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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 Smart Shield
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Plan Nature
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TRADITIONAL
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Plan Category
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Investment Plan
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UIN No.
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114N037V01
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About Plan
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ING Smart Shield is an open-ended group single premium non-participating decreasing term assurance plan. It is created for credit related insurance. Credit related insurance is sold in conjunction with credit, where the policy terms and benefits are related to specific consumer credit obligation. This kind of arrangement is made between insurer and banks/financial institutions offering personal, educational, agriculture, auto and other consumer loans. It can also be targeted at deposit products, such as recurring deposits and systematic investment plans of mutual funds, where a sum assured can be of a decreasing nature and a schedule similar to outstanding loan schedule can be drawn.
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Minimum Entry Age
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18 years last Birth day
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Maximum Entry Age
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64 years last Birth day
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Minimum Policy Term
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1 year
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Maximum Policy Term
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7 years
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Maximum Maturity Age
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65 years
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Benefits
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| Particulars | Description |
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Death Benefits
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ING Smart Shield a non-participating single premium decreasing term insurance plan that can be customized to the financial products such as loans and deposits, to provide cover against the unfortunate event of death, with completeconvenience in application.
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Tax Benefits
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| Section | Description |
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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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SEC 88
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Premiums paid by the employee are elegible for tax deduction under section 88.
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ING Vysya Life Insurance is proud to introduce its new group insurance product ING Smart Shield for credit related insurance. Credit related insurance is sold in conjunction with credit, where the policy terms and benefits are related to specific consumer credit obligation. This kind of arrangement is made between insurer and banks/financial institutions offering personal, educational, agriculture, auto and other consumer loans. It can also be targeted at deposit products, such as recurring deposits and systematic investment plans of mutual funds, where a sum assured can be of a decreasing nature and a schedule similar to outstanding loan schedule can be drawn.
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- The advantage of credit life insurance to the borrower is that in case of untimely death of the insured the outstanding loan amount is covered by the insurer and thus the estate of the family remains intact.- As it is a single premium policy there are no regular payment hassles for the borrower and there is no possibility of policy lapsing.- Premiums paid by the loan borrowers can be used for tax exemption under Section 88 of Income Tax Act.
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- Comprehensive life insurance coverage at a lower cost as compared to individual life insurance policies.- One master policy to cover all existing and new members.- Easy administration.- Default of the loan due to death can be hedged by opting for insurance.
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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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