India's 1st IRDAI Approved Insurance Web Aggregator

Exide Life Secured Income Insurance RP

  •  views
  •  views

ING Secured Income Insurance RP Plan 

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

How it works – In this plan premium needs to be paid till the end of the Policy Tenure. There are 2 options under this plan- Base and Economy. At the end of the Policy Tenure, the Maturity Benefit that is provided to the Life Insured is Sum Assured + Vested Bonus + Terminal Bonus.

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

The Base Option has Family Income Benefit, i.e. 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 under Base Option.

 

Key Features of ING Secured Income Insurance RP Policy 

  • There are 2 options in this plan:
    • Base
    • Economy
  • The Maturity Benefit provided is (Sum Assured + Vested Bonus + Terminal Bonus )
  • If the Life Insured dies within the Policy Tenure, under Base option (Sum Assured + Family Income benefit + Vested Bonus + Terminal Bonus) is provided as Death Benefit to the nominee
  • If the Life Insured dies within the Policy Tenure, under Economy Option (Sum Assured + 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 regular Premium Payment Term
  • This Plan has 4 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 RP 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 RP Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

-

50,00,000

Policy Term (in years)

10

30

Premium Payment Term (in years)

Equal to PT

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

 

 Sample illustration of premium amount in ING Secured Income Insurance RP

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 10,00,000  and Policy Term = 20 years.

 

ING Vysya Secured Income Insurance RP Sample Premiums

 

Additional Features and Benefits of ING Secured Income Insurance RP 

Riders- There are 4 Additional Rider 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




 

Compare Endowment Plans

Leave a Comment

Endowment Plan Calculator