ING Vysya Life
Cheating by ING Vysya in Life vest years retirement

Venkatesh Rao
06-07-2009
121

I invested Rs10000/ in the ING Vysya best years retirement

plan by ING Vysya which was launched in

March which came with assured Capital protection.

I got a shock of my life when I got the document 2 months

after as it showed contribution charges of Rs 1000/,

preimium term rider of rs 293/ and initial one-time charge of rs

700/ with total deductions of

Rs 1993.How ever reposing faith in it I made a further

conribution of Rs 9000/ in 2005.

Then the statement for 2005 which showed an

opening balance of Rs 8055/ as the opening balance and a sum of Rs 293/ was

deducted as term rider premium and Rs 213/ as annual

management fee and the BIGGEST SHOCKS was when they

credited a total bonus interst of Rs 507/ for the whole year which

is less than the regular interest rates.

If the scheme is a Capital protected one and was passive in nature

and not a single rupee was invested

in equities then why deduct such high fund charges.

In none of the statements do they indicate the pattern of the

money invested under this head.

Even if 10% of the money had been invested in equties at that

time as the sensex was at the

lowest in 2004 and that too at the lowest risk component of 10%

in equities and 90% in bond or debts, then the return shown would have been substantially

higher.

I mean outraged at the high charges for just 'essentially' keeping our money in a safe.

Even a fixed deposit with a bank would have earned a higher

return.

This money is earmarked for annuity in old age and if the entire amount invested

remains the same, how can people who invested their hard earned money

in it hope to benefit. It is a shame on ING Vysya.

Out of the total Rs 19000/ invested, in aperiod of 4 years

starting t he annual statement from 1/04 to

31/3 showed a netbalance of Rs 19624.

Is this the way the private funds are to be regulated.

I want IRDA or the PFRDA to probe this scheme in totality and

offer directions necessary to revise

the returns from retrospective effect or else refund the entire

AMOUNT with simple interest

Since I have nothing much to lose, I intend to take this to the

consumer Court in the IRDA fails to take

any action in this regard.

Regards

Venkatesh Rao

100/23, Silver Oaks

DLF-Phase-1