ING Flexi Life Plus
ING Flexi Life Plus is a unit linked insurance policy giving the dual benefit of insurance coverage & investment opportunity. It is a comprehensive plan that provides flexibility in premium contributions through payment modes with the option to increase or decrease of regular premiums. The plan allows you the choice of extending your life cover after payment of premiums for the first five years, the amount accumulated in your fund will be given as maturity benefit, while withdrawal facilities during the term will help you to meet financial contingencies. This plan also provides an Enhanced Accidental Protection Benefit, which provides additional benefit on death due to accident. You are allowed to make partial withdrawals during the policy term after the initial lock-in period of three years. For more details on risk factors, terms and conditions
Key Benefits
*Flexibility to increase / decrease the regular premium
*Enhanced Accidental Protection Benefit
*Cover continuation option
Eligibility Criteria
Minimum age at entry : 0 years lbd (for entry ages below 12 years, risk cover commences from age 5 or 2 years from policy commencement date, whichever is later)
Maximum age at entry : 60 years
Minimum age at maturity : 18 years
Maximum age at maturity : 70 years
Policy Term : 10 / 20 years
Premium Paying Term : Same as policy term
Premium Payment Modes : Regular (Annual, Half-yearly, Quarterly, Monthly)
Top-up Premium : Minimum: Rs. 2,000
Sum Assured :Minimum: 6.25 times the annualized first policy year regular premium Maximum: 25 times of Annualized first policy year regular Premium subject to underwriting conditions
Minimum Premium Payable Rs 48000.00
Yearly
Half-Yearly
Quarterly
Monthly
2nd year onwards
75% of 1st policy year premium
Top-Up Premium
Additional top-up premium subject to a minimum of Rs 2,000 over and above the regular premiums paid, without exceeding 25% of the total regular premiums paid.
Maximum premium
No limit, but subject to underwriting considerations for the first policy year but from the second policy year onwards the maximum premium payable would be 125% of the first policy year annualized premium on an annualised basis
http://www.inglife.co.in/productcenter/productcenter-investment-FlexilifePlus.shtml
Saturday, February 13, 2010
Give life insurance top priority while making plans
Give life insurance top priority while making plans
Life insurance should form an integral part of an individual’s financial planning. It should be seen as a security that one can provide to his family to meet future uncertainty. The type of the insurance policy and the amount of the financial cover which an individual may choose is a matter of his personal choice and depends upon the number of factors including his age, future financial commitment, income level, etc.
Apart from the financial cover to meet future uncertainties, life insurance can also be looked at as one of the important tax-saving instruments on account of income-tax benefits available under the Income Tax Act, 1961 (The Act).
Income-tax benefits
The income-tax benefits in respect of the life insurance can be broadly classified under two categories. First, the benefit available in respect of payment of the life insurance premium and second, in relation to the amount received under a life insurance policy on maturity or on happening of a certain contingency.
Deduction in respect of premium
A deduction under section 80C of the Act can be claimed in respect of the life insurance premium paid by the tax payer during a financial year (April 1 to March 31). The maximum deduction that could be claimed is restricted to the overall limit of Rs 1 lakh available under the said section. It should be noted that the deduction is available only to an individual or to the Hindu Undivided Family. In case of an individual, the deduction can be claimed in respect of the premium paid for life insurance for self, spouse and any child of such individual. In case of Hindu Undivided Family, the deduction can be claimed in relation to the premium payable on behalf of any member of the family.
Amount received on maturity or on death — not taxable As per the section 10(10D) of the Act, any amount received under a life insurance policy, including bonus paid on such a policy is exempt from income-tax, subject to specified conditions. However, the sum received under a key man insurance policy is taxable.
Similarly, any claim proceeds received from the insurance company by the dependent(s) /nominee( s) of the policy holder after his death is not taxable under the Income-Tax Act.
Caution Point
It is pertinent to note that any sum received under an insurance policy issued on or after April 1, 2003, in respect of which, the premium payable for any of the years during the term of the policy exceeds 20 per cent of the capital sum assured, is taxable. However, any sum received under such a policy on the death of the policy holder continues to be exempt from tax.
To Sum it up
As per media reports, it is quite ironical that on an average, people spend more money on their vehicle insurance rather than personal insurance. Probably, the reason is that vehicle insurance is mandatory while life insurance is not.
In case of individuals where they are the sole/main earning members of the family, life insurance should be the first and foremost financial investment that one should consider. In this context, term insurance policies, wherein for a reasonable premium, a large amount of life insurance cover could be taken, do provide a good avenue to financially de-risk the family in the hour of need.
Further, the tax benefits that one could avail should also act as the catalyst to encourage people to go for life insurance.
Source: http://economictimes.indiatimes.com/Personal-Finance/Insurance/Analysis/Give-life-insurance-top-priority-while-making-plans/articleshow/5532880.cms?curpg=1
Life insurance should form an integral part of an individual’s financial planning. It should be seen as a security that one can provide to his family to meet future uncertainty. The type of the insurance policy and the amount of the financial cover which an individual may choose is a matter of his personal choice and depends upon the number of factors including his age, future financial commitment, income level, etc.
Apart from the financial cover to meet future uncertainties, life insurance can also be looked at as one of the important tax-saving instruments on account of income-tax benefits available under the Income Tax Act, 1961 (The Act).
Income-tax benefits
The income-tax benefits in respect of the life insurance can be broadly classified under two categories. First, the benefit available in respect of payment of the life insurance premium and second, in relation to the amount received under a life insurance policy on maturity or on happening of a certain contingency.
Deduction in respect of premium
A deduction under section 80C of the Act can be claimed in respect of the life insurance premium paid by the tax payer during a financial year (April 1 to March 31). The maximum deduction that could be claimed is restricted to the overall limit of Rs 1 lakh available under the said section. It should be noted that the deduction is available only to an individual or to the Hindu Undivided Family. In case of an individual, the deduction can be claimed in respect of the premium paid for life insurance for self, spouse and any child of such individual. In case of Hindu Undivided Family, the deduction can be claimed in relation to the premium payable on behalf of any member of the family.
Amount received on maturity or on death — not taxable As per the section 10(10D) of the Act, any amount received under a life insurance policy, including bonus paid on such a policy is exempt from income-tax, subject to specified conditions. However, the sum received under a key man insurance policy is taxable.
Similarly, any claim proceeds received from the insurance company by the dependent(s) /nominee( s) of the policy holder after his death is not taxable under the Income-Tax Act.
Caution Point
It is pertinent to note that any sum received under an insurance policy issued on or after April 1, 2003, in respect of which, the premium payable for any of the years during the term of the policy exceeds 20 per cent of the capital sum assured, is taxable. However, any sum received under such a policy on the death of the policy holder continues to be exempt from tax.
To Sum it up
As per media reports, it is quite ironical that on an average, people spend more money on their vehicle insurance rather than personal insurance. Probably, the reason is that vehicle insurance is mandatory while life insurance is not.
In case of individuals where they are the sole/main earning members of the family, life insurance should be the first and foremost financial investment that one should consider. In this context, term insurance policies, wherein for a reasonable premium, a large amount of life insurance cover could be taken, do provide a good avenue to financially de-risk the family in the hour of need.
Further, the tax benefits that one could avail should also act as the catalyst to encourage people to go for life insurance.
Source: http://economictimes.indiatimes.com/Personal-Finance/Insurance/Analysis/Give-life-insurance-top-priority-while-making-plans/articleshow/5532880.cms?curpg=1
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