On WP. I bought an education policy not a savings? The policy will still serve the purpose. At maturity you can use the benefits paid for education. You can equally take advances to pay your education needs during the term of the policy.
On premium updates. Why have you increased the premiums? The premium updates cautions you against inflation. Your benefits are equally updated by 5% once an update kicks in. It ensures that your benefits are not affected by the decrease in value for money.
How much will I get if I withdrew today? How much you can get depends on the age of the policy. For the first year nothing is payable. If withdrawn in the second and third years, the cash value of the policy is payable subject to penalties of 25% and 12.5% respectively. After three consecutive years, the cash value is payable in full
On FFP. Will the policy mature? What are the returns or maturity value? The FFP do not have a maturity date or value. The benefits are payable in case of death when the policy is force. The beauty of the policy is that the policy can be transferred to a dependant after you attain age 50 but before age 65.
On cancellation of old policies. Your agent advised me to cancel the old policy since the new savings policy is more beneficial. Is it true? Are your going to refund all the premiums I have paid on cancellation as advised by the agent since I am taking a new policy with you? The old PAIC policy is a different contract fro the wealth plan contract and hence premiums paid for the old policy are not transferable to the new policy. A policy acquires value after paying premiums consistently for 36 months. If a customer cancels the policy before the third anniversary nothing is payable. If it is cancelled after the third year, a surrender value is payable. The surrender value is different from a refund of premiums.
