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PROJECT

PRODUCT PORTFOLIO OF ING VYASYA


LIFE INSURANCE
Made By: Ripunjay Kumar 35084105

Acknowledgement
A task or project cannot be completed alone. It requires the effort of
many individuals. We take this opportunity to thank all those who
helped us complete this project.

I express my sincere gratitude to Prof. Asim Roy for giving us the


opportunity to undergo this project. I further thank him for lending a
helping hand when it came to solving my problems related to the
project. This project would not have been possible without his
valuable time and support.

I also thank SRM University for giving an opportunity to undertake a


Soft skills project at the start of our MBA course which helped us to
understand deeply for those topics which are untouched.

This project is an attempt to talk about the Scenario of insurance and


its various product categories in India.

Any suggestions to improve are always welcome.

Executive Summary
The service industry is one of the fastest growing sectors in India
today. The upcoming sectors which are really showing the graph
towards upwards are - Telecom, Banking, and Insurance. These sectors
really have a lot of responsibility towards the economy.

Amongst the above-mentioned areas insurance is one sector, which


took a lot of time in positioning itself. The insurance business of non-
life companies was not much in problems but the major problem was
with life insurance. Life Insurance Corporation of India had monopoly
for more than 45 years, but the picture then was completely different.
Previously people felt that “Insurance is only for classes not for
masses” but now the picture is vice-versa.
The story of insurance is probably as old as the story of mankind. The
same instinct that prompts modern businessmen today to secure
themselves against loss and disaster existed in primitive men also.
They too sought to avert the evil consequences of fire and flood and
loss of life and were willing to make some sort of sacrifice in order to
achieve security. Though the concept of insurance is largely a
development of the recent past, particularly

Introduction

The story of insurance is probably as old as the story of mankind.


Tendency of a human being to secure themselves against loss and
disaster has been from the starting of world. They sought to avert the
evil consequences of fire and flood and loss of life and were willing to
make some sort of sacrifice in order to achieve security. Though the
concept of insurance is largely a development of the recent past,
particularly after the industrial era – past few centuries – yet its
beginnings date back almost 6000 years as per records..

Life insurance:
Life insurance is a contract under which the insurer (Insurance
Company) in
Consideration of a premium paid undertakes to pay a fixed sum of
money on
The death of the insured or on the expiry of a specified period of time
Whichever is earlier. In case of life insurance, the payment for life
insurance policy is certain. The Event insured against is sure to happen
only the time of its happening is not known. So life insurance is
known as ‘Life Assurance’
Roles of life insurance:
Life insurance as an investment: - Insurance products yield more
than any other investment instruments and it also provides added
incentives or bonus offered by insurance companies.
Life insurance as risk cover: - Insurance is all about risk cover and
protection of life. Insurance provides a unique sense of security that no
other form of invest can provide.
Life insurance as tax planning: - Insurance serves as an excellent tax
saving mechanism too.
Importance of life insurance:-
Protection against untimely death: - Life insurance provides
protection to the dependents of the life insured and the family of the
assured in case of his untimely death. The dependents or family
members get a fixed sum of money in case of death of the assured.
Saving for old age: - After retirement the earning capacity of a person
reduces. Life insurance enables a person to enjoy peace of mind and a
sense of security in his/her old age.
Initiates investments: - Life Insurance Corporation encourages and
mobilizes the public savings and canalizes the same in various
investments for the economic development of the country. Life
insurance is an important tool for the mobilization and investment of
small savings.
Social Security: - Life insurance is important for the society as a
whole also. Life insurance enables a person to provide for education
and marriage of children and for construction of house. It helps a
person to make financial base for future.
Tax Benefit: - Under the Income Tax Act, premium paid is allowed as
a deduction from the total income under section 80C.

. Indian insurance industry


History:
Life insurance came to India from England in 1818 when
oriental life insurance company started in Calcutta by Europeans. After
this many insurance companies had been started in India. But these
companies were looking after only the needs of European community
established in India. Indian people were not being insured by these
companies. First Indian life insurance company came as Bombay
mutual life insurance assurance. Second company was Bharat
insurance company came in 1896. After this the united India in
madras, national Indian and national insurance in Calcutta and the co-
operative assurance in Lahore were established in 1906.
To regulate Indian insurance business first insurance act
came in 1912 as life insurance company act and provident fund act.
These acts consist of premium rates tables and periodical valuations of
companies. In the first two decade of 20th century many life insurance
companies were started. So the insurance act came in 1938 to
governing life and non life insurance companies and to provide strict
state control. In 1956 the life insurance business in India was
nationalized

