11,755 ViewsING Vysya Life Insurance Plans
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About ING Vysya Life Insurance CompanyING Vysya Life Insurance
Company is a joint venture between ING Insurance International B.V.
(26%), Exide Industries (50%) and other share holders like Ambuja
Cements Limited and Enam Group, together holding a total of 24%.
The company started operations in India in September 2001. ING
(International Netherlands Group), is a Amsterdam based financial
services company offering its services in more than 40 countries
around the world. It is among the largest financial institutions in
the world. There are loads of joint ventures under the brand name
of ING serving millions of customers across the globe. Exide, is a
well know band in India when it comes to batteries. The company
manufactures a wide range of batteries to serve the needs of
automobiles to industrial units. The name Exide is still synonymous
with batteries in India and has a large number of factories spread
across the length and breadth of the country. ING Life Insurance
Company currently has more than 6,000 employees serving over
10,00,000 customer in over 230 locations across India. The company
currently distributes its products through an Alternate Channel and
the TIED agency force of more than 60,000 ING
advisors.LeadershipKshitij Jain is the Managing Director &
Chief Executive Officer of ING Life Insurance Company.Contact
PointsCorporate Office'ING Vysya House', 5th Floor22, M.G. Road
Bangalore 560001Phone : 91-80-25328000Fax : 91-80-25559764National
OperationsOfficeNo 690, 1st floor,Gold Hill Square, Begur Hobli,
Hosur Road. Bangalore 560068Phone : 91-80-41345134Fax :
080-41100707Phone / FaxToll free No: 1-800-419-8228Mobile No:
+91-9880888228Landline No: 080-41345444Fax : 080-41100700SMSSMS
"ING" to 5676770Websitewww.inglife.co.in
Get thebest life insurance planby comparing between different
life insurance companies.ING Term Life Plus Plan 1 Comment 2,329
ViewsING Term Life Plus PlanTerm Life Plus Plan of ING Vyasa Life
Insurance is a Term Plan with return of premiums. It just means
that if the life insured dies within the policy tenure, the nominee
would get the Sum Assured as Death Benefit, and if he survives till
the half the term, he would get 40% of regular premiums paid till
date or 20% of single premium paid and at the end of the term, then
he would get the remaining of the total premiums paid as Maturity
Benefit. Hence this is a variant of pure term plans where there is
maturity benefit as well.Key Features of ING Term Life Plus Plan
This is a Term Plan with Return of Premiums on maturity and Sum
Assured on death. There is Mid Term benefit available, which is not
available in any other similar policies in the industry. Additional
rider benefits of Accidental Death and Accidental Death, Disability
and Dismemberment benefit. Single and limited premium payment
options available.
Benefits you get from ING Term Life Plus PlanDeath Benefit In
case of death of the policy holder, the nominee would get the sum
assured under the planMaturity Benefit It is paid in 2 instalments:
40% of the premiums are returned as Mid-Term Benefit for Regular
Payment policies and 20% for Single or Limited Payment policies.
The remaining of the premiums are paid on maturity.Income Tax
Benefit - Life Insurance premiums paid up to Rs.1,00,000 are
allowed as a deduction from the taxable income each year under
section 80CEligibility conditions and other restrictions in ING
Term Life Plus PlanMinimumMaximum
Sum Assured (in Rs.)5,00,000No Limit
Policy Term (in years)1030
Premium Payment Term (in years)1, 3, 5 Equal to policy term
Entry Age of Policyholder1865
Age at Maturity-75
Single premium (in Rs.)NANA
Payment modesYearly, Half-yearly, Quarterly, Monthly and
Single
Sample illustration of premium amount in ING Term Life Plus
PlanThe below illustration is for a healthy Male (non-tobacco user)
opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25
years
Additional Features and Benefits of ING Term Life Plus
PlanRiders There are 2 riders in this policy Accidental Death
Benefit rider Accidental Death, Disability and Dismemberment
Benefit riderWhat happens if?You stop paying the premium - If at
least three full years premiums have been paid in case of Regular
Premium and two full years premiums in case of Limited Premium and
then you stop paying premiums the Policy shall acquire a paid up
value. The benefit is paid on death of the Life Assured during the
Policy Term or on Life Assured surviving to the Policy Maturity
Date. The policy can however be revived within 2 years from the
first unpaid premium.You want to surrender the policy Surrender
benefits are available after completion of 3 years of the policy.
There are limits of how much surrender benefit would be payable to
whom. Regular Premium: 40% of the premiums paid by the
Policyholder. Limited Premium [5 year Premium Payment Term]: 50% of
the premiums paid by the Policyholder. Limited Premium [3 year
Premium Payment Term]: 60% of the premiums paid by the Policyholder
Single Premium: 70% of the premiums paid by the Policyholder.You
want a loan against your policy Loan facility is not available
under this policy.Alternate Return of Premium Term Plans from
different insurance companies
IDBI Federal Termsurance Protection Plan -TROPBirla Sun Life
Premium back PlanMetLife Met Suraksha TROPSBI Life SwadhanOther
term insurance plans from ING Vyasa Life Insurance
ING Vyasa Term Life PlanCompare term insurance plans to find the
most affordable policy for yourself and your family.
~ By Deepak Yohannan
Note: This is a statement of facts based on the information
collected from the ING Term Life Plus Plan brochure and insurance
company's website. It should not be construed as a Critical or
Favourable ING Term Life Plus Plan Review, Analysis or
Recommendation.Insurance is a subject matter of the
solicitation.
