ING Life India, in its 10th year of operations, today launched a highly attractive traditional insurance product, ING ACE (Pension & Life) with features such as high guaranteed additions, limited premium pay and Tax benefit under Section 80 C of Income Tax Act. The new plan comes in two variants – ING ACE Pension and ING ACE Life. The pension variant offers customers an attractive guaranteed addition of 8.75% p.a. throughout the 10 year term of the policy. ING ACE Life version offers 7.75% or 7% p.a. guaranteed additions, depending on the premium paid. Both the plans are highly attractive for the customer, as customers need to pay premium for only 3 years in an annual mode, and tax benefits.
Speaking at the launch, Mr. Uco Vegtor, Chief Marketing and Strategy Officer, ING Life– Sales, said, ‘I am delighted to launch ING ACE (both variants) which we believe will appeal to a lot of our customers looking for tax saving solutions in these months, apart from attractive additions. ING ACE (both variant) offers high guaranteed additions, tax benefits under section 80C, and is available with low commitment from their side, as they need to pay only 3 annual premiums. It is convenient to buy, as it does not require medical check-ups, and has a fairly simple proposal form to be filled.’
ING ACE Pension variant is an attractive product for people in the age above 35 to 60 years, who are looking at building their corpus for post retirement. The customer gets to choose his premium at the time of investing. The product offers Guaranteed Additions of 8.75% p.a. of maturity sum assured, compounded every year throughout the 10 years of the policy’s term, while the customers need to pay their premium only for 3 years, making it extremely convenient. At the end of the 10 years of policy term, the customer builds his retirement corpus, inclusive of the guaranteed additions @ 8.75% p.a. The customer has the option of buying an annuity product with the entire amount, or receive 1/3rd amount as lump-sum, while investing the balance in an annuity product. In case of an untimely death of the policyholder, the policy offers a guaranteed death benefit of all premiums paid, compounded @ 3%.
ING ACE Life variant offers customers a guaranteed addition of 7% or 7.75% p.a. of maturity sum assured, throughout the 10 year term of the policy, depending on the premium paid. The variant offers a life cover to the policyholder for the 10 year term of the policy, with a guaranteed death benefit of 5 times the annual premium paid. In this variant as well, the customer enjoys the convenience to pay only 3 years of premium. On maturity, the customer receives his entire maturity sum assured, along with the guaranteed additions. In case of an untimely death of the policyholder, the policy offers a guaranteed death benefit of 5 times the annual premium amount.
Customers looking for convenience to manage their life insurance policies, along with benefits of guaranteed additions and tax benefits will find ING ACE (both the variants) a very attractive product. The plan can be invested in without any medical checks. It offers the tax benefits under Sec 80 C of Income Tax Act.
Some of the other product features of ING ACE include:
ING ACE Pension Plan ING ACE Life Plan
Age of entry Min: 35 Max: 60 Min: 8 Max: 50
Age of Maturity/Vesting Min: 45 Max: 70 Min: 18 Max: 60
Policy Term 10 years 10 years
Premium Paying Term 3 years 3 years
Premium Paying Mode Annual Annual
Guaranteed additions 8.75% p.a. 7% p.a. or 7.75% p.a. depending on the premium paid
Guaranteed Death Benefit Premiums paid compounded at 3% per annum 5 X Annual Premium
ING Life India offers a comprehensive range of products that helps customer manage their financial future. ING Life India has now entered it’s 10th year of operations this year. Having established itself as a strong private life insurance player in India, ING Life today has a pan India presence with presence spread across 229 cities. .
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About ING Life
ING Life India, part of the ING Group, entered the private life insurance industry in India in September 2001. The company has issued over 1.2 million policies and is staffed by over 7000 employees. ING Life India has an infused capital of over Rs. 1450 crores. It is a joint venture between ING Insurance International B.V. (26%) and Exide Industries (50%). Other shareholders hold 24%. Headquartered in Bangalore, ING Life India is currently present in 229 cities. In addition, the company distributes its products in several parts of the country through its partner’s presence.
ING Life India distributes its products through two channels: the Tied Agency Force and the Alternate Channel. The Tied Agency force comprises over 33,000 ING Life Advisors, spread across the country. The Alternate Channels business within ING Life India is a fast growing distribution channel, including the Bancassurance model (ING Vysya Bank), and others such as Referral Banks, and Corporate Agents