means that we must know where our money goes or being invested on, with no hidden agenda to avoid riba', gharar and maisir (google it up). Conventional insurance have clearly been stated as haram in Islam, so for Muslims, Takaful provides them an option to still get the 'halal' protection cum saving.

    ReplyDelete
  106. To Maybank head quater customer service dept & ETIQA Secure Corp agents: Poor customer service, poor after sale service, lousy company!!! SUX!!!

    ReplyDelete
  107. I hv joined etiqa for almost a year already. But havent got the policy book. I've complained and my agent say the company is still printing the book. Wtf. A year already

    ReplyDelete
    Replies
    1. Mr Anonymous (Feb 27, 2012 02:17 AM),

      You better call up Etiqa directly and check your policy, and not via your agent.

      Delete
  108. This comment has been removed by the author.

    ReplyDelete
  109. I already sign up for 4 years, may i know how can i get refund or full refund? I took Rm100/month plan and pls let me know the direct way. thank you for this blog.

    ReplyDelete
    Replies
    1. Hi Anonymous (Feb 28, 2012 10:47 PM),

      I doubt you can get a full refund unless you can prove that you were misled by your agent. You can get a partial refund (quite low sum), if you go to a Etiqa office and fill up the form to surrender your policy. Hope this helps.

      Delete
    2. 4 years ago, i cant remember whose the agent and she told me as u said on first time signing up. so what prove can i shown to them?

      Delete
    3. The name of the agent should be in your policy book. If there were similar cases against this agent for giving misleading information to clients, then you could have a case against him/her. Other than that, I'm not too sure.

      Delete
    4. Thanks. I had already surrender for the policy. and they say i can get almost full refund (+ -)

      and they said i can get the money thru Maybank2u within 14days.. is it true?

      Delete
    5. I'm not sure, but you have to contact them if you still don't see any $ in your account by 14 days.

      Delete
    6. Hi Anonymous,
      Did you get back your money? I tried to complain to bank negara, but it's no used. May I know when you complain this? 2012? can you help me?

      Delete
  110. Hi Anonymous, I surrender my policy and request for full refund too, but they told me I can't get the full refund. Why is the case? :(

    ReplyDelete
    Replies
    1. If you don't have proof that your agent misled you, then you can't get a full refund.

      Delete
    2. Yes. U must bring along ur policy together to maybank which u bought etiqa.

      Delete
  111. I don't have the actual proof but the person who in charge of my complaint admitted to me that the agent did misled me in the time of purchasing. Now they had terminated the agent and yet, they still never give me full refund. :(

    ReplyDelete
  112. This is the 4th year I took the etiqa policy....I paid RM110 mth, my agent told me that every 3 years I will receive a bonus....but till now I still did not received any....I call CS a few times but same dissapoint answers from them....Now I also think of withdrawing the policy...dont mind loosing the 4th year contribution rather than continuing and being cheated...

    achik...

    ReplyDelete
    Replies
    1. Hi Anonymous,
      Did you get back your money? I tried to complain to bank negara, but it's no used. May I know when you complain this? 2012? can you help me?

      Delete
  113. How to get refund? May I know where should I start?

    ReplyDelete
  114. hi,if i want to cancel my plan, ihad to bring along the Etiqa policy to Maybank and simply cancel the policy?at the same time they will give me the questionaire form?

    ReplyDelete
    Replies
    1. To: Anonymous (May 22, 2012 9:26 AM)
      Yes, that's correct.

      Delete
    2. Can I know why would you like to cancel your policy?

      Delete
  115. I've recently signed up for saving plan+medical card with etiqa and request to be paid 1 month in advance by SA. i have paid but since saw this forum, i'm worried that i had made a wrong choice because etiqa not paying full coverage for medical card.I asked the SA about my policy when it will be ready, he said it will took 1 month, is that true? how can i cancel my policy without having in my hand yet? pls advice

    ReplyDelete
    Replies
    1. Hi Anonymous (May 23, 2012 6:04 PM),

      It's better if you call up the Etiqa HQ periodically to check whether your application has been successfully processed and when your policy has been enforced. Also ask when the free-look policy will end. That's when you can get full refund when you decide to return/cancel the policy.

