Company Profile
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1.3 COMPANY PROFILE INTRODUCTION ING is a professionally managed organization with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The board primarily focuses on strategy formulation, policy and control, designed to increasing value to shareholders. 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 125,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future ABOUT ING ING Vysya Life Insurance (ING Life), a part of the ING Group the world’s largest financial services corporation entered the private life insurance industry in India in September 2001. Headquartered at Bangalore, ING Life India is staffed by over 6,000 employees and services more than 8 lakes customers.ING Life India is a joint venture between ING Group (ING Insurance International B.V.), Exide Industries, Ambuja Cements Limited and EnamGroup.ING Life has a pan India network, and distributes its products through two channels, the Tied Agency Force and the Alternate Channel. The Tied Agency force comprises of over 60,000 ING Life Advisors spread across the country. The channel has branches in 234 cities, and 366 sales teams across the country. The Alternate Channels business within ING Life is one of the fastest growing distribution channels. The company currently has tie ups with over200 cooperative bank across the country. The Alternate Channels division has Banc assurance (ING Vysya Bank), Referral Banks, Corporate Agents, Brokers and SMINCE. ABOUT ING IN INDIA ING operates through three businesses in India, ING Vysya Life Insurance,ING Vysya Bank and ING Investment Management. ING Vysya Bank is a premier private sector bank with over 76-year heritage and 1.5 million satisfied customers. ING Investment Management believes in providing investors with the knowledge & opportunity to manage their future easily BOARD OF DIRECTORS Mr. Rajan Raheja Chairman
Mr. A. K. Mukherjee Director Mr. Kshitij Jain Mr. N. N. Joshi Managing Director & CEO Director
Mr. Rajesh Kapadia Director Mr. Satish Raheja Director
1.4 INDUSTRY PROFILE Insurance sector in India is one of the booming sectors of the economy and is growing at the rate of 15-20 per cent annum. Together with banking services, it contributes to about 7 per cent to the country's GDP. Insurance is a federal subject in India and Insurance industry in India is governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. The origin of life insurance in India can be traced back to 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. It was conceived as a means to provide for English Widows. In those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered riskier for coverage. The Bombay Mutual Life Insurance Society that started its business in 1870 was the first company to charge same premium for both Indian and non-Indian lives. In 1912, insurance regulation formally began with the passing of Life Insurance Companies Act and the Provident Fund Act. By 1938, there were 176 insurance companies in India. But a number of frauds during 1920s and 1930s tainted the image of insurance industry in India. In 1938, the first comprehensive legislation regarding insurance was introduced with the passing of Insurance Act of 1938 that provided strict State Control over insurance business. Insurance sector in India grew at a faster pace after independence. In 1956, Government of India brought together 245 Indian and foreign insurers and provident societies under one nationalized monopoly corporation and formed Life Insurance Corporation (LIC) by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs.5 core. The (non-life) insurance business/general insurance remained with the private sector till 1972. There were 107 private companies involved in the business of general operations and their operations were restricted to organized trade and industry in large cities. The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from January 1, 1973. The 107 private insurance companies were amalgamated and grouped into four companies: National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. These were subsidiaries of the General Insurance Company (GIC). In 1993, the first step towards insurance sector reforms was initiated with the formation of Malhotra Committee, headed by former Finance Secretary
and RBI Governor R.N. Malhotra. The committee was formed to evaluate the Indian insurance industry and recommend its future direction with the objective of complementing the reforms initiated in the financial sector. Key Recommendations of Malhotra Committee: Structure Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate.
Competition Private Companies with a minimum paid up capital of Rs.1billion should be allowed to enter the industry. No Company should deal in both Life and General Insurance through a single Entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Postal Life Insurance should be allowed to operate in the rural market. Only one State Level Life Insurance Company should be allowed to operate in each state.
Regulatory Body The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance should be made independent.
Investments Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. Gic and its subsidiaries are not to hold more than 5% in any company.
Customer Service LIC should pay interest on delays in payments beyond 30 days Insurance companies must be encouraged to set up unit linked pension plans.