63 ViewsING My Term Insurance PlanING My Term Insurance Plan is
a pure Term Insurance Plan. How it works In this plan, premium can
be paid till the end of the Policy Tenure under Regular Premium or
for a Limited Term as well. The policy however continues till the
end of the Policy Tenure.There are 2 options for choosing Death
Benefit in this plan:1. Option A: where regular Sum Assured would
be paid as Death Benefit2. Option B: where Family Income Benefit
Option is opted such that a chosen percentage of life cover amount
would be paid as lump sum and 10% extra life cover is added to the
balance and is paid to your family over 60 months as monthly
incomeThis plan comes with an in-built benefit of Terminal Illness
Benefit where 25% of the Sum Assured is paid on diagnosis of any of
the Terminal Illness and the future premiums are paid by the
company so as to continue the plan as per schedule. Being a pure
protection plan, there is no Survival or Maturity Benefit in this
plan.There are 3 additional riders available in this plan, Critical
Illness Rider, Accidental Death Benefit Rider and Accidental Death
Disability and Dismemberment riderKey Features of ING My Term
Insurance Policy This is a simple Term Plan with loads of
additional benefits There is Family Income Benefit Option in this
plan under Option B where the life cover is provided to the family,
part in lump sum and part as income over 60 months Under Family
Income Benefit option, a chosen percentage of life cover amount
would be paid as lump sum and 10% extra life cover is added to the
balance and is paid to your family over 60 months as monthly income
There is Terminal Illness Benefit in this plan, where in case of a
terminal illness being diagnosed, 25% of the lump sum life cover
would be paid immediately and the future premiums are paid by the
company and the policy continues as per schedule There are 3
additional riders available in this plan, Critical Illness Rider,
Accidental Death Benefit Rider and Accidental Death Disability and
Dismemberment rider There is preferential rates for being a
non-smoker There is a Large Sum Assured discount in this plan as
well as premium discount for female livesBenefits you get from ING
My Term Insurance PolicyDeath Benefit In case of death of the Life
Insured within the Policy Tenure, the nominee gets : Under Option
A, the entire Sum Assured as Death Benefit and the policy
terminates Under Option B, there are 4 options available for
choosing Family Income Benefit. A chosen percentage of Sum Assured
is paid immediately as Lump Sum Benefit and the policy continues.
110% of the Remaining Amount is paid in equal installments over the
next 60 months to the family as Family Income BenefitOptionLump Sum
BenefitRemainingFamily Income Benefit
I80%20%110% of 20% of Base Sum Assured) / 60
II50%50%110% of 50% of Base Sum Assured) / 60
III40%60%110% of 60% of Base Sum Assured) / 60
IV30%70%110% of 70% of Base Sum Assured) / 60
Maturity Benefit Being a pure protection plan, there is no
Maturity Benefit in this plan.Income Tax Benefit - Life Insurance
premiums paid up to Rs. 1,00,000 are allowed as a deduction from
the taxable income each year under section 80C and the Maturity
Proceeds are tax free under section 10(10)D subject to fulfilment
of terms and conditions.Eligibility conditions & other
restrictions in ING My Term Insurance PolicyMinimumMaximum
Sum Assured (in Rs.)25 Lacs (For preferred Life, 50 Lacs)25
Crores
Policy Term (in years)1035
Premium Payment Term (in years)Limited Pay (5, 7 , 10
years)Equal to Policy Term
Entry Age of Life Insured (in years)1865
Age at Maturity (in years)-75
Payment modesAnnual, Semi-Annual, Quarterly and Monthly
Sample illustration of premium of ING My Term Insurance PlanThe
below illustration is for a 30, 40 and 50 year old male (Non
Smoker) opting for a Sum Assured of Rs.1 crore for a Policy Tenure
of 30 years
Additional Features and Benefits of ING My Term Insurance
PlanRiders There are 3 additional riders available in this plan:1.
Critical Illness Rider- with limited and regular payment options2.
Accidental Death Benefit Rider and 3. Accidental Death Disability
and Dismemberment riderWhat happens if?You stop paying the premium
- If the policy holder stops paying the premium, the policy lapses
and all benefits cease to exist. The policy can however be
reinstated. If at least 3 years premiums have been paid under
Limited Premium Paying Option, then the policy gets converted to
Reduced Paid Up Value and the policy continues with reduced
coverage. This option is not available for Regular Premium Paying
Option.You want to surrender the policy There are Surrender
Benefits for Limited Premium Paying Option only after all due
premiums have been paid. Surrender Value = Total premiums paid
(excluding service tax and extra premiums if any) * 70% * (Number
of remaining complete years of cover / Policy Term in years).You
want a loan against your policy Loan facility is not available in
this plan.
