Like a simple and pure term plan, ING Vyasa’s Term Life Plan is a vanilla term plan with only Death Benefit to the nominee if the life insured dies within the policy tenure and nothing would be payable to the policyholder if the life insured survives the policy term. It is a pure protection plan.
Key Features of ING Term Life Plan
Benefits you get from ING Term Life Plan
Death Benefit – In case of death of the policy holder, the nominee would get the sum assured under the plan
Maturity Benefit – There are no maturity benefits under this policy.
Income Tax Benefit - Life Insurance premiums paid up to Rs.1,00,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility conditions and other restrictions in ING Term Life Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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10,00,000
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No Limit
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Policy Term (in years)
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10
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30
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Premium Payment Term (in years)
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1, 3, 5
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Equal to policy term
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Entry Age of Policyholder
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18
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65
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Age at Maturity
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-
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75
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Single premium (in Rs.)
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NA
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NA
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Payment modes
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Yearly, Half-yearly, Quarterly, Monthly and Single
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Sample illustration of premium amount in ING Term Life Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 50 lakhs and Policy Term = 25 years
Additional Features and Benefits of ING Term Life Plan
Riders – There are 2 riders in this policy
· Accidental Death Benefit rider
· Accidental Death, Disability and Dismemberment Benefit rider
You stop paying the premium - If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period. You can re-instate the policy within 2 years of lapsation.
You want to surrender the policy – There are no surrender benefits under this term plan.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate term plans from different insurance companies
Reliance Term Plan
LIC Anmol Jeevan
MetLife Met Suraksha Plus
Other term insurance plans from ING Vyasa Life Insurance
ING Vyasa Term Life Plus Plan
Click to get a comprehensive term insurance comparison of plans in India.
- It is a pure Term Insurance Policy with Death Benefit only and no Maturity Benefit.
- Additional rider benefits of Accidental Death and Accidental Death, Disability and Dismemberment benefit.
- Single and limited premium payment options available.