Computerization of operations and updating of technology to be carried out in the insurance industry.
Insurance sector in India was liberalized in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private Players and allowing foreign players to enter the market with some limits on direct foreign Ownership. There is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the insurance sector has led to rapid growth of the sector. Presently, there are 16 life insurance companies and 15 Non-life insurance companies in the market. The potential for growth of insurance industry in India is immense as nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be well below international standards. The Indian insurance industry was under state control with no private participation till the late 1990’s. It was virtually ruled by the LIC in the insurance market and GIC and its four subsidiaries in the non-insurance market. In the early 1990’s, there was major shift in the macroeconomics policies of the Indian government due to major developments. For the above reasons, the Indian government set up the “Malhotra Committee” in 1993, to suggest reforms in the insurance sector, the committee its report in 1994, and its strongly recommended private participation in the industry. After prolonged discussions and debates insurance sector was opened in 1999, when IRDA bill was passed. As per the bill the IRDA became the regulatory authority for the insurance sector in India. It had the power to grant license to foreign players to operate in India, and to formulate operational rules and regulations for working of insurance companies. IRDA also prepared the guidelines for foreign participation in the Indian insurance market. According to these guidelines, foreign players were initially permitted to enter India through partnership ventures with a partnership share of 26% or less in both the life insurance and general insurance business.
1.5 PRODUCT PROFILE 1. PRODUCTION: LIFE ING My Term Insurance Plan a pure term insurance plan allows you to build strong family foundation at a nominal price. Life covers starting 25 lakhs to 25 core. Limited premium payment options.
Key benefits Substantial Life Cover at Affordable Premiums.
In case of an unfortunate event, family gets lump sum amount which helps them to fulfill their financial goals. Family Income Benefit
Allows you to ensure part of lump sum life cover as monthly payout over 60 months. Also, 10% is paid extra in the monthly payouts. You can choose from following options: Payout options under Family Income Benefit % of Life Cover in Lump sum % of Life cover as monthly income Additional Payout as monthly income (% of life cover) Terminal Illness Benefit 80% 20% 2% 50% 50% 5% 40% 60% 6% 30% 70% 7%
In case of a terminal illness being diagnosed, you will receive 25% of the lump sum life cover immediately, to help you meet immediate medical expenses. At this point, all the future premiums are waived off, but the policy continues to be in force. Save Tax
All the premiums paid and the life cover amount received are exempt from income tax u/s 80C and section 10(10D) respectively.
HEALTH ING Critical Illness Rider is an add-on protection benefit that policy holders can add to their new or existing traditional ING Life Insurance policies. It pays a lump sum benefit in case the life assured is diagnosed with major illness like Heart Attack, Cancer, Paralysis, Kidney failure, Coma etc. This benefit payout ensures that family is not burdened with high medical expenses, thereby allowing them to maintain their standard of living. It gives you an option to cover either 4 critical illnesses (Option A) or 25 critical illnesses (Option B). Critical Illnesses covered: Cover up to 25 illnesses – First Heart Attack - of specified severity Benign Brain Tumour Kidney Failure Requiring Regular Dialysis
Cancer of Specified Severity Major Organ/ Bone Marrow Transplant
Stroke resulting in Permanent Symptoms Permanent Paralysis of Limbs
Open Chest Coronary Artery Bypass graft Coma of Specified Severity Motor Neurone Disease with Permanent Symptoms Alzheimer Disease Systemic Lupus Erythematosus with Lupus Nephritis
Blindness
Major Burns
Heart Valve Surgery
Surgery of Aorta
Multiple Scelerosis with Persisting Symptoms Parkinson's disease
Aplastic Anaemia
End Stage Lever Disease
Chronic lung disease Primary Pulmonary Hypertension
Loss of speech
Major Head Trauma
Apallic Syndrome
Option A provides protection against Cancer, Heart Attack, Stroke, Coronary Artery Bypass graft. Option B provides protection against 25 illnesses as mentioned in the Comprehensive Protection mentioned above.
