ING Prospering Life
This is a unit-linked insurance plan (ULIP) which is a mix of insurance and investment. After deducting the charges, the premiums are invested in certain financial instruments. The customer can choose to for equity or debt instruments based on his/her risk appetite. However, it is important to know that in such plans, the risk of investment is borne by the customer and not the insurance company.
Customer can choose a pre-defined ING strategy which will allocate funds between debt and equity by itself, eliminating the hassle of constant monitoring by the customer
No riders are available with this plan
Under this plan the policy holder gets the following fund options to choose from
- ING Prime Equity Fund
- Growth Fund
- Balanced Fund
- Secure Fund
- ING Preserver
The Minimum Top Up amount is Rs. 5,000/- at one time. 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.
Unlimited switches are available to the policy holder.
You are allowed to make partial withdrawals in this policy after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 5,000 and a maximum amount equal to 25% of the Fund Value, subject to Fund Value after each such withdrawal not being less than 1.5 times the one full years’ annual regular premium.
Premium = Rs.48,000
Policy Term = 10 years
Total Investment = Rs. 48,000 X 20 years= Rs 9,60,000
In case of death of the policy holder, the nominee gets the higher of Sum Assured or Fund Value.
If the policy holder survives the policy term, then he/she gets the Fund Value.
Life Insurance premiums paid up to Rs.1,50,000 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.
|Sum Assured (in Rs.)||For age at entry below 45 years: Fixed at 10 X AP
For age at entry of 45 years or above: Fixed at 7 X AP
|Policy Term (in years)||16||20|
|Premium Payment Term (in years)||Policy Term/2||Equal to policy term|
|Lock-in period||5 Years|
|Entry Age of Policyholder (in years)||8||55|
|Age at maturity (in Rs.)||24||71|
|Regular Premium||Rs. 48,000 P.a.||Rs. 96,000 P.a.|
|Single Premium||Not Allowed|
|Payment modes||Annual, Semi-Annual, Quarterly and Monthly|
|Top-up Premiuma||Rs. 5,000||No Limit|
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.