Unit Linked Insurance Plans - ULIPsING Market Shield PlanING
Uttam Jeevan Plan- Single PremiumING Uttam Jeevan PlanING
Prospering Life Plan- Single PremiumING Prospering Life Plan -
Regular Premium
1 Comment 23,114 ViewsING Life Market Shield Insurance PlanThis
is a unit-linked insurance plan (ULIP) where your premiums are
invested in both equity and debt instruments. Hence this plan
offers the upside of market investment but comes with the risk of
market swings which may go up or down. Key Features of ING Market
Shield Plan Highest NAV is guaranteed throughout the policy term
and not just at maturity Limited Premium paying term
availableBenefits you get from ING Market Shield PlanDeath Benefit
In case of death of the policy holder, the nominee gets the higher
of Sum Assured or Special Fund Value. Death benefit shall never be
less than 105% of total premiums paid to date less any previous
partial withdrawals.Maturity Benefit - If the policy holder
survives the policy term, then he gets the Special Fund Value.The
Special Fund Value is achieved by calculating the higher of Daily
NAV Guaranteed Highest NAV, called G-NAVIncome Tax Benefit -Life
Insurance premiums paid up to Rs. 1,00,000 are allowed as a
deduction from the taxable income each year under section 80C.The
maturity amounts you receive from this plan are exempt from tax
under section 10(10D) provided the Sum Assured is at least 5 times
the premium paid at all times.Eligibility conditions and other
restrictions in ING Market Shield PlanMinimumMaximum
Sum Assured (in Rs.)10 X AP20 X AP
Policy Term (in years)15 yrs20 yrs
Premium Payment Term (in years)5 yrsEqual to policy term
Lock-in period5 years
Entry Age of Policyholder8 yrs55 yrs
Age at Maturity23 yrs70 yrs
Regular premiumFor 5 yrs limited pay, Rs 48,000And Rs 36,000
otherwiseNo Limit
Single premiumNot Allowed
Payment modesOnly Annual
Top-up premiumRs 5,000Rs 8 lakhs
Sample Illustration of Returns at the end of the policy term in
ING Market ShieldAnnual Premium = Rs.48,000Policy Term = 15 years
Total Investment = Rs. 48,000 X 15 years= Rs. 7,20,000Expected
returns based on 6% and 10% ROIAdditional Features and Benefits of
ING Market Shield PlanRiders No riders are available with this
planInvestment Fund OptionsUnder this plan the policy holder does
not get any fund options as only 1 investment fund available
Guaranteed NAV FundTop-up -Every Top-up premium shall have an
Additional Sum Assured which will be 1.25 times of the Top-up
premium paid. This Additional Sum Assured on Top-up will be in
addition to the Basic Sum Assured.Top-ups will not be allowed
during the last 5 years of the Policy Term.Switching -Not
applicable as only 1 fund available.Partial Withdrawal -You are
allowed to make partial withdrawals in this policy after 5 complete
policy years or after the Life Insured is at least 18 years old,
whichever is later.The minimum amount of partial withdrawal should
be Rs. 2,000 and maximum amount equal to 25% of balance in the
Special Fund Value, subject to Special Fund Value after each such
withdrawal not being less than 1.5 times the one full years annual
regular/limited premium.Unlimited number of partial withdrawals can
be availed during the Policy Term.What happens if?You stop paying
the premium before 5 years - If the policy holder stops paying the
premium, the insurance cover will cease and the fund value net of
any discontinuance charge will be transferred to the Discontinued
Policy Fund. The Discontinued Policy Fund will be credited with a
minimum interest rate of 3.5% p.a. and the proceeds from this will
be payable after the fifth policy anniversary. In case of death of
the Life Assured during this period, only the accumulated fund
value will be payable to the nominee.You stop paying the premium
after 5 years - If the policy holder stops paying the premium after
5 years, then the accumulated policy fund amount till the date of
discontinuance shall be paid to the policy holder and the policy
will terminate immediately.You want to surrender the policy If the
policy holder wants to surrender the policy before completing 5
years, then the insurance cover will cease and the fund value net
of any discontinuance charge will be transferred to the
Discontinued Policy Fund. The Discontinued Policy Fund will be
credited with a minimum interest rate of 3.5% p.a. and the proceeds
from this will be payable after the fifth policy anniversary. In
case of death of the Life Assured during this period, only the
accumulated fund value will be payable to the nominee. If the
policyholder surrenders the policy after completion of 5 policy
years, then the insurance cover will cease and your fund value
shall be paid immediately and the policy would be terminated.You
want a loan against your policy Loans are not allowed in this
plan.
ING Uttam Jeevan SP 1 Comment 4,889 ViewsING Life Uttam Jeevan
Single Premium PlanThis is a single premium unit-linked insurance
policy (ULIP). Here, the premium amount is invested in the markets
(debt, equity and cash market instruments). The value of
investments may go up or down and hence the risk in ULIPS is borne
by the policy holder and not by the insurance company.
Key Features of ING Uttam Jeevan SP Plan This is a single
premium unit-linked insurance policy. There is an Enhanced
Protection Benefit available with this product whereby the Initial
Sum Assured increases by 5% every year from 2nd policy year onwards
till the end of the policy term. This plan may not require medical
check ups. It has a in-built Accidental Death Coverage
available.
Benefits you get from ING Uttam Jeevan SP PlanDeath Benefit In
case of the unfortunate event of death of the life assured during
the policy term, the sum assured will be paid to the nominee. The
death benefit will be at least 1.05 times of the single premium
paid including Top-up premiums (if any).Maturity Benefit - If the
policy holder survives the policy term, then he gets the Fund Value
as on the date of maturity. Fund Value at maturity refers to the
number of unit price at maturity times the number of units at
maturity.Income Tax Benefit -Life Insurance premiums paid up to Rs.
