Terms and conditions

Havend's Money Back Guarantee

Havend's MONEY BACK GUARANTEE (MBG)

Why MBG?

MBG is a promise we make to our clients that our insurance solutions are robust and fit for purpose to meet your needs. We are confident in our planning process and are willing to put our money behind our solution. This is so that you can be fully assured that your interest will not be compromised by any over-selling by our insurance specialists when you come to Havend, a safe place that you can trust.

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What is MBG?

We will indemnify you for the excess premiums you have paid for the insurance policies implemented through us which exceed your needs, subject to the restrictions described below.

The MBG is valid for a period of twelve (12) months from the date of issuance of the policy.

While most insurance policies have a 14-day free look/cancellation period during which you can opt to terminate the policy for a full refund, our MBG essentially provides an added assurance coverage of 365 days from the date of issuance of the policy. You can now have greater peace of mind when implementing insurance policies with Havend.

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How does the MBG work?

To be entitled to make a claim under the MBG, you must have implemented the policy as recommended by our insurance specialist after going through our Insurance Planning Process with Needs Analysis, which is guided by our time-tested insurance planning philosophy (as explained on our website) and is in line with MAS’s regulations on the assessment of insurance needs. If you purchase a policy through us without going through our Insurance Planning Process with Needs Analysis, you will not be eligible to make any claim relating to the policy under the MBG.

MBG will only apply to insurance policies implemented with us by you for the following purposes:

Life Protection Needs

Critical Illness needs

Disability Income needs

Hospitalisation needs

Long Term Care / CareShield Life Supplement needs

Retirement income needs

You may make a claim if the sum assured or the coverage, whichever applicable, under the purchased policy is higher than your needs as determined based on our Insurance Planning Report issued to you. Please note any claim under the MBG remains subject to the restrictions described below. 

How do we conduct the Insurance Planning System with the MBG?

  • 1. You are to provide complete and accurate information throughout the fact-finding process for us to assess and determine your insurance needs.
  • 2. Our recommendations will be guided by your priority of insurance needs.
  • 3. Our recommendations of the insurance policies to be implemented by you will be within your means.
  • 4. Insurance analysis and recommendation will be furnished to you in the form of an Insurance Planning Report for your careful consideration.
  • 5. Once the policy is incepted by the insurer, you will receive a certificate of the MBG specifying the period of coverage. The MBG will cover you in respect of that policy for twelve (12) months. If there is any over-selling of that policy to you, and if you exercise your right to reduce the sum assured or coverage, whichever applicable, of that policy with the insurer, we will indemnify you for the excess premium incurred by you arising from the purchase of that policy.

When is the MBG not applicable?

  1. If any information provided by you to us in the fact-finding process or otherwise for the purposes of assessing and determining your insurance needs before the implementation of the policy, was inaccurate, incomplete or false.
  2. If there are any changes in your personal circumstances or any information provided by you to us which were not communicated to us after the issuance of the Insurance Planning Report and before the implementation of the policy.
  3. If you choose not to go through our Insurance Planning Process with Needs Analysis and/or had obtained only product advice from our insurance specialist before implementing the policy.
  4. More than twelve (12) months have passed since the date of issuance of the policy.
  5. If you did not receive a certificate of the MBG in respect of the policy.
  6. If the policy is for a sum assured or coverage that is in excess of your needs as documented in our Insurance Planning Report prepared for you, so that you can enjoy a discount that would result in a lower premium payable by you compared to a premium payable for a sum assured or coverage based on your documented needs. For example:
    1. We have assessed your death needs at $850k, and a Term policy for $850k coverage costs $1,500 yearly.
    2. However, if you obtain a Term policy for $1M coverage, the premium is $1,300 yearly, which is lower due to discounts available.    
    3. As the excess coverage obtained is to benefit you, you are not entitled to make a claim under the MBG in such situations.
  7. If the policy is for a sum assured or coverage that is in excess of your needs as documented in our Insurance Planning Report for you due to rounding, provided that any rounding shall not be more than 10% of your documented needs. For example: We have assessed your death needs at $835k, but recommended coverage of $850k due to rounding.
  8. If you had expressly instructed us to implement the policy with a sum assured or coverage that is in excess of your needs as documented in our Insurance Planning Report, and such express instructions are duly documented in our Insurance Planning Report.
  9. If you are able to obtain or other insurers offer a lower premium for a substantially similar policy to the policy, as the MBG only seeks to give assurance that you have not been sold insurance policies with sum assured or coverage beyond your insurance needs.
  10. If you have filed a claim under the policy.
  11. If you terminated the policy within the free-look/cancellation period under the terms of the policy and will receive or have received a refund of the premiums (less any applicable expenses) from the insurer.
  12. If you opt not to reduce the sum assured or coverage, whichever applicable, of the policy.

How do I make a claim under the MBG?

You may write to us at [email protected], stating the following details:

  1. Your full name;
  2. The name of your insurance specialist; and
  3. The name of the policy you have purchased in which you wish to make a claim under the MBG.

 

We will review your claim and respond to you within one (1) month from the date of your email. We will either:

    1. Assist you in reducing the sum assured or coverage of the policy and thereafter make a payment to you of the excess premiums incurred by you under the MBG; or
    2. Provide you with an explanation as to why we are of the view that you are not eligible to make a claim under the MBG.

 

Please note that you are not permitted to assign your rights under the MBG to any other party. Any payment by us pursuant to the MBG shall constitute a full release of our obligations under the MBG. The MBG shall be governed by and construed in accordance with the laws of Singapore.

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Insurance Advice, Better Experienced™

+ 65 6309 3340

38 Duxton Hill, Singapore 089616

[email protected]

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