Key benefits Lump sum amount on diagnosis
Get lump sum amount equal to rider sum assured on diagnosis of any of listed critical illnesses as per your listed plan. Full benefit amount paid
The lump sum amount is paid immediately on the diagnosis of the listed critical illness irrespective of the actual expense incurred towards the treatment of critical illness. Tax Benefit
The rider provides for income tax rebate under section 80D and for benefit amount under section 10 (10 D). ACCIDENT It is add-on that can be attached to a Traditional ING Life Insurance Policy and provides enhanced coverage in case of accidental death, disability or dismemberment. Key benefits Additional Protection
An additional lump sum amount is paid in case of accidental disability, dismemberment or death. No need to buy new plan
It can be attached to select ING traditional plans without any need of buying a new policy. Tax Benefit
The rider provides for income tax rebate under section 80D and for benefit amount under section 10 (10 D). 2. SAVING AND INVESTMENT Child ING Mera Aashirvad is a child insurance plan that guarantees you the money you need to fulfill your child’s dreams. Your child is assured of the required financial support to fulfill his/her dreams, even if you are not there. Key benefits Guaranteed Life Cover
In case of an unfortunate event, your family gets a guaranteed pay out immediately which will be highest of following: - 10 times the annual premium
- 105% of the premiums paid. - Sum Assured Waiver of Premium in case of an unfortunate event
In this plan all the future premiums are waived off in case of an unfortunate event and policy continues till maturity. This takes away the burden of the premium payment from your family. Guaranteed Tax Free Maturity Benefit Whatever amount you plan for fulfilling your child’s dreams, you are guaranteed of that amount as sum assured on policy maturity. The sum assured is paid tax free without any deductions. You save tax on premiums paid under section 80C and on benefit amounts under section 10(10D) of the Income Tax Act. Inheritance ING New Fulfilling Life as a devoted family person you will have various needs and responsibilities like fulfilling your family’s short term and long term aspirations, and ensuring that they stay protected even when you are not around. ING New Fulfilling Life is a comprehensive plan that will help you fulfill all your responsibilities with regular money back for your intermediate needs, tax free wealth and life cover for a long period. Key benefits Life Cover till age 85
In this plan you can choose to pay for a few years (12, 16, 20 or 24 years) while your life cover continues till the age of 85. In case of an unfortunate event, your family gets a guaranteed pay out immediately, which will be highest of the following: - 10 times the annual premium + Accumulated Bonuses - Sum Assured + Accumulated Bonuses - 105% of the premiums paid Tax Free Wealth Creation
You are eligible for bonuses from the first year of policy till the age of 85, irrespective of the premium payment term chosen. A tax free lump sum amount equal to sum assured and accumulated bonuses will be given on maturity. You save tax on premiums paid under section 80C and on benefit amounts under section 10(10D) of the Income Tax Act.
