Ing Vysya Life Insurance

[ramnathsetty]

Hello there,

My question in this forum would be on Ing Vysya Life Insurance: I have taken an Insurance Policy about a year and half back with 20k premium per quarter.

My questions:

1. Is this a good option, I have taken the New Whole Life fullfilling policy
2. What is the benefit Payout for Either survival or death benefit.
3. There is a news that Ing Vysya has sold its "Life Insurance" business, so is this safe to continue or do I need to surrender, if yes
4. What is the process of surrender and what would be the loss i would incur.

Appreciate your responses. Thanks Ram

[Expert]

Hello there,

My question in this forum would be on Ing Vysya Life Insurance: I have taken an Insurance Policy about a year and half back with 20k premium per quarter.

My questions:

1. Is this a good option, I have taken the New Whole Life fullfilling policy

You should have to ask this before buying this plan. I hope you had made the decision after reviewing all the available options.



2. What is the benefit Payout for Either survival or death benefit.

I tried to get as much info as possible from the product brochure (http://www.inglife.co.in/downloads/pdf/productbrochures/New-Fulfilling-life-Brochure.pdf) (I am not an expert on ING Life Insurance products). But please read policy wording and other documents attached to your policy for all the info.

845



3. There is a news that Ing Vysya has sold its "Life Insurance" business, so is this safe to continue or do I need to surrender, if yes


ING has sold the life insurance business to Exide Industries. You are in safe hands, no worries.



4. What is the process of surrender and what would be the loss i would incur.

Appreciate your responses. Thanks Ram
I am not an expert on ING Life Insurance products. Please read policy wording and other documents attached to your policy for all the info.

To surrender this policy you must have paid three years full payment. As per ING brochure.

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1- Surrender request shall be submitted by the Policy holder in person at any of the ING Life Insurance Branches.
2- Filled Advance Surrender Discharge Form (http://www.inglife.co.in/downloads/pdf/policyholderdocuments/Advance%20Surrender%20Discharge%20Form%20%28New%29 .pdf)
3- Original Policy Bond.

Hope this helps!

[Rahul]

One more thing, if you are thinking of surrending your policy, also check Income Tax Provisions (http://www.policywala.com/content.php/206-Surrendering-your-insurance-policy-check-income-tax-provisions!).