Exide Life Creating Life Child Protection Plan

ING Creating Life Child Protection Plan

ING Creating Life Child Protection Plan is Traditional Participating Child Plan. In this plan, the life of the parent is insured for the benefit of the child. In this plan, if the parent dies within the policy matures, the Sum Assured is paid to take care of immediate expenses, the future premiums are paid by the insurer and the policy continues such that the Maturity Benefit is provided to the child. The Sum Assured along with Bonuses are paid on Maturity under all circumstances.

Key Features of ING Creating Life Child Protection Plan

• This is a Double Death Benefit Plan
• Sum Assured is paid as Death Benefit, future premiums are paid by the company and the policy continues
• Sum Assured along with compounded Reversionary Bonus and Final Addition Bonus (if any) would be paid as Maturity Benefit, even if Death Benefit is paid
• There are 3 options of Maturity Benefit- either in a Lumpsum or 3 or 5 equal instalments after the policy maturity date
• There are 4 riders available with this policy to enhance life coverage 

Benefits you get from ING Creating Life Child Protection Plan

Death Benefit – If the parent dies within the policy tenure, the Sum Assured is paid to take care of immediate expenses and the future premiums are waived off. It is paid by the insurer so as to continue the plan to its maturity such that Maturity Benefit is paid when due.

Maturity Benefit – On Policy Maturity, Sum Assured + Compounded Reversionary Bonus + Final Addition Bonus (if any) would be paid.

However, the Maturity Benefit can be provided in 3 options: In a Lumpsum or in 3 or 5 instalments after the policy maturity date.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C

Eligibility conditions in ING Creating Life Child Protection Plan

Sample illustration of premium in ING Creating Life Child Protection Plan

Premium Paying Term =  20 years,

Sum Assured = Rs 5,00,000

Additional Features and Benefits of ING Creating Life Child Protection Plan

Riders – There are 3 additional riders available in this policy

·         Accidental Death Benefit (ADB)

·         Accidental Death, Disability and Dismemberment Benefit (ADDD Benefit) rider

·         Term Benefit rider

There is 1 inbuilt rider available in this policy: Premium Waiver Benefit rider

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What happens if?

You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse.

You want to surrender the policy – If all due premiums have been paid for 3 policy years, the policy would acquire a Guaranteed Surrender Value.

The Guaranteed Surrender Value = 30% of the Total Premiums paid – 1^st Premium paid and extra Premium paid

You want a loan against your policy – There is a loan facility available in this plan which can be availed under this policy after three full years premiums have been paid.