ING LAUNCHED ITS MUCH AWAITED RETIREMENT PLAN, ING Golden Life
‘My Retirement, My Way’
Presenting
ING Golden Life – a retirement solution that will help you realize the retired life of your choice, with a wide range of Benefits that are personalized to suit your needs.
What is this Plan all about?
Your Life after retirement is undoubtedly the golden period of your life. As it’s the time you can live life on your own terms and take charge in doing the things you always dreamt of, free from the pressures of a working life. And of course, all this without having to worry about financial considerations. In your hectic life of today your golden years may seem far away, but you really have to plan today to make those dreams a reality. It’s vital to save systematically and have a financial plan that helps you stay in control of your retired life and live the way you want to.ING Vysya Life’s ING Golden Life offers you the perfect solution that will help you realize the retired life of your choice, with a wide range of Benefits that are personalized to suit your needs.
It Offers
*To choose your retirement age
*Flexible Premium options
*To Manage your investments as per your risk preference
*To exercise the pension option on the chosen retirement age
* How does this Plan work? The ING Golden Life is a Unit Linked Pension plan. You need to choose the age at which you wish your pension should start (called the Vesting Age). The Policy plan allows you the convenience of choosing the Premium and the duration you wish to pay. It allows you to manage your investments as per your risk preference. You can opt to invest the Premiums amongst the Funds offered i.e. Pension Debt, Pension Equity or Pension Liquid OR you can choose the Life Stage Investment Program which automatically adjusts your Fund allocation to secure your investments as your retirement age approaches. On reaching your chosen Vesting Age the accumulated monies in your Fund will be available to you to secure pension. Loyalty Units: The unique feature of Loyalty Units helps you to grow your Fund faster. While you pay the Premiums upto date and keep the Policy in force your Fund will get credited with Loyalty Units at the end of each Policy Year and the percentage of Loyalty Units will grow with the size of your Funds.
Eligibility Criteria
Age (as on last Birthday)
Premium Option
Regular Premium
18 years
65 years
Single Premium
18 years
70 years
Vesting AgeYou have the option to choose the Vesting Age i.e. the age when you wish your pension to commence. While the Policy is in force you may choose to pre pone or postpone the Vesting Age once by giving six months prior notice. Vesting Age (as on last birthday)
Minimum Vesting Age: 45 years
Maximum Vesting Age: 75 years
Vesting Period
Premium Amount This plan allows you to choose the amount of Premium you wish to pay and the duration, subject to certain minimum Premium limits.
You can opt for(a) Single Premium payment(b) Regular Premium payment term of a minimum 5 years to a maximum of 30years. You can choose the frequency of Premium payments as mentioned below:
Regular Premium
Mode
Premium Payment Term is less than or equal to 10 years
Premium Payment Term is more than 10 years
Yearly
Minimum Rs.20000/-
Minimum Rs.15000/-
Half Yearly
Minimum Rs.10000/-
Minimum Rs.7500/-
Quarterly
Minimum Rs.5000/-
Minimum Rs.3750/-
Monthly
Minimum Rs.1667/-
Minimum Rs.1250/-
Single Premium
Minimum – Rs.45000/- Top up Premiums: The plan allows you the option of paying additional unlimited Top Up amounts in addition to your Premiums as and when you wish, there by allowing you to increase your investments and savings at your own pace. The Minimum Top up is Rs.5000/-. However, Top ups can only be paid as long as Regular Premiums are paid to date.
Plan Features
Flexible InvestmentsThe Regular or Single Premium paid by you, less Charges are credited to an account called the ‘Fund Value’ and are used to purchase Units in one or more Unit Linked Funds as per your choice. At any point in time, the Fund Value is represented by the number of Units multiplied by the respective Unit Price of the Units held from time to time under all the Unit Linked Funds under this Policy.
Investment Options:As per your investment objective and risk appetite you may select one or more Unit Link Funds offered by the Company OR opt for the Life Stage Investment Program for investing your Premiums and Top Up Amounts.A. Unit Linked Funds: You have an option to allocate your Premiums as per your preference amongst one or more of the Unit Linked Funds mentioned below:
Unit Linked Funds
Pension Debt Fund
100% of the available Fund will be invested in debt and debt-related instruments.
