ING Vysya Life Insurance Company has announced the launch of a simple and an attractive Guaranteed Income Insurance Plan for its customers. This plan, which complies with the new regulations formed by market regulator Insurance Regulatory and Development Authority, provides range of definite benefits to its customers. At the same time this product is eye-catching and simple to understand unlike many products available in the industry.
The salient features of this product are as under:-
- Customers to make payment of 50% of the premium amount of the policy term and avail the guaranteed tax free consistent income over the remaining policy period.
- Guaranteed income payout is 11 – 13% p.a.
- Guaranteed maturity payback
- Assured life cover for full policy term and
- Deduction under section 80C of income tax act on the premiums paid and also tax benefit on benefit amounts.
According to Mr. Uco Vegter – Chief Financial Officer of ING Life Insurance Company, this plan gives guaranteed tax free lump sum payout at the end of the policy term.
ING Vysya Life Insurance Company, whose headquarters is located in Bangalore – Karnataka, has recently achieved a milestone of completing 10 years of operation in India. It has a presence of more than 200 cities in India and serves more than 1 million policy holders. Its 100% of stake is held by Exide Industries.