Vision Statement: To be the Premier Organisation for Life Insurance Professionals and Financial Practitioners Mission Statement: To Elevate the Economic Well-being, Status and Professionalism (ESP) of Life Insurance Professionals and Financial Practitioners OUR CREED ON DEALINGS To always work with others on a win-win paradigm and to proactively seek mutual gains from dealings. ON WORK To actively explore and meet the needs of our members through continuous research and innovations. ON EDUCATION To upgrade the professional capability of our members by introducing relevant training and development programmes. ON GOALS To realise our goals through efficient use of resources, effective approaches and ethical means. ON BEING To live our dreams by being courageous, responsible, passionate, caring and by sharing.
PG 11 COVER STORY SPECIAL FEATURES PG 12 PG 15 PG 18 PG 20 PG 24 PG 34 NAMLIFA Leadership Camp INDUSTRY ISSUES PG 5 PG 5 PG 8 PG 10 PG 26 PG 16 PG 29 PG 33 PG 35 PG 13 PG 22 Secretariat Updates Industry Updates In-House Association Updates Corporate Social Resposibility Project Branches News AKARD UPDATE Branches AKARD Recognition 2011 AKARD News CSSB UPDATE 6 th ManLIFPS 34th Mega Convention FLPC UPDATE Upcoming Workshops Training & Workshop NAMLIFA STANDING COMMITTEES: CHAIRMEN Field Practitioners Board Agents & Leaders Excellence LIAM & Bank Negara Malaysia Branch & In-House Association Liaison Financial & Life Practitioners Council (FLPC) Board Membership Research & Publications Convention & Speakers Standard Board (CSSB).. Tang Kia Sing Sethu A/L Karuppan Michael Kok Fook On, PKC Kho Chui Ing James Bong Kee Chin Low Kai Foo NATIONAL SECRETARIAT National Association of Malaysian Life Insurance Fieldforce and Advisers (2361 Selangor) Wisma NAMLIFA, 55, Jln 3/93, Tmn Miharja, Cheras, 55200 K.Lumpur Tel: 603-9281 3167 Fax:603-9281 1435 E-mail:info@namlifa.org.my Design by Babyon Innovation (2063601-H) Printed by Anekaprint Sdn Bhd (528479-W) 30, Lengkongan Brunei, Off Jalan Pudu, 55100, K.Lumpur Tel: 603-2148 2978 Fax:603-2144 8718 E-mail:wcc9898@gmail.com
TANG KIA SING CIAM, ChAPM, CMFA, F.Life NAMLIFA President s Message Warmest Seasonal Greetings to Everyone. We usher into 2012 with higher hopes, optimism and enthusiasm for the year ahead, while reflecting back the past year with acceptance and appreciation. The Dragon Year for the Chinese community is an auspicious symbol of vibrance, greatness and prosperity. That is also the spirit of my wishes to you and to your career. In line with the Insurance Act 1996, we have during the ADC held in May 2011 passed the resolution to change our name and this has been approved by the Registrar of Societies in November 2011. We are pleased to inform that we are now officially known as National Association of Malaysian Life Insurance Fieldforce and Advisers while maintaining the acronym NAMLIFA. FINANCIAL SECTOR MASTERPLAN REVIEW & LIBERALIZATION As the 1st Financial Sector Master Plan is ripe for review, we anticipate liberalization exercises for the Life Insurance Industry to take place. This exercise may result in greater volatility in movements of expertise and resources in the Industry which could catalyze greater challenges, vibrant outlook and new opportunities that can be seized with a higher level of creativity and innovation in the Industry game. Anticipating this, NAMLIFA National Council has initiated a few dialog sessions with the Deputy Finance Minister, YBhg Dato Donald Lim at the Ministry Of Finance. We shared our concerns and provided relevant statistics and feedback over the review of the Master Plan. These dialog sessions are expected to continue. We record our highest appreciation to the Honorable Deputy Finance Minister for his availability and concerns. REGISTRATION OF BUSINESS ACT (ROBA..) NAMLIFA is concerned that the above Act, if implemented, will result in every Life Insurance Agent to carry Business Registration with compulsion. This is not the practice in most Asia Pacific Region countries. We too find it quite unsuitable of the implementation of the above and have voiced our concerns to the Ministry Of Finance and he concurs with our concerns. Dear Members, we aspire for NAMLIFA Branches to operate in uniform nationwide. This will create synergy for the Association towards greater strength. To continue moving towards this aspiration, the NAMLIFA Leadership Camp was organized on the 18th, Oct 2011 at Janda Baik, Pahang. The 3 days outward bound session was well attended by almost all our Branches representatives. I have observed that most of the Branches are performing well and a few of them are examples for being extra-ordinary performing branches. My best wishes for all our Branches nationwide. Engaging with In-House Associations is a very important part of our Agenda. This will create effective 2 way communication, better strategizing abilities and a vibrant working synergy between NAMLIFA and the In-House Associations. Hence, a 2 days Brainstorming/Dialog session was held on the 1st Nov, 2011 at Awana Genting. I am confident that we are moving in the same directions with the same end in mind while my conviction of NAMLIFA as the National Body that represents the interest of all the Life Insurance Agents is growing stronger day by day. NATIONAL COUNCIL ( July 2010 - June 2012) President Immediate Past President Deputy President 1st Vice President 2nd Vice President Secretary-General Asst. Secretary-General Treasurer-General Asst. Treasurer-General Council Member Tang Kia Sing Michael Kok Fook On, PKC Sethu A/L Karuppan Kho Chui Ing Low Kai Foo Major Leow Nan Chung, AMN James Bong Kee Chin Ng Keng Choh Chew Long Sang A M Naidu Yuen Wai Seng Lim Kim Poi G.Saseedaran Robin Woh Chee Wai As the 2nd FSMP is set to roll out anytime now, we are looking forward to analyze all details and will engage with the stakeholders accordingly. We tend to be very clear of the Master Plan and will pursue for our betterment with determination. You, as members of NAMLIFA, ought to play a pro-active role by providing us with constructive feedbacks pertaining to the Master Plan. This will ensure our relevance, as your Interest is always our Business. Wishing you all the best in 2012. Thank You.