      If your policy is already enforced, do call your SA and check when he is gonna give you your policy. If he's very late, you may try to go to an Etiqa office to fill in the form and cancel the policy. If they require your policy, you tell them that you have not received it yet, and that your SA hasn't passed it to you.

      Delete
  116. Hi,Thank you Vampire(sorry I don't know your name).Yes,correct.Seems I'm in Penang,I will be going to Etiqa office tomorrow to check and cancel the policy.Can I know what do you mean about "free-look policy will end"?I checked with SA,he said will take about 1-1/2 month as the policy need to print from HQ office in KL,is that true?I would rather saved my $$ in ASBN rather than investing in insurance because as most of the victims mention money which guarantee to be paid back are delay or not been refund.Rather loosing $$ 1 month is saved rather starting to pay for every month which will later may or may not be guarantee will be return which follow so many procedure when we want to refund.As i notice,when you would need to get back your refund, need to follow so many procedure compare to ASNB which can take your $$ direct from their counter. As i know ASNB pays 6% which guarantee your $$ will be back in your hand..If my policy is enforce, can i able to cancelled?

    ReplyDelete
    Replies
    1. From this site,
      http://www.insuranceinfo.com.my/help_and_advice/faq_life_insurance.php?intPrefLangID=1

      This is what is meant by free look period:
      ---
      Q) Can I get full refund of premium if I cancel my policy within the free look period?

      A) Yes, under the free look period, you can cancel your life insurance policy within 15 days by returning the policy to the life insurance company after you have received the policy document. The premium that you have paid (less any medical fees incurred, if applicable), will be refunded to you.
      ---

      And yes, it's true that they will process the application in the HQ at KL. I'm not sure about the period as it differs from one insurance company to another. Usually the application gets processed within a week if there are no complications, and the policy gets delivered in a week to the SA, and it depends on the SA on how long he will take to pass it to you.

      Yes, when it is already enforced, you can cancel it anytime.

      I can't advise you on investments or the timing of withdrawals for ASNB though as I'm not expert on that.

      Delete
    2. If the client already highlighted that he/she has the intention to cancel the policy, I'd honor it as there is no point to print the policy (wasting paper & time) and let the client cancel it.

      Buying life insurance is a very long term commitment. That's why it is called "Life Insurance"

      Delete
  117. I would like to get a medicard for myself.Which is suggested please? As i know etiqa only cover 90% and 10% we may need to pay? is other medicard insurance are like this?

    ReplyDelete
    Replies
    1. Orange,
      There are many medical cards available from many different insurers. Get the one which guarantees renewal! Some insurers (usually general insurers, not life insurers) may not allow renewals (up to their decision) after u made big claims for a year.

      Most major life insurers offer about the same benefits overall. Do go for one where you trust the insurance agent and he must be helpful and available to you most of the time.

      The split payment portion is very common among a lot of insurers.

      I've heard of a company which offers a medical card without lifetime limit.

      I've also heard of a company which increases coverage amount or gives rebate/cashback if you have no claims made after a certain number of years.

      Delete
    2. Hi Vampire,Thanks for your feedback.May I know is most of medicard from insurance company coverage 100% or 90%?Is any of etiqa insurance policy holder has get the refund or saving's back after the 21 period or bonus payback after 3 years of maturity in savings plan?

      Delete
    3. Hi orange,
      Most insurance companies has the co-insurance, in which you pay 10% of the claims. Some companies waives this for the first few thousands per policy year. Some has other types of methods. Please check with the agent.

      About the refund, I submitted my cancellation during the free-look period, and got mine back fast enough. But about the bonus, I am not sure.

      Delete
    4. Hi Orange, I'm Roy and a Prudential Insurance Agent.

      You can search for my postings in low yat forum with regards to insurance and how it works.