Insurance regulatory development


authority:
In 1999, the Insurance Regulatory and Development Authority (IRDA)
was constituted as an autonomous body to regulate and develop the
insurance industry. The IRDA was incorporated as a statutory body in
April, 2000. The key objectives of the IRDA include promotion of
competition so as to enhance customer satisfaction through increased
consumer choice and lower premiums, while ensuring the financial
security of the insurance market. The IRDA opened up the market in
August 2000 with the invitation for application for registrations.
Foreign companies were allowed ownership of up to 26%. The
Authority has the power to frame regulations under Section 114A of
the Insurance Act, 1938 and has from 2000 onwards framed various
regulations ranging from registration of companies for carrying on
insurance business to protection of policyholders’ interests.
Role of IRDA:
• Protecting the interests of policyholders.
• Establishing guidelines for the operations of insurers, and
brokers.
• Specifying the code of conduct, qualifications, and training for
insurance intermediaries and agents.
• Promoting efficiency in the conduct of insurance business.
• Regulating the investment of funds by insurance companies.
• Specifying the percentage of business to be written by insurers
in rural sectors.
• Handling disputes between insurers and insurance
intermediaries.

COMPANY PROFILE

PRODUCT PORTFOLIO
• INVESTMENT
• RETIREMENT
• SAVINTG
• PROTECTION
• INVESTMENT

1. NEW FREEDOM PLAN
What is this Plan all about?
New Freedom Plan allows us to customise your Insurance Cover to suit your
requirements. It gives us freedom to plan your investments to suit your
preferences and risk profile. This Plan also offers Survival Benefits at regular
intervals.The Premiums and Top-Up Premiums paid by you, less Charges are
credited to an account called Policyholders' Fund Value ("PFV") and are used
to purchase Units in one or more Unit Linked Fund as per your choice. At any
point in time, the PFV is represented by the number of Units multiplied by
the respective Unit Price of the Units held from time to time under all the
Unit Linked Funds under this Policy.

Main Features

1. Maturity Benefit: The Plan matures after we attain the age of 70. we will
receive the Policyholder's Fund Value on the Policy Maturity Date.

2. Death Benefit: On death before Policy Maturity Date, the Sum Assured or the
Policyholder's Fund Value whichever is higher will be payable. However , in-case of
death before age 12, the Policyholder's Fund Value would be payable as Death Benefit.
For the purpose of determining the amount payable as Death Benefit, the Sum
Assured will be reduced by the Partial Withdrawal Benefits availed by the
Policyholder from the Policyholder's Fund Value built up on Regular Premium, during
the twenty four (24) months immediately preceding the date of death of the Life
Assured.
4. Partial Withdrawal Benefit: The Plan offers us the additional flexibility of a one
time Partial Withdrawal during 4th to the 10th Policy year . we can make Partial
Withdrawal provided the Policyholder's Fund Value after such withdrawal is equal to at
least One and Half Years Regular Premiums. Partial Withdrawals would not be allowed
in-case the Life Assured is a minor till the attainment of age of majority. Partial
Withdrawals are subject to Charges, as stated below.

Duration (while the Policy is in force) Survival Benefits


On completion of 10 Policy years 25% of the PFV

On completion of 15 Policy years 25% of the PFV

On completion of 20 Policy years 25% of the PFV

On completion of 25 Policy years 25% of the PFV

6. Switch your Fund: We have the flexibility to review the performance of


your Unit Linked Funds periodically and Switch investments from one Unit
Linked Fund to another . Two Switches per Policy year are offered free of Switching
Charges. Any additional Switches will be subject to Switching Charges, as stated below.
RIDER BENEFIT We can further customise your Plan by adding optional
Riders, which may be offered by the Company from time to time. Currently
either of Accidental Death Benefit Rider or Accidental Death Disability and
Dismemberment Benefit Rider can be attached.
TAX BENEFIT Amounts paid by us are eligible for Tax Benefits as
applicable under Income Tax Act 1961 ("Act"). If required by the Act, the
Company may withhold taxes from the Benefits payable under this Policy.
Eligibility
- Minimum Entry Age: 8 years (risk commencing from 12 years)
- Maximum Entry Age: 65 years
- Minimum Premium Payment Term: 5 years
- Maximum Premium Payment Term: 25 years

