Insurance

Insurance is a method of spreading and transferring of risk. People who are exposed to that same kind of risk come together and agree that, if any one of them suffer a loss, the others will share the loss and make good to the person, the loss. Insurance is a cooperative device by which the loss likely to be caused by an uncertain event is spread over a number of persons who are exposed to it and who propose to insure themselves against such an event. Insurance helps in replacing risk with known costs. It does not reduce or alter the risk but it only reduces/spreads the financial losses.

Life Insurance
Traditionally, Life insurance has always been a way to protect your survivors and dependents against financial hardship. Simply put, Life insurance offers financial protection to you and your loved ones when you retire, die or are unable to continue providing financially due to unforeseen incidents. While nothing can substitute your loss, insurance at least takes care of the financial gap created by your absence or the absence of an active income source. It thus tries to eliminate risk by substituting certainty for uncertainty Life insurance therefore, in the traditional sense, helps an individual cope with the twin risks of: Dying too early; or Living too long However Life Insurance has evolved over time. Today it is a smart savings and investment option and can offer market linked returns. With the right life insurance policy you can be assured of maintaining your standard of living and even improve it. You can plan for your aspirations and time your policies to get you a lump sum amount just when you need it or you can simply make your money grow for the rainy day. It can help you meet your childs educational needs, their marriage expenses or for purchasing that dream home that youve always wanted.

ING Life India

ING Vysya Life Insurance Company Private Limited entered the private life insurance industry in India in September 2001, and in a short span of nearly 3 years has established itself as a distinctive life insurance brand with an innovative, attractive and customer friendly product portfolio and a professional advisor force. It also distributes products in close cooperation with the ING Vysya Bank network. Currently, it has over 8000 active advisors working from 43 branches (in 23 cities) across the country and over 800 employees. ING Vysya Life Insurance Company is headquartered at Bangalore and has established a national presence in the following cities: Delhi, Chandigarh, Ludhiana, Jaipur and Gurgaon in the North; Mumbai, Pune, Nagpur, Ahmedabad and Vadodara in the West; Kolkata in the East; Bangalore, Hyderabad, Chennai, Vizag, Vijaywada, Mangalore, Mysore, Cochin, Coimbatore, Guntur, Hubli and Trivandrum in the South. The company has over 1,00,000 customers as on date and has achieved a premium income of Rs. 114 crore since start of business ING Vysya Life Insurance is a joint venture between ING Insurance International BV a part of ING Group, the worlds largest life insurance company (Fortune Global 500, 2003), ING Vysya Bank, with 2 million customers and over 400 outlets and GMR Technologies and Industries Limited, part of GMR Group also based in Bangalore and involved in the field of power generation, infrastructure development and several other businesses. ING Vysya Life Insurance recently achieved the significant milestone of completing 10 years of operations in India.

Footprint
ING Life Insurance India is currently present in over 200 cities and serves over 1 million policy holders in India.

Distribution Channels
The company distributes its products through two channels, Tied Agency and Alternate Channel. The Tied Agency Channel comprises over 30,000 ING Life Insurance Advisors, spread across the country. The Alternate Channel is a fast growing distribution channel, and includes Bancassurance partner (ING Vysya Bank), Cooperative Banks, Corporate Agents and Brokers.

Individual Life Insurance Plans & Financial investment planning Products

ING Life Insurance aims to make customers look at life insurance afresh, not just as a tax saving device but as a means to live life to the fullest. It believes in enhancing the very quality of life, in addition to safeguarding an individual's security.

The Company follows a customer centric approach while designing its life insurance products. The ING Life product portfolio offers products that cater to every financial requirement, at all life stages.

Children Plans
ING Aashirvad Creating Life Child Protection Plan Creating Life Money Back Plan

Protection Plans
ING Term Life ING Term Life Plus

Savings Plans
ING Secured Income Insurance Plans Reassuring Life Endowment Plan

 Safal Jeevan Endowment Plan ING Creating Star Guaranteed Future

Retirement Plans
ING New Best Years ING Immediate Annuity

Investment Plans
ING STAR Life ING Market Shield ING Prospering Life ING Uttam Jeevan Powering Life New Fulfilling Life

Riders
Accidental Death Rider Accidental Death, Disability and Dismemberment Rider ING Critical illness Rider ING Critical illness Limited Pay Rider

Children Plan
Child life insurance is a form of permanent life insurance that insures the life of a minor. It is usually purchased to protect a family against the sudden and unexpected costs of a childs funeral or burial and to secure inexpensive and guaranteed insurance for the lifetime of the child. It offers guaranteed growth of cash value, which some carriers allow to be withdrawn (collapsing the policy) when the child is in their early twenties. Child life insurance policies typically offer the owner the option to purchase, or in some cases obtain additional guaranteed insurance when the child reaches maturity.

Need & Importance:

Children Insurance is perfect for couple having small child. This Children Life Insurance plan helps you ensure that your childrens future is secure and prosperous, so they can pursue their dreams no matter what the future brings. Death cover will provide immediate relief and the maturity benefit will come to children at the right time when they need it. Children Plan not only takes care of childs education and marriage but also helps to achieve anything that makes them experience good things in life. It also provides a guaranteed life cover for child for 30 years after policy maturity

Benefits:

Payment to child in case death of parent Future premiums waived in case of death of parent Guaranteed Survival Benefit Reversionary Bonus Benefit

Features:
Eligibility Minimum entry age: 18 years Maximum entry age: 55 years Maximum maturity age: 65 years Premium Payment Term Choose premium paying terms of 10 - 25 years Premium Payment Options Annual, half-yearly, quarterly or monthly Minimum Premium Payable Annual : Rs. 8,000 Half-Yearly : Rs. 4,000 Quarterly : Rs. 2,000 Monthly : Rs. 750

Term Life Insurance Plan

Term life insurance plan is a type life insurance policy which provides benefits for coverage at a fixed rate of payments for a limited period of time. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.

