ING Prospering Life Plan Single Premium

It is a Single Premium Unit Linked Insurance Plan

There is Loyalty Addition in this plan of a refund of 50% of mortality charges deducted during the entire policy term

There are 2 investment strategies in this plan

There is Automatic Asset Allocation Strategy in this plan

There are unlimited free switches and redirections available in this plan

In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Sum Assured or the Fund Value as Death Benefit

The Fund Value is paid to the policyholder on policy maturity

In case of death of the Life Insured within the Policy Tenure, the nominee gets the higher of the Sum Assured or the Fund Value as Death Benefit and the policy terminates.

 When the policy matures, the Fund Value + Loyalty Additions are paid to the policyholder as Maturity Benefit and the policy terminates.

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 fulfillment of terms and conditions

• Self-Managed Strategy whereby the policyholder can choose his own funds according to his risk appetite. There are 5 funds for choice:
  • ING Prime Equity Fund
  • Growth Fund
  • Balanced Fund
  • Secure Fund
  • ING Preserver
• Professionally Managed Strategy whereby the professional fund manager manages the fund on behalf of the investor by allocation in :
  • ING Active Asset Allocation Fund

There is unlimited free switches available in this plan from one fund to another.

In this policy, partial withdrawal is allowed after 5 complete policy years. The minimum amount of partial withdrawal should be Rs. 5,000 subject to a maximum of 10% of the Fund Value prevailing at that time subject to Fund Value after each such withdrawal not being less than 20% of the Single Premium. Partial Withdrawal can be made anytime except in the last 5 policy years.

Premium can be paid anytime except in the last five policy years. The minimum top-up premium is Rs. 5,000 and the maximum is Rs 8,00,000 per Life Assured. Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up premium paid for age 55 years or less and 1.1 times the Top Up Premium for age more than 55 years.