Ing Life Insurance recently introduced a new plan that offers guaranteed regular income. In this plan an investor has to pay premiums for few years and get guaranteed benefits like regular income at an attractive rate of 11% – 13% p.a., lump sum amount on maturity and life cover throughout the policy term.
Key Benefits
1. Regular Guaranteed Income
You pay premium for a ‘chosen number of years’ and start receiving a guaranteed regular income for the remaining period till the end of policy term. You have an option to receive income, monthly or annually.
2. *Guaranteed Income Payout Rates of up to 13% p.a.
You can choose the rate at which you want the income payouts – 11% p.a., 12% p.a. or 13% p.a. Income is paid as a percentage of the sum assured chosen. The income payout rate varies with premium payment term and premium amount chosen.
| For 11% p.a. | |
|---|---|
| Premium Payment Term | Premium Range |
| 7 | 24000 – 47,999 |
| 10 | 18,000 – 35,999 |
| 12/15 | 12,000 – 23,999 |
| For 12% p.a. | |
|---|---|
| Premium Payment Term | Premium Range |
| 7 | 48,000 – 95,999 |
| 10 | 36,000 – 71,999 |
| 12/15 | 24,000 – 47,999 |
| For 13% p.a. | |
|---|---|
| Premium Payment Term | Premium Range |
| 7 | 96,000 – above |
| 10 | 72,000 – above |
| 12/15 | 48,000 – above |
In case monthly income payout opted, the percentages applicable are 0.85% p.m. / 0.90% p.m. / 1% p.m. for income payout rate of 11% p.a., 12% p.a. and 13% p.a. respectively.
3. Maturity Benefit
At end of policy term, you receive a lump-sum amount equal to sum assured. This is paid along with the last income payout.
4. Guaranteed Life Cover for Full Policy Term
In case of unfortunate eventuality, your family will get highest of following:
- 10 times the annual premium.
- Sum Assured
- 105% of the premiums paid
You can choose from the following life cover payout options:
Option A: Receive a Lump Sum Amount, or
Option B: Receive as Family Income Benefit (FIB) wherein 110% of the life cover amount is given as monthly income spread over 60 months.
5. Save Tax
You save tax on premiums paid and benefit amount under section 80C and section 10(10D) respectively.
Disclaimer: Above information sourced from Company’s website, we are neither representative / agent or any way associated with the company. for any further quarries contact the Ing’s Customer care. The information above is just to let public aware about a new plan available for sale.