Editor s Note JAMES BONG MScFP, FChFP, ChLP, RFP, LUTCF (USA), CFMC, CIAM, F.Life NAMLIFA Greetings and Happy New Year 2012 to all members! Year 2011 departed with many beautiful memories... What an eventful year! The major events include the 4th National Mandarin Life Insurance and Financial Planning Summit (4th ManLIFPS) in Sabah, 4th FLPC Grand Graduation Ceremony at PWTC, 33rd Annual Delegates Conference at PWTC, 33rd Mega Convention, 8th National AKARD Awards Recognition Night in Genting Highlands, Leadership Camp at Janda Baik, Bentong and In-House offsite meeting in Awana Genting, all these events were captured in photos and featured in past issues of NADA. Picture says a thousand words, you will be taken a trip down memory lane of those past national and branches events, have fun and happy reading. My heartiest congratulations to all the AKARD Awardees, who had made great headway in their production to qualify for these national awards and sincere appreciation to all branch Organising Chairmen and team members for putting up such an awesome show. The 5th ManLIFPS will greet us from 12th - 13th January 2012 at The ZON Regency Hotel, Johor Bahru. Worldclass speakers, World Champoin Lion Dance, the authentic 24-drum troupe await you. Enjoy your learning session! The ultimate Mega show of the year, the 34th Mega Convention will take center stage from 27th - 29th August 2012 at GICC, Genting Highlands, an event to bring together the elements of caring, sharing, learning and growing with the theme Evolution for Success. Block your calendar and register now! Beginning this issue, we have created a motivational story column for your reading pleasure. Story touches the heart of everyone, it reaches the inner self of individual where the moral of story will generate the wisdom for us to face the real world. If you have meaningful and motivating stories (in any languages), kindly forward to NAMLIFA Secretariat for publication in future NADA. My sincere appreciation to all article contributors: Past President, Mr Kenny Chong s ; AKPK s Principals of borrowing; MDRT Minute Investing in Your Future by Selling to Young Professionals by Mr Eric Papp; En Zainal s HIJAB ; Deputy President, Mr Sethu s ; and Mr Chang Chee Kiang s. Thanks to the contributing in-houses namely GELFAAM, INGIAFAM, FIAAM and PRULIA. A big THANK YOU to all of you members, contributors, In-House Associations and advertisers for your wonderful and continual support. You are truly special to us at NAMLIFA. Last but not least, I wish all members Gong Xi Fa Cai and may the year of the Golden Dragon brings you Health, Wealth and Prosperity. Let s start the year with gusto and enthusiasm; may goodness and mercy flow in all the days of our lives. CENTRAL REGION Chairman : Mr. K. Manoharan (016-2239225) Secretary : Mr. Kathiresan a/l Arunachalam (012-2895869) Address: Wisma NAMLIFA, 55, Jln 3/93, Tmn Miharja, Cheras, 55200 K.L JOHOR BRANCH Chairman : Mr. Solomon Raj (012-7091057) Secretary : Mr. Ramesh a/ Perumal (019-7143452) Address: 29B, Jln Sri Putra 1, Bandar Putra, 81000 Kulai, Johor PAHANG BRANCH Chairman : Mr. Philip Yen Ah Meng (012-9213318) Secretary : Mr. Kok Chee Hong (012-9885191) Address: 1 st Flr, Wisma AIA, 103, Jln Tun Ismail, 25000 Kuantan, Pahang MIRI BRANCH Chairman : Mr. Clarence Phang Teng Bong (013-8304139) Secretary : Ms. Voon Chui Choo (013-8306983) Address: Lot 1254, 2 nd Flr, Centre Point, Jln Melayu, 98000 Miri, Sarawak PENANG BRANCH Chairman : Mr. Kam Chee Meng (019-9399928) Secretary : Ms. Ng Soo Hing (012-4980595) Address: 2, Tingkat 2, Suite 2, Lebuh Tenggiri 2, Bandar Seberang Jaya, 13700 Perai, Pulau Pinang KUCHING BRANCH Chairman : Ms. Lam Ying Sar (019-8862491) Secretary : Ms. Siew Nes @ Cecilia Egnes Ak Nonsen (013-8255960) Address: ING Bhd, Wisma ING, 20, Jln Rubber, 93400 Kuching, Sarawak BRANCHES 2010-2012 PERAK BRANCH Chairman : Mr. Lim Song Haw (016-5593393) Secretary : Mr. Wong Fook Hong (012-5121265) Address: 63, 3 rd Flr, Persiaran Greenhill, 30450 Ipoh, Perak SIBU BRANCH Chairman : Mr. Wong Soong Seng (017-2222342) Secretary : Ms. Ting Mee Hung (013-8082889 ) Address: 5, 1 st Flr, Jln Keranji, 96000 Sibu, Sarawak NEGERI SEMBILAN BRANCH Chairman : Mr. Kunju Raman a/l Parangodan (019-6205273) Secretary : Mr. Sathiaseelan a/l Kuppusamy (012-6012496) Address: 8, 1 st Flr, JlnTuanku Munawir, 70000 Seremban, N.S SABAH BRANCH Chairman : Mr. Yuen Wai Seng (012-8132189) Secretary : Mr. Andy Wong Ten Soo (019-8803929) Address: Suite 8.1, Wisma Great Eastern, 164, Jln Belian, 91000, Tawau, Sabah MELAKA BRANCH Chairman : Mr. Chong Tam Fook (019-6671925) Secretary : Mr. S Supramaniam (012-2519498) Address: 138, Mezzanine Flr, Kompleks Munsyi Abdullah, 75100 Melaka
Industry Issues SECRETARIAT UPDATE 1. Announcement on CHANGE OF NAME to: National Association of Malaysian Life Insurance Fieldforce and Advisers with effect from 9 November, 2011 2. NAMLIFA Website new look Our website has a new look. But the real change is in the approach and not the appearance. You will find our website more interactive and informative. We have made basic improvements and cleaned up the layout, simplify the navigation and made it easier to find related news and updates. Our aim is to help members understand NAMLIFA better and how they can benefit from being our member. INDUSTRY UPDATE 1 Extract from BNM letter (ref. JKAP7500/COM/1/12/3 dated 27 October, 2011) in reply to our letter of 7 October, 2011 pertaining to the OCC and MQC: Quote: We refer to the National Association of Malaysian Life Insurance and Financial Advisor s (NAMLIFA) letter dated 7 October, 2011 on the above. We wish to inform that Bank Negara Malaysia (the Bank) is still reviewing the proposal to liberalise the operating cost control for life insurance business. In this regard, the BNM will take into consideration the issues and suggestions received from the industry, including NAMLIFA. As for the revised Guidelines on Minimum Qualitative Criteria for the Life Agency Force (Guidelines), NAMLIFA may wish to discuss matters pertaining to the Guidelines with the Life Insurance Association of Malaysia (LIAM) since the requirements under the Guidelines are set up by LIAM. With regards to the update on the Financial Sector Masterplan, NAMLIFA may wish to wait for the Bank s announcement of the new fi nancial sector blueprint which is expected to be made by the end of this year. JAN - APR 2012 NAMLIFA Nada Practitioner 5
