ING Market Shield
This is a unit-linked insurance plan (ULIP) where your premiums are invested in both equity and debt instruments. Hence this plan offers the upside of market investment but comes with the risk of market swings which may go up or down.
Key Features
No riders are available with this plan
Under this plan the policy holder does not get any fund options as only 1 investment fund available
- Guaranteed NAV Fund
Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up premium paid. This Additional Sum Assured on Top-up will be in addition to the Basic Sum Assured. Top-ups will not be allowed during the last 5 years of the Policy Term.
Not applicable as only 1 fund available.
You are allowed to make partial withdrawals in this policy after 5 complete policy years or after the Life Insured is at least 18 years old, whichever is later.
The minimum amount of partial withdrawal should be Rs. 2,000 and maximum amount equal to 25% of balance in the Special Fund Value, subject to Special Fund Value after each such withdrawal not being less than 1.5 times the one full years’ annual regular/limited premium.
Unlimited number of partial withdrawals can be availed during the Policy Term.
Annual Premium = Rs.48,000
Policy Term = 15 years
Total Investment = Rs. 48,000 X 15 years= Rs. 7,20,000
Expected returns based on 6% and 10% ROI
Benefits
In case of death of the policy holder, the nominee gets the higher of Sum Assured or Special Fund Value. Death benefit shall never be less than 105% of total premiums paid to date less any previous partial withdrawals.
If the policy holder survives the policy term, then he gets the Special Fund Value.
The Special Fund Value is achieved by calculating the higher of
- Daily NAV
- Guaranteed Highest NAV, called G-NAV
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity amounts you receive from this plan are exempt from tax under section 10(10D) provided the Sum Assured is at least 5 times the premium paid at all times.
Eligibility
Minimum | Maximum | ||
Sum Assured (in Rs.) |
10 X AP |
20 X AP |
|
Policy Term (in years) | 15 | 20 | |
Premium Payment Term (in years) | 5 | Equal to policy term | |
Lock-in period | 5 Years | ||
Entry Age of Policyholder (in years) | 8 | 55 | |
Age at maturity (in Rs.) | 23 | 70 | |
Regular Premium | For 5 yrs limited pay, Rs 48,000
And Rs 36,000 otherwise |
No Limit | |
Single Premium | Not Allowed | ||
Payment modes | Only Annual | ||
Top-up Premiuma | Rs. 5,000 | Rs. 8 lakhs |
FAQs
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee. If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
Loans are not allowed in this plan.