The Charges
The Plan offers complete transparency with respect to expenses charged to us. The
Charges are as follows:
1. Policy Administration Charges:
A one-time Charge payable at the inception of the Policy comprising of:
(1) A fixed Charge of Rs. 700 and
(2) A variable Charge of Rs. 50 per Rs. One Lakh of Sum Assured or part
thereof. Policy Administration Charges of Rs. 25 per month during the Policy
term.
2. Premium Allocation Charges: These contribution-related Charges vary
according to the type of contribution as stated below:
(1) 1st year - 45% of the Regular Premium paid.
(2) 2nd and 3rd year - 7.5% of the Regular Premium paid.
(3) 4th year - 4% of the Regular Premium paid.
The Company reduces Allocation Charges for higher Premiums.
3.Fund Management Charge: This is charged on the amount in the Unit
Linked Fund(s).

2. ING ONE LIFE PLUS


What is this plan all about?
ING One Life Plus is a unit linked insurance plan giving dual benefits of insurance
coverage and the opportunity to invest in funds of our choice. It is a comprehensive
plan with flexibility in premium contributions, wherein you have the option to
decrease your regular premium or increase your premiums by way of additional
top-ups. At the end of the term, the amount accumulated in your fund will be given
as maturity benefit, while withdrawal facilities during the term will help
you to face financial contingencies.
Key Features
• Flexibility to choose your life cover
• Flexible Investment Options
• Flexibility to change the premium amount
• Cover continuance option

Key Benefts
• Flexibility to choose your life cover
With this plan we can decide the amount of coverage you need depending on your
requirements with minimum cover being five times the annualised first year
premium
and maximum cover being subject to underwriting considerations.
• Flexible investments
WE have the option to choose from five Unit Linked Funds for investing your
regular as well as top-up premiums based on your investment objectives.

We have the flexibility to decide the amount of premiums according to your


convenience
We have the option to Decrease your Premium amount from 2nd
year onwards subject to a minimum of Rs.18,000 per annum. Also, at any point of
time if
we choose to invest more, you can do so by way of top-up premiums.
Thus, with minimum yet steady investments you can create your
wealth!
• Cover continuance option
Cover continuance option provides us the flexibility of continuing your life
insurance cover beyond the revival period in case we opt not to pay premiums any
time after payment of first three years regular premium. If we wish to exercise this
option the same should be intimated at least three months before the expiry of the
revival period and is subject to underwriting considerations.
On exercising this Cover continuance option the mortality charges, rider charges, if
any, fund management charges and policy administration charges shall be recovered
from the fund value. If at any time during this period the fund value reaches one full
years premium that is required to keep the policy in force, the policy contract is
terminated by paying the fund value.
• Get additional Protection coverage through Riders
For comprehensive coverage apart from the base cover in order to address more
uncertainties, you can opt for the following Riders available with the policy –
Accidental Death Benefit (ADB) (UIN: 114C003V01): Under this rider an
additional amount equivalent to Rider Sum Assured is payable due to death resulting
out of an accident

3.. HIGH LIFE


What is this Plan all about?
we believe in systematically building your wealth through regular savings
and nurturing your investments. insurance. A superlative Investment Plan that
gives us the opportunity to build your wealth through regular and systematic
investments and additional Top-Ups as per your convenience.High Life also
provides you with a Life Cover of your choice and also enhances your
investment opportunities to earn returns in line with the market. So go ahead.
Make the choice of a lifetime.

BENEFITS
1 Maturity Benefit: This Plan matures on completion of the chosen Policy term.
we will receive the Policyholder's Fund Value as on the Policy Maturity date or
as per theSettlement Option chosen by you.
2. Death Benefit: On death before the Policy Maturity date, the Sum Assured or
the Policyholder's Fund Value whichever is higher , will be payable.
For the purpose of determining the amount payable as Death Benefit, the Sum
Assured will be reduced by the Partial Withdrawal Benefits availed by the
Policyholder
from the Policyholder's Fund Value built up on Regular Premium, during the
twenty four (24) months immediately preceding the date of death of the Life
Assured.
In cases where the Life Assured is aged less than 12 years (last birthday), the
Life Cover will commence after completion of 5 years of age or two years from
date of
Policy Commencement whichever is later . In-case of death before
commencement of Life Cover , the Policyholder's Fund Value would be payable
as Death Benefit.
3. Partial Withdrawal Benefit: This Plan offers you the additional flexibility of
opting for Partial Withdrawals any number of times after completion of 3 Policy
years,
provided the Policyholder's Fund Value after such withdrawal is equal to at least
One and Half Years Regular Premiums. Partial Withdrawals would not be
allowed
in-case the Life Assured is a minor till the attainment of age of majority.
Partial Withdrawals are subject to Charges, as stated below.
4. Surrender Benefit: we can Surrender your Policy any time after completion of
the third Policy year . we will receive the Policyholder's Fund Value less the
applicable
Surrender Charges, as stated below.
5. Switch your Fund: we have the flexibility to review the performance of your
Unit Linked Funds periodically and Switch Investments from one Unit Linked
Fund to
another . Two Switches per Policy year are offered free of Switching Charges.
Any additional Switches will be subject to Switching Charges, as stated
below.

