ING Prospering Life

This is a unit-linked insurance plan (ULIP) which is a mix of insurance and investment. After deducting the charges, the premiums are invested in certain financial instruments. The customer can choose to for equity or debt instruments based on his/her risk appetite. However, it is important to know that in such plans, the risk of investment is borne by the customer and not the insurance company.

• Automatic Asset Allocation Strategy – Customer can choose a pre-defined ING strategy which will allocate funds between debt and equity by itself, eliminating the hassle of constant monitoring by the customer
• Unlimited free switches and redirections
• Monthly payment mode also available 

Death Benefit – In case of death of the policy holder, the nominee gets the higher of Sum Assured or Fund Value.

Maturity Benefit - If the policy holder survives the policy term, then he/she gets the Fund Value.

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.

The maturity amounts you receive from this plan are exempt from tax under section 10(10D) provided the Sum Assured is at least 5 times the premium paid at all times.

Premium                           = Rs.48,000

Policy Term                      = 10 years                

Total Investment              = Rs. 48,000 X 20 years= Rs 9,60,000

Riders – No riders are available with this plan

Investment Fund Options

Under this plan the policy holder gets the following fund options to choose from

·         ING Prime Equity Fund

·         Growth Fund

·         Balanced Fund

·         Secure Fund

·         ING Preserver

Top-up - The Minimum Top Up amount is Rs. 5,000/- at one time. Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up premium paid. This Additional Sum Assured on Top-up will be in addition to the Basic Sum Assured. Top-ups will not be allowed during the last 5 years of the Policy Term.

Switching - Unlimited switches are available to the policy holder.

Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 5,000 and a maximum amount equal to 25% of the Fund Value, subject to Fund Value after each such withdrawal not being less than 1.5 times the one full years’ annual regular premium.

You want to surrender the policy – If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.

If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

You want a loan against your policy – Loans are not allowed in this plan.

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