Industry Issues 2 Extract of LIAM s reply dated 28 October, 2011 to NAMLIFA s letter pertaining to the MQC guidelines on PR for Maintenance of Contract for your information: Quote: The LIAM Management Committee (MC) has deliberated on the issues presented by NAMLIFA and we are pleased to inform you of our decision, as follows: i. Guidelines on Minimum Qualitative Criteria (MQC) Production Requirement (PR) for Maintenance of Contract LIAM is supportive of NAMLIFA s request to allow the calculation of persistency ratio for maintenance of contract to be based on either premium count or policy count. The decision to use either basis will be left to the respective company based on the merits of each case. However, this fl exibility is only applicable for the persistence ratio for maintenance of contract and not for promotion or qualifi cation of the persistency ratio bonus. ii. Guidelines on Minimum Qualitative Criteria (MQC) Maintenance of Contract The MC has considered thoroughly NAMLIFA s appeal for the calculation of production quota to be based on FYAP instead of FYPI. As the Minimum Qualitative Criteria (MQC) has not been revised since 1999, the same requirements that were set some 12 years ago might not be consistent with the level of progress and quality achieved by life insurance agents at the present time. As such, LIAM would like to maintain the measurement of premiums on the basis of FYPI. Extract from BNM Circular BNM/RH/CIR/003-32 dated 13 May, 2011 and which will take effect on 13 August, 2011. 1 Purpose 1.1 The current Guidelines To Control Operating Costs of Life Insurance Business (OCC) aimed at instilling better fi nancial discipline and to ensure fairer pricing of life insurance products for the benefi t of policyholders. 1.2 Products with paid-up options refer to products that are designed and marketed with an option that enables the policyholder to cease payment of premium prior to the full contractual premium payment term. The requirements of this circular do not apply to the reduced paid-up option offered as part of the non-forfeiture provision. The term upon which the policy holder exercises paid-up option and ceases payment of premium shall be referred to as the minimum premium payment term throughout this circular. 1.3 It is noted that the commission payable to the agent for products with paid-up option is based on the full contractual premium payment term, even when the paid-up option is exercised at a specifi ed date. Such practice is deemed to be unfair to policyholders as they should benefi t from the reduction in commissions. 2 Requirements 2.1 In ensuring that consumers interests are safeguarded, commission level payable during the minimum premium payment term shall be pro-rated(1) based on the minimum premium payment term. As an example, for a 20-year premium payment term product with option to cease payment of premium in 10th policy year, the commission payment shall be based on a 10-year pro-rated commission scale instead of a 20-year commission scale during the minimum premium payment term. 2.2 The remaining commission amount (difference between the amount computed in paragraph 6.1 and commission based on the original premium payment term) may be payable after the minimum premium payment term if the paid-up option is not taken up. Meanwhile, any savings in commissions should be returned to consumers in the form of higher cash value / non-guaranteed benefi ts. 2.3 This requirement is applicable to all new policies issued after the effective date of this circular for both existing and new products designed and marketed with such options. 6 Nada Practitioner NAMLIFA JAN - APR 2012
Industry Issues Extract from BNM letter to MOF pertaining to Section 4.13 of the FSMP (removal of capping on operating expenses) Quote: We refer to the meeting with YB Dato Donald Lim and representatives from the National Association of Malaysian Life Insurance and Financial Advisors (NAMLIFA) held on 24 October, 2011. Bank Negara Malaysia and the Life Insurance Association of Malaysia (LIAM) s response to the issues raised by NAMLIFA are as follows: JAN - APR 2012 NAMLIFA Nada Practitioner 7
Industry Issues IN-House Association Updates ING Insurance Agency Force Association Malaysia (INGIAFAM) 13th AGENCY MANAGER CONGRESS 2012 Theme: Passion, Integrity, Extraordinary Date: 9th to 11th January 2012 Venue: Promenade Hotel, Kota Kinabalu, Sabah Write-up: The Agency Manager Congress (AMC) is task in addressing and delivering of the momentous focus that will lead the agency managers to a new frontiers and it acts as a platform for continuous improvement, knowledge and leadership enhancement. It is also an important annual gathering for all our agency managers to build a stronger rapport and relationship. Great Eastern Life Field Force and Agents Association Malaysia (GELFAAM) (Kuala Lumpur, September 28) Great Eastern Life Field Force and Agents Association (GELFAAM) had for the first time conducted a Mandarin Final Sprint Seminar. The response was good with 600 members attended. This was the first time GELFAAM had invited a renowned Taiwan speaker, Ms Judy Lin to share her vast experiences in insurance industry. Besides, the Association launched a 3D/2N GELFAAM Annual Convention 2012 (Kuala Lumpur, September 30 & October 1) Ms Judy Lin also conducted a 2-day training course on Effective Recruitment at The Federal, KL. She shared a unique method on How to Recruit, which had inspired all the participants. (Kuala Lumpur, October 3) GELFAAM & GSM Association jointly organized a Nationwide Awareness Campaign from 3rd 24th October, with the theme of One Company, One Contract and a field force survey was conducted at the same time. The purpose of the campaign is to let management know the plight of Great Eastern Life insurance agents. The campaign had received enthusiastic support nationwide. 8 Nada Practitioner NAMLIFA JAN - APR 2012
