A Retirement Solution offering capital* guarantee of the retirement corpus!
ING Life India, part of the ING Group, the world’s largest financial services provider^ today announced the launch of a retirement solution, ING New Best Years. This plan offers a guarantee of the accumulated fund balance*, thus providing a safety net to the retirement corpus of the policyholder. The plan makes continued saving more attractive for the customer, along with a host of other attractive benefits.
ING New Best Years plan is in continuation of ING Life India’s existing family of retirement solution product, ING Best Years. ING Best Years is one of ING Life India’s very successful products, and has an incredible track record of generating a 7.3% (Gross) CAGR returns on funds since its inception till March 2009.
Speaking on the launch, Mr Rahul Agarwal, Chief Distribution Officer said, “I am delighted to announce the launch of ING New Best Years, a retirement solution product. ING New Best Years belongs to ING Life’s family of retirement solution products, and is based on one of our most successful existing products, ING Best Years. Saving for retirement requires regular investments and customers should also have the flexibility to suit their current financial position. ING New Best Years has been designed with this in mind, which retains all the key USPs of ING Best Years, offering further flexibility to our customers to build a stable and lifestyle protecting income for retirement years.”
ING New Best Years Retirement plan has been developed keeping the customer needs in mind. The product has been designed to offer substantial flexibilities.
Key benefits to customers include:
- The product offers customers the guarantee of investment amount and the returns declared thereon. A minimum of 40% of the investment of funds is done in Government Securities and AAA rated funds, to ensure the safety net to the retirement corpus from any kind of market swings.
- Flexibility to choose the retirement date when the pension payout will start. Customers can choose to defer the vesting age upto 10 years (subject to maximum age of 70). It also offers the flexibility to decide the time, amount and frequency of contribution per year, subject to a minimum of Rs. 12,000 per year.
- ‘Contribution holidays’ to customers, which means that incase the customer is unable to pay the premium or pay lesser premium, the plan will continue, provided the total fund value is a minimum of Rs. 100,000. This makes continued saving more attractive and convenient for the customers. On the other hand, customers have the flexibility to contribute additional to the agreed amount as top-ups, in any year before the vesting age, subject to a Minimum of Rs. 2000 per year.
- It offers tax benefit to customers during the accumulation phase, where the premium paid for the product is exempt from tax under 80C.
ING Life offers a comprehensive range of products that help customers manage their financial future. The products meet the customer’s needs of protection, savings, retirement and long-term investment. ING Life India entered the private life insurance industry in September 2001. It has completed eight years of successful operations, and today has a pan India presence.
^As per Fortune 500, July 2009
*Customer’s capital, net of all charges.
About ING Group
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million customers in over 40 countries. ING Group has a diverse workforce of approximately 111,000 people.
About ING in India
ING operates through three businesses in India: ING Life India, ING Vysya Bank and ING Investment Management. ING Vysya Bank is a premier private sector bank with over 76-year heritage and 2 million customers. ING Investment Management (IIM) offers investment solutions and services to over 190,000 clients through single and multi-manager products across a range of asset classes.
About ING Life
ING Life India, part of the ING Group - the world’s largest financial services corporation^ - entered the private life insurance industry in India in September 2001. The company serves more than 800,000 customers, and is staffed by over 5500 employees. ING Life India is capitalised at over Rs. 1000 crores. ING Life India is a joint venture between ING Group (26%; ING Insurance International B.V.), Exide Industries (50%), Ambuja Cements Limited (11.5%) and Enam Group (12.5%). Headquartered in Bangalore, ING Life India is currently present in 234 cities across 265 branch offices. 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 60,000 ING Life Advisors, spread across the country. The Alternate Channels business within ING Life India is a fast growing distribution channel, and comprises over 200 partners, including the Bancassurance model (ING Vysya Bank), and others such as Referral Banks, and Corporate Agents.
