Steps to sign-up for e-connect:
1. Go to website www.lifeisgreat.com.my and click on "e-connect"
4. For individual policy holder choose "life user registration"
Register today and get access anytime anywhere:))
Friday, April 29, 2011
Access Your Insurance Policy Details Online
Great Eastern Assurance has offer this online facilities for all the policy holders to access their insurance accounts even more conveniently...besides checking for payment and due date, latest products, promotion and other risk management information also available at clicks...
Steps to sign-up for e-connect:
1. Go to website www.lifeisgreat.com.my and click on "e-connect"
2. Sign-up now for the online access
3. Read the terms and conditions
4. For individual policy holder choose "life user registration"
5. Fill in the form and activation code would be post deliver to policy registered address.
Register today and get access anytime anywhere:))
Steps to sign-up for e-connect:
1. Go to website www.lifeisgreat.com.my and click on "e-connect"
4. For individual policy holder choose "life user registration"
Register today and get access anytime anywhere:))
Friday, March 12, 2010
Spending
Everyone love money! If you don't, please give it to me, I will love it.
Employee work hard and then most happy day in a month is the day go to ATM and withdraw the salary.
However, almost the same time that money withdrawn, distributed to bills, loan repayment, etc... and with only a little portion left, you have to work hard for another month... awaiting the next salary pay...
How to retain money with you?
Actually, shall be how to retain the value of money with you?
Basically, there are 3 common ways,
1. Saving in bank or under pillow.
2. Spend.
3. Invest
Most people believes that only saving is the only way to keep the money with you.
Yes, it is true, you keep the money but not the value of money, they are just paper.
Why? because there is inflation. Your RM1 today will be still RM1 under your pillow after 10 years, but the same RM1 donuts today may be RM3 after 10 years.
So, what for you saving the paper with no value??
Spend it now rather than 10 years later can get more returns for you, isn't it?
So, those spendthrift is actually smarter than those conservatively save all their money in bank.
Yet, to invest and gain value increment for your saving is not easy. How do we know which and when the share would raise or drop? What if economy crisis and even worse RM1 become 50cents?
Therefore, my personal view is conservative investment practice is favorable...
1. Long term.
2. Extra money.
3. Diversify.
4. Rational.
Sounds easy, but sometimes its hard to follow...
Think it over again...save, spend or invest...?
Employee work hard and then most happy day in a month is the day go to ATM and withdraw the salary.
However, almost the same time that money withdrawn, distributed to bills, loan repayment, etc... and with only a little portion left, you have to work hard for another month... awaiting the next salary pay...
How to retain money with you?
Actually, shall be how to retain the value of money with you?
Basically, there are 3 common ways,
1. Saving in bank or under pillow.
2. Spend.
3. Invest
Most people believes that only saving is the only way to keep the money with you.
Yes, it is true, you keep the money but not the value of money, they are just paper.
Why? because there is inflation. Your RM1 today will be still RM1 under your pillow after 10 years, but the same RM1 donuts today may be RM3 after 10 years.
So, what for you saving the paper with no value??
Spend it now rather than 10 years later can get more returns for you, isn't it?
So, those spendthrift is actually smarter than those conservatively save all their money in bank.
Yet, to invest and gain value increment for your saving is not easy. How do we know which and when the share would raise or drop? What if economy crisis and even worse RM1 become 50cents?
Therefore, my personal view is conservative investment practice is favorable...
1. Long term.
2. Extra money.
3. Diversify.
4. Rational.
Sounds easy, but sometimes its hard to follow...
Think it over again...save, spend or invest...?
Wednesday, February 3, 2010
EPF settle house loan SCAM?
Recently receive an email, I am not sure how true is it?
Application for monthly withdrawal from EPF to repay the housing loan.
Assuming you have RM100,000 in A/C II and your housing loan installment is RM2000/month.
EPF will approve your application of RM100,000 withdrawal from your A/C II, and then repay to your bank account RM2000 monthly for the next 50 months.
However, EPF didn't highlight to you that when the application approved, the total amount of RM100,000 is REMOVED from your A/C II. It appears to be transferred to an unknown account to effect monthly payment from therein.
The impacts:
1. RM100,000 removed from yr A/C II.
Assuming the KWSP Dividend is 5%, you will lose RM4,000 in dividend during the 1st year. Based on the above example you will lose RM10,000 over the 50 mths period!
2. There is no statement to account for the amount approved vs. amount paid.
Hence, you would need to keep the monthly payment voucher to reconcile against the approved amount over the 50months period to ensure there is no missing amount!
