ING Vysya Life Insurance to expand

ING Vysya Life Insurance of the ING Group plans to expand in the north and central parts of the country as part of its plans for growth.

At present, ING Vysya Life has a network of 308 branches across 246 cities. It has a strong presence in South India with 164 branches spread across Tamil Nadu, Karnataka and Andhra Pradesh. The remaining branches are located in northern and western India.

"We are looking at aggressive expansion in north and central parts of the country to tap business," said ING Vysya Life Insurance Director (Sales) T K Uthappa said on Thursday.

The company also plans to expand its advisor base from the present 50,000 to 100,000 by year-end.

The company launched a unit-linked product "" ING Guaranteed Growth Plan "" offering 5 per cent return on premium invested with an upside potential of investing in equity markets.

"As part of the investment strategy, under the Guaranteed Growth Fund, 40 per cent of the available funds would be invested in equity and balance in debt securities," Uthappa added.

ING Guaranteed Growth Plan offers a choice of policy term. Customers can choose either 10 years or 15 years term.

It offers a premium paying choice between single premium and a limited premium paying term of 2 years or 3 years.

On maturity of the policy, the higher of fund value or guaranteed benefit will be paid.

"In case of death, the sum assured or guaranteed benefit or the fund value, whichever is higher will be paid," Uthappa said.

The policy also allows for two partial withdrawals on completion of five policy years during policy term.