I purchased a policy in Oct, 2010(Policy Number: 01987494) on promise from agent that policy will yield high return on surrender after 2 years. That was my only reason for buying policy.
When I bought the policy, the terms and conditions were not available with me in writing. Afterwards at the time of paying next premium, I read the document thoroughly and found surrender clause only mentions the minimum amount payable. I immediately raised grievance with ING and repeatedly followed up, however they kept saying policy cannot be surrendered before 2 years and refused to provide the actual surrender value. I complained 4 times during this period but received no resolution to complain of mis-selling nor info on surrender value.
I tried reaching agent however he had left ING and the bank branch where he used to operate was not dealing in insurance any more.
After paying the third annual installment, when I checked again, they said surrender value is only 85 K against premium payment of 1.5 lakhs. Also they said the’free look period’ of 2 years is over. So they will not compensate even if policy was mis-sold. I got this info too only after raising complain with IRDA(application number 03-13-043188).
ING is clearly following tactics of selling policy by making false promise, their agents abscond soon after, customer service follows delay tactics and never answer queries and finally they refuse to refund citing delayed complaints.
UNLESS YOU WANT TO LOSE YOUR MONEY DO NOT EVER BUY AN ING POLICY!