Customer 1
I’m sharing this so no one else makes the mistake I did.
I was a privileged banking customer at Nation Trust Bank, and through their in-branch representatives I was introduced to an “investment plan” by Union Assurance (a John Keells company). In 2022-2023, When NTB introduced Digital and E-Box - They even awarded me with Best Banking Customer for year 2022 certificate into my E-Box.
Here’s what I was told:
Based on that explanation, I signed up.
Later, I found out the truth:
I was actually required to pay LKR 230,000 per year for the full 30 years, not 5.
When I tried to cancel:
“Sorry, the 21 days have passed.”
I paid for 2 years before realizing how bad the structure was and I couldn't accept wasting 200,000 LKR yearly.
Total paid: ~LKR 460,000+
Amount recoverable when I tried to cancel: almost nothing.
Eventually, I had to amend the policy to remove health coverage and convert it to a minimal investment plan with only the remaining ~LKR 30,000 value because they told me If I am cancelling the Plan overall then I should forget the 30,000 LKR as well as It might get even reduced as penalty fees, What a joke!
So essentially, over LKR 400,000 vanished in fees and charges and non-withdrawal 30,000 balance.
After I complained that I had lost over 4 lakh, the new “ambassadors” approached me with another solution.
They said:
And guess what?
After signing:
Every time you sign, they disappear.
Every time payment is due, they message nonstop but won't answer your questions.
Once paid, they are silent. If you don't pay, They make you fear that you will lose your invested amount.
And every year or so, a new agent is “assigned” to you.
There is zero long-term accountability.
Additional Red Flags I Noticed
NationsTrust Bank (Bancassurance)
I am not making accusations lightly — this is my personal experience and financial loss.
If you’re considering a long-term insurance-investment hybrid product in Sri Lanka, please read every single line before signing and don’t trust verbal summaries alone. I got scammed by the trust I had to my NTB's Previlege Banking's Ambassador. They got their promotion and left to another branch while I lost my 460,000+ LKR. Worst part is, They won't even respect the banking relationship that you had with them as they would immediately STOP replying/messaging you the moment they are done with their cut.
Customer 2
This isn’t just about NTB or Union Assurance. This applies to anyone being pitched “investment plans” by insurance companies like Union Assurance, AIA, Softlogic Life, and others.
Here's how my story started...
If you’re considering one of these products, read this first.
In 2023, I became a Private Banking customer at Nations Trust Bank. The agent who onboarded me also introduced me to an “investment plan” backed by Union Assurance.
At the time, I was busy, tired, and just wanted somewhere to park money and keep it locked away. I trusted the recommendation and assumed this was a straightforward investment product.
That was my mistake.
The plan required me to invest LKR 2.5 million per year (exactly LKR 2,527,445) for 5 years, with a projected return close to LKR 25 million at maturity.
It sounded reasonable. It was not.
The allocation rate: scam 1
These are not bank investment plans. These are insurance investment plans with a payout date.
They use something called “allocation rates.” For a 5-year premium term, my policy had:
So in 2023, when I paid ~2.5 million, only 1.5 million actually went into my “investment fund”. The rest just vanished into fees, commissions, and whatever else they charge.
Second year, I paid again, and only ~2.25 million was allocated.
Nobody explained this properly. It is in the policy document, buried in the terms. Here’s a screenshot from my policy document:
The lock-in: scam 2
You can’t take this money out until 10 years are completed. For the first 3 years, if you stop paying or cancel, they keep all your money. From the 3rd year onwards, it’s basically up to them how much they want to give you back, which is what they call the surrender value. They said they may take between 60-80% of the amount I've "invested"
My 4th installment is coming up soon. So far, I have paid 7,582,335 LKR into this thing. As of today, there’s only about 7.2 million in the fund, including interest.
What a scam.
When I looked into the policy document a bit more, the actual amount I’ll probably get at the end of 10 years is more like 18–20 million, not 25 million like they make it sound.
I would have made more money if I just put this into a fixed deposit. Or honestly, even if I just kept the money under my bed.
What pisses me off more is that NTB Private Banking is supposed to give proper investment advice. Instead, their relationship managers are selling this crap.
I’m just calling the money I lost tuition fees, because now I spend a lot more time looking at every investment decision I make, and honestly every other decision too, even when “professionals” are giving advice.
For anyone who’s already invested in this kind of thing: find out what your current fund balance is and what your allocation rates are. Take out whatever you can and don’t put more money into this. If the surrender penalty is too high and you’re past your third year, you can usually convert the policy to a paid-up policy. The money will still collect interest, but you don’t have to keep putting more money into this bullshit.
I’m sharing this so no one else makes the mistake I did.
I was a privileged banking customer at Nation Trust Bank, and through their in-branch representatives I was introduced to an “investment plan” by Union Assurance (a John Keells company). In 2022-2023, When NTB introduced Digital and E-Box - They even awarded me with Best Banking Customer for year 2022 certificate into my E-Box.
Here’s what I was told:
- At maturity, I would receive a large payout. I mean in Crores that sounded like Perfect retirement.
Based on that explanation, I signed up.
Later, I found out the truth:
I was actually required to pay LKR 230,000 per year for the full 30 years, not 5.
The 21-Day Cancellation Trap
The policy had a 21-day free-look period to cancel.When I tried to cancel:
- The assigned agent said he was sick.
- He redirected me to another agent.
- That agent also delayed.