3. Assuming there are 100,000 members who apply for this kind of "service", based on the above example, RM100,000 from 100,000 members are removed into unknown account. Who is this unknown account holder that easily enjoy RM1,000,000,000 (RM1 BILLION) dividends over the period??
Furthermore, if you discovered this SCAM early and intend to stop the plan, EPF would not allow any cancellation of the plan until at least 1 year. That would mean, once the application is approved, based on the above example, you would have lost RM4,000.
100,000 members would have lost 100,000 X RM4,000 = RM400,000,000(RM400
MILLION) in One Year!!!
For those plan to make this application may need to be more aware, ask the officer and read the terms carefully before you make the application.
Anyone has undergone this, please verify with me is this true? thanks.
Application for monthly withdrawal from EPF to repay the housing loan.
Assuming you have RM100,000 in A/C II and your housing loan installment is RM2000/month.
EPF will approve your application of RM100,000 withdrawal from your A/C II, and then repay to your bank account RM2000 monthly for the next 50 months.
However, EPF didn't highlight to you that when the application approved, the total amount of RM100,000 is REMOVED from your A/C II. It appears to be transferred to an unknown account to effect monthly payment from therein.
The impacts:
1. RM100,000 removed from yr A/C II.
Assuming the KWSP Dividend is 5%, you will lose RM4,000 in dividend during the 1st year. Based on the above example you will lose RM10,000 over the 50 mths period!
2. There is no statement to account for the amount approved vs. amount paid.
Hence, you would need to keep the monthly payment voucher to reconcile against the approved amount over the 50months period to ensure there is no missing amount!
3. Assuming there are 100,000 members who apply for this kind of "service", based on the above example, RM100,000 from 100,000 members are removed into unknown account. Who is this unknown account holder that easily enjoy RM1,000,000,000 (RM1 BILLION) dividends over the period??
Furthermore, if you discovered this SCAM early and intend to stop the plan, EPF would not allow any cancellation of the plan until at least 1 year. That would mean, once the application is approved, based on the above example, you would have lost RM4,000.
100,000 members would have lost 100,000 X RM4,000 = RM400,000,000(RM400
MILLION) in One Year!!!
For those plan to make this application may need to be more aware, ask the officer and read the terms carefully before you make the application.
Anyone has undergone this, please verify with me is this true? thanks.
Saturday, December 19, 2009
Toll Free 1300 is Not Free
What does it means by "toll free"?
I think a lot of people same like me, thinking that "free" means no charge on our telephone bill to call this number?
Friends, this is absolutely wrong!
Recently, I check through my telephone bill and just realized an item as below:
16/11/2009 15:19:07 Toll Free Service 1-300 1300 XXX XXX 00:05:30 PEAK RM1.70
Toll free is not free but indeed its more expensive than any other!
Then I check the rate of this so called toll free charges:
1-300 Toll Free Rate
Its actually based on fixed line local call rate, in which for mobile phone will be RM0.30 per minute!
Then I find out its suppose to be RM1.65 for five and a half minutes, how come my operator charged me RM1.70? Is there a further hidden charges of RM0.05?
Besides, I remember when I sign up this operator post paid service, they do mention flat rate, even call to any other operator service also charged at same rate! Any operator, any where within Malaysia, nation wide! Then now how come its RM0.30 per minute and extra RM0.05 because of this 1-300?
Hello! I am not a fussy person with this 5cents, but can you imagine how much the telecommunication company can gained if they cheating 5cents from each of the customer?
Lesson: Next time order for fast food delivery, do call with fix line but not mobile phone!
Another number we usually see is 1-800, which is named 1-800 Freephone! Better than 1-300 Toll Free, free telephone for callers?
1-800 Freephone is a number which allows the calling party to make a call over any distance (within Malaysia) absolutely free of charge. This time is real free? Except made from mobile phones, which local call charges may apply.
1-800 Freephone
Lesson: Sounds free is not necessary totally free, there is always terms and conditions apply.
I think a lot of people same like me, thinking that "free" means no charge on our telephone bill to call this number?
Friends, this is absolutely wrong!
Recently, I check through my telephone bill and just realized an item as below:
16/11/2009 15:19:07 Toll Free Service 1-300 1300 XXX XXX 00:05:30 PEAK RM1.70
Toll free is not free but indeed its more expensive than any other!
Then I check the rate of this so called toll free charges:
1-300 Toll Free Rate
Its actually based on fixed line local call rate, in which for mobile phone will be RM0.30 per minute!
Then I find out its suppose to be RM1.65 for five and a half minutes, how come my operator charged me RM1.70? Is there a further hidden charges of RM0.05?
