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Panafrica unit linked insurance
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Cde Monomotapa
#11 Posted : Friday, July 15, 2011 7:03:13 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
Investment plans are generally a beautiful racket. Pay me 10% p.a, then go invest on the N.S.E & Property for a lot more and keep the balance...using my premiums. No thank you smile Medical cover is the most relevant insurance product to me...I will construct my own retirement.
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josiah33
#12 Posted : Friday, July 15, 2011 7:28:31 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
@cde monomotapa elaborate please. Is there commission 10% per annum?
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josiah33
#13 Posted : Friday, July 15, 2011 7:30:48 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
Ok, i meant, is their commission 10% per annum?
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Cde Monomotapa
#14 Posted : Friday, July 15, 2011 7:44:03 PM
Rank: Chief

Joined: 1/13/2011
Posts: 5,964
josiah33 wrote:
Ok, i meant, is their commission 10% per annum?

No, no. Sorry. I am reffering to the investment return they usually offer of10% p.a
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jerry
#15 Posted : Saturday, July 16, 2011 8:25:27 PM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
josiah33 wrote:
@jerry wish u could tell me more about this wealth provider thing if u know about it. It's not that i think Pan africa insurance co. is bad, i just hate being in the dark about something i should know about.

@josiah; As I stated earlier I do not work for Pan-Africa and my answer to ur querry may not be official position of the co. However, if you look at the LAPEC (Life Assurance Plan Eligibility Certificate), u will see Capital Sum Assured. That to me is the worth of ur investment. I started with 1,550/= pm in 2004 with an update of 5% every year. My contributions to date amount to around 160,000/= and my Capital Sum Assured is 389,160/=. I would suggest that you get the LAPEC and tactfully try to seek for an explanation of the Capital Sum Assured from an official of the insurer. Then tell me the outcome. I may be wrong.
P.S. Don't forget that I have been enjoying 15% relief.
The opposite of courage is not cowardice, it's conformity.
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  | | Edit by user: Saturday, July 16, 2011 8:35 PM | Reason: added info for clarity
josiah33
#16 Posted : Saturday, July 16, 2011 9:43:41 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
@jerry is the sh.390,160 the sum assured stated at the start of your policy? If it is, don't you think you should be worth more factoring the 5% inflation protector?
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jerry
#17 Posted : Saturday, July 16, 2011 10:37:03 PM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
josiah33 wrote:
@jerry is the sh.390,160 the sum assured stated at the start of your policy? If it is, don't you think you should be worth more factoring the 5% inflation protector?

@josiah33, The 390,160 is what I have on my latest LAPEC. There were other figures like 270k and 353k for past yrs. I'll confirm from an agent the true meaning of these figures. Do you have a Lapec?
The opposite of courage is not cowardice, it's conformity.
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  | | Edit by user: Saturday, July 16, 2011 11:05 PM | Reason: Not specified
hisah
#18 Posted : Sunday, July 17, 2011 7:06:02 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Hmmm... Quite foggy this unit linked insurance. So what does the insurer invest in? Does one have a say in the investment plan? Looks fishy like the unit trusts with non disclosure investment rights. Assuming the insurer invests in equities & real estate, and both markets bomb out, I presume the value of the insured sum would equally tank. Is this clearly stated? What would happen if u tried to withdraw or terminate the contract during such distress? Can u switch to a pure insurance product (without the unit linked investment nonsense) during such distress without incurring additional costs?
I think this is too risky a product, yet drafted as an insurance product for assurance protection? Very ironical...

$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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josiah33
#19 Posted : Tuesday, July 19, 2011 8:04:55 PM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
@jerry i'll try and get that LAPEC thing, wish they would just give it to you without you asking them to do so. @hisah i beginning to have my doubts too and my main worry is this insurance guys intent to keep you in the dark.
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Lolest!
#20 Posted : Tuesday, July 19, 2011 8:13:33 PM
Rank: Elder

Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
Flee from these fishy insurance products! It is either an insurance or an investment, not both.
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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