AXA-Affin Savings Reward Program

Limster88 — Tue, 03 Jan 2012 23:34:05 +0800

Hi, all sifus

Recently my cousin approached me to sell me an endowment plan, which he allegedly say is from AXA Affin.

Basically the plan is just a plain vanilla endowment plan, 5% cashback every 2 years, premium is just like your average endowment plan, 30 years term. Nothing suspicious.

What I'm worried about is the way he's selling the plan. He said his agency is currently promoting a new method of selling that allows even non-insurance agents to sell them. According to him, if I manage to find another 6 persons to buy the exact same plan, the amount of commission that I would get will be enough to cover the annual premium, and basically get the plan for free. No exams and no insurance qualifications is required and no sales quota. Just need to attend the training at AXA Chulan Tower and that's it, you can start recommending the plans to others and once they buy you can get the comission of roughly 20% of the premium.

Is this kind of selling even allowed? Can we even sell savings plan without any license? What's more, he said if I recommend it to my friend, and my friend sells the plan to another person, I get a portion of his commission as well, like around 15%. The structure seems like those MLM companies with a downline system.

The whole thing seems suspicious, but the plan itself is solid. I searched AXA Affin's website and the plan that he described to me seems to match with the description for Paysavers endowment plan. He even gave me a brochure, but the brochure is not from AXA. Seems like those normal promotional brochures for insurance and he didnt give me a quotation and told me all the plans sold have the same sum assured and the premium follows the age band.

Any AXA agents here can confirm about this kind of selling system? Or is this the norm in the Insurance Industry?? I'm scared that this is some kind of cheating MLM and my cousin's involved in it.

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~PS: The selling method is called Tell6 and the whole project is called Savings Rewards Program. It's run by DF System Consortium Sdn Bhd. Hope this information can help you all to verify whether this program is real or a cheat!! Thanks!!!

From Biotech to Banking

Limster88 — Mon, 19 Jan 2009 21:22:06 +0800

I'm going to graduate end of this year, but these days I kind of regret taking my current course which is Biotechnology.

Is there any other way for me to enter the Banking and Finance sector without retaking a whole undergraduate degree or diploma??

All help is appreciated....

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AXA-Affin Savings Reward Program

From Biotech to Banking