      In summary, insurance charge will go up by age, irrespective of when you get it. If you get it earlier, it has more time to accumulate the cash value, so as to enable it to cover you once you're not able to service the premium. Generally most working people will retire one day eg at 55 or 60 whereas the medical card nowadays can cover up to age 70/80.

      Always note that medical insurance is something like your car insurance, if you stop the payment, you can't drive.

      When you decide to stop payment at retirement, the amount of cash value at that point will determine how long you can still enjoy the medical card benefit. Once you've exhausted the cash value or if the insurance charges is higher than the cash value, the medical card will lapse.

      Like I've mentioned earlier, insurance charge will go up by age. For example at age 30, paying Rm 200/mth can buy you a decent medical card with RM200 room & board because the insurance charges is at Rm1500~1800/year.

      However at age 65, the insurance charge may go up as high as Rm 6K/year (depending on the benefit of the policy). This is where your cash values will be used to cover for the insurance charges.

      That is why, one should not withdraw the cash values unless it is the last resort because the cash value are actually meant to take care of the older person we are going to be when we are no longer able to generate an income.

      Medical cards with 10% tends to be cheaper in terms of insurance charges in a long run.

      Cards without 10% is bound to be having higher premiums.

      Also, check on cards that offer unlimited lifetime limit. Even though they have unlimited lifetime limit, they tend to have inner limit. For example for cancer/kidney dialysis can only claim up to certain amount, even though it has unlimited lifetime limit.

      If you need a quote, do drop me an email.

      Thank you very much for your time.

      Roy Steven Ung
      H/P: 016-451 5957, Email: stevenung1971@gmail.com
      Prudential Assurance (M) Bhd
      Prudential BSN Takaful Bhd
      Penang, Butterworth

      Delete
  118. HI Vampire, Thanks for your info, I will do check with the agent/etiqa about the coverage.May i know why did you cancelled your currently insurance policy? are you currently subscribe another insurance policy?I'havent receive yet my policy yet,can i go and check with etiqa then?I'm just looking for a medicalcard with full coverage and savings which it return for whatever we have paid unless if we wait for the big $$ with maturity refund.

    ReplyDelete
    Replies
    1. orange, yes, I do have a few other insurance policies (different types for different needs). I cancelled my etiqa policy because I feel that it is not what I want (the savings isn't a lot and I can do better investment/savings on my own), and also because the agent deceived me.

      You can always call up Etiqa to check on your policy.

      If you are looking for a medical/hospitalization plan with investment, you might want to explore on Investment-Linked plans. It would be good for you to talk to a few agents from different life insurance companies and compare.

      Delete
  119. Any one is same situation with me and still haven't claim the full refund? I am mislead by a agent in 2009, now ady 4 years, I have paid RM7200, he promote me the mesra plan and claim that this is saving plan and can withdraw anytimes i wish, now i just realise is life insurance plan...Omg!!!I have complaint to Takaful and they refuse to pay back the money, so now, who is same with me, please complaint to bank negara and Kementerian Perdagangan Dalam Negeri. My another insurance agent said together we complaint, the higher the chance we can get back our money, what you should do now:
    1. send an email with title Complaint Misleading by Etiqa Takaful agent to bank negara, email address: bnmtelelink@bnm.gov.my
    2. send a complaint letter to Takaful Etiqa customer services centre, but they will probably tell you they will not return the full amount, or same situation with me, ask me wait 2 weeks and send a letter said they refuse to refund and will not entertain the appeal anymore.
    3. Go to this website, fill in the e-aduan and your case to Kementerian Perdagangan Dalam Negeri, they will reply you very soon,
    http://e-aduan.kpdnkk.gov.my/intro.jsp?cocd=BPA&siteid=MASTER&lang=2

    Thank you...Good luck~

    ReplyDelete
    Replies
    1. Hi, Anonymous,

      I also same case with you. I check my account,
      I just can get for RM1,5++.00. Since I contribute for 4.5 years.

      Agent talked with me. She said anytime can get back the money whatever I contribute but just leave 20% in the account.

      Once I go to check just RM1,5++.00 I can withdrawal. The staff talked to me. Much better you don't withdrawal because will affect the mature amount you get in 55 yrs old.

