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ING Uttam Jeevan SP

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This plan has been withdrawn by the insurance company and is no longer available for sale.

ING Life Uttam Jeevan Single Premium Plan

This is a single premium unit-linked insurance policy (ULIP).  Here, the premium amount is invested in the markets (debt, equity and cash market instruments). The value of investments may go up or down and hence the risk in ULIPS is borne by the policy holder and not by the insurance company.

 

Key Features of ING Uttam Jeevan SP Plan

  • This is a single premium unit-linked insurance policy.
  • There is an Enhanced Protection Benefit available with this product whereby the Initial Sum Assured increases by 5% every year from 2nd policy year onwards till the end of the policy term.
  • This plan may not require medical check ups.
  • It has a in-built Accidental Death Coverage available. 


COMPARE THIS PLAN WITH OTHER ULIP PLANS

 

Benefits you get from ING Uttam Jeevan SP Plan

Death Benefit – In case of the unfortunate event of death of the life assured during the policy term, the sum assured will be paid to the nominee. The death benefit will be at least 1.05 times of the single premium paid including Top-up premiums (if any).

Maturity Benefit - If the policy holder survives the policy term, then he gets the Fund Value as on the date of maturity. Fund Value at maturity refers to the number of unit price at maturity times the number of units at maturity.

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. The maturity amounts you receive from this plan are exempt from tax under section 10(10D) provided the Sum Assured is at least 5 times the premium paid at all times.

 

Eligibility conditions and other restrictions in ING Uttam Jeevan SP Plan

 

Minimum

Maximum

Sum Assured (in Rs.)

1.25 X Single Premium

5 X Single Premium

Policy Term (in years)

10 years

Premium Payment Term (in years)

Single

Lock-in period

5 years

Entry Age of Policyholder

8 years

45 years

Age at Maturity

18 years

55 years

Regular premium

Not Available

Single premium

Rs 48,000

Rs 4,00,000

Payment modes

Single

Top-up premium

Rs 2000

25% of Single Premium paid

 

Sample Illustration of Returns at the end of the policy term in ING Uttam Jeevan SP

Annual Premium             = Rs.48,000

Policy Term                      = 10 years                

Premium payment mode = Single

Total Investment                            = Rs.48,000 X 1 year = Rs.48,000

 

ING Jeevan Uttam SP Graph 

 

Additional Features and Benefits of ING Uttam Jeevan SP Plan 

Riders – No riders are available with this plan

Type of Rider

Available with Policy

Accidental death benefit

Yes

Permanent/Accidental disability benefit

No

Waiver of premium benefit

No

Critical illness (or dread diseases) benefit

No

Increased death benefit / Term rider

No

Hospital cash benefit

No

Life Guardian benefit

No

 

Investment Fund Options

Under this plan the policy holder gets the option of 2 investment funds. They are -

§         ING Preserver

§         ING Prime Equity

 

Top-up - You can invest additional premiums as top-up premiums anytime except in the last five policy years. The minimum top-up premium is Rs. 2,000 and the maximum is 25% of Single 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 - You are allowed to move from one fund to another by switching the same. There are 4 free switches available each year.

 

Partial Withdrawal - Only one Partial Withdrawal can be availed during a Policy Year and overall five Partial Withdrawals during the entire Policy Term. You are allowed to make partial withdrawals in this policy after 5 complete policy years or after the Life Insured is at least 18 years old, whichever is later.
 

The minimum amount of partial withdrawal should be Rs. 2,000. The maximum partial withdrawal is 10% of the Fund Value prevailing at that time subject to fund value after each such withdrawal not being less than 20% of the single premium.

 

What happens if? 

You want to surrender the policy – during the initial 5 years from the policy commencement then the surrender benefits shall be payable to the policyholder only after completion of 5 full Policy Years. However, such surrender benefits along with the earned interest shall be paid to the Policyholder on completion of 5 full policy years and the policy terminates. On Discontinuance or Surrender after 5 years, the Fund Value is paid immediately and the policy is terminated.

You want a loan against your policy – Loans are not allowed in this plan.




 

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