ING Life Uttam Jeevan Single Premium Plan
This is a single premium unit-linked insurance policy (ULIP). Here, the premium amount is invested in the markets (debt, equity and cash market instruments). The value of investments may go up or down and hence the risk in ULIPS is borne by the policy holder and not by the insurance company.
Key Features of ING Uttam Jeevan SP Plan
- This is a single premium unit-linked insurance policy.
- There is an Enhanced Protection Benefit available with this product whereby the Initial Sum Assured increases by 5% every year from 2nd policy year onwards till the end of the policy term.
- This plan may not require medical check ups.
- It has a in-built Accidental Death Coverage available.
Benefits you get from ING Uttam Jeevan SP Plan
Death Benefit – In case of the unfortunate event of death of the life assured during the policy term, the sum assured will be paid to the nominee. The death benefit will be at least 1.05 times of the single premium paid including Top-up premiums (if any).
Maturity Benefit - If the policy holder survives the policy term, then he gets the Fund Value as on the date of maturity. Fund Value at maturity refers to the number of unit price at maturity times the number of units at 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. 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.
Eligibility conditions and other restrictions in ING Uttam Jeevan SP Plan
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Minimum
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Maximum
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Sum Assured (in Rs.)
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1.25 X Single Premium
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5 X Single Premium
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Policy Term (in years)
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10 years
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Premium Payment Term (in years)
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Single
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Lock-in period
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5 years
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Entry Age of Policyholder
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8 years
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45 years
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Age at Maturity
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18 years
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55 years
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Regular premium
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Not Available
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Single premium
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Rs 48,000
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Rs 4,00,000
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Payment modes
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Single
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Top-up premium
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Rs 2000
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25% of Single Premium paid
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Sample Illustration of Returns at the end of the policy term in ING Uttam Jeevan SP
Annual Premium = Rs.48,000
Policy Term = 10 years
Premium payment mode = Single
Total Investment = Rs.48,000 X 1 year = Rs.48,000
Additional Features and Benefits of ING Uttam Jeevan SP Plan
Riders – No riders are available with this plan
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Type of Rider
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Available with Policy
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Accidental death benefit
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Yes
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Permanent/Accidental disability benefit
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No
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Waiver of premium benefit
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No
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Critical illness (or dread diseases) benefit
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No
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Increased death benefit / Term rider
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No
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Hospital cash benefit
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No
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Life Guardian benefit
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No
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Investment Fund Options
Under this plan the policy holder gets the option of 2 investment funds. They are -
§ ING Preserver
§ ING Prime Equity
Top-up - You can invest additional premiums as top-up premiums anytime except in the last five policy years. The minimum top-up premium is Rs. 2,000 and the maximum is 25% of Single Premium paid during the policy term. 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 will be in addition to the life cover.
Switching - You are allowed to move from one fund to another by switching the same. There are 4 free switches available each year.
Partial Withdrawal - Only one Partial Withdrawal can be availed during a Policy Year and overall five Partial Withdrawals during the entire Policy Term. You are allowed to make partial withdrawals in this policy after 5 complete policy years or after the Life Insured is at least 18 years old, whichever is later.
The minimum amount of partial withdrawal should be Rs. 2,000. The maximum partial withdrawal is 10% of the Fund Value prevailing at that time subject to fund value after each such withdrawal not being less than 20% of the single premium.
You want to surrender the policy – during the initial 5 years from the policy commencement then the surrender benefits shall be payable to the policyholder only after completion of 5 full Policy Years. However, such surrender benefits along with the earned interest shall be paid to the Policyholder on completion of 5 full policy years and the policy terminates. On Discontinuance or Surrender after 5 years, the Fund Value is paid immediately and the policy is terminated.
You want a loan against your policy – Loans are not allowed in this plan.
Alternate investment plans from different insurance companies
ICICI Prudential LifeLink Wealth SP
Tata AIG Life InvestAssure Plus Supreme
HDFC Single Premium Whole of Life Insurance Plan
Other plans from ING Vysya
ING Jeevan Uttam – Regular premium
ING Prospering Life
ING Market Shield
