ING Vysya Life Insurance has launched a unit-linked investment solution, named ING Flexi Life Plus, which offers flexibility in payments of premium as well as the convenience to change premium amount during the term of the policy.
The new product provides flexibility to change the premium amount as per the guidelines of the insurance regulator, the Insurance Regulatory and Development Authority (IRDA), the company said in a statement.
Rahul Agarwal, chief distribution officer of ING Vysya Life Insurance, said in the statement that ING Flexi Life Plus gives the police-holder a lot of flexibility and convenience to suit his financial needs.
Also, ING Flexi Life Plus passes the benefits to the customer, thus giving better value for money, he added.
Customers can, Agarwal explained, change their premium amount from the second year onwards, and this facility is available throughout the term of the product.
Accordingly, the customers can either raise their premium to 125% of their first policy year annualised premium or lower it to 75% of the first policy year annualised premium.
There are 4 investment options in the ING Flexi Life Plus – debt, secure, growth, and balanced.
The customers have the option to switch the funds as they wish and also can have the flexibility to choose their protection cover – ranging from 6.5 times to 25 times of the annualised first year premium.
Moreover, the customers get the benefit of what the company calls an “in-built” accident protection benefit.
Age-wise, the ING Flexi Life Plus has the following features: Minimum age of entry – 0 years; maximum age of entry – 60 years; minimum age of maturity – 18 years; and maximum age of maturity – 70 years.
The policy term is 10 years or 20 years; the premium-paying term is 10 years or 20 years; and the premium-paying mode is annual, half-yearly, quarterly, or monthly – by cash or cheque.
As for partial withdrawal benefit, one partial withdrawal per policy year is allowed after completing 3 years.
ING Vysya Life Insurance says that the maturity benefit of ING Flexi Life Plus also has also been made attractive in that the customers have the option to take the maturity benefit amount either in a lump-sum or in equal installments of units over a period of 3 years or 5 years after the date of maturity.
In the life insurance venture ING Life India, which is a part of the ING Group, ING Insurance International holds 26% stake, Exide Industries 50%, Enam Group 12.5%, and Ambuja Cements 11.5% stake.
According to the company, the foreign partner is planning to give up its stake in the life insurance venture by 2013, as a part of its ongoing ‘Back to Basics’ programme, which aims at total separation of its banking and life insurance businesses.