I would really like to share bad exp. regarding insurance deal with iNG.I have taken ULIP (New Freedom Plan) with a recommendation of friend who is in a big position with ING VYASA. He told me that the first year allocation is 45% which is transparent compared to other insurance company and most of the company even charges more with less transparency.
When I got my documents from ING i came to realise that how much I lost. In fact I had put 15K and the allocation was only of 6, 800 inr. Then I compared with other insurence instruments and surprised !!!when I realised that there are such products having no fund allocation charges.
The charges for this plan goes like this
1st year-45% of the whole amount
2nd year-7.5%
3rd year-7.5%
henceforth 4%
mortality charges and some other taxes are also applicable on the same.
it means my portfolio would never appreciate for long 10years atleast@1% appreciation.
because at inital level only they are taking so much fund charges which would never compensate my portfolio unless maket behaves exponetially.
Now the situation is like market is close to 10K points@16th of Oct 2008
i am really not interested to figure out how much is the ULIP...but I know this 15k might have been utilised in a better way
the more painful thing is I have to pay for more 4 years to run along with the policy.
thanks for anticipating your valuable money and needful step on ULIP/insurense products!!!!!!!!!!!!!!!!!!
@ppadhi