1,00,000 are allowed as a deduction from the taxable income each
year under section 80C.The maturity amounts you receive from this
plan are exempt from tax under section 10(10D) provided the Sum
Assured is at least 5 times the premium paid at all
times.Eligibility conditions and other restrictions in ING Uttam
Jeevan SP PlanMinimumMaximum
Sum Assured (in Rs.)1.25 X Single Premium5 X Single Premium
Policy Term (in years)10 years
Premium Payment Term (in years)Single
Lock-in period5 years
Entry Age of Policyholder8 years45 years
Age at Maturity18 years55 years
Regular premiumNot Available
Single premiumRs 48,000Rs 4,00,000
Payment modesSingle
Top-up premiumRs 200025% of Single Premium paid
Sample Illustration of Returns at the end of the policy term in
ING Uttam Jeevan SPAnnual Premium = Rs.48,000Policy Term = 10 years
Premium payment mode = Single Total Investment = Rs.48,000 X 1 year
= Rs.48,000Additional Features and Benefits of ING Uttam Jeevan SP
PlanRiders No riders are available with this planType of
RiderAvailable with Policy
Accidental death benefitYes
Permanent/Accidental disability benefitNo
Waiver of premium benefitNo
Critical illness (or dread diseases) benefitNo
Increased death benefit / Term riderNo
Hospital cash benefitNo
Life Guardian benefitNo
Investment Fund OptionsUnder this plan the policy holder gets
the option of 2 investment funds. They are - ING Preserver ING
Prime EquityTop-up -You can invest additional premiums as top-up
premiums anytime except in the last five policy years.The minimum
top-up premium is Rs. 2,000 and the maximum is 25% of Single
Premium paid during the policy term.Every Top-up premium shall have
an Additional Sum Assured which will be 1.25 times of the Top-up
premium paid. This Additional Sum Assured will be in addition to
the life cover.Switching -You are allowed to move from one fund to
another by switching the same.There are 4 free switches available
each year.Partial Withdrawal -Only one Partial Withdrawal can be
availed during a Policy Year and overall five Partial Withdrawals
during the entire Policy Term.You are allowed to make partial
withdrawals in this policy after 5 complete policy years or after
the Life Insured is at least 18 years old, whichever is later.
The minimum amount of partial withdrawal should be Rs. 2,000.The
maximum partial withdrawal is 10% of the Fund Value prevailing at
that time subject to fund value after each such withdrawal not
being less than 20% of the single premium.What happens if?You want
to surrender the policy during the initial 5 years from the policy
commencement then the surrender benefits shall be payable to the
policyholder only after completion of 5 full Policy Years. However,
such surrender benefits along with the earned interest shall be
paid to the Policyholder on completion of 5 full policy years and
the policy terminates. On Discontinuance or Surrender after 5
years, the Fund Value is paid immediately and the policy is
terminated.You want a loan against your policy Loans are not
allowed in this plan.
ING Uttam Jeevan Plan 67 ViewsING Uttam Jeevan PlanING Uttam
Jeevan Plan is a Regular Premium Unit Linked Insurance Plan. It is
a Non-Traditional Insurance Plan from ING Life Insurance Company.
How it works In this plan, premium needs to be paid for the entire
policy tenure of 20 years. In this plan, there is an Enhanced
Protection Benefit available with this product where the Initial
Sum Assured increases by 5% every year from 2nd policy year onwards
till the end of the policy term.Thus, in this plan, the Life
Coverage provided is initial Sum Assured + Enhanced Protection
Benefit + Fund Value. Thus, if the Life Insured dies within the
policy tenure, initial Sum Assured + Enhanced Protection Benefit +
Fund Value would be paid to the nominee as Death Benefit and the
policy terminates.However, on survival till the end of the policy
tenure, the Fund Value would be paid to the Policyholder as
Maturity Benefit and the policy terminates. There is also an
additional Accidental Death Benefit rider in this plan.Key Features
of ING Uttam Jeevan Insurance Plan It is a Regular Premium Unit
Linked Insurance Plan There is Enhanced Protection Benefit
available with this product where the Initial Sum Assured increases
by 5% every year from 2nd policy year onwards till the end of the
policy term This plan can be taken by filling a short medical
questionnaire without medicals There is double death benefit in
this plan of the initial Sum Assured + Enhanced Protection Benefit
+ Fund Value The Fund Value is paid to the policyholder on policy
maturity In this plan, there is an additional Accidental Death
Coverage availableBenefits you get from ING Uttam Jeevan Insurance
PolicyDeath Benefit In case of death of the Life Insured within the
Policy Tenure, the nominee gets the initial Sum Assured + Enhanced
Protection Benefit + Fund Value, subject to 105% of total premiums
paid to date (excluding any applicable rider premium and/or
underwriting extras) less any previous partial withdrawals as Death
Benefit and the policy terminates.Maturity Benefit When the policy
matures, the Fund Value is paid to the policyholder as Maturity
Benefit and the policy terminates.Income Tax Benefit - Life
Insurance premiums paid up to Rs. 1,00,000 are allowed as a
deduction from the taxable income each year under section 80C and
the Maturity proceeds are tax free under section 10(10)D subject to
fulfilment of terms and conditionsEligibility conditions &
other restrictions in ING Uttam Jeevan Policy MinimumMaximum
Sum Assured (in Rs.)10 X Annualized Premium
Policy Term (in years)20
Premium Payment Term (in years)20
Entry Age of Life Insured (in years)845
Age at Maturity (in years)2865
Annual Premium (in Rs.)1800036000
Payment modesOnly Annual
Sample Illustration of returns of ING Uttam Jeevan PlanThe below
illustration is for a healthy Male (non-tobacco user) opting for a
Annual Premium = Rs 24000Policy Term= 20 years
Additional Features and Benefits of ING Uttam Jeevan PlanRiders
There is 1 Additional Rider in this plan:1. Accidental Death
Benefit RiderInvestment Fund Options - In this plan, there are 2
funds available in this plan:1. ING Preserver2. ING Prime
EquityTop-up Premium can be paid anytime except in the last five
policy years. The minimum top-up premium is Rs. 2,000 and the
maximum is 25% of Total Premium paid during the policy term. Every
Top-up premium shall have an Additional Sum Assured which will be
1.25 times of the Top-up premium paid. This Additional Sum Assured
will be in addition to the life cover.Switching - There is
unlimited switches available in this plan. The first 4 switches in
this plan are offered free of cost. Any additional switch within
that policy year will be charged Rs.200 per switch.Partial
Withdrawal - In this policy, partial withdrawal is allowed after 5
complete policy years or after the Life Insured sis at least 18
years old, whichever is later. The minimum amount of partial
withdrawal should be Rs. 2,000 subject to a maximum of 10% of the
Fund Value prevailing at that time subject to Fund Value after each
such withdrawal not being less than 1.5 times the one full years
annualized regular premium. Only one Partial Withdrawal can be
availed during a Policy Year and overall five Partial Withdrawals
during the entire Policy Term.Charges in ING Uttam Jeevan
PlanPremium Allocation Charge This charge is deducted from the
Premium Paid by you Policy YearPremium Allocation Charge
1st 9%
2nd 3%
3rd onwardsNIL
Top Up Premium2%
Policy Administration Charge This is the charge for the
administrative working of the policy and is deducted by
cancellation of units on a monthly basis. Policy YearPolicy
Administration Charge
Year 2 to Year 100.50% per month
11th Year onwards0.40% per month
Fund Management Charge This charge is deducted by adjusting the
NAV of the units on a daily basis.TypeCharge
ING Preserver1.00%
ING Prime Equity1.35%
Discontinuation Charge This charge is for discontinuing the plan
before the end of the Policy Tenure.Year of DiscontinuationAnnual
Premium Rs 25,000 p.a.