- Calls were not returned.
- Messages were ignored.
“Sorry, the 21 days have passed.”
What I Eventually Discovered
From the LKR 230,000 annual payment only 30,000 went to actual investment fund- The rest went to:
- Premium charges
- Health/OPD coverage
- Various fees
I paid for 2 years before realizing how bad the structure was and I couldn't accept wasting 200,000 LKR yearly.
Total paid: ~LKR 460,000+
Amount recoverable when I tried to cancel: almost nothing.
Eventually, I had to amend the policy to remove health coverage and convert it to a minimal investment plan with only the remaining ~LKR 30,000 value because they told me If I am cancelling the Plan overall then I should forget the 30,000 LKR as well as It might get even reduced as penalty fees, What a joke!
So essentially, over LKR 400,000 vanished in fees and charges and non-withdrawal 30,000 balance.
The “Second Plan” – And It Happened Again
After I complained that I had lost over 4 lakh, the new “ambassadors” approached me with another solution.
They said:
- This is a pure investment plan
- No unnecessary premiums
- No health coverage
And guess what?
After signing:
- Communication reduced.
- No proper follow-up.
- No clear updates.
- The agent who sold me this plan has now changed jobs.
Every time you sign, they disappear.
Every time payment is due, they message nonstop but won't answer your questions.
Once paid, they are silent. If you don't pay, They make you fear that you will lose your invested amount.
And every year or so, a new agent is “assigned” to you.
There is zero long-term accountability.
Additional Red Flags I Noticed
- Once you sign and pay, agents become unreachable.
- When payment due dates come up, they message constantly.
- Every year, a new agent is “assigned” to you.
- No long-term accountability.
- After a few months of signing, the representatives even moved out of the bank branch.
Company Involved
Union Assurance (under John Keells Group)NationsTrust Bank (Bancassurance)
I am not making accusations lightly — this is my personal experience and financial loss.
Lessons Learned (Please Read Carefully)
- Never rely on verbal explanations.
- Demand written breakdowns of:
- Premium allocation
- Investment portion
- Record explanations (where legally allowed).
- Never assume a product sold inside a bank is automatically safe or transparent.
- If something sounds too flexible or too good, double-check the policy document yourself.
- Never rely solely on your Previlege Banking Ambassador - They simply want their cut.
If you’re considering a long-term insurance-investment hybrid product in Sri Lanka, please read every single line before signing and don’t trust verbal summaries alone. I got scammed by the trust I had to my NTB's Previlege Banking's Ambassador. They got their promotion and left to another branch while I lost my 460,000+ LKR. Worst part is, They won't even respect the banking relationship that you had with them as they would immediately STOP replying/messaging you the moment they are done with their cut.
Customer 2
This isn’t just about NTB or Union Assurance. This applies to anyone being pitched “investment plans” by insurance companies like Union Assurance, AIA, Softlogic Life, and others.
Here's how my story started...
If you’re considering one of these products, read this first.
In 2023, I became a Private Banking customer at Nations Trust Bank. The agent who onboarded me also introduced me to an “investment plan” backed by Union Assurance.
At the time, I was busy, tired, and just wanted somewhere to park money and keep it locked away. I trusted the recommendation and assumed this was a straightforward investment product.
That was my mistake.
The plan required me to invest LKR 2.5 million per year (exactly LKR 2,527,445) for 5 years, with a projected return close to LKR 25 million at maturity.
It sounded reasonable. It was not.
The allocation rate: scam 1
These are not bank investment plans. These are insurance investment plans with a payout date.
They use something called “allocation rates.” For a 5-year premium term, my policy had:
- Year 1 allocation rate: 60%
- Year 2 allocation rate: 90%
So in 2023, when I paid ~2.5 million, only 1.5 million actually went into my “investment fund”. The rest just vanished into fees, commissions, and whatever else they charge.
Second year, I paid again, and only ~2.25 million was allocated.
Nobody explained this properly. It is in the policy document, buried in the terms. Here’s a screenshot from my policy document:
The lock-in: scam 2
You can’t take this money out until 10 years are completed. For the first 3 years, if you stop paying or cancel, they keep all your money. From the 3rd year onwards, it’s basically up to them how much they want to give you back, which is what they call the surrender value. They said they may take between 60-80% of the amount I've "invested"
My 4th installment is coming up soon. So far, I have paid 7,582,335 LKR into this thing. As of today, there’s only about 7.2 million in the fund, including interest.
What a scam.
When I looked into the policy document a bit more, the actual amount I’ll probably get at the end of 10 years is more like 18–20 million, not 25 million like they make it sound.
I would have made more money if I just put this into a fixed deposit. Or honestly, even if I just kept the money under my bed.
What pisses me off more is that NTB Private Banking is supposed to give proper investment advice. Instead, their relationship managers are selling this crap.
I’m just calling the money I lost tuition fees, because now I spend a lot more time looking at every investment decision I make, and honestly every other decision too, even when “professionals” are giving advice.
For anyone who’s already invested in this kind of thing: find out what your current fund balance is and what your allocation rates are. Take out whatever you can and don’t put more money into this. If the surrender penalty is too high and you’re past your third year, you can usually convert the policy to a paid-up policy. The money will still collect interest, but you don’t have to keep putting more money into this bullshit.
customer 1 wena seen ekak tynne mn. 5 years wtri gewanna one keewe 
aye balanna one
