|
| ING Life launches new investment solution - ING Flexi Life Plus |
| Announcement / Banking Nov 10, 2009, 20:15 IST |
|
A highly versatile unit linked insurance plan, offering flexibility and convenience.
ING Life, part of the ING Group, today announced the launch of a highly versatile Unit-Linked investment solution, ING Flexi Life Plus, which offers flexibility in premium payments as well as the convenience to change premium amount during the term. ING Flexi Life Plus is one of the first products in the industry which meets the ‘new charging structure’ proposed by IRDA, passing the benefits to the customer by making it better value for money. Additionally, the product offers flexibility to change the premium amount, as per the revised guidelines of the regulator, IRDA.
Speaking on the launch, Mr Rahul Agarwal, Chief Distribution Officer said, “I am delighted to announce the launch of ING Flexi Life Plus, a product that allows our customers a lot of convenience and flexibility to suit their financial needs. Importantly, it’s a pioneering product, as it is one of the first products under the new charging structure of IRDA, thus passing the value benefit to customers. Additionally, it offers customers to vary their premium amount, also as per the new IRDA regulations. ’
ING Flexi Life Plus offers several flexibilities as a product. Customers can change their premium amount from 2nd year onwards, and this is available throughout the term of the product. Customers can either increase their premium to 125% of their first policy year annualized premium or decrease it to 75% of the first policy year annualized premium, thus making it convenient for customers to manage their financial priorities. While the premium can be changed, customers will still enjoy the same life cover throughout the term. Further, customers also have the option of top-up premiums. Hence, customers can invest an additional amount in their selected funds in the same policy, without having to buy another policy.
The product offers huge convenience to customers to tide over any financial emergencies in this age of uncertainties, without losing the benefits. Convenience of ‘premium holiday’ is an attractive benefit of ING Flexi Life Plus. As per this feature, the life insurance cover of the policy will continue, even if customers opt not to pay their regular premium, after completing 5 full years of regular premium payment. Incase customers have paid their regular premiums for three full years, the cover stays alive for two years without the payment of regular premium. The policy can be prevented to lapse by reviving it within the two years. Further, customers are allowed partial withdrawal from their policy fund to meet their requirements of financial emergencies.
ING Flexi Life Plus offers four investment options to customers to suit their investment objective. These funds include debt, secure, balanced and growth. Customers are given the option to switch the funds, as per their choice. Customers also have the flexibility to choose their protection cover, ranging from 6.5 to 25 times of the annualized first year premium. Further, customers get the benefit of an in-built accident protection benefit. Hence, the product gives the convenience to the customer to choose the protection to suit his needs.
The maturity benefit has also been made attractive, whereby customers can choose to take the maturity benefit amount in a lump-sum or in equal installments of units over a period of 3 or 5 years after the maturity date.
Some other details of ING Flexi Life Plus plan are:
Policy Term
Premium paying term
Premium paying mode
- annual, half-yearly, quarterly, monthly
- cash or cheque
Partial withdrawal benefit
After completing 3 years, 1 partial withdrawal per policy year allowed
Age details
- Minimum age of entry: 0 years
- Maximum age of entry: 60 years
- Minimum age of maturity: 18 years
- Maximum age of maturity: 70 years
4 Investment options
Debt, balanced, secure & growth
ING Life offers a comprehensive range of products that helps customer manage their financial future. The products meet the customer’s requirement of protection, savings, retirement and long-term investment. ING Life entered the private life insurance industry in India in September 2001. Having established itself as a strong private life insurance player in India and in its eighth year of business operations, ING Life today has a pan India presence.
About ING Group
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 85 million private, corporate and institutional clients in over 40 countries. With a diverse workforce of approximately 111,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
About ING Life
ING Life India, part of the ING Group, entered the private life insurance industry in India in September 2001. The company serves more than 800,000 customers, and is staffed by over 5500 employees. ING Life India is capitalised at over Rs. 1000 crores. ING Life India is a joint venture between ING Group (26%; ING Insurance International B.V.), Exide Industries (50%), Ambuja Cements Limited (11.5%) and Enam Group (12.5%). Headquartered in Bangalore, ING Life India is currently present in 229 cities. In addition, the company distributes its products in several parts of the country through its partner’s presence.
ING Life India distributes its products through two channels, the Tied Agency Force and the Alternate Channel. The Tied Agency force comprises over 60,000 ING Life Advisors, spread across the country. The Alternate Channels business within ING Life India is a fast growing distribution channel, and comprises over 200 partners, including the Bancassurance model (ING Vysya Bank), and others such as Referral Banks, and Corporate Agents.
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