3. NEW FULLFILLING
1 On survival to maturity, i.e., after attaining 85 years of age, we will receive
100% of the Sum Assured plus bonus .we pay Premiums for a limited period
of your choice while you get a risk coverage up to the age of 85 years.In the
event of your unfortunate death, your family would receive 100% of the Sum
Assured, over and above the Survival Benefits you would have received till
then, plus Bonus.
wecan choose to increase your life cover or cover against various other risks for
more protection, by choosing one or more riders.
Riders are add-on benefits that provide additional protection for you at a little
extra cost during the Policy Term.
2. The four riders available with the Plan are :
(i) Term Benefit Rider
(ii) Accidental Death Benefit Rider
(iii) Accidental Death, Disability
(iv) Waiver of Premium Benefit

Exclusions
The benefits under this Plan will not be payable if death of Life Assured occurs due to
suicide, within one year from the date of commencement of risk or within one year
from the date of reinstatement of a lapsed policy.
Discontinuance of the Policy
If we are unable to pay your Premiums for some reason, then, after a period of 30
days from the Premium due date, the Policy will lapse. However , if you have paid
Premium for at least 3 full years, we will continue your Policy without further payments
with reduced paid-up amounts, which are payable:
(i) on our death before attaining 85 years of age or on your survival after attaining age
of 85 years; and
(ii) on our survival at the end of the Premium Paying Term.
Any Bonus already attached to the Policy will remain attached. The Policy will not be
eligible for Bonus after it is made paid-up as above. In case we wish to surrender
your Policy and have paid Premium for at least 3 full years, we will receive a
Cash
Surrender Value.
Policy Loan
Under this Plan, we can also avail a loan under the Policy if you have an urgent need
for cash. The loan will be available after the completion of your Premium Paying
Term.
Free Look
After the Policy has been issued, we have a free look-in period of 15 days to go
through the terms and conditions of the Policy. In case we need any clarification or do
not agree with the terms and conditions, you can contact us. If we are still not satisfied,
we have an option of cancelling the policy by writing to the Company stating the
reasons for cancellation and by returning the original Policy document to the Company
within 15 days of the receipt of the policy Document. In such a case, the Company shall
refund the Premium received from you for this Policy after deducting the proportionate
risk Premium for the period of risk cover and expenses incurred by the Company on
account of medical examination and on stamp duty charges.
Tax Benefits
All Premiums paid under this Plan to effect or to keep in force insurance on the life of
eligible persons may be eligible for deduction under Section 80C of the Income Tax
Act.
Benefits paid under this Plan, including the sum allocated by way of Bonus are
exempt from Income Tax under Section 10(10D) of Income Tax Act, 1961.

• RETIREMENT

1. BEST YEARS RETIREMENT PLAN


CHARGES

Main Benefits

• The benefit amount under this plan on the vesting date or on


earlier death of policyholder is the balance amount in the IPA.

• On our attaining the chosen vesting date, up to one-third of


the benefit amount can be withdrawn and it is tax free under
section 10(10A) of the IT Act. The balance amount will be
utilised to purchase an annuity.

• In case of death during the term, your spouse will have the
following options in respect of the benefits under the policy
- To defer the purchase of annuity if the age of the spouse is
less than 45 years,
- To encash up to 5% (or such percentage decided by the company
depending upon the investment return) of the Benefit Amount
outstanding each year up to the age of 45 and then apply the
balance if any, at age 45 to purchase annuity.

• In case there is no spouse, the benefit amount will be paid in


lumpsum to the nominee/legal heirs.