Industry Issues Financial & Insurance Advisor Association Of MAA Malaysia (FIAAM) Financial & Insurance Advisor Association of MAA Malaysia (FIAAM) held it s 20th Anniversary Celebration Dinner on 13th November 2011 with the theme United We Stand in One Heart at Confucian Private Secondary School, Jalan Hang Jebat, Kuala Lumpur. About 500 FIAAM members and agency leaders from all over Malaysia attended this event Mr. Tang Kia Sing, the President of NAMLIFA was the Guest of Honor for the function, he was represented by Mr. Kho Chui Ing, the Vice President of NAMLIFA. In his opening speech, he quoted the importance of cooperation and working together as one team with NAMLIFA. He urged in-house associations of insurance companies to play a more important role in negotiating for a better deal and compensation for their members. Among the VIPs present were the Chief Executive Officer (CEO) of MAA Assurance, Mr. Chee Cheong, and Mr. John Leong, President of MAA Assurance, together with the agency force to celebrate this auspicious occasion. The Opening ceremony of the night was fascinated by drummers of the school children and followed by ribbon cutting by VIP. The food was served specially by the FIAAM National Council members. They were the chaperones for the night and they served all guests with an open and sincere heart. FIAAM 20th Anniversary Celebration Cake Cutting ceremony was led by President, Mr. James Bong together with all FIAAM National Council Members and past presidents, representative of GOH, CEO of MAA, President of MAA, President of GELFAAM, President of PRULIA and ManLIFPS organizing Chairman. It was a very meaningful and unforgettable night with amazing performances and entertainments from fellow agency members, songs by schoolchildren and lucky draws. Guests were enlightened by all events especially the Indian and Chinese dance performances. Prudential Life Insurance Agency Association (PRULIA) Prudential Life Insurance Agency Association has line-up a series of exciting events for year 2012. The year kick starts with ABC 70 Green Beret Camp from 16th to 19th February 2012 at Camp ABC Janda Baik, Pahang. The speaker is Col Izaidin. The objective is to develop leadership skills among participants and also to discover their potentials. This follows with PRULIA s 24th Annual General Convention at Sunway Convention Centre on 30th June 2012. Around 3,000 agent and agency leader is expected to attend this event. The organizing committee had prepared a line up of renowned speakers for this event. PRULIA 10th QL s Conference will take place at Pan Pacific, KLIA on 8th September 2012 and approx. 800 leaders from all over Malaysia expected to attend this event to discuss issues related to agency force. PRULIA would like to take this opportunity to wish all members a great journey in the year 2012. JAN - APR 2012 NAMLIFA Nada Practitioner 9
Industry Issues CORPORATE SOCIAL RESPOSIBILITY PROJECT NAMLIFA Foundation was adopted by the Annual Delegates Conference on 30 May, 2010. It is a platform for all who believe in giving to pool resources in order to make a greater impact to the community and enhance the agency force s professional image as a group of caring people. NAMLIFA Foundation will provide the funds for feeding the hungry, housing the homeless, caring for the sick and also for the terminally ill children to fulfil their last wishes in life. It has been rolled down to the branches that 30% of all proceeds collected during charity drives carried out at Branch level will be channelled to this Foundation. Individuals are also encouraged to contribute towards this fund your donation today will touch the lives of countless less fortunate in the country and our community. During a charity drive held in conjunction with the recently concluded 33rd Mega Convention, a sum of RM7,000 was donated directly to MAKNA. A cheque was presented to Cik Farahida Mohd Farid, General Manager of MAKNA on 3 December, 2011. Representatives from NAMLIFA include President Mr Tang Kia Sing,2nd Vice President and Treasurer-General Mr K C Ng. IN HOUSE OFFSITE MEETING Date: 1st & 2nd November 2011 Venue: Awana Golf & Country Resort, Genting Highlands Total Attendees: 35 pax In House: PRULIA, Persatuan Agen MCIS Zurich Malaysia, INGIAFAM, GELFAAM, LUSEB, FIAAM, TMALFAA, ETIQAFAA, GSM Association, AMLUFA, CAMA and Pertubuhan Agen Agen Melayu MCIS Zurich Ins. Bhd. The National Council recognizes the importance of working with In House Associations who are also our Corporate members. They are one of the strong pillars of NAMLIFA and act as an intermediary in disseminating information to the agency force. In a recent off-site meeting held from 1 to 2 November, 2011 at the Awana Genting, a total of 11 In House Associations were represented. Secretary-General Major Leow, commenced the meeting by updating the members on the meetings held with the authorities, namely Bank Negara Malaysia, LIAM and the Deputy Minister of Finance. He also highlighted report on unethical practices of IFA and mis-selling by Bancassurance. President reported that he had received enquiries and requests for NAMLIFA to help form a Takaful Insurance Agents Association. After much deliberation it was agreed that NAMLIFA will assist to form the Association and En Mohammed Iqbal Ali, Vice President of PRULIA, was elected as Facilitator to initiate the formation. A brain storming session was carried out on the 2nd day during which views and ideas were shared on dealing with outstanding industry issues. Overall it was a very successful interactive session. 10 Nada Practitioner NAMLIFA JAN - APR 2012
