Please help me get rid of you from my life! Its more empowering that way!

Posted Wed July 4, 2012 1:50 pm, by Santosh K. written to Ingle Life & Health Assurance Company

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ING Life insurance

Hello,

Many thanks for providing an opportunity to vent your frustration against unethical business practices, Its good to know there is actually someone (even if that means online) who actually cares about customer empowerment.

Given below is the exact reply i had from ING representatives here in India after equiring about surrendering my Life policy. I was told in no uncertain terms that the money i paid against my premium will belong to the company if i do not find means and ways to continue with the policy premiums. I now stand to lose close to $4000 and stuck with something i do not wish to continue or be associated with in any way.

I had lodged a formal complaint with ING corporate office in Netherlands, but in spite of repeated requests, the company executives are yet to respond. Their email address and contact details given below:

hilde.mulder@ing.com (ING trust office)
investor.relations@ing.com (ING investor relations)

Any help you could pls provide in getting rid of this people from my life would be very much appreciated.

Many thanks in advance for this wonderful opportunity.

Best Regards

Santosh Kuruvilla


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Dear Mr. Santosh Kuruvilla,

Greetings from ING Life Insurance!

With reference to your below email, we would like to inform you that we would not be able to cancel or surrender your policy since the policy is lapsed due to non payment of 3 full years premium. Please note that we are in receipt of 2 and half years payment and as per the terms and conditions of the policy, you are not eligible for surrender. We regret to inform you that we would not be able to refund the money back.

Please refer clause no. 4 in the attached terms and conditions-

4. Guaranteed Cash Surrender Value: If at least three full years’ premiums have been paid, the Policy may be surrendered for cash surrender value, which will be determined by the Company from time to time. The minimum cash surrender value payable under the Policy shall be the Guaranteed Cash Surrender Values after three full years’ premiums have been paid and are calculated as follows:

a.During the Premium Term of the policy, the Guaranteed Cash Surrender Value is calculated as 20% of the total of full years’ premiums paid, excluding all extra premiums LESS 20% of all survival benefits paid, if any.

b.On completion of the Premium Term and all premiums having been paid, the percentage (of the total of full years’ premiums paid, excluding all extra premiums), which is applied for calculating the cash surrender value, will be determined on the following basis: 20% PLUS an additional 0.25% for each full year which the policy has been in-force beyond the end of the Premium Term.

The Guaranteed Cash Surrender Value for the fractional number of years of premiums paid shall be calculated by interpolation.

The net cash surrender value payable shall be the cash surrender value less any indebtedness under the Policy, including any Policy loans, interest due on such loans and any premiums due but unpaid. Vested bonuses, if any, may also be surrendered for the available cash value. The Policy terminates upon the payment of the net cash surrender value.

Also note that, the revival period under your policy is over on 20/02/2012. As per the clause 6, this Policy may be reinstated within five years from the due date of the first unpaid premium. The Company shall immediately thereon, cease to be liable for any benefits payable under the Policy and the moneys paid under the Policy shall belong to the Company.

For any further information or assistance, you may contact our Customer Care on:



ING Toll free number 1-800-425 8228

ING Email customer.service@inglife.co.in

Mobile Phone Users 9880888228 (Non Karnataka callers prefix 0)

Land Line Users 080 – 41345444



Assuring you of our Best Service!



Warm Regards

For, ING Life Insurance Co. Ltd.

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I would like ING life insurance to accept my request to surrender the policy and refund the full amount paid against their policy.

I want this company out of my life

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Re: Please help me get rid of you from my life! Its more empowering that way! by Harleycat Posted Wed July 4, 2012 @ 5:19 PM There is no way they are going to refund the entire amount of the premiums paid toward a policy no matter what and in this case, you are not eligible for the partial amount since you did not pay 3 complete years of premiums. It seems pretty cut and dry to me. Next time read all the terms before signing for a policy. Reply