• Balance in our IPA is guaranteed on chosen retirement date


or on death.

• we also have the flexibility

- To choose the regular contribution to be made each year.


- With regard to timing and frequency of contributions.
- To invest additional amounts in the form of Top-up
contributions.
2. NEW FUTURE PERFECT
What is this Plan all about?
This Plan not only provides opportunity for having high protection in earlier
years when we need it but also ensures regular income through Systematic
Withdrawal Benefits in the later years. we can also plan your investments to
suit your preferences and risk profile. The Premiums and Top-Up Premiums
paid by us, less Charges are credited to an account called the 'Fund Value' and
are used to purchase Units in one or more Unit Linked Fund as per your choice.
At any point in time, the Fund Value is represented by the number of Units
multiplied by the respective
Unit Price of the Units held from time to time under all the Unit Linked
Funds under this Policy.
The value of the Benefits Payable in respect of a claim/request received before 4:15
p.m. on any business day will depend on the number of Units and
the Unit Price of the respective Funds as on such date. In-case of Systematic Withdrawal
Benefit the Unit Price on the date of payment by the
Company shall be applicable.

In respect of Premiums paid (other than Premiums paid by ECS, Standing Instructions
or Auto Debit) or Switch request received before 4:15 p.m. on any business day, the
Unit Price as of the date of receipt of such Premium or Switch request shall be
applicable. In respect of Premiums paid by ECS, Standing Instructions or Auto Debit
the Unit Price as on the date of realisation shall be applicable.Requests/Premium
received after 4.15 p.m on any business day will be processed on the immediately
following business day.

How does this Plan work?

New Future Perfect Plan gives you complete flexibility to plan our finances. we can
decide how long you want to pay, how much to pay, the extent of Insurance Cover ,
the frequency of payments that we would make each year and so on.
Flexibility in Premium and Frequency

This Plan allows us to choose the amount of Regular Premium we wish to pay subject to
certain minimum Premium limits. The frequency of payment may be Yearly, Half-
yearly, Quarterly or Monthly. The minimum amounts of Premium for different
frequencies are:
Yearly: Rs.15,000, Half-yearly: Rs.8,000, Quarterly: Rs.4,000 and Monthly: Rs.1,500.
Top-Up Premium

This Plan provides us with an option to pay additional Top-Up Premiums (subject to a
minimum of Rs.5000) over and above your Regular Premiums as and when you wish
allowing you to increase your investments and savings at your own pace. However ,
total of the Top-Up Premiums at any time should not exceed 25% of the Total Regular
Premiums paid (Please refer to Tax Benefits Section).
Flexible Premium Payment Term

This Plan allows us to choose the duration for which we wish to pay the Premiums. The
duration can range from 5 to 25 years. we can pay these Premiums Monthly, Quarterly,
Half-yearly or Yearly.
Flexibility in Insurance Cover

we can choose the Sum Assured that you want. However , the Minimum Sum Assured
should be 50% of the Regular Annual Premiums multiplied by
Policy term (but not less than 5 times Annual Premium). For e.g. if we decide to pay
Annual Premium of Rs. 20,000 and opt for a Policy term of 30 years, then Rs. 3,00,000
[higher of (20,000 x 30 x 0.5) OR (Rs. 20,000 x 5)] will be the Charged
Fund management charge
• SAVING
1. ING PRIME LIFE

ING Prime Life is a Unit Linked Savings Plan. It’s a comprehensive life
insurance solution with inbuilt additional accidental coverage and flexible
investment options to give us financial freedom to realise the goals that you have
set at any stage of your life. Also, this plan comes with a unique feature where
more than initial allocation charges are returned. That’s not all, with ING Prime
Life, you have an option to extend the term with systematic withdrawal feature
that helps you to make most of your investment.
Key features of the plan are:
• Returnmore than Initial Allocation Charges
• Sum Assured increases every year
• Option to extend the policy term by 10 years
• Inbuiltadditional accidental coverage

