5年115%回報方案

http://homebloggerhk.com/?p=17962

Hi Lum Sir,

Premium Financing

A bank staff today sells me a product of Premium Financing from FWD.  The details are below:

Insurance amount      $2.5M

First Deposit :           $330,000 (I pay)

Loan :                       $2.17M    ( from my friend’s bank)

Loan Interest :          H+1.8%   (~2% now)

Dividend :                 4.38% (this year , accumulate to the insurance)

Redemption handling fee:

Year 1  5%

Year 2  4%
…..
Year 5  1%

Year 6 onwards 0%

If I subscribe, the interest paid every year is $2.17M x 2% = $43400

If I redeem the insurance after 5 years , assuming 4.38% growth every year, the Face value of the insurance will be :

2.5M x (1+4.38%)^5 = $3097608

The profit is =  3097608 – 2.5M – (43400 x 5) = $380608

The profit percentage seems :  380608/330000 = 115%

According to the bank staff, 4.38% is the lowest reward in recent years. However, the ROI seems unbelievably high, and the staff hasn’t explained the risk behind.

For me , i think of the following risks :

1. The fluctuation of Hibor rate and dividend

2. No cash reward but just interest paid during first 5 years

3. It is an insurance , not investment product , don’t know if such easy to redeem after 5 years

Would you please advise if it is worthy to invest in this product? As my main aim is to invest , instead of buying a life insurance.

ANSWER:

本文描述之方案不涉及投資，惟一般經紀或職員亦不會明白這是什麼。想講係龍兄早前被人sell的一個保險方案，回報達115%(五年合共)，而本金只需幾十萬。雖回報不是高到令你一步登天，但吸引程度令龍兄失眠幾晚，是否放手一博將套現所得再倍大，五年後等市跌有大量「子彈」再闖江湖? 先看龍兄之描述:

買入$2,500,000一筆過儲蓄保單，只用$330,000本金，餘下$2,170,000問銀行借錢。講到呢度實在令人氣憤:「保險周街都係! 借錢更加唔想! 而家仲要一次過做兩樣?」 且看龍兄條數點計。

儲蓄保單會派息，按上年年利率為4.38%p.a.，幾年前高可以7%，低都有4%。問銀行借錢收息為H+1.8%，現為all-in約2.0%。那借出之$2,170,000有套息機會，為4.38%-2% = 2.38%，用二百幾萬黎計每年都有四萬幾，見下方表列五件後保單預計取回$3,383,000，而到時還錢$2,170,000，息比足五年為$2,170,000*2.0%*5年=$217,000。

而龍哥心中運算為?

2.5M x (1+4.38%)^5 = $3097608

利潤是 $3,097,608 – 2.5M – (43400 x 5) = $380,608

回報率:  $380,608/330,000 = 115%

當然你睇文中附有之報表，五年取回值為$3,383,099，點解比$3,097,608更高呢?? 實在是些事情在買入前要注意。而4.38%為上年派息，幾多曾經派過7%? 如果每年7%咁真係好過買樓喎! 用保單抵押借錢仲低過按揭，而收息竟可4-7%，比現在很多單位更高! 最後亦最重要一點，借左二百幾萬係點還呢? 好似供樓咁還? 定係循環貸款咁還? 既然市面都唔係咁多人識，一版紙更加係說不清，在收息班有詳解此方案。