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ING Uttam Jeevan Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ING Uttam Jeevan Plan

ING Uttam Jeevan Plan is a Regular Premium Unit Linked Insurance Plan. It is a Non-Traditional Insurance Plan from ING Life Insurance Company.
 
How it works – In this plan, premium needs to be paid for the entire policy tenure of 20 years. In this plan, there is an Enhanced Protection Benefit available with this product where the Initial Sum Assured increases by 5% every year from 2nd policy year onwards till the end of the policy term.
 
Thus, in this plan, the Life Coverage provided is initial Sum Assured + Enhanced Protection Benefit + Fund Value. Thus, if the Life Insured dies within the policy tenure, initial Sum Assured + Enhanced Protection Benefit + Fund Value would be paid to the nominee as Death Benefit and the policy terminates.
 
However, on survival till the end of the policy tenure, the Fund Value would be paid to the Policyholder as Maturity Benefit and the policy terminates. There is also an additional Accidental Death Benefit rider in this plan.
 

Key Features of ING Uttam Jeevan Insurance Plan

  • It is a Regular Premium Unit Linked Insurance Plan
  • There is Enhanced Protection Benefit available with this product where the Initial Sum Assured increases by 5% every year from 2nd policy year onwards till the end of the policy term
  • This plan can be taken by filling a short medical questionnaire without medicals
  • There is double death benefit in this plan of the initial Sum Assured + Enhanced Protection Benefit + Fund Value
  • The Fund Value is paid to the policyholder on policy maturity
  • In this plan, there is an additional Accidental Death Coverage available

COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from ING Uttam Jeevan Insurance Policy

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the initial Sum Assured + Enhanced Protection Benefit + Fund Value, subject to 105% of total premiums paid to date (excluding any applicable rider premium and/or underwriting extras) less any previous partial withdrawals as Death Benefit and the policy terminates.
 
Maturity Benefit – When the policy matures, the Fund Value is paid to the policyholder as Maturity Benefit and the policy terminates.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions
 
 

Eligibility conditions & other restrictions in ING Uttam Jeevan Policy               

 
Minimum
Maximum
Sum Assured (in Rs.)
10 X Annualized Premium
Policy Term (in years)
20
Premium Payment Term (in years)
20
Entry Age of Life Insured (in years)
8
45
Age at Maturity (in years)
28
65
Annual Premium (in Rs.)
18000
36000
Payment modes
Only Annual
 
 
 

Sample Illustration of returns of ING Uttam Jeevan Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a
Annual Premium = Rs 24000

Policy Term= 20 years

Sample Returns in ING Uttam Jeevan Regular Premium Plan

 

Additional Features and Benefits of ING Uttam Jeevan Plan

Riders – There is 1 Additional Rider in this plan:
  1. Accidental Death Benefit Rider
 
Investment Fund Options - In this plan, there are 2 funds available in this plan:
  1. ING Preserver
  2. ING Prime Equity
 
Top-up – Premium can be paid anytime except in the last five policy years. The minimum top-up premium is Rs. 2,000 and the maximum is 25% of Total Premium paid during the policy term. Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up premium paid. This Additional Sum Assured will be in addition to the life cover.
 
Switching - There is unlimited switches available in this plan. The first 4 switches in this plan are offered free of cost. Any additional switch within that policy year will be charged Rs.200 per switch.
 
Partial Withdrawal - In this policy, partial withdrawal is allowed after 5 complete policy years or after the Life Insured sis at least 18 years old, whichever is later. The minimum amount of partial withdrawal should be Rs. 2,000 subject to a maximum of 10% of the Fund Value prevailing at that time subject to Fund Value after each such withdrawal not being less than 1.5 times the one full year’s annualized regular premium. Only one Partial Withdrawal can be availed during a Policy Year and overall five Partial Withdrawals during the entire Policy Term.
 
 

Charges in ING Uttam Jeevan Plan

Premium Allocation Charge – This charge is deducted from the Premium Paid by you 

 
Policy Year
Premium Allocation Charge
1st
9%
2nd
3%
3rd onwards
NIL
Top Up Premium
2%
 
 
Policy Administration Charge— This is the charge for the administrative working of the policy and is deducted by cancellation of units on a monthly basis.

 
Policy Year
Policy Administration Charge
Year 2 to Year 10
0.50% per month
11th Year onwards
0.40% per month
 
 
Fund Management Charge– This charge is deducted by adjusting the NAV of the units on a daily basis.

 

Type
Charge
ING Preserver
1.00%
ING Prime Equity
1.35%
 
 
Discontinuation Charge— This charge is for discontinuing the plan before the end of the Policy Tenure.

 

Year of Discontinuation
Annual Premium <= Rs 25,000 p.a.
Annual Premium > Rs 25,000 p.a.
1st
Lower of 20% of (Annual Premium or Fund Value) subject to a maximum of Rs 3,000
Lower of 6% of (Annual Premium or Fund Value) subject to a maximum of Rs 6,000
2nd
Lower of 15% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
Lower of 4% of (Annual Premium or Fund Value) subject to a maximum of Rs 5,000
3rd
Lower of 10% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,500
Lower of  3% of (Annual Premium or Fund Value) subject to a maximum of Rs 4,000
4th
Lower of 5% of (Annual Premium or Fund Value) subject to a maximum of Rs 1,000
Lower of 2% of (Annual Premium or Fund Value) subject to a maximum of Rs 2,000
5th onwards
NIL
 
 
Mortality Charge — This charge is paid for the Life Coverage provided according to the Sum At Risk. This is based on the mortality rates which are specified for all ages and amount of cover being provided.
 
Service Tax would be applicable on the charges depending on the applicable rates.
 
 

What happens if?

You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
 
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
 
You want to surrender the policy – - If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate of 3.5% p.a. and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value will be payable to the nominee.
 
If the policyholder surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.
 
You want a loan against your policy – There is no loan facility in this product.



 
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