• Maturity Beneft
On maturity of the policy, Fund Value and the Initial Allocation Benefit will be
paid. If the option to extend the policy term is exercised, the available fund value
will be paid on the extended maturity date.
• Death Beneft
In the unfortunate event of death of the life assured during the initial policy term,
higher of Sum Assured or the fund value and the Initial Allocation Benefit will
be payable.
• Partial Withdrawal
At any point of time after completion of 5 policy years, during emergency we
can withdraw a part of our fund. Thus, this plan gives provision for liquidity at
the time of your need, so look no further!Five partial withdrawals are allowed
during the policy term where each partial withdrawal is subject to a maximum of
10% of the fund
value prevailing at that time subject to a partial withdrawal fee. The partial
withdrawal is subject to payment of three full years’ regular premium and fund
value after each such withdrawal not being less than 1.5 times the annual regular
premium. This benefit is not available during the Extended Policy Term or
during the minority of the
life assured.
• Surrender
At any point of time after payment of one full year’s regular premiums if we feel
thanyou cannot pay further premiums, we are allowed to surrender the policy;
however, the surrender value payment will be made only after completion of 3
full policy years. The surrender value payable is the fund value after recovering
applicable surrender penalty.
• Switching of funds
This plan gives us the flexibility to review the performance of your funds and
market conditions periodically and if required switch your existing investments
from one fund to another. Two switches are allowed free per policy year and
thereafter subject to charges.
• Redirection of Premiums
This plan provides you the flexibility to decide the investment pattern for our
future premiums, i.e., depending on your requirement, we can allocate our future
premiums differently amongst the available funds.
• Top-up Premium
At any time if we have additional amount that needs to be invested, we can pay
top-up premium to invest in your fund in the same policy without having to buy
another policy. In such case additional top-up premium should be a minimum of
Rs. 2,000, provided the total top-u premium does not exceed 25% of the total
regular premiums paid. Top-up premium facility is available till the maturity of
the policy and not during the Extended Policy Term.

2 ING POSITIVE LIFE


I. General: This illustration has been prepared by ING Vysya Life
Insurance Company Limited (”Company”) in accordance with the Standards
of Practice issued by the Life Insurance Council of India.
II. The Plan: This ING Positive Life is an individual unit-linked plan
which does not participate in the profits of the Company. The premiums less
charges are credited to the Fund Value (”FV”) and are used to purchase
units in one or more Unit Linked Funds, offered by the Company, based on
the choice made by the Policyholder. The FV is represented by the number
of Units multiplied by the respective Unit Price of the Units held from time
to time under all the Unit Linked Funds held under the Policy.
III. Benefits: Death Benefit. Death Benefit shall be the higher of the Sum
Assured or the FV. For the purpose of determining the amount payable as
Death Benefit, the Sum Assured will be reduced by the total amount of
eligible Partial Withdrawal Benefits availed by the Policyholder during the
twenty four (24) months immediately preceding the date of death of the
Life Assured.
Maturity Benefit: The Policy matures on survival of the Life Assured on
the policy maturity date. The maturity benefit is equal to the FV.
Surrender Benefit: At any time after the completion of the third Policy
anniversary, the Policyholder can opt to surrender the Policy. The amount
payable on surrender shall be the FV less the applicable surrender charges.
Partial Withdrawal Benefit: The Policyholder can opt for partial
withdrawals from the Policy from the 6th Policy year. One partial
withdrawal is allowed per policy year subject to the FV after partial
withdrawal being at least one and half years’ regular premium and the
partial withdrawal amount does not exceed 25% of available FV
Statutory Warning: Some benefits are guaranteed and some benefits are
variable with returns based on the future performance of your Insurer
carrying on life insurance business
Taxation:
The illustration table mentioned above ignores the impact of the provisions
of the Income Tax Act 1961 (’Act’). The provisions of section 80C and
section 10(10D) of the Act (as amended from time to time) govern tax
rebates for premiums and Top-ups paid towards an Insurance Policy and the
tax exemption available for the benefits paid under a life insurance policy
respectively. These provisions may be applicable to this Policy. However
tax benefits are subject to changes in the tax laws. You may consult a
qualified tax

3.SAFAL JEEVAN ENDOWMENT


PLAN
4.REASSURING LIFE
• PROTECTION

1. TERM LIFE
What is this Plan all about?
The ING Term Life is a Term Insurance Product and is the simplest form of
insurance, where the Life Assured is provided insurance cover and on his
death
during the Policy term, the Sum Assured under the Policy is paid to his
beneficiary. What is more, the ING Term Life is one of the most affordable and
inexpensive ways of obtaining life insurance cover .

. How does this Plan work?


