To ensure payouts during key milestones in a child's education. | |
| ING Vysya Life announced the launch of its new product "" ING Creating Star Education Guarantee Plan "" a unit-linked savings plan, aimed at funding education of children up to the stage of professional education. |
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| The plan ensures payouts during key milestones in a child's education so that the financial responsibilities are taken care of. Three education payouts are made prior to maturity "" 20 per cent, 30 per cent and 50 per cent "" of the fund value during the policy term. The balance is paid on maturity of the plan. |
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| "It also secures the child's education fund by protecting future premium payments, in case an unfortunate event occurs with the proposer (parents). This product makes our entry into the unit-linked education segment," ING Vysya Life Director (Sales) T K Uthappa said on Tuesday. |
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| According to Uthappa, both systematic and flexible investment options are offered under the plan starting at Rs 1,000 per month or up to Rs 50,000 per annum. There is also an option to choose from five funds "" debt, secure, balanced, growth and equity "" which helps the customers manager their funds. |
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| The policy term ranges from 10 years to 21 years, and children in the age group of 0-15 years are covered under the plan. The parents' (plan proposer) age should be between 18 and 50 years. |
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| Uthappa said ING Vysya presently has 21 products, including 13 traditional and seven unit-linked portfolios. "We plan to sell 50,000 policies in the first year. |
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