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ING Vysya Life Insurance is proud to introduce its new group insurance product ³ING Smart Shield´ for credit related insurance. Credit related insurance is sold in conjunction with credit, where the policy terms and benefits are related to specific consumer credit obligation. This kind of arrangement is made between insurer and banks/financial institutions offering personal, educational, agriculture, auto and other consumer loans. It can also be targeted at deposit products, such as recurring deposits and systematic investment plans of mutual funds, where a sum assured can be of a decreasing nature and a schedule similar to outstanding loan schedule can be drawn. A master policy will be issued to the bank/financial institution to cover existing and new customers for the entire tenure of their respective financial products. The premium will be paid by the bank/financial institution. The cover at any point of time in respect of a member will be based on the schedule of death benefit drawn at inception.
For loan borrowers 1. The advantage of credit life insurance to the borrower is that in case of untimely death of the insured the outstanding loan amount is covered by the insurer and thus the estate of the family remains intact. 2. As it is a single premium policy there are no regular payment hassles for the borrower and there is no possibility of policy lapsing. 3. Premiums paid by the loan borrowers can be used for tax exemption under Section 88 of Income Tax Act.
For Policy holder 1. Comprehensive life insurance coverage at a lower cost as compared to individual life insurance policies. 2. One master policy to cover all existing and new members. 3. Easy administration. 4. Default of the loan due to death can be hedged by opting for insurance
Absence of a good gratuity funding mechanism can prove to be a financial strain if you have to pay out huge amounts in any year. Having a group gratuity plan enables you to meet your legal obligations of providing gratuity in a hassle free manner. Periodic valuation of the Gratuity Fund by our actuaries to ensure adequate fund is available to pay benefits . Advantages For organisation 1. We offer actuarial help in assessing periodic liability to enable you to have proper funding plan 4.Group Gratuity ING Life's Group Gratuity Plan is a special way to reward your employee's loyalty. 1961. but also offers additional insurance cover. Enhanced gratuity benefits by way of additional insurance cover in case of death before retirement . For your employees 1. Reduces administrative work. It provides additional insurance at a little extra cost. Better returns of being part of the huge ING Life's investment portfolio 3. It helps build customized solutions to meet specific needs 7. An opportunity to design tax efficient employee benefits with inputs from experts in various fields like investments and actuaries 6.it means full gratuity even in case of early death 2. Investment incomes on such investments are exempt from tax under Sec 10(25)iii of Income Tax Act. to provide enhanced gratuity benefits in the event of unfortunate death of your employee. It is a hassle free process. Income tax benefits: You can contribute up to 8. which will enhance benefits in case of unfortunate death of employee 5. This can be done in a tax efficient and hassle free manner through this plan. Funds secure .a re assurance that fund is secure . 1961.33% of annual wage bill and claim tax exemption for the same under Sec 36(1)V of Income Tax Act. as we take care of it 2.managed by experts 3. It not only helps you build healthy corpus.
005%. 50. 5. After taking Group Insurance from ING Life Insurance.Employee Deposit Linked Insurance ING Life Insurance's Group Insurance Scheme in lieu Employees Deposit Linked Insurance of Provident Fund department is a special way of extending an enhanced life insurance cover to your employees. Premium paid for Employee Deposit Linked Insurance under Employee Provident Fund Miscellaneous Provisions Act is not treated as perquisite vide Sec 17(2)(v) of IT Act. Lower premiums give the employer the option to save costs while maintaining the level of cover or increase the cover at the same cost incurred under Employee Deposit Linked Insurance Scheme of Provident Fund. 2. 3. Insurance cover can be provided up to Rs. Premiums are based on age and not on level of monthly wages.000/-. the company need not pay the statutory contribution to Regional Provident Fund Commissioner under A/c 21 and contributions under A/c 22 gets reduced to 0. Insurance benefit would be higher than the actual Provident Fund balance of the employee. Tax exemption .1. 8. thereby making premiums lower than the total contributions being paid to Regional Provident Fund Commissioner under A/c 21. 7. 4. Advantages 1. Claim settlement is faster and procedures are simpler. while reducing cost. The scheme offers a higher life cover to your employees without linking to the Provident Fund balance. 6. 1962. .Premiums paid by employer are treated as normal business expenses for Income Tax purposes. 9. Lower premiums give the employer the option to save costs while maintaining the level of cover or increase the cover at the same cost incurred under Employee Deposit Linked Insurance Scheme of Provident Fund.
It provides the essential life cover for all the members you wish to include in the group. They get insurance cover with minimal or no medical examinations.20. There is no limit on travel or residence. the plan allows you to add this extra shield. in case the death of an insured member occurs due to accident. he can still choose to continue the life cover by converting it into a regular individual policy (subject to certain conditions).Group Term Life Insurance Plan ING Life's Group Term Life Insurance Plan is a special way to safeguard your employees' interests. A hassle-free process of keeping life covers in-force.000. 00. It provides for payment of the Sum Assured to an employee' beneficiaries in the event of an unfortunate death. by providing timely and hassle free relief. The beneficiaries will receive a fixed Sum Assured which will act as their financial protection in their time of need. his beneficiaries receive an additional Sum Assured as per the contract. In case employees are paying premiums. It enables you to comprehensively safeguard your employees in case of the unfortunate death of an employee due to any reason. Death Benefit These acts as a lifeline for the family of an insured member in case something unfortunate were to happen to him. The maximum additional accidental death benefit can go up to as much as Rs. Advantages for employees They get a comprehensive life insurance coverage. they are eligible for tax exemption under Section 88 of Income Tax Act. . So. Additional Accidental Death Benefit To further protect your employees against a life full of uncertainties. In case an employee leaves.
