India's 1st IRDAI Approved Insurance Web Aggregator

ING Creating Life Money Back Plan

  •  views
  •  views
This plan has been withdrawn by the insurance company and is no longer available for sale.

ING Creating Life Child Protection 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.

 

Key Features of ING Creating Life Child Protection Money Back 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 simple Reversionary Bonus and Terminal Bonus (if any) would be paid as Maturity Benefit, even if Death Benefit is paid
  • There are 4 riders available with this policy to enhance life coverage 


COMPARE THIS PLAN WITH OTHER CHILD PLANS

 

Benefits you get from ING Creating Life Child Protection Money Back 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 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 conditions in ING Creating Life Child Protection Money Back Plan

 

Minimum

Maximum

Sum Assured (in Rs.)

Not Specified

Policy Term (in years)

15, 20

25

Premium Payment Term (in years)

Equal to PT

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 of Parent (in years)

-

70

Regular Premium (in Rs.)

8,000

No Limit

Payment modes

Yearly, Half-yearly, Quarterly or Monthly

 

 

Sample premiums in ING Creating Life Child Protection Money Back Plan

Premium Paying Term = 20 years,

Sum Assured = Rs 5,00,000

ING Creating Life Money Back Plan Sample Premium Values

 

Additional Features of ING Creating Life Child Protection Money Back Plan

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

 

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. 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.

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

You want a loan against your policy – Not mentioned




 

Other Child Plans from Exide Life
Similar Withdrawn Child Plans from Exide Life
Compare Child Plans

Leave a Comment

Child Plan Calculator
Important: Insurance is the subject matter of solicitation | © 2009-2020 MyInsuranceClub.com