Besides, I remember when I sign up this operator post paid service, they do mention flat rate, even call to any other operator service also charged at same rate! Any operator, any where within Malaysia, nation wide! Then now how come its RM0.30 per minute and extra RM0.05 because of this 1-300?
Hello! I am not a fussy person with this 5cents, but can you imagine how much the telecommunication company can gained if they cheating 5cents from each of the customer?
Lesson: Next time order for fast food delivery, do call with fix line but not mobile phone!
Another number we usually see is 1-800, which is named 1-800 Freephone! Better than 1-300 Toll Free, free telephone for callers?
1-800 Freephone is a number which allows the calling party to make a call over any distance (within Malaysia) absolutely free of charge. This time is real free? Except made from mobile phones, which local call charges may apply.
1-800 Freephone
Lesson: Sounds free is not necessary totally free, there is always terms and conditions apply.
Sunday, December 6, 2009
Credit Card Debt and Personal Loan
Ever since the announcement of 2010 budget, each credit card will be tax RM50 (RM25 for supplement card), people are getting panic! Its very common now a day, owning 10 to 20 credit card, even your salary range only at around RM20,000 to RM30,000 per annum.
Frankly, credit card spendthrifts are easily out of control. Furthermore, the easy application, low income eligibility and intensive promotion by bank, have make credit card a dangerous financial trap especially for those young, freshly graduated and obtain their first salary. Credit cards are offering for them easily anywhere in shopping mall, jogging trail or restaurant. More and more people become the slave of banker, who could only pay the minimum repayment of credit card debt, the never settle-able debt.
Now, new scenario, banker is pushing their personal loan products by persuading the card holder to take their personal loan to settle credit card debt. Key question – is the total sum paid to settle the personal loan actually less than the sum which would otherwise be paid to settle the credit card debts?
Initially, people will think personal loan with 12% interest rate is certainly better than the almost 18% credit card interest charge. However, this is not a case of apple to apple comparison. Most people are dead wrong assuming that a 12% nominal fixed interest rate for personal loan is better than a 18% per annum credit card interest rate.
Let's see where is the trick?
Personal loan is usually quote with Nominal Fixed Interest Rate (NFIR) or flat interest rate.
It is similar to a hire purchase interest rate, whereby a fixed rate is charged against principal, and levied over the period of the payment. There is no consideration given towards the reducing principal balance as the repayments take place.
For instance,
NFIR = 12% p.a.
Tenor = 2 years
Sum of Loan = RM20000
Interest payable = RM20000 x 12% x 2 years
= RM4800
Monthly Repayment = (RM20000 + RM4800) / 24
= RM1033.35
While for the credit card, the annual interest rate is a reducing balance interest charge, therefore interest is charged monthly on the reduced principal balance. This is similar to a housing loan interest calculation.
Credit Card debt = RM20000
Settle within = 2 years
Interest rate = 18% p.a., monthly compounded
Monthly repayment = RM998.50
It is actually equivalence to NFIR 9.91% only.
Besides, if early settlement, the payment for interest will be lower. Compared to NFIR, no difference in total sum of repayment even for earlier settlement.
Therefore, choose a personal loan with nominal fixed interest rate at least lower than 9.91% for 2 year tenor, or find a loan with reducing balance interest charges basis.
Frankly, credit card spendthrifts are easily out of control. Furthermore, the easy application, low income eligibility and intensive promotion by bank, have make credit card a dangerous financial trap especially for those young, freshly graduated and obtain their first salary. Credit cards are offering for them easily anywhere in shopping mall, jogging trail or restaurant. More and more people become the slave of banker, who could only pay the minimum repayment of credit card debt, the never settle-able debt.
Now, new scenario, banker is pushing their personal loan products by persuading the card holder to take their personal loan to settle credit card debt. Key question – is the total sum paid to settle the personal loan actually less than the sum which would otherwise be paid to settle the credit card debts?
Initially, people will think personal loan with 12% interest rate is certainly better than the almost 18% credit card interest charge. However, this is not a case of apple to apple comparison. Most people are dead wrong assuming that a 12% nominal fixed interest rate for personal loan is better than a 18% per annum credit card interest rate.
Let's see where is the trick?
Personal loan is usually quote with Nominal Fixed Interest Rate (NFIR) or flat interest rate.
It is similar to a hire purchase interest rate, whereby a fixed rate is charged against principal, and levied over the period of the payment. There is no consideration given towards the reducing principal balance as the repayments take place.
For instance,
NFIR = 12% p.a.