NAMLIFA Leadership Camp Cover Story NAMLIFA Leadership Camp 18 to 20 October, 2011 A Leadership Camp was organized from 18 to 20 October, 2011 at the Camp ABC in Janda Baik, Bentong. The 3-days 2 nights programme was specially organized for the National Council and Branch Committee members who are responsible for or concerned with improving their personal leadership growth and Team development. This adventure-based programme was designed by Trainer William Teo to develop leadership and team building skills in today s organizational development (OD) context. The experiential learning process provided a powerful experience for participants to challenge all their previously held notions about themselves and their teams. It helps them discover their potential and motivates them to adjust and control personal behaviour towards the change conditions and performance excellence. The programme includes the following: Using real life Case Studies Discussion and applications Using indoor and outdoor challenge activities for learning retention and understanding the meaning of real life skills (Emotional Intelligence). Upon completion of the programme, all participants are able to: Learn to work with teammates constructively Act as leaders in their given organizational roles Understand NAMLIFA S organizational goals and the role of individuals and teams in meeting them. JAN - APR 2012 NAMLIFA Nada Practitioner 11
Special Special Features Features JAN - APR 2012 NAMLIFA Nada Practitioner 12
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From MDRT minutes Investing in Your Future by Selling to Special Features to Young Professionals Generation Y (ages 17-28) is not a new consumer group. In fact, they are the most marketed-to generation in history. They have money, and they are getting more powerful and infl uential each year. These four steps will help you identify what is important to your prospective Gen Y clients Connect Learn as much as you can about this generation. Sign up for a Facebook.com or MySpace.com page. Listen to their music, and go to the Starbucks where they hang out. Observe, observe, observe. After doing some homework, you are ready to connect with them. You can make a connection on many different levels: music, sports, yoga, outdoor activities, faith or family. Authenticity and acknowledgment Gen Y will want nothing to do with you until they see and believe that you are authentic and really trying to help them. Impress them by listening. Gen Y wants to know you care about them. Once you ve demonstrated authenticity, acknowledge and affirm them. Make sure your dialogue is filled more with you rather than I language. This is critical to Gen Y because they are used to speaking, sharing their experiences and giving advice. Let them talk, and acknowledge them on their achievements. For example, say, I want to congratulate you for taking the time to talk about your finances. You will be far ahead of your peers when it comes to financial independence. Recap Your financial services may be new to some of your Gen Y clients. The terms you use might not be familiar to them, so recap your presentation to make sure everything is clear. When your presentation comes off clear and concise, you have a greater chance of getting a commitment. You might stop and summarize each section or ask for questions periodically. If they are not comfortable asking you questions, it is probably because you didn t make a strong enough connection or come off as authentic. Empower Ask them for a favor; this empowers them by showing that you trust them. You might ask them to e-mail you the name of one of their friends who might also benefit from your services. By asking for a referral, you are saying, I trust you to talk about me and my services to others. Another way to empower them is by giving them something. When you meet with your Gen Y clients, decide how you can give them something or find a task for them to do. Give them a book of yours. You are indirectly saying, I am treating you like an adult. There s no question that learning about this group and changing some of your current approaches is an investment of time. If you decide not to make the effort to sell your services to this group, the question is: How much money are you willing to leave on the table? Eric Papp is an author and consultant specializing in managing and retaining Generation Y clients. His work has been featured in the New York Times, USA Today and many other publications. A graduate of the University of Notre Dame, he is an Eagle Scout and a member of Generation Y. His entire 2009 Annual Meeting presentation, Successfully Providing Financial Services to Generation Y, is available for purchase at www. mdrtpowercenter.org. Updates MDRT President : Mr Julian H. Good CLU ChFc. New Orleans MDRT Zone Chair : Ms Teresita Perez from Philippines MDRT Country Chair Malaysia : Mr Mohamad Manmohan 2011 MDRT Annual Meeting : 10 th to 13 th, June 2012 Anaheim, California, USA 2012 Membership Requirements (based on 2011 production credit) On Commission credit On Premium credit On Income Credit (not applicable for 1st time qualifi er) MDRT Production : RM140,000 RM420,000 RM239,100 COT Production : RM420,000 RM1,260,700 RM717,300 TOT Production : RM840,400 RM2,520,000 RM1,434,600 JAN - APR 2012 NAMLIFA Nada Practitioner 15
AKARD Update Branches AKARD Recognition 2011 GOH: Madam Piano Lydia Ong Kok Fooi, Exco Negeri Pulau Pinang Adun Kawasan Berapit O.C: Mr Wooi Yu Thong Total Awardees : 154 PENANG BRANCH Date: 27 Sept, 2011 Venue: Sunway Convention Centre, Seberang Prai, Penang CENTRAL REGION Date: 14 Oct, 2011 Venue: Summit Hotel Subang Jaya, Selangor GOH: Mr Tang Kia Sing, President of NAMLIFA O.C: Mr Kunasegeran A/L Rajoo Total Awardees : 501 GOH: Mr Tang Kia Sing, President of NAMLIFA O.C: Tuan Haji Jaafar Bin Ab Majid Total Awardees : 50 MELAKA BRANCH Date: 19 Nov, 2011 Venue: Avillion Legacy Hotel Melaka 16 Nada Practitioner NAMLIFA JAN - APR 2012
AKARD Update PAHANG BRANCH Date: 4 Nov, 2011 GOH: Mr Tang Kia Sing, President of NAMLIFA Venue: Mega View Hotel O.C: Mr Kulasingam A/L Kandiah Kuantan Total Awardees : 29 JAN - APR 2012 NAMLIFA Nada Practitioner 17