Consistent bonus track record
Since its launch this plan has shown a consistent bonus track record. Bonus is added into policy as a percentage of the sum assured. Year Bonus Rate Life goals This plan provides a guaranteed regular income to help you boost your life style. You have to pay premium for few years and you get guaranteed benefits like regular income at an attractive rate of 11% - 13% p.a., lump sum amount on maturity and life cover throughout the policy term. Key benefits Regular Guaranteed Income 2013 2012 2011 2010 2009 2008 2007 2006
7.5% 7.5% 7.5% 7.5% 6%
7.5% 7.5% 7.5%
You pay premium for a 'chosen number of years' and start receiving a guaranteed regular income for the remaining period till the end of policy term. You have an option to receive income, monthly or annually. Maturity Benefit
At end of policy term, you receive a lump sum amount equal to sum assured. This is paid along with the last income payout. Save Tax
You save tax on premiums paid and benefit amount under section 80C and section 10(10D) respectively. RETIREMENT AND PENSION ING Golden Years Retirement Plan is a unique plan that helps you make your retirement years the golden years of your life by offering a host of benefits for building a substantial corpus. Key benefits Growth with minimum guarantee
Your Individual Pension Account (IPA) grows at an interest rate declared every year. It is determined subject to the performance of the fund. However, the minimum interest rate on your IPA is 5% p.a. for first 5 policy years and 1.5% p.a. for rest of the policy term. The interest once added in IPA is guaranteed to be paid. Consistent Bonus Track Record (on Existing Retirement Plans)
ING Life Insurance has demonstrated a consistent bonus track record by delivering an average interest rate of 8.54% p.a. over last 8 years on its existing retirement plans. Guaranteed Vesting Benefit
On completion of vesting term, you receive higher of the two below - Gross premiums including top-up premiums compounded @ 1% p.a., or - Individual pension account (IPA) value. You may take up to 1/3rd of the maturity amount tax free in cash and use the balance to purchase annuity from ING Life Insurance to ensure a monthly income for your life time. Loyalty Benefit
All premium allocation charges deducted are refunded to your pension account on reaching the retirement age. This is applicable once you have made a total premium payment of Rs.4,80,000/(does not include top-up premiums). Regular & Disciplined Savings
A disciplined saving method (starting with as little as Rs. 2000 per month) goes a long way in building the desirable retirement corpus. Life Cover
In case of demise of the policy holder, higher of following is paid to the nominee: - 105% of gross premiums and Top Up premiums (excluding service tax) - Gross premium and Top Up premiums compounded @ 1% p.a. (excluding service tax) - Individual Pension Account (IPA) Value. Tax Savings
All the premiums paid are tax free under section 80C. PENSION A pension plan in which you pay once and you start receiving pension at a pre-decided frequency (choice of yearly, half yearly, quarterly, monthly payout options) for life with a guarantee of return of full or a part of purchase price in case of death of policy holder. Key benefits Lifelong annuity payments
Invest one lump sum amount and start receiving regular income (annuity) at a chosen frequency for rest of your life.
Flexible options to receive annuity
You can choose to receive annuity payments yearly, half yearly, quarterly or monthly as per your financial requirements. Return of Purchase price as death benefit
In case of death of the policy holder, single lump sum investment made is paid back fully or in part as shown below: Year of death (after start of annuity plan) 30 years or less
Death Benefit Full Purchase price (lump sum investment amount) paid back Purchase price less the total amount of annuity paid from the end of the 30th policy year till the date of death.
More than 30 years
Easy to purchase
No medicals are required. Just pay a lump sum amount and start receiving annuity at chosen frequency. Large volume discount
For bigger lump sum amounts, you get more annuity as shown below: Purchase price range Rs. 200,001 to Rs. 500,000 Rs. 500,001 to Rs. 10,00,000 Rs. 10,00,001 & above Additional annuity per 1000 of purchase price
Up to Rs 200,000 Nil Rs 1.75 Rs 3.75 Rs 5
Mr. A. K. Mukherjee Director Mr. Kshitij Jain Mr. N. N. Joshi Managing Director & CEO Director
Mr. Rajesh Kapadia Director Mr. Satish Raheja Director
1.4 INDUSTRY PROFILE Insurance sector in India is one of the booming sectors of the economy and is growing at the rate of 15-20 per cent annum. Together with banking services, it contributes to about 7 per cent to the country's GDP. Insurance is a federal subject in India and Insurance industry in India is governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts. The origin of life insurance in India can be traced back to 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. It was conceived as a means to provide for English Widows. In those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered riskier for coverage. The Bombay Mutual Life Insurance Society that started its business in 1870 was the first company to charge same premium for both Indian and non-Indian lives. In 1912, insurance regulation formally began with the passing of Life Insurance Companies Act and the Provident Fund Act. By 1938, there were 176 insurance companies in India. But a number of frauds during 1920s and 1930s tainted the image of insurance industry in India. In 1938, the first comprehensive legislation regarding insurance was introduced with the passing of Insurance Act of 1938 that provided strict State Control over insurance business. Insurance sector in India grew at a faster pace after independence. In 1956, Government of India brought together 245 Indian and foreign insurers and provident societies under one nationalized monopoly corporation and formed Life Insurance Corporation (LIC) by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs.5 core. The (non-life) insurance business/general insurance remained with the private sector till 1972. There were 107 private companies involved in the business of general operations and their operations were restricted to organized trade and industry in large cities. The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from January 1, 1973. The 107 private insurance companies were amalgamated and grouped into four companies: National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. These were subsidiaries of the General Insurance Company (GIC). In 1993, the first step towards insurance sector reforms was initiated with the formation of Malhotra Committee, headed by former Finance Secretary
and RBI Governor R.N. Malhotra. The committee was formed to evaluate the Indian insurance industry and recommend its future direction with the objective of complementing the reforms initiated in the financial sector. Key Recommendations of Malhotra Committee: Structure Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate.