      That's mean cheating us. Some of life insurance also have dividend giving annually.

      But we get nothing and need to until retired can get money.

      What for we contribute every months.

      Thank You

      Delete
  120. I'm feel sorry and sympathy for those victim whose affected by this problem.Suggestion would said if you are working and if you're company is providing hospital and medical benefit's, try to use those advantage as far you are attach with your company.And if you are planning to have a dual medical card,you may use either 1 at time.What the point if you are paying medical card which you have signed up but isn't used for a years which you can saved $$ in other banking investment and later on old age, if you needed a medical card, then isn't mind for paying high premium taking from saving or investment.As in saving plan in insurance, you can only get the full refund money when the maturity period is over (for 21 up to 30 years)and if you need the $$ from the insurance saving plan for Emergency, you may only get half of the refund depend on the insurance policy T&C you are subscribe. Rather then been dishonest by both parties and avoid this conflict and misunderstanding,both parties must ensure read and explain the policy before 15 days of free loop period if you wish to continue the policy.if you think planning to invest or save cash & would prefer to get back the full cash as whatever you have paid, to avoid hustle of procedure and conflict,its depend on the individual to invest and save in banking or ASN, so that you possibility get the amount of $$ you have save or invest is high and less procedure rather than getting half refund or nothing in case if you led your insurance policy in elapse which should not blame insurance organisation.Think carefully what you wish to do before signup.Its all your hard earn $$ and ensure that its back to you when really needed... that call saving and investment.We always think of high return but at least seem's greedy of money conquer our mind which makes us this kind of problems arise.Not to blame anyone or any insurance company or any organisation. READ T&C before signup. Decision is on your hand.

    ReplyDelete
    Replies
    1. Orange, first off you have to understand how medical health insurance work. Medical card can only be applied by someone who is healthy. There is no insurance in the world will want to accept diabetic, cancer, heart/stroke medical condition person. Sorry to be blunt but insurance is a contract and a contract is never one sided. Medical insurance is something that you need to prepare before anything happens. If you have a a company and personal medical card here is what you can do. Suppose the bill is Rm 20K and the employer only pays RM 15K, claim RM 15K from company and the rest from you personal medical card. Do note that some bills can be RM 100K~150K IN ONE GO, depending on the severity medical condition. Accidental cases that leads to life support in a private hospital for example...

      The real question is that are you really sure that your company cover will still be there if we are bed-ridden, unable to work for 6 mths to 1 year?

      Delete
    2. I would like to add a few more points of why it is necessary to get covered earlier even though the company provides cover.

      Honestly, insurance charges goes up by age IRRESPECTIVE of when you get it. If you get it at younger age, your insurance charges tends to be cheaper, but it will go up as age catches up. Example, when a person is 30yo, takes up a medical policy, his insurance charge might only be RM 1500/year. However, when he is 65 years old, the insurance charge may go up as high as RM6000/year!

      If you get it earlier, it takes more time to build up the cash value, hence should you decide to relax on the payment upon retirement, you may opt to do so as the accumulated cash value may be able to auto-run itself. How long can this auto-run continue depends on how much cash value you've there is. Honestly putting money in insurance is not only savings, but SAVINGS TOWARDS TAKING CARE OF MY MEDICAL INSURANCE at older age. Do not withdraw from the cash value, because if you do, in later years when the insurance charges goes up, and retired, who is going to pay for the insurance charges?

      Lets not forget upon retired, there is no more company coverage.

      Anyway, if you do have any questions with regards to how insurance work, do email to me stevenung1971@gmail.com for a nonsensical advice.

      Regards
      Roy, Prudential

      Delete
  121. If you guys really feel eTiQa is doing scamming? why Bank Negara Malaysia never shut it down? and FYI, it is a government linked company too..

    We must think twice before we make a decision n Once we made a decision, we must believe on the decision we made, aren't u?

    Rumour is forever existing, there is a lots of competitor of other field out there criticize of their strong business "enemy" too..