1st Lower of20% of (Annual Premium or Fund Value) subject to a
maximum of Rs 3,000Lower of6% of (Annual Premium or Fund Value)
subject to a maximum of Rs 6,000
2nd Lower of15% of (Annual Premium or Fund Value) subject to a
maximum of Rs 2,000Lower of4% of (Annual Premium or Fund Value)
subject to a maximum of Rs 5,000
3rd Lower of 10% of (Annual Premium or Fund Value) subject to a
maximum of Rs 1,500Lower of 3% of (Annual Premium or Fund Value)
subject to a maximum of Rs 4,000
4th Lower of5% of (Annual Premium or Fund Value) subject to a
maximum of Rs 1,000Lower of2% of (Annual Premium or Fund Value)
subject to a maximum of Rs 2,000
5th onwardsNIL
Mortality Charge This charge is paid for the Life Coverage
provided according to the Sum At Risk. This is based on the
mortality rates which are specified for all ages and amount of
cover being provided.Service Tax would be applicable on the charges
depending on the applicable rates.What happens if?You stop paying
the premium before 5 years - If the policy holder stops paying the
premium, the insurance cover will cease and the fund value net of
any discontinuance charge will be transferred to the Discontinued
Policy Fund. The Discontinued Policy Fund will be credited with a
minimum interest rate of 3.5% p.a. and the proceeds from this will
be payable after the fifth policy anniversary. In case of death of
the Life Assured during this period, only the accumulated fund
value will be payable to the nominee.You stop paying the premium
after 5 years - If the policy holder stops paying the premium after
5 years, then the accumulated policy fund amount till the date of
discontinuance shall be paid to the policy holder and the policy
will terminate immediately.You want to surrender the policy - If
the policy holder wants to surrender the policy before completing 5
years, then the insurance cover will cease and the fund value net
of any discontinuance charge will be transferred to the
Discontinued Policy Fund. The Discontinued Policy Fund will be
credited with a minimum interest rate of 3.5% p.a. and the proceeds
from this will be payable after the fifth policy anniversary. In
case of death of the Life Assured during this period, only the
accumulated fund value will be payable to the nominee. If the
policyholder surrenders the policy after completion of 5 policy
years, then the insurance cover will cease and your fund value
shall be paid immediately and the policy would be terminated.You
want a loan against your policy There is no loan facility in this
product.
ING Prospering Life Plan Single Premium 62 ViewsING Prospering
Life Plan Single PremiumING Prospering Life Plan SP is a Single
Premium Unit Linked Insurance Plan. Thus, it is a Non-Traditional
Insurance Plan from ING Life Insurance Company.How it works In this
plan, premium needs to be paid upfront under Single Premium Payment
Option but the policy continues for the entire policy tenure of 10
years. There is Loyalty Additions in this plan of a refund of 50%
of mortality charges deducted during the entire policy term.In this
plan, there are 2 investment strategies in this plan and there is
Automatic Asset Allocation Strategy in this plan. There are 5 funds
for Self-Managed Option.In case of death of the Life Insured within
the Policy Tenure, the nominee gets the higher of the Sum Assured
or the Fund Value as Death Benefit and the policy terminates.
