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Exide Life My Term Insurance Plan

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ING My Term Insurance Plan

ING My Term Insurance Plan is a pure Term Insurance Plan.


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How it works

In this plan, premium can be paid till the end of the Policy Tenure under Regular Premium or for a Limited Term as well. The policy however continues till the end of the Policy Tenure.
There are 2 options for choosing Death Benefit in this plan:
  • Option A: where regular Sum Assured would be paid as Death Benefit
  • Option B: where Family Income Benefit Option is opted such that a chosen percentage of life cover amount would be paid as lump sum and 10% extra life cover is added to the balance and is paid to your family over 60 months as monthly income
This plan comes with an in-built benefit of Terminal Illness Benefit where 25% of the Sum Assured is paid on diagnosis of any of the Terminal Illness and the future premiums are paid by the company so as to continue the plan as per schedule.  Being a pure protection plan, there is no Survival or Maturity Benefit in this plan.
There are 3 additional riders available in this plan, Critical Illness Rider, Accidental Death Benefit Rider and Accidental Death Disability and Dismemberment rider


Key Features of ING My Term Insurance Policy

  • This is a simple Term Plan with loads of additional benefits
  • There is Family Income Benefit Option in this plan under Option B where the life cover is provided to the family, part in lump sum and part as income over 60 months
  • Under Family Income Benefit option, a chosen percentage of life cover amount would be paid as lump sum and 10% extra life cover is added to the balance and is paid to your family over 60 months as monthly income
  • There is Terminal Illness Benefit in this plan, where in case of a terminal illness being diagnosed, 25% of the lump sum life cover would be paid immediately and the future premiums are paid by the company and the policy continues as per schedule
  • There are 3 additional riders available in this plan, Critical Illness Rider, Accidental Death Benefit Rider and Accidental Death Disability and Dismemberment rider
  • There is preferential rates for being a non-smoker
  • There is a Large Sum Assured discount in this plan as well as premium discount for female lives

COMPARE THIS PLAN WITH OTHER TERM PLANS
Yes
No


 

Benefits you get from ING My Term Insurance Policy

  • Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets:
    • Under Option A, the entire Sum Assured as Death Benefit and the policy terminates
    • Under Option B, there are 4 options available for choosing Family Income Benefit. A chosen percentage of Sum Assured is paid immediately as Lump Sum Benefit and the policy continues. 110% of the Remaining Amount is paid in equal installments over the next 60 months to the family as Family Income Benefit
Option Lump Sum Benefit Remaining Family Income Benefit
I 80% 20% 110% of 20% of Base Sum Assured) / 60
II 50% 50% 110% of 50% of Base Sum Assured) / 60
III 40% 60% 110% of 60% of Base Sum Assured) / 60
IV 30% 70% 110% of 70% of Base Sum Assured) / 60
 
  • Maturity Benefit – Being a pure protection plan, there is no Maturity Benefit in this plan.
  • Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

HAVE ANY DOUBTS THAT NEED TO BE CLARIFIED?

 


Eligibility conditions & other restrictions in ING My Term Insurance Policy

  Minimum Maximum
Sum Assured (in Rs.) 25 Lacs
(For preferred Life, 50 Lacs)
25 Crores
Policy Term (in years) 10 35
Premium Payment Term (in years) Limited Pay (5, 7 , 10 years) Equal to Policy Term
Entry Age of Life Insured (in years) 18 65
Age at Maturity (in years) - 75
Payment modes Annual, Semi-Annual, Quarterly and Monthly


Sample illustration of premium of ING My Term Insurance Plan

The below illustration is for a 30, 40 and 50 year old male (Non Smoker) opting for a Sum Assured of Rs.1 crore for a Policy Tenure of 30 years


 


Additional Features and Benefits of ING My Term Insurance Plan

  • Riders – There are 3 additional riders available in this plan:
    • Critical Illness Rider- with limited and regular payment options
    • Accidental Death Benefit Rider and
    • Accidental Death Disability and Dismemberment rider


What happens if?

  • You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease to exist. The policy can however be reinstated. If at least 3 years’ premiums have been paid under Limited Premium Paying Option, then the policy gets converted to Reduced Paid Up Value and the policy continues with reduced coverage. This option is not available for Regular Premium Paying Option.
  • You want to surrender the policy – There are Surrender Benefits for Limited Premium Paying Option only after all due premiums have been paid.
    • Surrender Value = Total premiums paid (excluding service tax and extra premiums if any) * 70% * (Number of remaining complete years of cover / Policy Term in years).
  • You want a loan against your policy – Loan facility is not available in this plan.




 
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