Insurance scammers

A friend of mine was cheated out of her savings by a well-known insurance company.

She bought the policy in 1997 insured for 300,000 baht for 21 years which pays back every three years. She was looking forward to the 22nd year when she would receive the final lump sum. But to her disappointment after all these years of waiting, the cheque issued to her plus the amount that she already received every three years is still much less than the total amount she had paid for the full 21 years.

Her insurance agent told her that she can make a complaint but he cannot do it on her behalf. Another friend offered to help (whose friend is an insurance agent). In the end this agent managed to get another additional amount for her. But the problem is even with this additional amount, it is still less than what she had paid all these years. And she was told that the company said that they can only pay this much.

She felt cheated. When she first bought the insurance, the agent assured her with their tabulation or chart that she would be assured of a profit when the policy matured. Everybody who was persuaded to buy insurance by the agent is firstly presented with a chart to show how much profit they would get after the policy matured. Then they pay for it before the official document is issued to them. I think out of 10 people only one or two will read the policy.

After all these years, they say that you did not read the documents. This is an open scam. MILLIE TAN