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ING Market Shield

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ING Life Market Shield Insurance Plan

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 of ING Market Shield Plan 

§         Highest NAV is guaranteed throughout the policy term and not just at maturity

§         Limited Premium paying term available


COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from ING Market Shield Plan

Death Benefit – 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.

Maturity Benefit - 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

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. 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 conditions and other restrictions in ING Market Shield Plan

 

Minimum

Maximum

Sum Assured (in Rs.)

10 X AP

20 X AP

Policy Term (in years)

15 yrs

20 yrs

Premium Payment Term (in years)

5 yrs

Equal to policy term

Lock-in period

5 years

Entry Age of Policyholder

8 yrs

55 yrs

Age at Maturity

23 yrs

70 yrs

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 premium

Rs 5,000

Rs 8 lakhs

 

Sample Illustration of Returns at the end of the policy term in ING Market Shield

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

 

Expected Returns from ING Market Shield Plan 

 

Additional Features and Benefits of ING Market Shield Plan 

Riders – No riders are available with this plan

Investment Fund Options

Under this plan the policy holder does not get any fund options as only 1 investment fund available

§         Guaranteed NAV Fund

 

Top-up - 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.

 

Switching - Not applicable as only 1 fund available.

 

Partial Withdrawal - 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.

 

What happens if? 

You stop paying the premium before 5 years - 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.

 

You stop paying the premium after 5 years - 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.

 

You want to surrender the policy – 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.

 

You want a loan against your policy – Loans are not allowed in this plan.

 

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