Tenor = 2 years
Sum of Loan = RM20000
Interest payable = RM20000 x 12% x 2 years
= RM4800
Monthly Repayment = (RM20000 + RM4800) / 24
= RM1033.35
While for the credit card, the annual interest rate is a reducing balance interest charge, therefore interest is charged monthly on the reduced principal balance. This is similar to a housing loan interest calculation.
Credit Card debt = RM20000
Settle within = 2 years
Interest rate = 18% p.a., monthly compounded
Monthly repayment = RM998.50
It is actually equivalence to NFIR 9.91% only.
Besides, if early settlement, the payment for interest will be lower. Compared to NFIR, no difference in total sum of repayment even for earlier settlement.
Therefore, choose a personal loan with nominal fixed interest rate at least lower than 9.91% for 2 year tenor, or find a loan with reducing balance interest charges basis.
Wednesday, November 25, 2009
EPF withdrawal to purchase second house
Employee Provident Fund (EPF) is mandatory savings which have been enforced to help funding for employee retirement. Malaysian indeed has inadequate saving for their retirement, and dependent on EPF saving alone. What we need at age of retirement not only for basic living namely house to stay, food, entertainment, communication, other living expenses like electricity and astro bills, but some other expenses which probably may arise such as medical and nursing cost.
Nevertheless, EPF can be withdrawn in many circumstance which listed below:
Many people misunderstand that the EPF Account 2 can be withdraw to purchase second house or reduce the loan of second house. Withdrawal of EPF Account 2 to partially finance the purchase, build, reduce or redeem the balance of housing loan of the second house will be allowed only after the first house purchased utilizing EPF withdrawal has been sold or disposal of ownership of property has taken place. The house can be individual purchase or joint purchase. In other way of saying, EPF withdrawal for second house is eligible only when you hold ownership of only one house at the second time of application, not that for you to buy a second house.
There are some people received the false information and so they waste the time and money to prepare the required documents then only find that they are actually hustling for nothing. Anyhow, EPF alone is not adequate to fund for retirement, but why still want to early withdraw it instead of save more??
More information at EPF site
- Age 50 Years Withdrawal
- Age 55 Years Withdrawal
- Withdrawal to Reduce / Redeem Housing Loan
- Incapacitation Withdrawal
- Leaving Country Withdrawal
- Health Withdrawal
- Education Withdrawal
- Pensionable Employees and Optional Retirement Withdrawal
- Members’ Savings Investment Withdrawal
- Withdrawal to Purchase a House
- Withdrawal to Build a House
- Withdrawal Of Savings Of More Than RM1 Million
- Housing Loan Monthly Instalment Withdrawal
- Death Withdrawal
There are some people received the false information and so they waste the time and money to prepare the required documents then only find that they are actually hustling for nothing. Anyhow, EPF alone is not adequate to fund for retirement, but why still want to early withdraw it instead of save more??
More information at EPF site
Sunday, November 1, 2009
Con Artist
Do you ever received a call that the number you don't know? common. But then the person claim that he is someone with the name you totally don't know? wrong number perhaps.
But he insists that he is your very old friend, lost contact for century...then he start to act very friendly saying "how come you have forgotten me?"..."see I still remember you but you have forget me"...
I have recently received call like this. The number is 0162xxx323.
He claimed that his name something sound "ah soon" (very common name, so people are familiar with it) Sur name Lim.
First, he sms me, asking something like how are you recently. Then I reply and ask who are you? Then he called up, tend to be like very close friend, but I don't know him at all! I said he probably dial the wrong number and I hang up the call. After a day or two, he call a few times again, but I don't pick up.. not because I sense something wrong, but I used to handle those admires that call me all the times! hahaha...
So, after awhile, he doesn't call anymore and I have forgotten his number.
9th October 2009, around 1130pm-12 midnight, I was busy with some work and pick up the call which I actually expecting someone else..
I shall clarify here that I have forgotten he was previously called when I talking with him this time...and I was one step into his trick during the call!!
1. He speak mandarin, pronounce his own name very soft and unclear, I have to ask again a few times to catch the correct pronunciation. I still have no ideal who he is, so I request his full name in Mandarin and English, but he never give me. His excuses is that "so bad of you forget me! I don't want to tell you first, or you surely know who am I already. We meet up then, sure you can recognized me!! So no heart la you!"
2. I ask him how he get to know me? When we known each other?
He said since childhood, and we are the same secondary school. Then I ask which school? He answer "Wah, you study so many school meh?"
3. He say he knows me since childhood, but he ask me my age. At first I don't want to tell, then he ask and ask, want to know my year of birth, then I told him. He answer "Oh, then I am 1 year younger than you"
He is trying to gather more information about me.
