New insurance plan from ING Vysaya

New insurance plan from ING Vysaya
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First Published: Thu, Aug 09 2007. 09 39 AM IST
Updated: Thu, Aug 09 2007. 09 39 AM IST
New Delhi: ING Vysya Life Insurance launched the ‘ING Positive Life’, a Unit Linked Saving Solution which promises simple documentation and quick processing of the policy.
Targeted at the regular savings segment, it is flexible and it suits the profile of an individual customer who is between 0 to 50 years of age. It allows the customer to enter the plan for as low as Rs. 834/- per month
Highlights
* Flexible premium paying options
* No medical underwriting
* Flexible investment options
* Systematic Investment benefit
* Partial withdrawal option
The convenient policy terms of 10, 15 or 20 years allows one to match his/her life goals to policy terms. There is flexibility of premium paying term from a minimum of three years to the policy term.
The plan allows a customer to manage his/her investments and serves as a Systematic Investment Plan (SIP) mode of investment. Premiums paid can be invested in a choice of five fund options i.e. Debt, Secure, Balanced, Growth or Equity Fund, based on an individual’s risk appetite. During the policy term, the customer has an option to switch between these funds, or redirect future premiums into available options.
The plan offers liquidity when needed by allowing one partial withdrawal each year after the fifth policy year. On maturity the fund balance available is paid and the maturity proceeds can be distributed over a five-year period. In the eventuality of death of the policy holder, the sum assured or fund value is paid to the beneficiary, which ever is higher.
Kshitij Jain, Managing Director & CEO, ING Vysya Life Insurance said: “ING Vysya Life will focus on customer acquisition through the bank’s network in urban and semi urban areas to support its aggressive growth plans in 2007. This will help us access our 1.5 million customer base. Presently it contributes 10% of overall business of ING Vysya Life and with the launch of Positive Life, overall contribution is expected to further scale upwards.”
The product will be retailed through a branch network of over 400 branches spread over 150 cities. The company currently has 20 life insurance products including seven unit linked products with the launch of ING Positive Life, available through its diversified distribution platform.
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First Published: Thu, Aug 09 2007. 09 39 AM IST