Competition Private Companies with a minimum paid up capital of Rs.1billion should be allowed to enter the industry. No Company should deal in both Life and General Insurance through a single Entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Postal Life Insurance should be allowed to operate in the rural market. Only one State Level Life Insurance Company should be allowed to operate in each state.
Regulatory Body The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance should be made independent.
Investments Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. Gic and its subsidiaries are not to hold more than 5% in any company.
Customer Service LIC should pay interest on delays in payments beyond 30 days Insurance companies must be encouraged to set up unit linked pension plans.
Computerization of operations and updating of technology to be carried out in the insurance industry.
Insurance sector in India was liberalized in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private Players and allowing foreign players to enter the market with some limits on direct foreign Ownership. There is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the insurance sector has led to rapid growth of the sector. Presently, there are 16 life insurance companies and 15 Non-life insurance companies in the market. The potential for growth of insurance industry in India is immense as nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be well below international standards. The Indian insurance industry was under state control with no private participation till the late 1990’s. It was virtually ruled by the LIC in the insurance market and GIC and its four subsidiaries in the non-insurance market. In the early 1990’s, there was major shift in the macroeconomics policies of the Indian government due to major developments. For the above reasons, the Indian government set up the “Malhotra Committee” in 1993, to suggest reforms in the insurance sector, the committee its report in 1994, and its strongly recommended private participation in the industry. After prolonged discussions and debates insurance sector was opened in 1999, when IRDA bill was passed. As per the bill the IRDA became the regulatory authority for the insurance sector in India. It had the power to grant license to foreign players to operate in India, and to formulate operational rules and regulations for working of insurance companies. IRDA also prepared the guidelines for foreign participation in the Indian insurance market. According to these guidelines, foreign players were initially permitted to enter India through partnership ventures with a partnership share of 26% or less in both the life insurance and general insurance business.
1.5 PRODUCT PROFILE 1. PRODUCTION: LIFE ING My Term Insurance Plan a pure term insurance plan allows you to build strong family foundation at a nominal price. Life covers starting 25 lakhs to 25 core. Limited premium payment options.
Key benefits Substantial Life Cover at Affordable Premiums.
In case of an unfortunate event, family gets lump sum amount which helps them to fulfill their financial goals. Family Income Benefit
Allows you to ensure part of lump sum life cover as monthly payout over 60 months. Also, 10% is paid extra in the monthly payouts. You can choose from following options: Payout options under Family Income Benefit % of Life Cover in Lump sum % of Life cover as monthly income Additional Payout as monthly income (% of life cover) Terminal Illness Benefit 80% 20% 2% 50% 50% 5% 40% 60% 6% 30% 70% 7%
In case of a terminal illness being diagnosed, you will receive 25% of the lump sum life cover immediately, to help you meet immediate medical expenses. At this point, all the future premiums are waived off, but the policy continues to be in force. Save Tax
All the premiums paid and the life cover amount received are exempt from income tax u/s 80C and section 10(10D) respectively.