Special Features AKPK Agensi Kaunseling Dan Pengurusan Kredit PRINCIPLES OF BORROWING To borrow or not to borrow that s normally not an option! Most of us will somehow need to borrow in order to buy our fi rst car or even our fi rst home (and for some, even to get married!) However, many people may not understand some of the basic principles of borrowing. Before we dwell into the principles, let s fi rst understand some of the main components of a loan. Article contributed by: (AKPK is a wholly owned subsidiary of Bank Negara Malaysia) Toll free number: 1800 88 2575 Corporate website: www.akpk.org.my Social Media site: www.speaksens.com.my What are the Main Components of a Loan? All loans, whether it is a car loan, home loan or personal loan, consist of three main components: The interest rate, security and term. The Interest Rate The interest rate is the lender s charge for the use of their money. The interest rate is usually expressed in terms of a percentage of the amount loaned on a per annum (p.a.) basis. The interest charged is mostly on a compounding basis (i.e. interest-on-interest) and could be either on an annual/ monthly/ daily compounding basis (another term used is yearly/monthly/ daily rest.) There are two different types of interest rates: fixed or variable. Fixed rates are just that: fixed and unchanging. If your fixed interest rate is 6% p.a., it will be 6%p.a. for the entire tenure of the loan. Variable rates can change over time and are usually pegged on a standard market rate, such as the Base Lending Rate, BLR (current BLR = 6.75%). For instance, you may take out a loan with a variable rate at BLR + 1%. This means that you ll pay one percent more than the BLR, or a total of 7.75% p.a. The Security All loans are either secured or unsecured. This refers to whether the lender requires you to put up assets, often referred to as collateral, to secure your loan. If you have a secured loan, it means your lender will be able to resort to foreclose the collateral in the event you default on the loan. Because there is an exit repayment alternative, interest on secured loans are lower compared to interest on unsecured loans. When you finance the purchase of your car through a bank loan, you re actually a hirer (not owner) of the car you re driving until you ve fully repaid your loan!) Similarly, in the case of a housing loan, the bank will have an ownership claim on the house until you have fully repaid the housing loan. In an unsecured loan there is no collateral that the bank can foreclose in the event of default. Given this risk, unsecured loans almost always have higher interest rates than secured loans. In order to mitigate their risk, Lending institutions sometimes require that an additional person co-sign for unsecured loans, or guarantee the loan amount. The Term The term of a loan is the length of time that the borrower has to pay back the loan. Most personal/ car loans have terms of 3 to 9 years whereas home loans stretch much longer and can typically, up to 30 years! The term is the maximum length of time the borrower has to repay their loan; loans can be paid off before the term is up (but there may be penalties for early settlements!) 18 Nada Practitioner NAMLIFA JAN - APR 2012
Special Features What are the Basic Principles of Borrowing? Having understood the components of a loan, we re now ready to learn about some of the basic principles of borrowing. Principle 1: Borrow for something that you need not want. We have talked about the difference between a Need and a Want before and when it comes to borrowing, it s even more important that we understand this difference. You should only borrow for something that you really need but don t have the cash to pay for it. For example, to purchase of our home, to send our children for further education and to a lesser extent, to buy a car. Principle 2: Borrow an amount that is within your repayment capacity. This may sound like common sense but unfortunately, it isn t common practice. A lot of people over-commit themselves into debt thinking that the economy will continuously expand & the good times are here to stay. Needless to say, when crunch comes, these people will be struggling to keep up with their repayments & repossessions of cars and foreclosures of properties begin to mushroom. A case in point will be the current subprime loan crisis in the US. It is advocated that one should keep one s total loan repayments to less than 1/3 of one s gross income. Principle 3: Avoid borrowing to finance depreciating assets This might ruffle some feathers but it s nevertheless a good principle to abide to. Depreciating assets are things that lose its value over time, like a car (unless you re investing in a classic car), furniture and most of the household items & gizmos. It doesn t take an economics professor to tell you that borrowing at a relatively high cost (maybe as high as 20% p.a. for some items!) to purchase these assets just doesn t make good economic sense. These items would depreciate very quickly in value whilst your loans reduce rather slowly. In the event of default, the items would be repossessed and you are obligated to top-up the shortfall as your depreciated assets are not sufficient to cover the outstanding loans. Try to purchase these items with cash through your savings rather than borrowing. Otherwise, don t buy (unless it makes good business sense)! Principle 4: Avoid Being a Guarantor A guarantor steps into the shoes of a borrower in the event, for whatever reason, of a default. Unless one is prepared to honour this commitment, one should avoid being a guarantor. Principle 5: The Borrower has a Moral and Absolute Commitment to Repay Have you met any persons in your life whom have borrowed from you but have yet to repay? How do you feel? Frustrated? Cheated? Betrayed? Yes, it s certainly not a very good feeling and you should never give any excuses for not repaying your debts once you ve made a promise. If you have a problem repaying, talk to the lender to work out a feasible repayment plan but never keep quiet or run away. Otherwise, don t borrow! Conclusion If you need to borrow, by all means, borrow! However, be sure that you clearly understand the principles before committing into it. Once you borrow, you are literally making a commitment to repay and kindly ensure that you, as a responsible individual fulfil that commitment at all times. JAN - APR 2012 NAMLIFA Nada Practitioner 19
Special Features Kenny Chong FChFP, ChLP, ChIFP, RFP, AMABE, AMTC (LIMRA), LPA(GELM), F. Life NAMLIFA, Master of Marketing (Aus) 20 Nada Practitioner NAMLIFA JAN - APR 2012
Special Features Special Features 21 JAN - APR 2012 NAMLIFA Nada Practitioner
