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Insurance Company
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ING Vysya Life Insurance Company Ltd
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Plan Name
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ING Best Years Retirement Plan
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Plan Nature
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TRADITIONAL
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Plan Category
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Retirement
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UIN No.
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114N014V01
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About Plan
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The Best Years Retirement Plan can ensure that your post-retirement years are spent in peace and comfort. And it extends the same comfort to your family by standing as a financial asset, in case you are not around. This long-term investment plan can truly ensure the best years of your life.ING New Best Years Retirement Plan gives you capital guarantee and provides a safety net to your retirement corpus. You also have the added flexibility of choosing when you want the pension payouts to commence.
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Minimum Entry Age
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20 YEARS
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Maximum Entry Age
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65 YEARS
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Minimum Maturity Age
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45 YEARS
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Maximum Maturity Age
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70 YEARS
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Minimum Top Up Premium
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Rs.2000/-
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Benefits
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| Particulars | Description |
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Death Benefits
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In case of death during the term, your nominee will have the option to encash up to 5% of the Benefit Amount outstanding each year up to the age of 45 and then apply the balance if any, at age 45 to purchase annuity. Balance in your Insurance Policy Account is guaranteed on chosen retirement date or on death.
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Vesting Benefit
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On your attaining the chosen vesting date, up to one-third of the benefit amount can be withdrawn and it is tax free. The balance amount will be utilised to purchase an annuity.
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Surrender Benefit
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The policy can be surrendered for cash after three years. The surrender value will be the accumulated balance in the Insurance Policy Account at the time of surrender less a Surrender Penalty if any. The guaranteed surrender value is 60% of the balance in the IPA at the time of surrender.
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Tax Benefits
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| Section | Description |
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SEC 80 CCC
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Section 80 CCC allows to individual, tax deduction for amount paid during the financial year out of income chareable to tax, towards specified pension plan. Maximum deduction allowed is Rs. 100,000.
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SEC 10 (10) A (3)
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Under Section 10 (10) A (iii), any payment received by way of commutation of pension plans is exempt from tax.
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Term Benefit [114B001V01]
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Accumulated balance in the Individual Pension Account is guaranteed.
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Flexibility toChoose the regular contribution to be made each year. Choose timing and frequency of contributions. Invest additional amounts in the form of Top-up contributions. Take a contribution holiday when you are unable to meet the regular contribution. Start the pension whenever you wish. Postpone your retirement date to make best use of market conditions. Take up to one-third of the balance amount at the chosen retirement date as tax-free lump sum. Purchase annuity from IVL or any other insurer.
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06-Aug-09
09:45
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Frank Koster as CEO for Asia/Pacific Insurance business : ING
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27-May-09
10:42
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Hiring of 3,000 advisers a month : ING Life
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20-May-09
14:15
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ING Life Insurance has tied up with Suvidhaa Infoserve
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13-May-09
12:46
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Premium income growth of 24 in last FY : ING Vysya Life
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26-Feb-09
12:28
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ING Life tied up with South Indian Bank
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12-Feb-09
18:36
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ING Life launches ULIP 'ING Prime Life'
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11-Feb-09
10:40
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Pension Plans Contribute
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10-Feb-09
13:52
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ING group to infuse more capital into joint venture
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13-Jan-09
13:50
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ING bets on TV ad to improve connect
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02-Oct-08
09:51
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ING Vysya ties-up with eSeva in Hyderabad
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