新加坡：投资连结保险（ILPs）的销售额在三年内增长了一倍多，尽管关于所谓的误导性陈述和信息披露不足的索赔仍在持续上升。
SINGAPORE: Sales of investment-linked policies (ILPs) have more than doubled in three years, even as claims over alleged misrepresentation and inadequate disclosure keep climbing.
人寿保险协会（LIA）表示，加权新业务保费——衡量新销售的指标——在2022年因利率上升和市场波动而下降后，已连续三年增长。
Weighted new business premiums – a measure of new sales – have risen for three consecutive years after falling in 2022 amid rising interest rates and market volatility, said the Life Insurance Association (LIA).
该协会执行董事陈伟杰表示，2025年该指标达到28.8亿新元（约22亿美元），而2022年为13.1亿新元。
They reached S$2.88 billion (US$2.2 billion) in 2025, up from S$1.31 billion in 2022, said the association’s executive director Chan Wai Kit.
“这代表了三年内约120%的增长，其中2025年同比增长27.8%”，他说。
“This represents growth of approximately 120 per cent over three years, including a 27.8 per cent year-on-year increase in 2025,” he said.
同期，金融业争议解决中心（FIDReC）处理的与ILPs相关的索赔从2022年的42件增加至2025年的164件。其中2024年出现激增，当年索赔达211件。
Over the same period, claims related to ILPs at the Financial Industry Disputes Resolution Centre (FIDReC) rose from 42 in 2022 to 164 in 2025. This included a spike in 2024, which saw 211 claims.
该行业调解机构在2026年上半年处理了104起索赔，而去年同期为61起。
The industry mediator saw 104 claims in the first half of 2026, compared with 61 in the same period a year earlier.
这些索赔通常围绕市场行为问题展开，如误导性陈述、对ILPs信息披露不足或提供不适当的财务建议。
The claims generally centre on allegations of market conduct, such as misrepresentation, inadequate disclosure of information about ILPs or inappropriate financial advice.
FIDReC首席执行官 Eunice Chua 表示，多年来，投诉人的年龄结构已逐渐向老年群体转移。2026年上半年，61岁及以上的投诉人占总投诉人的35%，而2022年这一比例仅为7%。
Over the years, the profile of complainants has shifted towards older age groups, said FIDReC chief executive Eunice Chua. Claims from those aged 61 and above made up 35 per cent of the total in the first half of 2026, up from 7 per cent in 2022.
调解会议显示，许多消费者对该产品缺乏良好理解，常误以为它类似于传统保险，或认为其收益和本金有保障。一些消费者也对费用和收费或保费缴纳期限不清楚。需求为何增加？
Mediation sessions showed that many consumers lack a good understanding of the product, often assuming it is similar to traditional insurance or that returns and capital are guaranteed. Some are also unclear about the fees and charges or the premium commitment term. WHY HAS DEMAND INCREASED?
新加坡精算学会会长 Alex Lee 表示，ILPs 的两项设计变化是近期增长的主要原因。
Two design changes to ILPs account for much of the recent growth, said Alex Lee, president of the Singapore Actuarial Society.
传统政策在保护与投资之间取得平衡，要求客户填写冗长的健康核保问卷，他说道。较新的政策仅提供最低限度的身故保障，因此可以在几乎没有或完全没有健康核保问题的情况下发行。
Traditional policies balanced protection and investment, requiring customers to complete lengthy health underwriting questionnaires, he said. Newer ones carry only minimal death cover, so they can be issued with few or no health underwriting questions.
李先生表示，许多较新型投资连结保险计划（ILPs）提供的“欢迎奖金”也可能刺激了销售，他指的是客户在首次购买保单时获得的基金额外单位，使他们持有的份额多于实际支付的金额。
The “welcome bonus” that many newer ILPs offer may also have spurred sales, said Mr Lee, referring to extra units in the fund that are given to the customer when they first purchase the policy, so they are holding more than they paid for.
然而，他指出，该奖金通常通过早期年份的较高费用来资助，并伴有最低投资期限要求。
He noted, however, that the bonus is typically funded through higher charges in the early years and comes with a minimum investment period.
保险顾问公司Havend的首席执行官 Eddy Cheong 表示，过去十年强劲的资本市场可能使ILPs更容易被销售。
Mr Eddy Cheong, chief executive of insurance advisory Havend, said strong capital markets over the past decade may have made ILPs an easier sell.
“人们喜欢让财富增值的想法，”他说，并补充说，定期存款和储蓄保险可能被视为过于保守或增长太慢。
“People like the idea of growing their wealth,” he said, adding that fixed deposits and endowment funds may be seen as too safe or too slow.
近年来几乎没有长期市场调整，人们可能也认为投资很容易操作，他补充道。
With hardly any long-term market corrections in recent years, people may also think investing is easy to navigate, he said.
许多客户缺乏投资知识，高度依赖顾问，因此选择购买ILPs而不是直接投资，他补充说。其他人可能认为这些保单更“安全”，因为它们是保险产品，尽管它们本身并不是保险。
Many customers are not investment-savvy and rely heavily on advisers, leading them to buy ILPs instead of investing directly, he added. Others may view the policies as “safer” because they are insurance products, even though they are not insurance.
购买者需要知道的事项 对于考虑购买ILPs的人，专家警告称，回报和资本并不保证——因此投入保单的资金可能不会增值，甚至可能贬值。
WHAT BUYERS NEED TO KNOW For those considering ILPs, the experts cautioned that r eturns and capital are not guaranteed – so money put into a policy may not grow and may even shrink.
