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:

    Thank you Madhava.

  2. durga says:

    Dear Madhavan,

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

    1. Madhava ram says:

      Hi Durga,

      Please find the details below in this link.

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

      1. 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

        1. Madhava ram says:

          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

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

            Choice is your’s.

            Thanks

            Ashal

  3. When did you start paying the premiums for this plan?

    1. Madhava ram says:

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

  4. 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.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today