Sir,
I invested Rs10000/ in the ING Vysya best years retirement plan by ING Vysya which was launched in March 2004 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 2004-2005 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\' keepin gour 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 2004,t he annual statement from 1/04/2007 to 31/3/2008 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
GURGAON
HARYANA