ING Life eyes 50% growth in biz from north

ING Life Insurance Company , the insurance arm of the ING Group, is eyeing 50 per cent increase in business from the northern region. The region for ING life comprises Jammu and Kashmir, Punjab, Haryana, Himachal Pradesh , Delhi and Rajasthan.

ING Life Insurance (North) Executive Vice-President Ajay Kapoor maintained, as against business of Rs 24 crore in the corresponding period last year they were anticipating surge in business. In addition to new products which comprise both traditional products as well as unit-linked insurance plan (Ulip), the growth would be fuelled by the spike in sales of insurance products for the three months from January to March.

Many people still consider insurance as a tax-saving tool which results in business surging for the insurance sector especially during three months from January to March.

Ajay Kapoor was here to launch the traditional insurance product ING ACE. The new plan comes in two variants – ING ACE Pension and ING ACE Life. While the pension variant offers customers guaranteed addition of 8.75 per cent p a throughout the 10-year term of the policy. ING ACE Life version offers 7.75 per cent or 7 per cent p a guaranteed additions, depending on the premium paid. In both the plans customers need to pay premium for only three years in an annual mode, and tax benefits.

Kapoor maintained, ING Life insurance which ranked 13th among the insurance companies had ascended to the 11th position now, and was expecting to touch the 10th position by March-end this year.