In a great start to 2012, ING Life Insurance announces the launch of three new products in the traditional insurance space. The new products are ING Secured Income Insurance Plans, ING STAR Life and ING Critical Illness Riders.
ING Secured Income Insurance Plans: A new class of endowment plans that are designed to offer security to you and your family in the form of long term benefits, while assuring your family a regular income if anything unfortunate were to happen. Under this bouquet two variants are available: Secured Income Insurance Regular Pay and Secured Income Insurance Plus.
Key Benefits of Secured Income Insurance Plans:
Double death benefit: In the unfortunate event of the death of life assured as the case may be, the family gets 220% of the sum assured and bonuses (if any) as death benefit – 100% of sum assured paid in lump sum immediately on death and 120% paid as 2% of Sum Assured every month for 60 months.
Guaranteed addition of 10% of sum assured in maturity value: We reward the long term commitment of policy holders through a guaranteed addition of 10% in SA on policy maturity. This guaranteed addition is over and above the sum assured and accrued bonus if any, and is payable at policy maturity.
Flexibility to choose from limited and regular premium paying terms: Based on your income and financial plan, you can choose to pay regularly over the policy term or pay for limited numbers of years (5/7/10 years) while the plan continues for the chosen policy term.
ING STAR Life: a unique life insurance plan that helps you enjoy guaranteed tax free returns on your hard earned savings while providing life cover. It has a short premium paying term of 3 years but provides the benefits for full 12 years of the policy term. The key benefits of ING STAR Life are Guaranteed Death benefit, Guaranteed Addition Rate, Guaranteed Survival benefit, Guaranteed Maturity Benefit along with Tax savings
ING Critical Illness Riders: These riders are add–on protection benefits that pay a lump sum amount in case the life assured is diagnosed with any of the listed critical illnesses. You can choose from two variants i.e. Regular Premium Payment Term or Limited Premium Payment Term with an option to cover either 4 or 25 critical illnesses.
Speaking about the new product portfolio, Mr. Uco Vegter, Chief Financial Officer said, “It’s been a constant endeavor at ING life to provide our customers with comprehensive savings and protection solutions. Secured Income Insurance Plans and STAR Life have been designed after in-depth research of multiple customer segments and assessment of their primary insurance needs. The launch of Critical Illness riders marks ING Life’s foray in the space of health insurance.”