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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 Creating Life Money Back Plan
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Plan Nature
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TRADITIONAL
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Plan Category
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Saving
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UIN No.
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114N023V01
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About Plan
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Creating Life Money Back Plan is ideal for parents like you who want a life cover that pays you 20% of the Sum Assured at regular intervals, that is, on completion of every 1/5 of the Policy Term. For example, if you choose a 15 year Policy Term for Rs 5,00,000 Sum Assured, you will get Rs. 1,00,000 each on completion of the 3 , 6 , 9 , 12 and 15 year. In essence it not only gives financial security but also the flexibility to take care of your child's important milestones in life. What's more, the Policy also earns bonuses*,which are paid on maturity. You can pay Premiums either Yearly, Half yearly, Quarterly or even Monthly as per your convenience during the Policy Term.
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Minimum Entry Age
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25 YEARS
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Maximum Entry Age
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55 YEARS
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Minimum Policy Term
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15YEARS
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Maximum Policy Term
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25 YEARS
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Minimum Premium
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RS 8000/-
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Benefits
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| Particulars | Description |
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Maturity Benefits
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On the Policy Maturity Date, 20% of the Sum Assured along with attached Bonuses will be paid.
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Death Benefits
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On death of the Life Assured, an amount equivalent to the Sum Assured is payable and all future premiums payable are waived and the Policy continues for the entire Policy Term as planned.
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Tax Benefits
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| Section | Description |
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SEC 80 C
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Under Section 80 C premiums up to Rs. 100,000 are allowed as deduction from taxable income.
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SEC 10 (10)D
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Maturity and Death Benefits are tax free under section 10 (10) D of the Income Tax Act, 1961.
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Creating Life Money Back Plan participates in the surplus of the fund to which it belongs. Subject to the Policy being in full force (i.e. neither surrendered, lapsed nor converted to a reduced paid-up Policy), 20% of the Sum Assured is payable on the Policy anniversaries as shown in the table, irrespective of survival of Life Assured. Subject to the Policy being in full force, the Death Benefit at any time is the full Sum Assured. Bonuses are declared as a percentage of Sum Assured and are payable on maturity. In case of Surrender of the Policy, after at least three full years' premiums have been paid, a cash Surrender Value is payable.
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For the purpose of projecting benefits under this Policy, the Life Insurance Council has prescribed two rates of returns. Currently the prescribed higher rate is 10% p.a. and the lower rate is 6% p.a.
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The Bonus rates are illustrated assuming that the rate of return on the Company's investment remains the same throughout the Policy Term.
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Provided the Policy is in full force, the Sum Assured is guaranteed to be paid on death. Also, provided the Policy is in full force (i.e. without being surrendered, lapsed or converted to a reduced paid-up), 20% of the Sum Assured is guaranteed at the end of every one-fifth of the Policy Term as shown in the table, irrespective of survival of the Life Assured. The Bonuses shown overleaf are not guaranteed. However bonuses already declared are guaranteed, provided that the Policy is in full force then. Bonuses are declared based on the performance of the Company. The non-guaranteed Bonuses shown overleaf include annual Reversionary Bonuses and Terminal Bonus, if any, and are payable only at maturity of the Policy.
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This Policy may be surrendered for cash at any time after payment of at least three full years' premiums. The Guaranteed Surrender Value (GSV) is 20% of total full years' Premiums paid, excluding all extra Premiums less 20% of all recurring benefits due as on the surrender date. Cash Surrender Value if higher than GSV, may be paid by the company at rates as may be determined from time to time.
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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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