    After year by year, TS still remaining replying here and asking people doing surrender and..... no one wondering is he 1 of the eTiQa competitor insurance agent??? hahaha...

    By the way, TS, FYI...
    "saving is an investment too but it is a Low Risked Investment".. Other investment such as mutual fund, share market, Forex will definitely BETTER n HIGHER returns, but PLEASE BEAR IN MIND...

    There is no free lunch in the world...
    LOW RISK, LOW RETURN; HIGH RISK HIGH RETURN...
    You want better return, sure u are put your money into a HIGH RISK fund.. Even those fund manager tell u it is safe, but how they guarantee you?? Sign in black n white?? LOL~~

    By the way, I am a eTiQa agent too..
    I am just hope TS stop spreading your rumour as this is unhealthy habit too.. think positive, have a nice day..
    :D

    *correct me if I am wrong.. :D*


    YC Wong~~
    yngchung@hotmail.com

    ReplyDelete
  122. Who is most successful scammer at world?it was bank actually.When bank negara have approved something,bank negara will cover it because it was matter of bank negara imagine.
    Why etiqa is not good?first,i got paid every month for etiqa.Maybank staff that recommed to me saying that i will have any cert or whatever...till now i not receive anything except about some cd..and also insurance...does i really can claim?i do not know what insurance is covered.

    ReplyDelete
  123. EtiQa has nothing to do with the scam , it happens between the agent and insurer itself , so please stop pointing on etiQa . Anyone knew about the group that misleaded the customer ? Email me @ kennykcyeo@gmail.com

    ReplyDelete
    Replies
    1. Kenny, if you had read properly, I never mentioned that Etiqa is running a scam. Yes, it is the agents' fault in misleading clients. This happened in 2009, I'm not sure if they are still around. In my opinion, I think Etiqa HQ should enforce better auditing/training so that the new agents and agencies do not do this kind of cheat (by giving misleading information).

      Delete
  124. Etiqa gotta be shitting the rakyat like BN man. GD

    ReplyDelete
  125. So, what is the conclusion? Is Etiqa cheating? Or just a low interest life insurance? Still can get back the money after 30years? Who know?

    ReplyDelete
    Replies
    1. Etiqa is not cheating. Some agents mislead customers by giving wrong information. It is not an investment. Yes, it is a low interest life insurance product. There is cash value in your policy, just not 100% of whatever you put in.

      Delete
  126. the agent told me the Etiqa Takaful Harmoni is a saving plan this afternoon, and i buy it and pay rm100 used my credit card.
    i'm so upset now.....she told it was not compulsory approved by etiqa....she never mentioned about the Tabung Tabarru part to me, just stated only can take 80% of money after 20 years....
    i think it is good plan, only it not suitable for me, holding an ILP policy for around 30 years already!
    today is holiday, tomorrow is saturday,is it possible if i asked to convert the payment to another plan, eg Personal Accident? feel sucks.......

    ReplyDelete
    Replies
    1. There's a free look period after you receive the policy. (http://www.investopedia.com/terms/f/free-look-period.asp) This is when you can surrender the policy and get refunded 100%.

      Delete
  127. hi Vampire, i have joined since october 14 and was misleaded my agent. i wanted to cancel my plan and get the full refund but the problem is my agent has resigned. what should i do to prove she misleaded me? thanks
    email me maxz8889@gmail.com

    ReplyDelete
  128. This comment has been removed by the author.

    ReplyDelete
  129. hi all,

    The more i read about this EtiQa issue, the more i freak out. I actually wanted to terminate this contract, but i afraid all my money will gone (as per some of the cases above). So, can someone help me how much can i get back for my case? i signed the contract since July 2009, contributing RM100/month until now March2014. almost 5yrs..omg..please help

    ReplyDelete
    Replies
    1. Hi The Sun,
      You may check your policy's surrender value with Etiqa. That means how much you can get back if you decide to terminate/surrender your policy. It is a valid product, and not a scam, but you have to understand how it works. It is an insurance product, and not really a savings product. I just don't condone the way some agents market their product incorrectly.

      Delete