ING Life India, part of the ING Group, today announced the launch of a new guaranteed return insurance product called ING Assured Return, which provides policyholders the assurance of a guaranteed return of 8.75% on the first year premium, (net of account management charges). This rate is the highest in the life insurance industry so far.
Speaking at the launch Rahul Agarwal, Chief Distribution Officer said, ‘I am delighted to launch ING Assured Returns. Many of our customers are looking for security of their funds, given the volatile market conditions witnessed in the past. This saving product offers them the maximum first year return in the industry, and is built to give them complete security. ING Assured Return offers several assured features, such as assured returns, assured security and assured rewards. I am certain that customers looking for securing their investments will find it very rewarding.’
ING Assured Returns is built on a traditional platform, and is a non-linked and non-participative saving plan, which can be used by customers for any saving needs, such as children’s education or marriage, for their house or building a retirement fund. Built on a traditional platform, each year the product will provide customers the assured security of a guaranteed return by announcing the guaranteed return rate applicable for the following year upfront, irrespective of whether the market is up or down. This will give policy holders clarity on the future growth rate even before paying the premiums, Additionally, customers enjoy the ‘first of its kind’ feature, which encourages them to keep their policy alive by renewing on time (or within grace period) and get higher guaranteed rate of interest.
The product adds to the safety of investment by taking a cautious investment approach. The investment portfolio includes Government Securities, money market & cash instruments and Crisil Rated AAA and AA corporate bonds, all being safe investment instruments. The interest declared each year is applicable for all fresh contributions (minus applicable charges) and the existing account value. The life insurance cover is a fixed amount at 5 times the annualised premium.
The additional features include a fixed 10 year term, limited premium paying term of 5 years, annual premium paying mode and a wide range of entry from a minimum of 8 years to a maximum of 60 years, making it a versatile product that can be used for planning to provide for various needs of the customer. The product has the premium range between Rs. 12,000 and Rs. 48,000 annually. The premiums paid enjoy tax benefits under section 80 C. The sum assured is fixed at 5 times of annual premium. On reaching maturity, the customer receives the account value, which is tax free under section 10 (10) D. In case of death of the life assured before maturity, sum assured plus account value is paid to the nominee.
ING Life has significantly strengthened its product portfolio. The company offers a comprehensive range of products that helps customer manage their financial future. ING Life entered the private life insurance industry in India in September 2001. Having established itself as a strong private life insurance player in India and in its eighth year of business operations, ING Life today has a pan India presence.