FLPC Update TRAINING & WORKSHOP Programme : Chartered Agency & Practice Manager (ChAPM) Date : Effective 23 August 2011 Venue : NAMLIFA Training Room Lecturer : Mr Michael Kok / Mr S K Samy / Mr K. Karunamoorthy / Mr K K Chow Programme : Registered Financial Planner (RFP) Module : Module 4 - Tax Planning & Zakat Date : Effective 23 September 2011 Venue : NAMLIFA Training Room Lecturer : Mr K K Chow Programme : Fellow Chartered Life Practitioners (FCLP) Module : LP102 (English) Business Insurance : Principles & Marketing Date : Effective 13 October 2011 Venue : NAMLIFA Training Room Moderator : Mr Ban Hoan Keong Programme: Chartered Investment & Finance Practitioner (ChIFP) Date : Effective 17 October 2011 Venue : NAMLIFA Training Room Lecturer : Mr Chai Kon Lim / Mr Phua Lee Kerk / Mr K. Karunamoorthy Workshop : Tax Planning - 2012 Budget Date : 9 November 2011 Venue : Menara PGRM, Cheras Speaker : Mr K K Chow Workshop : Law & Trusts - Implications in Life Insurance Policies Date : 7 December 2011 Venue : NAMLIFA Training Room Speaker : Mr K. Karunamoorthy 22 Nada Practitioner NAMLIFA JAN - APR 2012
FLPC Update JAN - MAY 2012 UPCOMING PROGRAMME JAN - APR 2012 NAMLIFA Nada Practitioner 23
CK Chang 24 Nada Practitioner NAMLIFA JAN - APR 2012
JAN - APR 2012 NAMLIFA Nada Practitioner 25
NAMLIFA BRANCHES ACTIVITIES CENTRAL REGION Activity Type: Charity Programme Date: 2 December 2011 Venue: Donate RM3,000 to Midlands Tamil School, Shah Alam as Building Fund Activity Type: Joint Plannery Session Date: 22 24 November 2011 Venue: Lee Gardens Hotel, Hatyai Speaker: Mr Tang Kia Sing (President) & Mr Sethu Karuppan (Deputy President) Total Pax: 20 pax PERAK BRANCH Activity Type: Public Speaking Class Date: 19 November 2011 Venue: Hillcity Hotel, Ipoh Moderator: Mr Wong Fook Hong Total Pax: 16 pax JOHOR BRANCH Activity Type: Blood Donation Campaign Date: 25 October 2011 Venue: Econsafe, Muar O.Chairman: Mr KP Lim Total Donars: 78 pax Activity Type: Blood Donation Campaign Date: 20 November 2011 Venue: Metro Point Kajang O.Chairman: Mr Kunasegeran A/L Rajoo Total Donars: 68 pax Activity Type: Tamil Seminar Date: 16 October 2011 Venue: The ZON Regency Hotel, Johor Bahru Total Pax: 308 pax G.O.H: YB Asojan, Ahli Exco Kerajaan Johor 26 Nada Practitioner NAMLIFA JAN - APR 2012
MELAKA BRANCH Activity Type: Blood Donation Campaign Date: 29 October 2011 Venue: Tesco Peringgit O.Chairman: Mr Ong Kok Kim Total Donars: 100 pax MIRI BRANCH Activity Type: Tea Talk Date: 28 October 2011 Venue: I.T. Library, Miri Speaker: Mr CK Chang and Mr KP Lim Total Pax: 107 pax Topic: CK Chang : Ask KP Lim : Promotes 5th ManLIFPS N.SEMBILAN BRANCH Activity Type: Tea Talk Date: 14 October 2011 Venue: Mawar Theatrette, Seremban Speaker: Mr Paramjit Singh Total Pax: 150 pax Topic : Aspire For A Quantum Leap In Your Sales Date: 25 November 2011 Venue: Mawar Theatrette, Seremban Speaker: Mr Rizal Naidu Total Pax: 196 pax Topic : How To Do MDRT Within One Month PAHANG BRANCH NAMLIFA BRANCHES ACTIVITIES Activity Type: Tea Talk Date: 25 November 2011 Venue: Mega View Hotel, Pahang Speaker: Mr Paramjit Singh / Mr David Leong / Mr Leong Wai Keong Topic : Countdown to Sales Success Total Pax: 130 JAN - APR 2012 NAMLIFA Nada Practitioner 27
NAMLIFA BRANCHES ACTIVITIES SABAH BRANCH Activity Type: Tea Talk Date: 29 October 2011 Venue: Wisma Great Eastern, Tawau Speaker: Dr Lai Lian Siu and Mr KP Lim Total Pax: 37 pax Date: 27 October 2011 Venue: Tang Dynasty Hotel Total Pax: 98 pax Topic: Dr Lai Lian Siu : The Power of Attraction KP Lim : Promotes 5th ManLIFPS SIBU BRANCH Activity Type: Tea Talk Date: 27 September 2011 Venue: Li Hua Hotel, Sibu Speaker: Mr CK Chang and Mr KP Lim Total Pax: 147 pax Topic: CK Chang : Ask KP Lim : Promotes 5th ManLIFPS KUCHING BRANCH Activity Type: Tea Talk Date: 26 September 2011 Venue: Grand Continental Hotel, Kuching Speaker: Mr CK Chang and Mr KP Lim Total Pax: 147 pax Topic: CK Chang : KP Lim : Ask Promotes 5th ManLIFPS 28 Nada Practitioner NAMLIFA JAN - APR 2012
Happy New Year! May 2012 offer us greater excitement in life. It is my pleasure to welcome you into a new chapter of AKARD Awards. The qualifying criteria for all the categories have been revised, while 2 categories are introduced to add prestige to AKARD Awards. Log on to www.namlifa.org.my for the details. We believe that the above mentioned changes will result in greater numbers of registered Awardees for 2012. Meanwhile, my heartiest congratulations to all qualifi ers of the AKARD 2012. Please register before 30th April 2012. You may download the application form from our website or get it straight from Wisma NAMLIFA or any of NAMLIFA Branches nationwide. Once again, my best New Year wishes and Best Regards to you and to your career. 2012 Qualification Requirements (based on 2011 production credit) AKARD Personal Gold RM 135,000 of eligible production credit AKARD Personal Platinum RM 285,000 of eligible production credit AKARD RM 500,000 of eligible production credit AKARD RM 100,000 of eligible production credit Mr. G. Saseedaran AKARD Chairman AKARD Leaders Direct RM 575,000 of eligible production credit AKARD Million Dollar Agency RM 1,135,000 of eligible production credit AKARD Mega Million Dollar Agency RM 6,300,000 of eligible production credit JAN - APR 2012 NAMLIFA Nada Practitioner 29
Special Features Zainal Abidin Wazid FLPC Board Director & NAMLIFA Associate, SHARIAH RFP, RFP, ChIFP, ChLP & FCLP HIJAB definasi hijab adalah didalam bahasa arab bermaksud halangan. Hijab menurut syarak pula ialah menghalang orang yang layak menerima pusaka daripada menerima pusaka tersebut samada sebahagiannya ataupun semuanya. Tetapi menghalang orang yang tidak layak menerima harta tersebut tidak pula dianggap sebagai hijab. Terdapat 2 jenis hijab Hijab kerana sesuatu sifat dan Hijab kerana seseorang individu. Hijab kerana Sesuatu Sifat Hijab kerana sesuatu sifat ialah menghalang seseorang yang layak menerima pusaka daripada harta pusakanya sama sekali kerana adanya sifat yang menyebabkan dia dihalang daripada menerima pusaka tersebut. Sifat-sifat yang boleh menghalang pusaka tersebut daripada diberikan kepadanya adalah halangan-halangan pusaka seperti; penghambaan, pembunuhan dan kufur. Orang yang dihalang daripada menerima pusaka kerana sesuatu sifat ini disebut sebagi mahrum. Hijab kerana Seseorang individu Hijab kerana seseorang individu ialah menghalang seseorang yang layak menerima harta pusaka sama ada sebahagiannya atau semua sekali kerana ada orang yang lebih dekat pertalian hubungkaitnya dengan si mati. 2 bahagian hijab kerana Seseorang Individu:- 1. Hijab Pengharaman hijab pengharaman ialah menghalang seseorang daripada menerima pusakanya sama sekali. Contohnya, anak lelaki menghalang anak lelaki kepada anak lelaki ataupun anak lelaki menghalang anak saudara lelakinya. 