HEALTH ING Critical Illness Rider is an add-on protection benefit that policy holders can add to their new or existing traditional ING Life Insurance policies. It pays a lump sum benefit in case the life assured is diagnosed with major illness like Heart Attack, Cancer, Paralysis, Kidney failure, Coma etc. This benefit payout ensures that family is not burdened with high medical expenses, thereby allowing them to maintain their standard of living. It gives you an option to cover either 4 critical illnesses (Option A) or 25 critical illnesses (Option B). Critical Illnesses covered: Cover up to 25 illnesses – First Heart Attack - of specified severity Benign Brain Tumour Kidney Failure Requiring Regular Dialysis
Cancer of Specified Severity Major Organ/ Bone Marrow Transplant
Stroke resulting in Permanent Symptoms Permanent Paralysis of Limbs
Open Chest Coronary Artery Bypass graft Coma of Specified Severity Motor Neurone Disease with Permanent Symptoms Alzheimer Disease Systemic Lupus Erythematosus with Lupus Nephritis
Blindness
Major Burns
Heart Valve Surgery
Surgery of Aorta
Multiple Scelerosis with Persisting Symptoms Parkinson's disease
Aplastic Anaemia
End Stage Lever Disease
Chronic lung disease Primary Pulmonary Hypertension
Loss of speech
Major Head Trauma
Apallic Syndrome
Option A provides protection against Cancer, Heart Attack, Stroke, Coronary Artery Bypass graft. Option B provides protection against 25 illnesses as mentioned in the Comprehensive Protection mentioned above.
Key benefits Lump sum amount on diagnosis
Get lump sum amount equal to rider sum assured on diagnosis of any of listed critical illnesses as per your listed plan. Full benefit amount paid
The lump sum amount is paid immediately on the diagnosis of the listed critical illness irrespective of the actual expense incurred towards the treatment of critical illness. Tax Benefit
The rider provides for income tax rebate under section 80D and for benefit amount under section 10 (10 D). ACCIDENT It is add-on that can be attached to a Traditional ING Life Insurance Policy and provides enhanced coverage in case of accidental death, disability or dismemberment. Key benefits Additional Protection
An additional lump sum amount is paid in case of accidental disability, dismemberment or death. No need to buy new plan
It can be attached to select ING traditional plans without any need of buying a new policy. Tax Benefit
The rider provides for income tax rebate under section 80D and for benefit amount under section 10 (10 D). 2. SAVING AND INVESTMENT Child ING Mera Aashirvad is a child insurance plan that guarantees you the money you need to fulfill your child’s dreams. Your child is assured of the required financial support to fulfill his/her dreams, even if you are not there. Key benefits Guaranteed Life Cover
In case of an unfortunate event, your family gets a guaranteed pay out immediately which will be highest of following: - 10 times the annual premium
- 105% of the premiums paid. - Sum Assured Waiver of Premium in case of an unfortunate event
In this plan all the future premiums are waived off in case of an unfortunate event and policy continues till maturity. This takes away the burden of the premium payment from your family. Guaranteed Tax Free Maturity Benefit Whatever amount you plan for fulfilling your child’s dreams, you are guaranteed of that amount as sum assured on policy maturity. The sum assured is paid tax free without any deductions. You save tax on premiums paid under section 80C and on benefit amounts under section 10(10D) of the Income Tax Act. Inheritance ING New Fulfilling Life as a devoted family person you will have various needs and responsibilities like fulfilling your family’s short term and long term aspirations, and ensuring that they stay protected even when you are not around. ING New Fulfilling Life is a comprehensive plan that will help you fulfill all your responsibilities with regular money back for your intermediate needs, tax free wealth and life cover for a long period. Key benefits Life Cover till age 85
In this plan you can choose to pay for a few years (12, 16, 20 or 24 years) while your life cover continues till the age of 85. In case of an unfortunate event, your family gets a guaranteed pay out immediately, which will be highest of the following: - 10 times the annual premium + Accumulated Bonuses - Sum Assured + Accumulated Bonuses - 105% of the premiums paid Tax Free Wealth Creation
You are eligible for bonuses from the first year of policy till the age of 85, irrespective of the premium payment term chosen. A tax free lump sum amount equal to sum assured and accumulated bonuses will be given on maturity. You save tax on premiums paid under section 80C and on benefit amounts under section 10(10D) of the Income Tax Act.
