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ING Safal Jeevan Endowment Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
ING Safal Jeevan Endowment Plan
ING Safal Jeevan Endowment Plan is a Participating Endowment Plan. It is a Traditional Plan with Bonus facility.
How it works– In this plan, premium needs to be paid for the entire policy tenure as chosen between 10, 15 or 20 years, which can be paid annually, semi-annually or quarterly.
On survival till the end of the Policy Tenure, the policyholder gets the entire Sum Assured + non-Guaranteed Bonus +Terminal Bonus as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the Policy Tenure, the Sum Assured + non-Guaranteed Bonus +Terminal Bonus are paid to the nominee as Death Benefit and the policy terminates.
There is an inbuilt Accidental Death Benefit rider in this plan.
Key Features of ING Safal Jeevan Endowment Insurance Plan
This is a Regular Payment Endowment Plan with Reversionary Bonus facility
If the Life Insured dies within the policy tenure, Sum Assured + non-Guaranteed Bonus +Terminal Bonus is paid to the nominee as Death Benefit
Maturity Benefit is Sum Assured + non-Guaranteed Bonus +Terminal Bonus
There is an inbuilt Accidental Death Benefit rider in this plan
This is a over-the-counter plan without medicals
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from ING Safal Jeevan Endowment Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the entire Sum Assured + non-Guaranteed Bonus +Terminal Bonus as the Death Benefit and the policy terminates.
Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the Sum Assured + non-Guaranteed Bonus +Terminal Bonus is paid to the nominee as Death 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 Safal Jeevan Endowment Policy
Minimum
Maximum
Policy Term (in years)
10, 15
20
Premium Payment Term (in years)
Same as Policy Tenure
Entry Age of Life Insured (in years)
18
45
Age at Maturity (in years)
-
60
Annualized Premium (in Rs.)
2,000
-
Payment modes
Annual, Semi-Annual, Quarterly and Monthly
Sample illustration of returns of ING Safal Jeevan Endowment Plan
The below illustration is for a healthy male of 35 years of age with Sum Assured of Rs 51,257 for a policy of 20 years with regular premium paying term
Additional Features and Benefits of ING Safal Jeevan Endowment Plan
Riders – There is 1 in-built rider in this plan:
Accidental Death Benefit Rider
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What happens if?
You stop paying the premium - If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 3 years premiums have been paid, the policy gets converted to Paid Up Value and then the coverage continues with reduced coverage.
You want to surrender the policy – There are Surrender Benefits in this plan after at least 3 years premiums have been paid.
Guaranteed Surrender Value= 30% of Total Premium paid – 1st year’s Premium
You want a loan against your policy – Loan facility is available after completion of 3 policy years up to 90% of Surrender Value.
