I had signed up a ULIP policy with ING four years back. The marketing person was friend of mine and he’d promised that ING is the best company to deal with and giving a return of nearly 40%. I believed his words and signed the policy. I had paid four premiums of 20, 000 each and last month I decided to surrender the policy as I did not find any growth in the fund and more over they are not transparent with the customers. I have never re
In the past four years, they never contacted me over phone or mail to communicate anything related to the policy, even they never reminded me the premium date. Everytime either they let it to lapse or wait for me to contact them for payment. The policy revival involves some charges, which they never disclosed how much I was charged.
When I surrendered the policy last month, I was told it will be processed in 15 working days and someone will call from ING to convince me for partial withdrawal or continue with them. But nothing happened. I waited for exactly one month as I didnot receive the cheque and had to call and fire them. They dispatched the cheque on the same day that I called. But another shocking this is, there was a huge detection in the final settlement. The final amount I received was 65, 000, though I had invested 80, 000. As per the NAV on the day I surrendered the policy, I should get 69, 000, but don’t know when I had to loose 4000, surrender charge or processing charge?
Think before you choose to go with ING.