However, on survival till the end of the policy tenure, the Fund
Value would be paid to the Policyholder as Maturity Benefit and the
policy terminates. Key Features of ING Prospering Life Insurance
Plan SP It is aSingle Premium Unit Linked Insurance Plan There is
Loyalty Additions in this plan of a refund of 50% of mortality
charges deducted during the entire policy term There are 2
investment strategies in this plan There is Automatic Asset
Allocation Strategy in this plan There are unlimited free switches
and redirections available in this plan In case of death of the
Life Insured within the Policy Tenure, the nominee gets the higher
of the Sum Assured or the Fund Value as Death Benefit The Fund
Value is paid to the policyholder on policy maturityBenefits you
get from ING Prospering Life Insurance Policy SPDeath Benefit In
case of death of the Life Insured within the Policy Tenure, the
nominee gets the higher of the Sum Assured or the Fund Value as
Death Benefit and the policy terminates.Maturity Benefit When the
policy matures, the Fund Value + Loyalty Additions are paid to the
policyholder as Maturity Benefit and the policy terminates.Income
Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are
allowed as a deduction from the taxable income each year under
section 80C and the Maturity proceeds are tax free under section
10(10)D subject to fulfilment of terms and conditionsEligibility
conditions & other restrictions in ING Prospering Life Policy
SPMinimumMaximum
Sum Assured (in Rs.)For age at entry < 55 years: 1.25 to 5
times the Single PremiumFor age at entry of 55 years or above: 1.1
times the Single Premium
Policy Term (in years)10
Premium Payment Term (in years)Single
Entry Age of Life Insured (in years)865
Age at Maturity (in years)1875
Single Premium (in Rs.)72000No Limit
Payment modesOnly Single
Sample Illustration of returns of ING Prospering Life Plan SPThe
below illustration is for a healthy Male of 30 years (non-tobacco
user) opting for a Annual Premium = Rs 1,00,000Sum Assured = Rs
5,00,000Policy Term= 10 years
Additional Features and Benefits of ING Prospering Life Plan
SPRiders There are no Additional Riders in this plan:Investment
Fund Options - In this plan, there are 2 Investment Strategies in
this plan: Self-Managed Strategy whereby the policyholder can
choose his own funds according to his risk appetite. There are 5
funds for choice: ING Prime Equity Fund Growth Fund Balanced Fund
Secure Fund ING Preserver Professionally Managed Strategy whereby
the professional fund manager manages the fund on behalf of the
investor by allocation in : ING Active Asset Allocation FundTop-up
Premium can be paid anytime except in the last five policy years.
The minimum top-up premium is Rs. 5,000 and the maximum is Rs
8,00,000 per Life Assured. Every Top-up premium shall have an
Additional Sum Assured which will be 1.25 times of the Top-up
premium paid for age 55 years or less and 1.1 times the Top Up
Premium for age more than 55 years. Switching - There is unlimited
free switches available in this plan from one fund to another.
Partial Withdrawal - In this policy, partial withdrawal is allowed
after 5 complete policy years. The minimum amount of partial
withdrawal should be Rs. 5,000 subject to a maximum of 10% of the
Fund Value prevailing at that time subject to Fund Value after each
such withdrawal not being less than 20% of the Single Premium.
Partial Withdrawal can be made anytime except in the last 5 policy
years.Charges in ING Prospering Life Plan SPPremium Allocation
Charge This charge is deducted from the Premium Paid by you Premium
BandPremium Allocation Charge
Rs 72,000 to Rs 99,9993%
Rs 1,00,000 to Rs 1,99,9992.5%
Rs 2,00,000 and Above2%
Top Up Premium2%
Policy Administration Charge This is the charge for the
administrative working of the policy and is deducted by
cancellation of units on a monthly basis. Premium BandPolicy
Administration Charge
Rs 72,000 to Rs 99,9990.15% from Year 2 to Year 50.10% from Year
6 to Year 10
Rs 1,00,000 to Rs 1,99,9990.10%
Rs 2,00,000 and Above0.05%
Fund Management Charge This charge is deducted by adjusting the
NAV of the units on a daily basis.TypeCharge
ING Prime Equity1.35%
ING Active Asset Allocation Fund1.35%
Growth Fund1.25%
Balanced Fund1.25%
Secure Fund1.00%
ING Preserver1.00%
Discontinuation Charge There is no charge is for discontinuing
the plan before the end of the Policy Tenure.Mortality Charge This
charge is paid for the Life Coverage provided according to the Sum
At Risk. This is based on the mortality rates which are specified
for all ages and amount of cover being provided.Service Tax would
be applicable on the charges depending on the applicable rates.What
happens if?You stop paying the premium Being a Single Premium Plan,
there is no requirement of further payment of premium. You want to
surrender the policy - If the policy holder wants to surrender the
policy before completing 5 years, then the insurance cover will
cease and the fund value net of any discontinuance charge will be
transferred to the Discontinued Policy Fund. The Discontinued
Policy Fund will be credited with a minimum interest rate of 3.5%
p.a. and the proceeds from this will be payable after the fifth
policy anniversary. In case of death of the Life Assured during
this period, only the accumulated fund value will be payable to the
nominee. If the policyholder surrenders the policy after completion
of 5 policy years, then the insurance cover will cease and your
fund value shall be paid immediately and the policy would be
terminated.You want a loan against your policy There is no loan
facility in this product.
ING Prospering Life 7,312 ViewsING Prospering Life PlanThis is a
unit-linked insurance plan (ULIP) which is a mix of insurance and
investment. After deducting the charges, the premiums are invested
in certain financial instruments. The customer can choose to for
equity or debt instruments based on his/her risk appetite. However,
it is important to know that in such plans, the risk of investment
is borne by the customer and not the insurance company. Key
Features of ING Prospering Life Automatic Asset Allocation Strategy
Customer can choose a pre-defined ING strategy which will allocate
funds between debt and equity by itself, eliminating the hassle of
constant monitoring by the customer Unlimited free switches and
redirections Monthly payment mode also available
Benefits you get from ING Prospering LifeDeath Benefit In case
of death of the policy holder, the nominee gets the higher of Sum
Assured or Fund Value. Maturity Benefit - If the policy holder
survives the policy term, then he/she gets the Fund Value.Income
Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are
allowed as a deduction from the taxable income each year under
section 80C.The maturity amounts you receive from this plan are
exempt from tax under section 10(10D) provided the Sum Assured is
at least 5 times the premium paid at all times.Eligibility
conditions and other restrictions in ING Prospering
LifeMinimumMaximum
Sum Assured (in Rs.)For age at entry below 45 years: Fixed at 10
X APFor age at entry of 45 years or above: Fixed at 7 X AP
Policy Term (in years)16 yrs20 yrs
Premium Payment Term (in years)Policy Term / 2Equal to policy
term
Lock-in period5 years
Entry Age of Policyholder8 yrs55 yrs
Age at Maturity24 yrs71 yrs
Regular premiumRs 48,000 p.a.Rs 96,000 p.a.
