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.
Key Features
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
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.
20% of the Sum assured is paid every 1/5th year of the Policy Tenure
On Policy Maturity, the remaining 20% of the Sum Assured + Simple Reversionary Bonus + Terminal Bonus (if any) would be paid.
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
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
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.
If all due premiums have been paid for 3 policy years, the policy would acquire a Guaranteed Surrender Value.
20% of the Total Premiums paid - all additional Premiums paid - 20% of all Survival Benefits due as on the surrender date.
Not mentioned