Regarding ING Vysya Insurance Policy

POSTED BY Madhava ram ON May 4, 2012 9:11 pm COMMENTS (9)

Hi,

I hold a policy called as “Creating Life Child protection Plan” from ING Vysya. The premium amount is 14205/- anually and the Sum assured is 3,00,000 and premium Term is 20 years.

After reading the articles I understood what a big mistake I have done by taking this.

I applied and got a term insurance policy from Religare for 50 Lakhs. Now I am in confusion to surrender the ING Vysya insurance and invest that amount in mutual funds yearly. Need some suggestions from this Forum.

Thanks, Madhava ram

9 replies on this article “Regarding ING Vysya Insurance Policy”

  1. durga says:
    May 8, 2012 at 10:48 am

    Thank you Madhava.

    Reply
  2. durga says:
    May 5, 2012 at 3:50 pm

    Dear Madhavan,

    I am interested in buying a term insurance plan. Can you explain about the Religare Term Insurance policy you have taken?

    Reply
    1. Madhava ram says:
      May 7, 2012 at 10:36 pm

      Hi Durga,

      Please find the details below in this link.

      http://buyonline.aegonreligare.com/iterm-plan.asp

      Reply
      1. ashal jauhari says:
        May 13, 2012 at 7:34 pm

        Dear Madhav Ram, you should surrender that ING policy & invest the surrender amount in one lump sum into a good MF like HDFC Top 200 or HDFC Eq. or Quantum Long Term Eq.

        Your yly prem. of 14200 is almost 1200 Rs. mly value, you may start a sIP of 1200 Rs. on mly basis in the MF where the surrender amount is invested.

        Thanks

        Ashal

        Reply
        1. Madhava ram says:
          May 14, 2012 at 3:52 pm

          Hi,

          When i inquired the ING vysya Bank, to my surprise the answer is I would get 30% of the premium amount which I have paid till now excluding the First year premium and any extra premiums in case of Surrender.

          i.e., I am paying from 14th April 2006. First year Premium is 14205. which i would not get.
          2007 April 14205 + 2008 April 14205 + 2009 April 14205 + 2010 April 14205 + 2011 April 14205 = 71205. But I get only the 30% of it i.e., 21307.

          So GOD such a big Blunder in my life. So please throw some light on me what should I do. Should I go ahead and surrender it or continue paying the premium till April 2026.

          Thanks,
          Madhava ram

          Reply
          1. ashal jauhari says:
            May 14, 2012 at 11:10 pm

            Dear Madhava, w’d you like to amputate a finger today or an arm after 10-15 years?

            Choice is your’s.

            Thanks

            Ashal

            Reply
  3. justgrowmymoney says:
    May 4, 2012 at 10:57 pm

    When did you start paying the premiums for this plan?

    Reply
    1. Madhava ram says:
      May 7, 2012 at 10:34 pm

      I started paying the premium for ING Vysya from April 2006. and Religare from April 2012.

      Reply
  4. wealthucreate says:
    May 4, 2012 at 10:02 pm

    Mistake is not a mistake till you realise it. Once you realise it, you should come out of it at the earliest. No point in carrying the mistake/burden in your journey.

    Make sure you buy good mutual funds and not invest in NFO.

    Reply

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