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This ING Creating Star is a Unit-Linked Savings Plan which does not participate in the profits of the Company. The premiums less charges are credited to the Fund Value (FV) and are used to purchase Units in one or more Unit Linked Funds, offered by the Company, based on the choice made by the Policyholder. The FV is represented by the number of Units multiplied by the respective Unit Price of the Units held from time to time under all the Unit Linked Funds held under the Policy.
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During the last three Policy years preceding the Policy maturity date, the Company will make one payout each at the policy anniversary date, provided the Life Assured is alive on the date of the payout, at the rate of 20%, 30% and 50% respectively of the Fund Value. On the maturity date, the balance available in the fund value shall be paid. The Company does not levy any charge on the Education Payouts. The Education Payouts are subject to the conditions of the Plan.
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In the event of the Policyholder's death during the premium payment term the regular benefits under the Policy will continue as the Company will pay the future premiums, provided the Policy has been in force on the date of death of the Policyholder. This benefit is not available if the Policyholder has opted to pay single premium. The Company will pay the future premiums under the Policy as per the premium payment frequency chosen by the Policyholder.
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Death Benefit shall be the higher of the Sum Assured or the FV. For the purpose of determining the amount payable as Death Benefit, the Sum Assured will be reduced by the total amount of Partial Withdrawal Benefit availed by the Policyholder during the twenty four (24) months immediately preceding the date of death of the Life Assured.
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The Policy matures on survival of the Life Assured on the Policy maturity date. The maturity benefit is equal to the Fund Value.
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At any time after the completion of the third Policy anniversary, the Policyholder can opt to surrender the Policy. The amount payable on surrender shall be the FV less the applicable surrender charges. The Policy will acquire Surrender Value only if at least one full year's regular/limited premium is paid. The Surrender Benefit is subject to the charges stated under the section Policy Charges.
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The Policyholder can avail one partial withdrawal not exceeding 25% of the Fund Value after completion of the third Policy year subject to the conditions of the Plan. The Partial Withdrawal will not be allowed during the minority of the Life Assured till the attainment of age of majority and the same cannot be availed after the commencement of disbursal of the first Education Payout. The Partial Withdrawal is subject to applicable partial withdrawal charges as mentioned under the ôPolicy Chargesö.
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In the event of the Policyholders' death during the Policy term, if the existing investment fund is in full or in part in balanced, growth or equity funds, the Company will automatically switch the investment/s to the secure fund without levying any switching charges. This is done to protect the Policyholders' savings from market volatility.
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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 lower rate is 6% p.a. These rates have been used to demonstrate the growth in the value of Units under this Plan.
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