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