Query on ING Life Insurance (Creating Life MoneyBack Plan)

POSTED BY Geetha Narayanappa ON June 17, 2013 1:28 pm COMMENTS (3)

Hi,

I had opened a ING creating Life Money Back Plan

Sum Assured – 4, 73,000

Term – 15 years

Premium – 50, 000 per annum

But the ING Bank agent who sold me this policy told me I had to pay premiums only for three years and then on its a money back policy where the bonus earned is adjusted towards the premium.But I realized recently that I have been cheated by the ING agent who gave all wrong details about the policy.

Now the premium is 50, 000 for 15years so I would end up paying 7, 50,000 and in return earn around 6, 00,000. So I am in a fix and dont want to continue with this policy. But I have paid two premiums already (1, 00, 000) and they say minimum 3 premiums need to be paid to get any benefits. At the end of three years (i.e april 7th 2014) i will get 20% of the sum assured as bonus (94,000).

Even then its a loss for me as I would end up paying 1, 50, 000 and in return get only 94, 000. Also I am not sure if they will give me this 94, 000 bonus or ask me to pay my 4th premium as well.

Can anyone please suggest me how can i get out of this and atleast get some percentage of my hard earned money back.

Thanks,

Geetha

3 replies on this article “Query on ING Life Insurance (Creating Life MoneyBack Plan)”

  1. ashalanshu says:

    Dear Sanjay, please contact your insurer to know your surrender value.

    Thanks

    Ashal

  2. sanjay_k38 says:

    sir i have bought money back policy sum assumed 2,74,410 period 16 years i have paid the three year premium 30000/- i am facing some financial problem so i am unable to pay the 4th premium , sir i want to know can i withdraw the amount.If i withdraw what amount i will receive or what to do please suggest.

    sanjay

    Bhilal

  3. Dear Geetha, booking the loss of 1L Rs. is a wise option for you as of now. Alternatively, pay the 3rd prem. & make it paid up policy. You ‘ll get the paid up value at the end of usual term of 15Y.

    Thanks

    Ashal

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