Our Single Premium Term Assurance primarily caters to the mortgage groups ± like Banks and Housing Finance companies such as your organization. when they need it most. It serves as an easy way to cover outstanding loans. you save your administrative and financial managers the recurring trouble of remembering to pay premiums time and again. though the outstanding loan amount decreases over a period of time. to make them remain with you. And there's no possibility of the policy lapsing. The Advantage Under the plan. motivated and most importantly. Your clients can feel safer and you can save the effort of having to ever review the rate. so does your liability thereby giving your clients additional protection. at one go. Guaranteed Premium Rate Once you've paid the premium. It is they who are your most valuable asset and enhance your company's worth. 4. Clients feel rewarded and protected as your company spares a thought not just for them but for their families. This Single Premium Insurance plan provides for payment of sum assured for the benefit of the beneficiaries in the event of death of your client. For your clients 1. As your loan decreases. This way.Single Premium Level Term Plan The associates in your business are the life of your organization. . Your challenge is to keep them happy. Advantages One Time Premium Payment You can pay the premium for the full term. 2. you can be rest assured the premium rate is guaranteed throughout the cover term. You can ensure that their financial security is assured. 3. they will be eligible for tax exemption under Section 88 of Income Tax Act. They don't have to maintain the plan through periodic premium payments. to cover as many clients as you wish. If they are contributing to paying premiums. protection under the plan remains constant to the original loan amount granted. ING Life's Single Premium Level Term plan ensures that your client's families are protected in the event of an unfortunate death.
a health insurance plan with a AAA guarantee for the family Assured cover till age 75 years Assured coverage for accepted pre-existing illnesses after 2 years Assured price for 3 years Moreover. only around one in every fifty Indians. The plan clearly state exclusions at the time of taking the policy and also offer you cover against pre-existing conditions. The plan ensures that no new exclusions are added or no increase in premiums occurs just because a claim is made. Further. it has been observed that 2 out of every 5 individuals hospitalised in India end up either borrowing money or selling assets to cover healthcare costs. Hence you need a solution that gives you peace of mind by providing financial cover to both you and your family against unforeseen hospitalisation events. This situation is set to escalate further as private health care spends in India are estimated to increase by 2 to 3 times over the next 12 years. Despite this. strike us unexpectedly. . resulting in a sudden financial burden. this policy covers all your hospitalisation needs with the flexibility to choose your location and quality of treatment. in most cases.Health insurance products ICICI Pru MediAssure Health problems. ICICI Prudential Life Insurance presents MediAssure. So what should you look for when buying a medical/hospitalisation cover: The plan guarantees you insurability at renewal irrespective of your health status. is covered through some form of individual medical insurance.
ICICI Pru Hospital Care II Presenting ICICI Pru Hospital Care II ± a family floater plan covering your spouse and children. surgical procedure and also recuperating benefit 2. Fixed benefits to cover hospitalisation. Cashless claim settlement 7. irrespective of actual billing 3. ICICI Pru Hospital Care II . thus availing best possible medical treatment. Guaranteed insurability at renewal for whole life 5. Benefit amount in addition to other medical insurance plans. today. Tax benefits under section 80D 6.this fixed benefit hospitalisation and surgical plan complements your existing coverage by offering pay-outs over and above any health plan you have. without having to bother about the cost of the treatment or quality of care. ICU admission.take home ICICI Pru Hospital Care II. Why should you buy Hospital Care II? Hospital Care II offers the following key benefits: 1. Health check-up . A family floater option 8. Give your family the protection they deserve . Additional benefits for prolonged stay &non-surgical hospitalisation 4.
y Death Benefit: Full life cover is payable. Health Benefits: y y y y y y y Accidental Death and Disability Benefit (ADD) Sickness-only Total Permanent Disability Critical Illness benefit Surgical Cash benefit Hospital Cash benefit For details. refer to the product brochure y Tax Benefits: The policy offers Tax benefits under Section 80D. irrespective of the health benefits already paid. you receive a guaranteed maturity benefit. depending upon your age at entry. Maturity Benefits: At maturity. The policy stands terminated after the death benefits are paid.Aviva health plus Aviva Health Plus is a comprehensive health cum savings plan that covers you against death and ill health. in case all health benefits are claimed Extended death and disability cover for 5 years after the health benefits cease Guaranteed maturity benefit on the date of maturity. while guaranteeing the return of a part of the premium on maturity through: Provision of a Life Cover (Sum Assured) on death and disability Protection against 18 critical illnesses A combined benefit of more than Rs 21 lakh. 1961. Tax laws are subject to change . even if all health benefits are claimed. Section 80C and Section 10(10D) of the Income Tax Act.
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