Bangalore: ING Vysya Life, part of the ING Group, is eyeing “aggressive expansion” in north and central India, a senior official of the company said.
“ING Vysya Life with a current network of 308 branches across 246 cities is looking at aggressive expansion in north and central India as part of its growth strategy,” T K Uthappa, director sales-tied agency, ING Vysya Life Insurance, told reporters at the launch of its new unit-linked product, ING Guaranteed Growth Plan, on 24 January.
“The plan is unique in its category of products in the market, as it offers 5% guaranteed return on premium invested with a potential of investing in equity markets, meeting the customer’s need of reaping the benefit of market-linked return, without having to suffer the pitfall of its volatility,” said Uthappa.
ING Guaranteed Growth Plan offers a choice of policy term. Customers can choose either 10 years or 15 years terms. It offers a premium payment option of single premium and a limited premium paying term of 2 or 3 years.
On maturity of the policy, the higher of Fund value or Guaranteed Benefit will be paid. In case of death, the Sum Assured or Guaranteed Benefit or the Fund Value, whichever is higher will be paid.The policy also allows two partial withdrawals on completion of five policy years during policy term.
As part of the investment strategy, under the Guaranteed Growth Fund, 40% of the available funds would be invested in equity and balance in debt securities.
ING Vysya Life, Uthappa said, will be expanding its advisor base from the current 50,000 to one lakh by year end.