Single premiumNot Allowed
Payment modesAnnual, Semi-Annual, Quarterly and Monthly
Top-up premiumRs 5,000No Limit
Sample Illustration for ING Prospering Life planPremium =
Rs.48,000Policy Term = 10 years Total Investment = Rs. 48,000 X 20
years= Rs 9,60,000Additional Features and Benefits of ING
Prospering LifeRiders No riders are available with this
planInvestment Fund OptionsUnder this plan the policy holder gets
the following fund options to choose from ING Prime Equity Fund
Growth Fund Balanced Fund Secure Fund ING PreserverTop-up -The
Minimum Top Up amount is Rs. 5,000/- at one time.Every Top-up
premium shall have an Additional Sum Assured which will be 1.25
times of the Top-up premium paid. This Additional Sum Assured on
Top-up will be in addition to the Basic Sum Assured.Top-ups will
not be allowed during the last 5 years of the Policy Term.Switching
-Unlimited switches are available to the policy holder.Partial
Withdrawal -You are allowed to make partial withdrawals in this
policy after 5 complete policy years.The minimum amount of partial
withdrawal should be Rs. 5,000 and a maximum amount equal to 25% of
the Fund Value, subject to Fund Value after each such withdrawal
not being less than 1.5 times the one full years annual regular
premium.What happens if?You want to surrender the policy If the
policy holder wants to surrender the policy before completing 5
years, then the insurance cover will cease and the fund value net
of any discontinuance charge will be transferred to the
Discontinued Policy Fund. The Discontinued Policy Fund will be
credited with a minimum interest rate of 3.5% p.a. and the proceeds
from this will be payable after the fifth policy anniversary. In
case of death of the Life Assured during this period, only the
accumulated fund value will be payable to the nominee.If the
policyholder surrenders the policy after completion of 5 policy
years, then the insurance cover will cease and your fund value
shall be paid immediately and the policy would be terminated.You
want a loan against your policy Loans are not allowed in this
plan.
Endowment PlansING Secured Income Insurance PlanING Secured
Income Insurance Plus PlanING Reassuring Life Endowment PlanING
Safal Jeevan Endowment PlanING Powering Life PlanING STAR Life
Plan
ING Secured Income Insurance RP 1,108 ViewsING Secured Income
Insurance RP PlanING Secured Income Insurance RP is an endowment
policy. This is a Regular Premium Traditional Plan with Bonus
Facility. How it works In this plan premium needs to be paid till
the end of the Policy Tenure. There are 2 options under this plan-
Base and Economy. At the end of the Policy Tenure, the Maturity
Benefit that is provided to the Life Insured is Sum Assured +
Vested Bonus + Terminal Bonus. However, if the Life Insured dies
within the Policy Tenure, under Base option (Sum Assured + Family
Income benefit + Vested Bonus + Terminal Bonus) is provided as
Death Benefit and under Economy Option (Sum Assured + Vested Bonus
+ Terminal Bonus) is provided as Death Benefit to the nominee.The
Base Option has Family Income Benefit, i.e. 2% of the Sum Assured
will be paid every month for 5 years following the death of the
Life Insured. Hence a total benefit of 120% of Sum Assured would be
paid out as Family Income Benefit if death of the Life Insured
occurs within the Policy Tenure under Base Option.Key Features of
ING Secured Income Insurance RP Policy There are 2 options in this
plan: Base Economy The Maturity Benefit provided is (Sum Assured +
Vested Bonus + Terminal Bonus ) If the Life Insured dies within the
Policy Tenure, under Base option (Sum Assured + Family Income
benefit + Vested Bonus + Terminal Bonus) is provided as Death
Benefit to the nominee If the Life Insured dies within the Policy
Tenure, under Economy Option (Sum Assured + Vested Bonus + Terminal
Bonus) is provided as Death Benefit to the nominee. The Base Option
has Double Death Benefit- Sum Assured + Family Income Benefit will
be paid Under Family Income Benefit Option, 2% of the Sum Assured
will be paid every month for 5 years This plan has regular Premium
Payment Term This Plan has 4 additional riders available. This plan
provides discount for high premiums paidBenefits you get from ING
Secured Income Insurance RP PlanDeath Benefit In case of death of
the Life Insured within the policy tenure, the nominee receives
Under Base Option: Sum Assured + Family Income Benefit + Vested
Bonus + Terminal Bonus Under Economy Option: Sum Assured + Vested
Bonus + Terminal Bonus Maturity Benefit At the maturity of the
policy, the insured will get Sum Assured + Vested Bonus + Terminal
Bonus Income Tax Benefit Premiums paid under life insurance policy
are exempted from tax under Section 80 C and maturity proceeds are
exempted from tax under Section 10 (10D)Eligibility in ING Secured
Income Insurance RP PolicyMinimumMaximum
Sum Assured (in Rs.)-50,00,000
Policy Term (in years)1030
Premium Payment Term (in years)Equal to PT
Entry Age of Policyholder060 Age at Entry
Age at Maturity1870
Single premium (in Rs.)NA
Payment modesYearly, Half-yearly or Monthly
Minimum Annual Premium Amount 12,000Base Option: No LimitEconomy
Option: 12,000
Sample illustration of premium amount in ING Secured Income
Insurance RPThe below illustration is for a healthy Male
(non-tobacco user) opting for a Sum Assured = Rs. 10,00,000 and
Policy Term = 20 years.
