Hello

I had taken a life insurance policy #00179212 (dt Sep 22, 2004) with M/s ING VYSYA LIFE INSURANCE.

Since then, I kept on paying annual premium falling due every September, but somehow I formed this personal opinion that:

1) ING VYSYA is uncomfortable to continue with. (For all the 6 premiums paid by me till date, I happened to run for the premium receipt, and even after follow up, I could not get all premium receipts)
2) In the meanwhile I relocated to Kolkata (in 2005) and then back to Bangalore (in 2008). After coming back to Bangalore, I had to repeatedly follow them to get my address changed into their records
3) For premium paid last year, I went personally to their Koramangala branch and dropped a cheque # 218722 of my ICICI Bank BLR account # 020401501507 for Rs 18928/- in the drop box at the branch, which they claimed not to have found at all. As a result, I had to pay them via a different cheque # 218726

Due to the bitter experience that I had over the years, I decided to surrender the policy last month and I approached them to communicate me the surrender value (with proper details of break-up).

1) As against principal premium amount paid Rs 112768/-, ING VYSYA is refunding me Rs 89210/- only.
2) They have denied to provide me any explanation as to how has the amount of Rs 89210/- been calculated

All my follow up in this regard with ING VYSYA has not resulted into anything except that they have released a cheque of Rs 89210/- without stating any further break-up

Despite various telecon discussions, ING VYSYA have failed to provide me any break-up of refund amount calculation in writing. I had also raised the issue with Insurance Ombudsman, and am waiting for them to revert early

Should anyone decide to have an Insurance, ING VYSYA is the last insurance company to deal with, rest assured

Sameer Drolia
+91 95351 50505