ING Term Life Plus Plan
Term Life Plus Plan of ING Vyasa Life Insurance is a Term Plan with return of premiums. It just means that if the life insured dies within the policy tenure, the nominee would get the Sum Assured as Death Benefit, and if he survives till the half the term, he would get 40% of regular premiums paid till date or 20% of single premium paid and at the end of the term, then he would get the remaining of the total premiums paid as Maturity Benefit. Hence this is a variant of pure term plans where there is maturity benefit as well.
Key Features
There are 2 riders in this policy
- Accidental Death Benefit
- rider Accidental Death, Disability and Dismemberment Benefit rider
Benefits
In case of death of the policy holder, the nominee would get the sum assured under the plan
It is paid in 2 instalments:
- 40% of the premiums are returned as Mid-Term Benefit for Regular Payment policies and 20% for Single or Limited Payment policies.
- The remaining of the premiums are paid on maturity.
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
| Minimum | Maximum | |
| Sum Assured (in Rs.) |
5,00,000 |
No Limit |
| Policy Term (in years) | 10 | 30 |
| Premium Payment Term (in years) | 1,3,5 | Equal to policy term |
| Entry Age of Policyholder (in years) | 18 | 65 |
| Age at maturity (in Rs.) | - | 75 |
| Single Premium | NA | NA |
| Payment modes |
Yearly, Half-yearly, Quarterly, Monthly and Single |
|
FAQs
You stop paying the premiumIf at least three full years’ premiums have been paid in case of Regular Premium and two full years’ premiums in case of Limited Premium and then you stop paying premiums the Policy shall acquire a paid up value. The benefit is paid on death of the Life Assured during the Policy Term or on Life Assured surviving to the Policy Maturity Date. The policy can however be revived within 2 years from the first unpaid premium.
You want to surrender the policySurrender benefits are available after completion of 3 years of the policy. There are limits of how much surrender benefit would be payable to whom.
- Regular Premium: 40% of the premiums paid by the Policyholder.
- Limited Premium [5 year Premium Payment Term]: 50% of the premiums paid by the Policyholder.
- Limited Premium [3 year Premium Payment Term]: 60% of the premiums paid by the Policyholder
- Single Premium: 70% of the premiums paid by the Policyholder.
You want a loan against your policyLoan facility is not available under this policy.
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