ING Vysya Life adds two new plans

ING Vysya Life adds two new plans

MUMBAI: Private insurance company ING Vysya Life on Thursday announced the launch of two new insurance products, ING Term Life and ING Term Life Plus. Both the products offer flexibility to choose premium paying terms between 10 years and 30 years. The minimum age of the individual should be 18 years and the maximum age limit is 65 years for both the products. Similarly, the maximum maturity age is capped at 75 years for both the plans. In case of ING Term Life, the minimum sum assured you can opt for is Rs 10 lakh. The customers can opt for paying a single premium, or limited premium or regular premium terms. If a 35 year old male chooses a sum assured of Rs 20,00,000 and a policy term of 20 years, he will have to pay a regular premium of Rs 6,249 every year. If he opts for limited premium, it would amount to Rs 18,402 per annum for a 5 year payment term. The single premium for this customer would be Rs 81,062. For ING Term Life Plus plan, the minimum sum assured you can opt is Rs 5 lakh. The maximum sum assured, however, will depend on your eligibility. If a 35 year old male chooses a sum assured of Rs.5,00,000 and a policy term of 20 years, he will have to pay a regular premium of Rs.5,278 per annum. If he opts for limited premium, it will be Rs 11,127 per annum and single premium will be Rs 45,363. For ING Term Life Plus, the company will return 40% of the regular premium if the policy holder survives half the policy term. On maturity, the total premiums are paid, after deducting mid-term benefits. Rider options, including accidental death benefits and accidental death, disability and dismemberment benefits are also available on the two plans. Tax benefits under section 80C and section 10(10D) of the Income Tax Act 1961 (‘Act’) are available on both the policies.