ING Life launches new Ulip Product - ING Prospering Life

ING Life India in its 10th year of operations, today launched its versatile new Unit Linked Insurance Product, which meets the wealth accumulation and protection needs of customer. The new ULIP, ING Prospering Life comes with a host of customer benefits, allowing customers to maximize their returns and have adequate protection.

Speaking at the launch, Mr. Rahul Agarwal, Chief Distribution Officer, ING Life Insurance said, ‘I am delighted to announce the new ULIP, ING Prospering Life. This unique product gives our customers complete control over their investment for wealth accumulation, and is priced very competitively. It offers flexibility to choose from 5 fund options to invest in and can switch between funds absolutely free of charge”

ING Prospering Life is a unit linked insurance plan which not only offers life cover but also a variety of fund options and fund strategies which provides customers the convenience and control to maximise their returns while ensuring that they are protected through life cover.

The product offers an annualised premium ranging between '48,000 and '96,000, and is competitively priced against other long term investment options. As per their convenience customers can choose to pay on an Annual, Half-yearly, Quarterly or Monthly mode. The sum assured is an attractive amount of 10 times the annual premium at inception for those below the age of 45 and 7 times the annual premium at inception for those above the age of 45. This product targets financially aware investors who are looking to build their wealth.

Some of the key benefits that ING Prospering Life provides are

1. 5 Fund Options to choose from – customer can control what kind of fund they would like to invest in; ING Prime Equity, Growth Fund, Balanced Fund, Secure Fund and ING Preserver.
2. Automatic Asset Allocation this strategy provides the customer the convenience of pre- defined (by ING Life) asset allocation ration between debt and equity, thereby eliminating the hassle of daily monitoring of funds
3. Competitively priced – the product has amongst the lowest charges compared to other ULIPs and is priced very competitively in comparison with any other long term investment solutions as well.
4. Unlimited Switches and Partial Withdrawals free of charge, the plan allows the customer unlimited free switch between funds free of charge, as well as free partial withdrawals up to 25% of the fund value after completion of 5 years.
5. Limited Premium Paying Term; can choose the premium paying term which can either be the entire Policy Term or half the Policy Term.

Some of the product features of ING Prospering Life include:

Age at Entry: Min 8 years - Max 55 years

Age at Maturity: Min 24 years - Max 71 years

Policy Term: 16 or 20 years

Premium Paying Term: Policy Term/2 or equal to Policy Term

Premium Payment Modes: Annual, Half-yearly, Quarterly, Monthly

Annual Premium: Min Rs 48,000; Max Rs 96,000

Minimum Top-up Premium: Rs 5,000

Basic Sum Assured: For age at entry below 45 years: Fixed at 10 X annual premium; For age at entry of 45 years or above: Fixed at 7 X annual premium

ING Prospering Life is the third ULIP product ING Life Insurance is launching since the new IRDA guidelines for ULIPs came in to effect on 1st Sep 2010 strengthening its product suite. The company offers a comprehensive range of products that helps customer manage their financial future. 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 tenth year of business operations, ING Life today has a pan India presence.