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ING Life's Single Premium Level Term plan ensures that your client's families are protected in the event of an unfortunate death. You can ensure that their financial security is assured, when they need it most. This Single Premium Insurance plan provides for payment of sum assured for the benefit of the beneficiaries in the event of death of your client.
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You can pay the premium for the full term, to cover as many clients as you wish, at one go. This way, you save your administrative and financial managers the recurring trouble of remembering to pay premiums time and again.
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Once you've paid the premium, you can be rest assured the premium rate is guaranteed throughout the cover term. Your clients can feel safer and you can save the effort of having to ever review the rate.
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Under the plan, though the outstanding loan amount decreases over a period of time, protection under the plan remains constant to the original loan amount granted. As your loan decreases, so does your liability thereby giving your clients additional protection.
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- It provides comprehensive life insurance cover at a lower cost as compared to individual life insurance policies.- Easy administration.- Premium rate guarantee.- One master policy is issued to cover all members.- It provides for inclusion of new members at any time.- In case of loan pre-payment 70%-85% of unexpired term Single Premium is refunded depending on the group size.
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- Clients feel rewarded and protected as your company spares a thought not just for them but for their families.- They don't have to maintain the plan through periodic premium payments. And there's no possibility of the policy lapsing.- It serves as an easy way to cover outstanding loans.- If they are contributing to paying premiums, they will be eligible for tax exemption under Section 88 of Income Tax Act.
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