Kochi: ING Life Insurance on Tuesday launched a new Unit Linked Insurance Product-ING Prospering Life, which meets wealth accumulation and protection needs of the customers, a top company official said in Kochi.
The new ULIP comes with a host of customer benefits, including five fund options to choose from, automatic asset allocation and unlimited switches with partial withdrawls free of charge, T K Uthappa, director- Sales ING Life Insurance told reporters here.
The product offers an annualised premium ranging between Rs48,000 and Rs96,000 and is competitively priced against other long term investment options. The sum assured is 10 times the annual premium at inception for those aged below 45 and seven times the annual premium at inception for those above 45.
The minimum top up premium is Rs5000.
During April-September last year, the company sold 1.37 lakh policies, while it was only 1.12 lakh policies during the same period this year.
Admitting an industry ‘degrowth´, he hoped that by March 2011 they would succeed in improving on this by at least 50%.