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Gripes Over Investment-Linked Insurance Plans at Record High
The Straits Times
|September 03, 2025
Dispute mediator Fidrec gets 211 complaints in 2024, a surge from just 55 in 2023

Consumer complaints against investment-linked insurance policies (ILPs), hybrid products which allow one to invest and get insurance coverage at the same time, are at a high.
The number of complaints hit a peak in 2024 at 211, from 55 claims in 2023, according to the Financial Industry Disputes Resolution Centre (Fidrec).
In the first half of 2025, the claims dipped to 57, but still exceeded the 2023 full-year figure.
Many of the complaints pertain to market misconduct, which refers to practices like mis-selling or misrepresentation, inadequate disclosure of information about the ILP product or giving inappropriate financial advice, said Fidrec chief executive Eunice Chua.
The rise in complaints was first highlighted at the annual conference of the Association of Financial Advisers Singapore on July 24.
Consumers try to resolve the issue with their financial institution or insurer, failing which they can approach Fidrec for help.
Ms Chua said the majority, or 57 per cent of ILP-related claimants, are aged 50 or below, according to claims data from 2022 to the first half of 2025.
Those who are in the 61 or above age cohort comprise 16 per cent of claimants, while the remaining 27 per cent of complaints are made by those who are between 51 and 60 years old.
ILPs have seen strong growth since 2022 as consumers turn to them for their investment and insurance needs, said Mr Chan Wai Kit, executive director of the Life Insurance Association (LIA) Singapore.
He added that new ILP business grew by 72 per cent to $2.25 billion in 2024, from $1.31 billion in 2022.
The positive momentum for ILPs continued into the first half of 2025, with new business increasing 31.3 per cent from the same period a year earlier to $1.28 billion.
Mr Alex Lee, president of the Singapore Actuarial Society (SAS), said investment-oriented ILPs have been a major driver of the recent ILP sales growth here.
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