Thursday, September 19, 2013

Details of ING Life Insurance Guaranteed Income Insurance Plan

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 Term15 Years20 Years24 Years30 Years
Premium Payment Term7 Years10 Years12 Years15 Years
Income Payout Term8 Years10 Years12 Years15 Years
Minimum Age at Entry11 Years8 Years6 Years3 Years
Maximum Age at Entry55 Years55 Years55 Years55 Years
Minimum Age at Maturity26 Years28 Years30 Years33 Years
Maximum Age at Maturity70 Years75 Years79 Years85 Years
Minimum Annualized PremiumRs. 24,000Rs. 18,000Rs. 12,000Rs. 12,000
Maximum Annualized PremiumNo Limit
Sum AssuredMinimum: Rs. 90,978 Maximum: No Limit
Premium Payment FrequencyMonthly, Quarterly, Half Yearly, Annual


You may download the product brochure from here.

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4.5 out of 5 stars Reviewer:adminFebruary 05, 2021