LIA的陈先生表示，客户可能会将“资本保证”与“身故保险金”混淆。
LIA's Mr Chan said customers may mistake “capital guaranteed” for “death benefit”.
身故保险金是在被保人身故时触发的确保保险赔付。它不应与保单期间的资本保证混为一谈，因为投资价值会随市场状况波动，他解释道。
A death benefit is an assured insurance payout triggered upon death. It should not be conflated with a capital guarantee during the policy term, because the investment value fluctuates with market conditions, he said.
FIDReC的蔡女士表示，消费者经常认为这些保单像传统保险产品一样“安全”，不需要主动监控。她补充说，收益也会根据客户选择投资的内容而波动。
FIDReC's Ms Chua said consumers frequently assume the policies are “safe” like traditional insurance products and need no active monitoring. Returns also fluctuate based on what the customer chooses to invest in, she added.
张先生的公司不建议客户购买ILP，他表示，消费者应意识到即使市场表现良好，费用和收费也可能侵蚀收益。
Mr Cheong, whose company does not recommend ILPs to its customers, said consumers should be aware of fees and charges that can eat into returns even when markets do well.
ILP持有人需要支付保单费用和基金费用，而直接购买同一只投资基金的投资者只需支付基金费用，他说。保单费用类似于消费者为保险支付的费用，尽管ILP更像是一种投资产品，他补充道。
ILP holders have to pay policy fees and fund fees, whereas those buying directly into the same investment fund only pay fund fees, he said. The policy fees are similar to what a consumer would pay for insurance, even though the ILP is more of an investment product, he added.
购买ILP时的警示信号及需注意的事项：鉴于其复杂性，消费者可能不知道在评估ILP时应关注什么。
Red flags and what to look out for when buying an ILP Given their complexity, consumers may not know what to look out for when assessing ILPs.
FIDReC的蔡女士表示，消费者可以要求顾问指出关键条款，并应留意诸如“不保证”、“预测”和“可能损失本金”之类的表述。
Ms Chua from FIDReC said consumers can ask advisers to point out key terms and should look out for phrases such as "not guaranteed", "projected" and "possible loss of the principal amount invested".
SAS的李先生表示，消费者首先应明确自己能够定期投入多少资金、何时可能需要使用以及用途。
SAS' Mr Lee said consumers should first be clear on how much money they can commit regularly, when it might be needed and what it is for.
他说：“只有在这之后，才应考虑ILP是否合适，与直接投资基金或将保障与投资分离等替代方案相比。”客户应留意的一些警示信号：快速签署的压力在未探索其他选项的情况下推销单一产品顾问未花时间了解消费者的财务目标、风险承受能力和投资期限主要依赖可能不现实的标题奖金或预期回报进行销售被建议退保现有保单以资助投资连结保险计划（ILP）被鼓励提高保费以达到更高奖金层级未展示提前退保对保单的影响崩溃张先生还指出，需在规定期间每年支付的管理费用。
"Only then consider whether an ILP fits, compared with alternatives such as investing directly in funds or separating protection from investment," he said. Some warning signs customers should look out for: Pressure to sign quickly Pushing one product without exploring other options An adviser not taking the time to understand the consumer's financial objectives, risk appetite and investment horizon Being sold mainly on the headline bonus or projected returns that may not be realistic Being advised to surrender existing policies to fund the ILP Being encouraged to increase premiums to reach a higher bonus tier Not being shown the impact of surrendering the policy in the early years Collapse Mr Cheong also pointed to administration charges payable every year for the stipulated period.
在某些情况下，该费用为账户价值的一定比例——这意味着账户价值越高，收取的费用越多。
In some cases, the charge is a percentage of the account value – meaning the more your account grows, the higher the amount charged.
李先生还指出提前终止和保费假期的费用。保费假期是指保单持有人可以在不退保的情况下暂停缴纳保费的期间。在此期间，保险公司通常会出售现有单位以支付相关费用。
Mr Lee also pointed to charges for early termination and premium holidays. Premium holidays are periods in which the policy owner can stop paying premiums without surrendering the policy. The insurer usually sells existing units to pay for any charges during this time.
消费者应充分利用14天的免费观察期，该期限允许投资者在决定前获取退款并审阅文件，他们如是说。财务顾问培训收入保险公司向CNA表示，与投资连结保险计划（ILP）相关的投诉产生于多种原因，不仅限于市场不当行为。
Consumers should make use of the 14-day free-look period, which allows buyers to get a refund, to review documents before deciding, they said. TRAINING FOR FINANCIAL CONSULTANTS Income Insurance told CNA that complaints related to ILPs arise for various reasons and are not limited to market misconduct.
该公司表示，财务顾问在提出建议前必须进行基于需求的评估，并向客户解释相关信息，公司通过结构化的培训和发展项目支持这一流程。
It said financial advisers are required to conduct a needs-based assessment and explain relevant information to customers before making a recommendation, and that it supports this through structured training and development programmes.
宏利保险首席分销官邱宝发表示，公司将继续通过顾问培训和客户沟通加强适当的咨询和披露标准。
Manulife’s chief distribution officer Khoo Poh Huat said the company continues to reinforce appropriate advisory and disclosure standards through consultant training and customer communications.
“我们正积极与客户合作，以解决他们的顾虑并提升他们对投资连结保险计划的教育，”他说。
“We are proactively working with customers to address their concerns and improve customer education around ILPs,” he said.