Term Life Plus Plan of ING Vyasa Life Insurance is a Term Plan with return of premiums. It just means that if the life insured dies within the policy tenure, the nominee would get the Sum Assured as Death Benefit, and if he survives till the half the term, he would get 40% of regular premiums paid till date or 20% of single premium paid and at the end of the term, then he would get the remaining of the total premiums paid as Maturity Benefit. Hence this is a variant of pure term plans where there is maturity benefit as well.
Key Features of ING Term Life Plus Plan
- This is a Term Plan with Return of Premiums on maturity and Sum Assured on death.
- There is Mid Term benefit available, which is not available in any other similar policies in the industry.
- Additional rider benefits of Accidental Death and Accidental Death, Disability and Dismemberment benefit.
- Single and limited premium payment options available.
Benefits you get from ING Term Life Plus Plan
Death Benefit – In case of death of the policy holder, the nominee would get the sum assured under the plan
Maturity Benefit – It is paid in 2 instalments:
· 40% of the premiums are returned as Mid-Term Benefit for Regular Payment policies and 20% for Single or Limited Payment policies.
· The remaining of the premiums are paid on maturity.
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 Plus Plan
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
5,00,000
|
No Limit
|
|
Policy Term (in years)
|
10
|
30
|
|
Premium Payment Term (in years)
|
1, 3, 5
|
Equal to policy term
|
|
Entry Age of Policyholder
|
18
|
65
|
|
Age at Maturity
|
-
|
75
|
|
Single premium (in Rs.)
|
NA
|
NA
|
|
Payment modes
|
Yearly, Half-yearly, Quarterly, Monthly and Single
|
Sample illustration of premium amount in ING Term Life Plus 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 Plus 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 at least three full years’ premiums have been paid in case of Regular Premium and two full years’ premiums in case of Limited Premium and then you stop paying premiums the Policy shall acquire a paid up value. The benefit is paid on death of the Life Assured during the Policy Term or on Life Assured surviving to the Policy Maturity Date. The policy can however be revived within 2 years from the first unpaid premium.
You want to surrender the policy – Surrender benefits are available after completion of 3 years of the policy. There are limits of how much surrender benefit would be payable to whom.
· Regular Premium: 40% of the premiums paid by the Policyholder.
· Limited Premium [5 year Premium Payment Term]: 50% of the premiums paid by the Policyholder.
· Limited Premium [3 year Premium Payment Term]: 60% of the premiums paid by the Policyholder
· Single Premium: 70% of the premiums paid by the Policyholder.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate Return of Premium Term Plans from different insurance companies
IDBI Federal Termsurance Protection Plan -TROP
Birla Sun Life Premium back Plan
MetLife Met Suraksha TROP
SBI Life Swadhan
Other term insurance plans from ING Vyasa Life Insurance
ING Vyasa Term Life Plan
Compare term insurance plans to find the most affordable policy for yourself and your family.