The next day, there are 2 new numbers call me up.. both at night around 9pm to 2am. They called several times.
016 9xxx937 Jin Chun
016 9xxx997 Alex
I am not sure whether they are same group of con artists, but my instinct tells me that its something wrong.
First one, 016 9xxx937 Jin Chun, claimed that he admired me, we met at The Store supermarket, i gave him my number...then he ask do I love him? This freak may be mentally ill at first I thought.
I ask him what is my name? again excuses and no answer.
He keep asking do I love him, then suddenly another person take the phone, ask me "Who are you?". I think this group of con artists are playing the tricks to get to know my name. I answered by asking how come you call me and don't know my name? Then the first person take the phone back and repeat saying that he admires me.
Second, 016 9xxx997 Alex. Tried another way to know my name it seems.
This Alex called and say he don't know me, shall we be friend? very typical. How he get my phone number? he said is from a friend. So, I answered "Sorry, I am very busy. No time to know any new friend."
The tactic they used is so "old fashion" and lack of creativity, but there are still many people out there be conned! Attack your weakness of loneliness and generosity to friends!
Con artist shall be praised for their hard work, good communication skill and friendliness. Though they are much more better than robbing or stealing, but cheating people money or other advantages are such a shameless and disgusting behavior too.
Don't blame totally on those con artist, greediness is always the weakness leading to be conned. So, be more rational and careful.
Its a battle, you got to win or don't play, if you lose, don't blame but you can revenge, go report police la!
But he insists that he is your very old friend, lost contact for century...then he start to act very friendly saying "how come you have forgotten me?"..."see I still remember you but you have forget me"...
I have recently received call like this. The number is 0162xxx323.
He claimed that his name something sound "ah soon" (very common name, so people are familiar with it) Sur name Lim.
First, he sms me, asking something like how are you recently. Then I reply and ask who are you? Then he called up, tend to be like very close friend, but I don't know him at all! I said he probably dial the wrong number and I hang up the call. After a day or two, he call a few times again, but I don't pick up.. not because I sense something wrong, but I used to handle those admires that call me all the times! hahaha...
So, after awhile, he doesn't call anymore and I have forgotten his number.
9th October 2009, around 1130pm-12 midnight, I was busy with some work and pick up the call which I actually expecting someone else..
I shall clarify here that I have forgotten he was previously called when I talking with him this time...and I was one step into his trick during the call!!
1. He speak mandarin, pronounce his own name very soft and unclear, I have to ask again a few times to catch the correct pronunciation. I still have no ideal who he is, so I request his full name in Mandarin and English, but he never give me. His excuses is that "so bad of you forget me! I don't want to tell you first, or you surely know who am I already. We meet up then, sure you can recognized me!! So no heart la you!"
2. I ask him how he get to know me? When we known each other?
He said since childhood, and we are the same secondary school. Then I ask which school? He answer "Wah, you study so many school meh?"
3. He say he knows me since childhood, but he ask me my age. At first I don't want to tell, then he ask and ask, want to know my year of birth, then I told him. He answer "Oh, then I am 1 year younger than you"
He is trying to gather more information about me.
The next day, there are 2 new numbers call me up.. both at night around 9pm to 2am. They called several times.
016 9xxx937 Jin Chun
016 9xxx997 Alex
I am not sure whether they are same group of con artists, but my instinct tells me that its something wrong.
First one, 016 9xxx937 Jin Chun, claimed that he admired me, we met at The Store supermarket, i gave him my number...then he ask do I love him? This freak may be mentally ill at first I thought.
I ask him what is my name? again excuses and no answer.
He keep asking do I love him, then suddenly another person take the phone, ask me "Who are you?". I think this group of con artists are playing the tricks to get to know my name. I answered by asking how come you call me and don't know my name? Then the first person take the phone back and repeat saying that he admires me.
Second, 016 9xxx997 Alex. Tried another way to know my name it seems.
This Alex called and say he don't know me, shall we be friend? very typical. How he get my phone number? he said is from a friend. So, I answered "Sorry, I am very busy. No time to know any new friend."
The tactic they used is so "old fashion" and lack of creativity, but there are still many people out there be conned! Attack your weakness of loneliness and generosity to friends!
Con artist shall be praised for their hard work, good communication skill and friendliness. Though they are much more better than robbing or stealing, but cheating people money or other advantages are such a shameless and disgusting behavior too.
Its a battle, you got to win or don't play, if you lose, don't blame but you can revenge, go report police la!
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