Aia Ecare

In my previous article, I compared an endowment plan with an ILP. Many might think that an ILP is a silly way to save for my child’s education. After all, there are much superior ways like “Buy Term Invest the Rest”.Today, I will share with you my personal experience with one ILP that led me to be a little more accomodating towards ILP amidst the anti-insurance stance taken by most people.


AIA Achiever I bought the above mentioned plan some years back. I believe that it is no longer in the market. Some insurance agent sold it to me as an investment plan and conveniently left out some important details about the “downside” of this policy.


Anyway, for the first few years, I hated the plan. I thought that it was the worst plan that I could have gotten. Afterall, I had to pay premiums for 7 years before I could withdraw the amount out. (When I boughtthe plan, I thought that I could withdraw the money out once the policy has been incepted for 7 years)


I was really thinking of surrendering the plan very early on as I felt that the 7 year waiting period was simply too long and I could put my money to better use elsewhere. However, the high surrender charges before 7 years made me think twice.In the end, I continued servicingthe plan and recently, I just crossed 7 years of premium payment