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ING Secured Income Insurance Plus

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ING Secured Income Insurance Plus Plan

ING Secured Income Insurance Plus is an endowment policy. This is a Limited Premium Traditional Plan with Bonus Facility.

How it works – In this plan premium needs to be paid for 5, 7 or 10 years as selected at the policy inception. At the end of the Policy Tenure, the Maturity Benefit that is provided to the Life Insured is Sum Assured + Vested Bonus + Terminal Bonus + 10% of the Sum Assured as Guaranteed Additions.

However, if the Life Insured dies within the Policy Tenure, (Sum Assured + Family Income benefit + Vested Bonus + Terminal Bonus) is provided as Death Benefit to the nominee.

Under Family Income Benefit Option, 2% of the Sum Assured will be paid every month for 5 years following the death of the Life Insured. Hence a total benefit of 120% of Sum Assured would be paid out as Family Income Benefit if death of the Life Insured occurs within the Policy Tenure.

 

Key Features of ING Secured Income Insurance Plus Policy 

  • The Maturity Benefit provided is (Sum Assured + Vested Bonus + Terminal Bonus + Guaranteed Additions)
  • If the Life Insured dies within the policy tenure, (Sum Assured + Family Income benefit + Vested Bonus + Terminal Bonus) is provided as Death Benefit to the nominee
  • The Base Option has Double Death Benefit- Sum Assured + Family Income Benefit will be paid
  • Under Family Income Benefit Option, 2% of the Sum Assured will be paid every month for 5 years
  • This plan has Guaranteed Additions of 10% of the Sum Assured payable on maturity
  • This plan has Limited Premium Payment Term
  • This Plan has 3 additional riders available.
  • This plan provides discount for high premiums paid

COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS

 

Benefits you get from ING Secured Income Insurance Plus Plan

Death Benefit – In case of death of the Life Insured within the policy tenure, the nominee receives

  • Under Base Option: Sum Assured + Family Income Benefit + Vested Bonus + Terminal Bonus
  • Under Economy Option: Sum Assured + Vested Bonus + Terminal Bonus 

Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + Vested Bonus + Terminal Bonus  

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

 

 Eligibility in ING Secured Income Insurance Plus Policy

 

Minimum

Maximum

Sum Assured (in Rs.)

-

50,00,000

Policy Term (in years)

10

30

Premium Payment Term (in years)

5, 7

10

Entry Age of Policyholder

0

60 – Age at Entry

Age at Maturity

18

70

Single premium (in Rs.)

NA

Payment modes

Yearly, Half-yearly or Monthly

Minimum Annual Premium Amount

12,000

Base Option: No Limit

Economy Option: 12,000

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 1,00,000  and Policy Term = 20 years.

 

ING Vysya Secure Income Insurance Plus plan sample premiums

 

Additional Features and Benefits of ING Secured Income Insurance Plus

Riders- There are 4 Additional Riders available with this plan

  1. Accidental Death Benefit Rider
  2. Accidental Death, Disability and Dismemberment Benefit Rider
  3. Term Rider
  4. Critical Illness Rider

 

What happens if? 

You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future Bonuses and the policy is converted to a reduced Paid Up Value.

The Policy can however be reinstated within 5 years from the date of first unpaid premium.

You want to surrender the policy – You can surrender your plan after 3 full years’ premiums have been paid.

Surrender Value= 30% or 50% of the Total premiums paid (depending upon the type of Plan Chosen, Base or Economy and duration of premiums paid)

This plan is also eligible for Special Surrender Value = (Total Number of Premiums Paid/Total Number of Premiums Payable) X Sum Assured of base Policy + Accumulated Bonuses, if any.

You want a loan against your policy – Loan facility is available under this policy after 3 policy years




 

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