The minimum Sum Assured you can opt under this Plan is Rs. 10 Lakhs. we can
opt to pay premiums regularly throughout the chosen Policy term, or pay
premiums for a limited term or a one time payment. In the unforeseen event
of death of the Life Assured, the Sum Assured is paid to the beneficiaries.
To give an example - If a 35 year old male chooses a Sum Assured of
Rs.20,00,000/- and a Policy term of 20 years, he will have to pay the following
premiums to secure the Sum Assured:

FEATURES OF THE PLAN

1. Age
Minimum Entry Age: 18 years last birthday
Maximum Entry Age: 65 years last birthday
Maximum Maturity Age: 75 years last birthday

2. Policy Term: we have the flexibility to choose a Policy term between 10


and 30 years. The premium payment term in such cases would be:
(a) Regular premium- till the completion of the Policy term.
(b) Limited premium - 3 or 5 years.
(c) Single premium -is a one time payment.

3. Premium: This Plan allows us to choose the way we wish to pay our
premiums. we can opt for paying a single premium, or limited premium or
regular premium. we can also choose to pay premiums either annually,
half yearly, quarterly or monthly.

4. Death Benefit: In the event of death of the Life Assured during the Policy
term, subject to the terms of the Policy, the Sum Assured chosen under the
Policy shall be payable after deducting the balance premiums if any,
payable for the Policy year .

5. Grace Period: If the premiums are not paid within the due date, a grace
period of 15 days is given for the payment of the premiums without
interest. During the grace period, the Policy will continue to be in force
and in the event of the death of the Life Assured during the grace period
the Sum Assured shall be payable after deducting the unpaid premiums as
well as the balance premiums if any payable for the Policy year .

6. Discontinuance of Premium: If premiums are discontinued, the Policy


shall lapse from the due date of the first unpaid Premium. If the Life
Assured dies during the lapsed period, the Death Benefit shall not be
payable.
7. Reinstatement of Policy: The Policyholder may, reinstate the Policy
within 2 years from the date of the first unpaid premium subject to
payment of the premiums in arrears with interest and subject to the terms
of the Policy.

Tax benefits: under section 80C and section 10(10D) of the Income Tax Act
1961
('Act') are available on this Policy. However tax benefits are subject to
changes in the tax laws. Please consult a qualified tax advisor for specific tax
advice related to you. Service Tax, Education Cess and other taxes as
applicable will be charged additionally at the applicable rates.

2. TERM LIFE PLUS


About ING Term Life Plus.
our responsibility towards your family is something you’ve
always held close to your heart. All our efforts are devoted to
their happiness, their security. Not just for the present, but even
for the future. Needless to mention, your biggest priority has
always been to ensure that your loved ones are secure, even in
your absence. ING Vysya Life now offers you a great way to
secure your family’s future. That’s not all; you can also enjoy a
whole range of very attractive benefits offered to you in a
very convenient and economical manner . Presenting ING
Term Life Plus – the term plan with return of premiums from ING
Vysya Life Insurance Company.

1. Age
Minimum Entry Age: 18 years last birthday.
Maximum Entry Age: 65 years last birthday.
Maximum Maturity Age: 75 years last birthday

2. Premium Amount: This Plan allows us to choose the


amount of premiums you wish to pay. we can choose to pay
premiums either annually, half yearly, quarterly or monthly. we
can also opt to pay a single premium, or limited premium or
regular premium
.
3. Policy Term: we have the flexibility to choose a policy term
between 10 and 30 years. The premium payment term in such
cases would be;
Regular premium - till the completion of the policy
term.
Limited premium - 3 or 5 years.
Single premium - is a one time payment
4. Death Benefit: In the event of death of the Life Assured
during the Policy Term, subject to fulfillment of the
conditions of the Policy, the Sum Assured chosen under the
Policy shall be payable.

. 5. Paid Up Value: 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 if any subsequent
premiums, in case of Regular/Limited Premium as the case may
be, are not paid for the full Premium Payment Term, the Policy
shall acquire a paid up value as defined below. The benefit is
paid on death of the Life Assured during the Policy Term or on
Life Assured surviving to the Policy Maturity Date. Paid Up
Value = Total premiums paid less the Mid-term Benefit if any,
less extra premiums if any.

. 6. Surrender Benefit: In case of Regular Premium the


Policyholder may surrender the policy at any time after
completion of three Policy Years subject to at least three full
years’ premiums being paid. In case of Limited Premium the
policy can be surrendered only after completion of two Policy
Years subject to at least two full years’ premiums being paid. In
case of Single Premium, the policy can be surrendered only after
completion of two Policy Years. The Surrender benefit payable is
as follows: