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ING Creating Life Money Back Plan

ING Creating Life Child Protection Money Back Plan is Traditional Money Back 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. 20% of the Sum assured is paid every 1/5th of the Policy Term and on Maturity the remaining 20% of the Sum Assured is paid along with bonuses.

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Double Death Benefit Plan
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Survival Benefit
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4 riders
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Key Features

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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 simple Reversionary Bonus and Terminal Bonus (if any) would be paid as Maturity Benefit, even if Death Benefit is paid
Riders

There are 4 riders available in this policy

  • Accidental Death Benefit (ADB)
  • Accidental Death, Disability and Dismemberment Benefit (ADDD Benefit) rider
  • Term Benefit rider
  • Premium Waiver Benefit rider

Benefits

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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 the remaining Benefits are paid when due.

Survival Benefit

20% of the Sum assured is paid every 1/5th year of the Policy Tenure

Maturity Benefit

On Policy Maturity, the remaining 20% of the Sum Assured + Simple Reversionary Bonus + Terminal Bonus (if any) would be paid.

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

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  Minimum Maximum  
Sum Assured (in Rs.) Not Specified  
Policy Term (in years) 15,20 25  
Premium Payment Term (in years) Equal to policy term  
Entry Age of Parent (in years) 18 45 for 25 yrs PT

50 for 20 yrs PT

55 for 15 yrs PT

 
Age at maturity (in Rs.)  - 70  
Regular Premium (in Rs.) 8,000 No Limit  
Payment modes Yearly, Half-yearly, Quarterly or Monthly  

 

FAQs

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angle down iconYou stop paying the premium

If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. However, if at least 3 years’ premiums have been paid, the policy continues even without any additional payment for a reduced Paid-Up Sum Assured which can be surrendered anytime.

angle down iconYou want to surrender the policy

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

angle down iconThe Guaranteed Surrender Value

20% of the Total Premiums paid - all additional Premiums paid - 20% of all Survival Benefits due as on the surrender date.

angle down iconYou want a loan against your policy

Not mentioned