2. Hijab Pengurangan hijab pengurangan ialah menghalang seseorang daripada menerima sebahagian hak pusakanya. Contoh, pusaka suami dikurangkan daripada ½ kepada ¼ jika isterinya mempunyai anak. Golongan yang Tidak Dihijabkan dalam Hijab Pengharaman Terdapat 6 golongan yang tidak akan dihijab dengan hijab pengharaman. 1. Bapa 2. Ibu 3. Anak Lelaki 4. Anak Perempuan 5. Suami 6. Isteri Golongan-golongan yang masuk dalam kategori Hijab Pengharaman. 1. Datuk dihalang menerima pusaka sama sekali sama ada melalui Fard atau Asabah atau keduaduanya sekali. Sebabnya, bapa lebih dekat berbanding datuk dan datuk dihubungkait dengan simati melalui bapa. Sesiapa yang dihubungkan dengan simati melalui perantara, maka terhalang dengan adanya perantara tersebut. 2. Nenek sama ada sebelah bapa atau sebelah ibu. Perkara ini sama seperti maksud diatas. 3. Datuk-datuk dan nenek-nenek yang jauh sebelah bapa ataupun sebelah ibu. 4. Anak kepada anak lelaki 5. Semua adik-beradik lelaki atau perempuan seibu sebapa akan dihijabkan jika terdapat: a. Bapa b. Anak c. Anak lelaki kepada anak lelaki Anak Lelaki kepada Adik beradik Lelaki tidak boleh menjadikan orang lain sebagai Asabah Perlu dimaklumi bahawa anak lelaki kepada adik beradik lelaki seibu sebapa atau sebapa tidak boleh menjadikan adik beradik perempuannya sebagai asabah. Ini kerana anak perempuan kepada adik beradik lelaki tidak layak menerima pusaka secara fard atau asabah. Mereka yang dihijabkan dengan hijab pengurangan; Hijab pengurangan berlaku kepada semua waris:- Suami dihijabkan daripada ½ kepada ¼ jika ada anak. Isteri dihijabkan daripada ¼ kepada 1/8 jika ada 30 Nada Practitioner NAMLIFA JAN - APR 2012
Special Features HIJAB Assalamualaikom & Salam Sejahtera kepada semua. Bertemu lagi didalam sisipan baru untuk renungan bersama dan menambahkan lagi bekalan ilmu. Semoga dengan edisi kali ini dapat memberi lebih manfaat yang berguna untuk tatapan kita semua mahupun membantu diri sendiri, keluarga, kenalan dan masyarakat sekeliling didalam pengendalian kes-kes yang bersangkutan dengan pembahagian harta pusaka. Masalah yang berlaku ialah, siapakah yang layak dan siapa pula yang harus berada diluar pembahagian harta pusaka menurut Faraid. anak. Ibu akan dihijabkan daripada 1/3 kepada 1/6 jika ada anak atau terdapat lebih dari satu adik beradik. Anak perempuan kepada anak anak lelaki akan dihijabkan daripada ½ kepada 1/6 jika terdapat anak perempuan. Adik beradik perempuan sebapa akan dihijabkan daripada ½ kepada 1/6 jika terdapat adik beradik perempuan seibu sebapa Seperkara yang perlu diketahui bahawa orang-orang yang dihijab dengan hijab pengharaman masih dianggap wujud. Mereka ini menghijab orang lain dengan hijab pengurangan. Contohnya, jika simati meninggalkan seorang datuk, seorang ibu dan dua orang adik beradik seibu. Adik beradik seibu akan dihijab oleh datuk mereka. Dalam masa yang sama, dua orang adik beradik seibu ini akan mengurangkan bahagian si ibu daripada 1/3 kepada 1/6. Begitu juga jika si mati meninggalkan seorang adik beradik lelaki seibu sebapa, seorang adik beradik lelaki sebapa dan seorang ibu. Ibu hanya menerima 1/6 kerana terdapat 2 orang adik beradik walaupun adik beradik sebapa telah dihijab oleh adik beradik seibu sebapa. Orang yang dihijabkan kerana sesuatu sifat tidak memberi kesan kepada waris lain Orang yang dihijab kerana sesuatu sifat seperti pembunuh, kafir atau hamba tidak boleh menghijab orang lain sama ada secara pengharaman atau pengurangan kerana kewujudan dan ketiadaanya adalah sama sahaja. Jika si mati mempunyai seorang anak yang membunuh bapanya dan seorang ibu. Si ibu tetap menerima 1/3 walaupun anak yang membunuh ini masih ada kerana dia diharamkan menerima pusaka. Oleh itu, dia tidak boleh menghijab sesiapa. Sebenarnya, masalah yang tersebut diatas memang agak sukar difahami secara total tetapi ia boleh dipraktikkan secara beransur-ansur. Mudahmudahan ia akan dapat membantu kita dalam kehidupan saharian. Jumpa lagi dilain masa, ampun dan maaf dipinta andainya berlaku kesilapan yang tak disengajakan. JAN - APR 2012 NAMLIFA Nada Practitioner 31
6 th ManLIFPS CSSB Update 2013 JAN - APR 2012 NAMLIFA Nada Practitioner 33
Special Features Sethu Karuppan MBA (USA) Dip. LUTC, M.I.I, ChIFP, RFP,ChLP, FChFP, ChAPM F. Life NAMLIFA 34 Nada Practitioner NAMLIFA JAN - APR 2012
34 th Mega Convention CSSB Update 27 th - 29 th August 2012 GICC, Genting Highlands Robin Woh Organising Chairman The 34th Mega Convention, with the theme Evolution for Success will be staged from 27 to 29 August, 2012 at the Genting International Convention Centre, Genting Highlands. The Organizing Chairman, Mr Robin Woh, promises that this Convention will be well worth your time and money spent. To date the confi rmed speakers includes: Mr R K Shetty from India who is a 12-years MDRT member with 3 COT and 5 TOT honors; Mr Montri Saeng-Uraiporn from Thailand who chose to live a useful life after being touched and inspired by Industry greats. After 24 years in the fi eld, montri worked for six years as corporate executive, CAO and president of a life company Other tentative speakers include: Dr Low Boon Song from Malaysia who has keen interest in Alternative Medicine such as Traditional Chinese, Acupuncture, Nutrition and is practicing 100% Homeopathy for more than 10 years now. Dr Andrew Goh from Singapore who is one of ASEAN s top motivational and Management Trainers. He is a Management Consultant specializing in the area of Attitudinal Change and Development Mr Kathiresan a/l Arunachalam from Malaysia, is a follower of Michael Losier s Law of Attraction. Let him share with you how to programme your sub-conscious mind to create what you want. Mr. R.K Shetty India Mr. Montri Thailand JAN - APR 2012 NAMLIFA Nada Practitioner 35