Consistent bonus track record
Since its launch this plan has shown a consistent bonus track record. Bonus is added into policy as a percentage of the sum assured. Year Bonus Rate Life goals This plan provides a guaranteed regular income to help you boost your life style. You have to pay premium for few years and you get guaranteed benefits like regular income at an attractive rate of 11% - 13% p.a., lump sum amount on maturity and life cover throughout the policy term. Key benefits Regular Guaranteed Income 2013 2012 2011 2010 2009 2008 2007 2006
7.5% 7.5% 7.5% 7.5% 6%
7.5% 7.5% 7.5%
You pay premium for a 'chosen number of years' and start receiving a guaranteed regular income for the remaining period till the end of policy term. You have an option to receive income, monthly or annually. Maturity Benefit
At end of policy term, you receive a lump sum amount equal to sum assured. This is paid along with the last income payout. Save Tax
You save tax on premiums paid and benefit amount under section 80C and section 10(10D) respectively. RETIREMENT AND PENSION ING Golden Years Retirement Plan is a unique plan that helps you make your retirement years the golden years of your life by offering a host of benefits for building a substantial corpus. Key benefits Growth with minimum guarantee
Your Individual Pension Account (IPA) grows at an interest rate declared every year. It is determined subject to the performance of the fund. However, the minimum interest rate on your IPA is 5% p.a. for first 5 policy years and 1.5% p.a. for rest of the policy term. The interest once added in IPA is guaranteed to be paid. Consistent Bonus Track Record (on Existing Retirement Plans)
ING Life Insurance has demonstrated a consistent bonus track record by delivering an average interest rate of 8.54% p.a. over last 8 years on its existing retirement plans. Guaranteed Vesting Benefit
On completion of vesting term, you receive higher of the two below - Gross premiums including top-up premiums compounded @ 1% p.a., or - Individual pension account (IPA) value. You may take up to 1/3rd of the maturity amount tax free in cash and use the balance to purchase annuity from ING Life Insurance to ensure a monthly income for your life time. Loyalty Benefit
All premium allocation charges deducted are refunded to your pension account on reaching the retirement age. This is applicable once you have made a total premium payment of Rs.4,80,000/(does not include top-up premiums). Regular & Disciplined Savings
A disciplined saving method (starting with as little as Rs. 2000 per month) goes a long way in building the desirable retirement corpus. Life Cover
In case of demise of the policy holder, higher of following is paid to the nominee: - 105% of gross premiums and Top Up premiums (excluding service tax) - Gross premium and Top Up premiums compounded @ 1% p.a. (excluding service tax) - Individual Pension Account (IPA) Value. Tax Savings
All the premiums paid are tax free under section 80C. PENSION A pension plan in which you pay once and you start receiving pension at a pre-decided frequency (choice of yearly, half yearly, quarterly, monthly payout options) for life with a guarantee of return of full or a part of purchase price in case of death of policy holder. Key benefits Lifelong annuity payments
Invest one lump sum amount and start receiving regular income (annuity) at a chosen frequency for rest of your life.
Flexible options to receive annuity
You can choose to receive annuity payments yearly, half yearly, quarterly or monthly as per your financial requirements. Return of Purchase price as death benefit
In case of death of the policy holder, single lump sum investment made is paid back fully or in part as shown below: Year of death (after start of annuity plan) 30 years or less
Death Benefit Full Purchase price (lump sum investment amount) paid back Purchase price less the total amount of annuity paid from the end of the 30th policy year till the date of death.
More than 30 years
Easy to purchase
No medicals are required. Just pay a lump sum amount and start receiving annuity at chosen frequency. Large volume discount
For bigger lump sum amounts, you get more annuity as shown below: Purchase price range Rs. 200,001 to Rs. 500,000 Rs. 500,001 to Rs. 10,00,000 Rs. 10,00,001 & above Additional annuity per 1000 of purchase price
Up to Rs 200,000 Nil Rs 1.75 Rs 3.75 Rs 5
