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ING Secured Income Insurance Plus

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

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Limited Premium Payment Term
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Maturity Benefit
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Income Tax Benefit
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Key Features

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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
Riders

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

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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)

How it works

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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

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  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

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angle down iconYou 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.

angle down iconYou 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.

angle down iconYou want a loan against your policy

Loan facility is available under this policy after 3 policy years