ING Secured Income Insurance Plus

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

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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.

 

 

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

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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