ING Secured Income Insurance Plus
ING Secured Income Insurance Plus is an endowment policy. This is a Limited Premium Traditional Plan with Bonus Facility.
Key Features
There are 4 Additional Riders available with this plan
- Accidental Death Benefit Rider
- Accidental Death, Disability and Dismemberment Benefit Rider
- Term Rider
- Critical Illness Rider
Benefits
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
At the maturity of the policy, the insured will get Sum Assured + Vested Bonus + Terminal Bonus
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)
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.
Eligibility
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 (in years) | 0 | 60 – Age at Entry |
Age at maturity (in Rs.) | 18 | 70 |
Single Premium | NA | |
Payment modes | Yearly, Half-yearly or Monthly | |
Minimum Annual Premium Amount | 12,000 | Base Option: No Limit
Economy Option: 12,000 |
FAQs
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 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.
Loan facility is available under this policy after 3 policy years