Provides attractive income by investing in a diversified portfolio of debt and money market instruments of varying maturities
Pension Liquid Fund*
100% of the available Fund would be invested in Money Market and related instruments.
Provides reasonable returns while providing a high level of liquidity and low risk.
Pension Equity Fund
A minimum of 85% and up to maximum of 100% of the available Funds under this Policy will be invested in equities or equity related instruments and the balance in money market and related instruments.
Provides capital appreciation by investing in listed Indian companies*You cannot invest more than 25% in the Pension Liquid Fund
Loyalty Units Loyalty Units will be credited to your Fund at the end of each Policy Year as long as your Policy is in force and Premiums are paid up to date at the rate of
0.20% of the Fund Value in case the Fund Value is less than or equal to Rs.10 Lakhs; or, 0.30 % of the Fund Value if the Fund Value is greater than Rs.10 Lakhs.
B. Life Stage Investment ProgramThe objective of the Life Stage Investment Program is to minimize investment risk as you get closer to your Vesting Age. The exposure to Pension Equity Fund will be reduced gradually at a pre determined rate as per your chosen option. As the program is actively managed a Quarterly Rebalancing of Units will be done to offset the change in proportion of Funds due to the movement of Unit prices. The following options are available under the Life Stage Investment Program:
(a)
Standard Program: Under this option the proportion of Fund Value invested in Pension Equity Fund 20 years before the Vesting Date is 60%.
(b)
Aggressive Program: Under this option the proportion of Fund Value invested in Pension Equity Fund 20 years before the Vesting Date is 100%.
Switching OptionYou have the flexibility to review the performance of your Unit Linked Funds periodically and switch investments from one Unit Linked Fund to another. You can avail a total of four free switches within a period of a Policy Year free of charge. Any additional switch will be as per the applicable Charges. Switching from existing Unit Linked Fund(s) to Life Stage Investment Program and vice versa would be permitted during the Vesting Period. In such case the entire Fund value will be switched into or out of the Life Stage Investment Program.
Surrender Benefit The Policy can be surrendered provided the Policy has completed at least three full Policy Years and at least one full year Premiums being paid. The Surrender value would be Fund Value less Surrender Charges.
Benefits PayableBenefits payable on the Vesting Age: On the Vesting Age the following Benefit options are available
(a) To receive a lump sum of up to one- third of the Fund Value or such other amount as may be statutorily allowed as a tax free amount
(b) To receive a lump sum of up to one-;third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuity under the then available Immediate Annuity Plans of the Company, or (c) To receive a lump sum of up to one-third of the Fund Value or such other amount as may be statutorily allowed and utilize the balance amount for purchase of Annuities in the open market.
Benefit payable on death of Policy Holder before the Vesting Date: In the unfortunate event of death of the Policyholder, before the Vesting Date, Fund Value shall be payable to the Nominee. If spouse is the Nominee, the Fund Value can be used in the following manner:
(a) To receive the Fund Value as a lump sum amount.
(b) Take up to a maximum of 1/3rd of the Fund Value or any other permissible amount as tax free lump sum and utilize the balance for purchase of Annuity from the Company or from the open market as per applicable Regulations.However, where the spouse is not the Nominee or if the spouse is not alive the Benefit will be paid in lump sum to the Nominee or the proving legal heirs.
Annuity Options Presently, the Company offers the following two types of Annuity options:(a) Life Annuity with return of corpus(b) Life Annuity Annuity rates are not guaranteed. If you opt to purchase Annuity with the Company, the Annuity amount will be based on the Annuity rates prevailing at the time of Vesting
Tax Benefit: Tax Benefits under the Policy are subject to conditions under Section 80C/80CCC of the Income Tax Act 1961 (‘Act’) and section 10(10A) of the Income Tax Act, 1961 (as amended from time to time). However tax laws are subject to amendment from time to time. You may consult a qualified tax advisor for specific tax related advice to you.Other Tax
Implications: If required by the Act, the Company may withhold taxes from the benefits payable under this Policy. The Company also reserves the right to recover from you levies such as Service Tax or such other taxes as may be levied by the appropriate authorities on insurance transactions.
FOR FURTHER DETAIL YOU CAN CONTACT ME.
http://www.inglife.co.in/INGGoldenLife.htm
