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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 Golden Life
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Plan Nature
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ULIP
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Plan Category
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Retirement Plan
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UIN No.
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114L036V01
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About Plan
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ING Golden Life is the plan gives solution to help you realize the retired life of your choice, with a wide range of Benefits that are suit your needs. With this plan you can choose the age at which you wish your pension should start (called the Vesting Age). The plan allows you the convenience of choosing the premium and the duration you wish to pay.
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Minimum Entry Age
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18 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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10 YEARS
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Maximum Maturity Age
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57 YEARS
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Minimum Premium
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RS 20000/-
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Maximum Entry Age
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70 Years
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Minimum Premium
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Rs 45000
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Minimum Top Up Premium
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Rs.5000/-
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Benefits
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| Particulars | Description |
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Death Benefits
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In the unfortunate event of death of the Policyholder, before the Vesting Date, Fund Value shall be payable to the Nominee.
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Vesting Benefit
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On the Vesting Age, the following Benefit options are available:To receive a lump sum of upto one-third of the Fund Value or such other amount as may be statutorily allowed as a tax free amount.To receive a lump sum of upto one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuity under the then available Immediate Annuity Plans of the Company, orTo receive a lump sum of upto one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuities in the open market.
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Surrender Benefit
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The Policy can be surrendered provided the Policy has completed at least three full Policy Years and at least one full year's Premiums being paid. The Surrender value would be Fund Value less Surrender Charges.
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Annuity Benefit
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Offers Two types of Annuity options:a. Life Annuity with return of corpusb. Life Annuitythe Annuity amount will be based on the Annuity rates prevailing at the time of Vesting.
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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)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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This ING Golden Life is a Unit Linked Pension plan which does not participate in the profits of the Company. The Premiums less Charges are credited to the Fund Value (ôFVö) 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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On survival of the Policyholder to the Vesting Date ie the date on which the Policyholder opts to purchase pension, Fund Value shall be payable by the Company, which can be utilized in the following manner: i) Use the entire Fund Value for the purchase of Annuity under the then available Immediate Annuity Plans of the Company, or ii) Receive a lump sum of up to one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuity under the then available Immediate Annuity Plans of the Company, or iii) Receive a lump sum of up to one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuity from the open market.
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In the event of death of the Policyholder before the Vesting Date, Fund Value shall be payable to the Nominee. If spouse is the Nominee the Fund Value can be used in the following manner:i) To receive the entire Fund Value as a lump sum; orii) To receive a lump sum of up to one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuity under the then available Immediate Annuity Plans of the Company, oriii) To receive a lump sum of up to one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuity in the open market.
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The Policy can be surrendered at any time after completion of three Policy Years, subject to at least one full year's Premium being paid. The Surrender value will be the Fund Value less Surrender Charges.
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At the inception of the Policy or at any time during the term of the contract, the Policyholder can opt for the Life Stage Investment Program. On choosing the program the monies invested by the Policyholder in the contract will automatically be switched gradually out of Pension Equity Fund as Vesting Date approaches. Under the Life Stage Investment Program, the Policyholders can choose among 2 options, depending upon their risk appetite.
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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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Pension Debt
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Pension Equity
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Pension Liquid
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Particulars
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Range
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Pension Debt
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Debt & debt related instruments
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0% - 100%
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Pension Equity
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Equity & equity related instruments
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85% - 100%
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Money market & relatd instruments
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0% - 15%
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Pension Liquid
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Money market & related instruments
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0% - 100%
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Pension Debt Fund
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17-May-13
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16.2429
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Pension Equity Fund
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17-May-13
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12.1501
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Pension Liquid Fund
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17-May-13
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14.8169
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Pension Debt
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Pension Equity
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Pension Liquid
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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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