Regarding ING Vysya Insurance Policy

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


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.

      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.



        1. Madhava ram says:


          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.

          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.



  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.

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