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ING Prospering Life Plan Single Premium
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This plan has been withdrawn by the insurance company and is no longer available for sale.
ING Prospering Life Plan Single Premium
ING Prospering Life Plan SP is a Single Premium Unit Linked Insurance Plan. Thus, it is a Non-Traditional Insurance Plan from ING Life Insurance Company.
How it works– In this plan, premium needs to be paid upfront under Single Premium Payment Option but the policy continues for the entire policy tenure of 10 years. There is Loyalty Additions in this plan of a refund of 50% of mortality charges deducted during the entire policy term.
In this plan, there are 2 investment strategies in this plan and there is Automatic Asset Allocation Strategy in this plan. There are 5 funds for Self-Managed Option.
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.
However, on survival till the end of the policy tenure, the Fund Value would be paid to the Policyholder as Maturity Benefit and the policy terminates.
Key Features of ING Prospering Life Insurance Plan SP
It is a Single Premium Unit Linked Insurance Plan
There is Loyalty Additions 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
COMPARE THIS PLAN WITH OTHER ULIP PLANS
Benefits you get from ING Prospering Life Insurance Policy SP
Death Benefit – 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.
Maturity Benefit – When the policy matures, the Fund Value + Loyalty Additions are paid to the policyholder as Maturity Benefit and the policy terminates.
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
Eligibility conditions & other restrictions in ING Prospering Life Policy SP
Minimum
Maximum
Sum Assured (in Rs.)
For age at entry < 55 years: 1.25 to 5 times the Single Premium
For age at entry of 55 years or above: 1.1 times the Single Premium
Policy Term (in years)
10
Premium Payment Term (in years)
Single
Entry Age of Life Insured (in years)
8
65
Age at Maturity (in years)
18
75
Single Premium (in Rs.)
72000
No Limit
Payment modes
Only Single
Sample Illustration of returns of ING Prospering Life Plan SP
The below illustration is for a healthy Male of 30 years (non-tobacco user) opting for a
Annual Premium = Rs 1,00,000
Sum Assured = Rs 5,00,000
Policy Term= 10 years
Additional Features and Benefits of ING Prospering Life Plan SP
Riders – There are no Additional Riders in this plan:
Investment Fund Options - In this plan, there are 2 Investment Strategies in this plan:
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
Top-up – 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.
Switching - There is unlimited free switches available in this plan from one fund to another.
Partial Withdrawal - 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.
Charges in ING Prospering Life Plan SP
Premium Allocation Charge – This charge is deducted from the Premium Paid by you
Premium Band
Premium Allocation Charge
Rs 72,000 to Rs 99,999
3%
Rs 1,00,000 to Rs 1,99,999
2.5%
Rs 2,00,000 and Above
2%
Top Up Premium
2%
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.
Premium Band
Policy Administration Charge
Rs 72,000 to Rs 99,999
0.15% from Year 2 to Year 5
0.10% from Year 6 to Year 10
Rs 1,00,000 to Rs 1,99,999
0.10%
Rs 2,00,000 and Above
0.05%
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.
Type
Charge
ING Prime Equity
1.35%
ING Active Asset Allocation Fund
1.35%
Growth Fund
1.25%
Balanced Fund
1.25%
Secure Fund
1.00%
ING Preserver
1.00%
Discontinuation Charge— There is no charge is for discontinuing the plan before the end of the Policy Tenure.
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
Service Tax would be applicable on the charges depending on the applicable rates.
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What happens if?
You stop paying the premium – Being a Single Premium Plan, there is no requirement of further payment of premium.
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 – There is no loan facility in this product.