Additional Features and Benefits of ING Secured Income Insurance
RPRiders- There are 4 Additional Rider available with this plan1.
Accidental Death Benefit Rider2. Accidental Death, Disability and
Dismemberment Benefit Rider3. Term Rider4. Critical Illness
RiderWhat happens if?You stop paying the premium If you stop paying
the premiums after 3 policy years, the policy acquires a Paid Up
Value for a Reduced Sum Assured but the policy would be eligible
for any future Bonuses and the policy is converted to a reduced
Paid Up Value. The Policy can however be reinstated within 5 years
from the date of first unpaid premium.You want to surrender the
policy You can surrender your plan after 3 full years premiums have
been paid.Surrender Value= 30% or 50% of the Total premiums paid
(depending upon the type of Plan Chosen, Base or Economy and
duration of premiums paid)This plan is also eligible for Special
Surrender Value = (Total Number of Premiums Paid/Total Number of
Premiums Payable) X Sum Assured of base Policy + Accumulated
Bonuses, if any.You want a loan against your policy Loan facility
is available under this policy after 3 policy years
ING Secured Income Insurance Plus PlanING Secured Income
Insurance Plus is an endowment policy. This is a Limited Premium
Traditional Plan with Bonus Facility. How it works In this plan
premium needs to be paid for 5, 7 or 10 years as selected at the
policy inception. At the end of the Policy Tenure, the Maturity
Benefit that is provided to the Life Insured is Sum Assured +
Vested Bonus + Terminal Bonus + 10% of the Sum Assured as
Guaranteed Additions. However, if the Life Insured dies within the
Policy Tenure, (Sum Assured + Family Income benefit + Vested Bonus
+ Terminal Bonus) is provided as Death Benefit to the nominee.Under
Family Income Benefit Option, 2% of the Sum Assured will be paid
every month for 5 years following the death of the Life Insured.
Hence a total benefit of 120% of Sum Assured would be paid out as
Family Income Benefit if death of the Life Insured occurs within
the Policy Tenure.Key Features of ING Secured Income Insurance Plus
Policy The Maturity Benefit provided is (Sum Assured + Vested Bonus
+ Terminal Bonus + Guaranteed Additions) If the Life Insured dies
within the policy tenure, (Sum Assured + Family Income benefit +
Vested Bonus + Terminal Bonus) is provided as Death Benefit to the
nominee The Base Option has Double Death Benefit- Sum Assured +
Family Income Benefit will be paid Under Family Income Benefit
Option, 2% of the Sum Assured will be paid every month for 5 years
This plan has Guaranteed Additions of 10% of the Sum Assured
payable on maturity This plan has Limited Premium Payment Term This
Plan has 3 additional riders available. This plan provides discount
for high premiums paidBenefits you get from ING Secured Income
Insurance Plus PlanDeath Benefit In case of death of the Life
Insured within the policy tenure, the nominee receives Under Base
Option: Sum Assured + Family Income Benefit + Vested Bonus +
Terminal Bonus Under Economy Option: Sum Assured + Vested Bonus +
Terminal Bonus Maturity Benefit At the maturity of the policy, the
insured will get Sum Assured + Vested Bonus + Terminal Bonus Income
Tax Benefit Premiums paid under life insurance policy are exempted
from tax under Section 80 C and maturity proceeds are exempted from
tax under Section 10 (10D)Eligibility in ING Secured Income
Insurance Plus PolicyMinimumMaximum
Sum Assured (in Rs.)-50,00,000
Policy Term (in years)1030
Premium Payment Term (in years)5, 710
Entry Age of Policyholder060 Age at Entry
Age at Maturity1870
Single premium (in Rs.)NA
Payment modesYearly, Half-yearly or Monthly
Minimum Annual Premium Amount 12,000Base Option: No LimitEconomy
Option: 12,000
Sample illustration of premium amount in ING Secured Income
Insurance PlusThe below illustration is for a healthy Male
(non-tobacco user) opting for a Sum Assured = Rs. 1,00,000 and
Policy Term = 20 years.
Additional Features and Benefits of ING Secured Income Insurance
PlusRiders- There are 4 Additional Riders available with this
plan1. Accidental Death Benefit Rider2. Accidental Death,
Disability and Dismemberment Benefit Rider3. Term Rider4. Critical
Illness RiderWhat happens if?You stop paying the premium If you
stop paying the premiums after 3 policy years, the policy acquires
a Paid Up Value for a Reduced Sum Assured but the policy would be
eligible for any future Bonuses and the policy is converted to a
reduced Paid Up Value. The Policy can however be reinstated within
5 years from the date of first unpaid premium.You want to surrender
the policy You can surrender your plan after 3 full years premiums
have been paid.Surrender Value= 30% or 50% of the Total premiums
paid (depending upon the type of Plan Chosen, Base or Economy and
duration of premiums paid)This plan is also eligible for Special
Surrender Value = (Total Number of Premiums Paid/Total Number of
Premiums Payable) X Sum Assured of base Policy + Accumulated
Bonuses, if any.You want a loan against your policy Loan facility
is available under this policy after 3 policy years