ING life insurance offers a plan which provide you regular income and that too “guaranteed”. Not only this, the plan offers life insurance also, which is 10 times the annual premium.
Sounds attractive? Let us understand the plan in more detail now.
What is ING Guaranteed Income Insurance Plan?
This plan provides a guaranteed regular income to help you boost your life style. You have to pay premium for few years and you get guaranteed benefits like regular income at an attractive rate of 11% – 13% p.a., lump sum amount on maturity and life cover throughout the policy term.
1. Regular Guaranteed Income
You pay premium for a ‘chosen number of years’ and start receiving a guaranteed regular income for the remaining period till the end of policy term. You have an option to receive income, monthly or annually.
2. *Guaranteed Income Payout Rates of up to 13% p.a.
You can choose the rate at which you want the income payouts – 11% p.a., 12% p.a. or 13% p.a. Income is paid as a percentage of the sum assured chosen. The income payout rate varies with premium payment term and premium amount chosen.
3. Maturity Benefit
At end of policy term, you receive a lump sum amount equal to sum assured. This is paid along with the last income payout.
4. Guaranteed Life Cover for Full Policy Term
In case of unfortunate eventuality, your family will get highest of following:
- 10 times the annual premium Sum Assured
- 105% of the premiums paid
- You can choose from the following life cover payout options:
- Option A: Receive a Lump Sum Amount, or
- Option B: Receive as Family Income Benefit (FIB) wherein 110% of the life cover amount is given as monthly income spread over 60 months.
5. Save Tax
You save tax on premiums paid and benefit amount under section 80C and section 10(10D) respectively.
How does the Plan Work?
Mr Madhav is 40 years old and knows that his expenses will be at peak when he reaches in his fifties. Also, he is worried about uncertainty of income post his retirement. ING Guaranteed Income Insurance Plan of 30 year policy term offers a good solution. He saves Rs 48,000 p.a. for 15 years and gets these benefits:
Benefit 1: Guaranteed Regular Income of Rs 64, 921 from 16th policy year to 30th policy year.
Benefit 2: Guaranteed Maturity Benefit of Rs 4.99 Lac in 30th policy year.
Benefit 3: Guaranteed Life Cover throughout the policy term of 30 years
Who should buy?
Anyone who is looking for guaranteed regular income during the policy term in addition to other benefits like life cover, tax savings, lump sum amount on maturity.
Key Features
| Policy Term | 15 Years | 20 Years | 24 Years | 30 Years |
|---|---|---|---|---|
| Premium Payment Term | 7 Years | 10 Years | 12 Years | 15 Years |
| Income Payout Term | 8 Years | 10 Years | 12 Years | 15 Years |
| Minimum Age at Entry | 11 Years | 8 Years | 6 Years | 3 Years |
| Maximum Age at Entry | 55 Years | 55 Years | 55 Years | 55 Years |
| Minimum Age at Maturity | 26 Years | 28 Years | 30 Years | 33 Years |
| Maximum Age at Maturity | 70 Years | 75 Years | 79 Years | 85 Years |
| Minimum Annualized Premium | Rs. 24,000 | Rs. 18,000 | Rs. 12,000 | Rs. 12,000 |
| Maximum Annualized Premium | No Limit | |||
| Sum Assured | Minimum: Rs. 90,978 Maximum: No Limit | |||
| Premium Payment Frequency | Monthly, Quarterly, Half Yearly, Annual | |||
You may download the product brochure from here.