Need & Importance:

Beneficiary to secure the present and the future life of the family. Provides adequate return of premium

 Insured also have the flexibility to surrender the policy It is the simplest form of insurance, where the Life Assured is provided insurance cover and on his death during the policy term, the sum assured under the policy is paid to his beneficiary. It is one of the most affordable and inexpensive ways of obtaining life insurance cover.

Benefits:

Protection Cover: Upwards of 5 lacs Sum Assured Flexibility to choose a policy term between 10 and 30 years Mid-term benefit on surviving to 50% of the term On maturity Total premium less any extra premium paid and mid-term benefit, shall be payable In the event of death of the LA during the policy term, the sum assured chosen under the policy shall be payable Optional riders for comprehensive accidental coverage in regular payment option Tax benefit under Sec. 80c and Sec. 10(10D) of the Income Tax Act 1961

Features:
Eligibility Minimum Entry Age: 18 years Maximum Entry Age: 65 years Maximum maturity age: 75 years Premium Amount This Plan allows you to choose the amount of premiums you wish to pay Policy Term You have the flexibility to choose a policy term between 10 and 30 years Premium Payment Terms Regular premium - till policy term completion Limited premium - 3 or 5 years Single premium - is a one time payment

Premium Payment Options Annual, half-yearly, quarterly or monthly

Endowment Plan
Endowment Plan is a Type of Life Insurance policy which has survival benefits. Endowment plans are one of the most popular insurance products available in India and on Investta community these policies are called the Junk Insurance Plans because they don't have any role in successful Financial Planning. Typically endowment plans give premiums back along with the bonus at the end of the policy tenure if you survive. If you die before completion of the policy term, your nominees will get the basic sum assured. However, there is not any standard classification of various insurance policies available in India, sometimes child future plans and money back insurance plans are also known as the type of Endowment Plans only. An Endowment Plan that offers comprehensive protection and savings in an easy and hassle free manner.

Benefits:

Low Premium Death Benifit In built Accident Cover No Medical Underwriting Lump Sum Benefit at Maturity Customized Life Covers Enhancing Life Cover (Attractive Reversionary Bonus)

Features:
Eligibility Minimum entry age: 18 years Maximum entry age: 45 years Maximum Maturity Age: 60 years Premium Payment Term Choose premium paying terms of 10, 15 and 20 years

Premium Payment Options Annual, half-yearly, or quarterly Minimum Premium Payable Annual : Rs. 2,000, Half-Yearly : Rs. 1,000, Quarterly : Rs. 500

Retirement Plan
Retirement is the golden period when an individual wants to make his wishes come true which otherwise had taken a back seat in meeting key milestones of the life. To make this period really tension free, one needs to arrange for guaranteed regular income for the rest of the life. This will ensure that there is no disturbance in the years of enjoyment, least of all market volatility disturbing your peace. ING Life offers the Immediate Annuity Plan with Return of Purchase Price. For years, people save for your retirement, now they can use those savings to get a guaranteed life time income. All we have to do is invest our savings at one go in this Policy and choose the frequency of receiving the Annuity (monthly/quarterly/half-yearly /yearly) and company will start paying our regular income. The Annuity rates are dependent on the age, gender and the Annuity frequency mode selected by the Annuitant.

Benefits:

Annuity Payments: Lifelong fixed annuity payouts guaranteed for life. Flexibility: Flexible options of receiving payouts annually, semi annually, quarterly or monthly. Death Benefit: On death of Annuitant, Purchase price or a part there of will be paid to the nominee. Simplicity: No medical examination, large volume discounts.

Features:
Eligibility Minimum entry age: 45 years Maximum entry age: 70 years Maturity Age: Not Applicable

Premium Payment Term Choose premium paying terms according to schemes offered Premium Payment Options Annual, half-yearly, or quarterly

Investment Plan
All experience receipt of unplanned income in the form of bonus, business order, repayment from debtors, etc. Correspondingly, they also have unforeseen unplanned expenses like medical emergency, family vacation, wedding of relatives, etc. Investment plan is perfect for uncertain income. Investment plan helps in wealth creation while enjoying control over assets at all times. It offers multiple fund options and investment strategies that help you maximize returns as per individuals investment objective. The plan also provides the much needed life insurance protection in case of any unfortunate event. For those who have achieved financial success, ensuring that success is well protected and loved ones are cared for is an important necessity. The investment plan also does that by allowing to pay for the policy in a short period and to enjoy the life insurance coverage and maturity benefits for a long period. Investment plan also offers double benefit of periodic cash returns during policy term and maturity or death benefit. It provides security to the family even after death of insured, apart from giving regular cash returns during life.

Benefits:

Life Insurance: Life cover up to 10 times the annual premium. Multiple Funds: 6 funds with diversified mix of equity and debt to meet one's risk appetite. Automatic Asset Allocation Strategy: Automatic rebalancing of debt and equity mix to conserve the wealth generated. Flexibility: Unlimited free switches and premium redirections, charge free withdrawals, top ups. Limited pay option: Option to pay premium for half the number of policy term years.

Features:

Eligibility Minimum entry age - Between 8years to 18years Maximum entry age 54years to 65years Minimum maturity age 85years

Premium payment option Annual, half-yearly, quarterly or monthly Minimum Premium Payable Annual : Rs. 8,000 Half-Yearly : Rs. 4,000 Quarterly : Rs. 2,000 Monthly : Rs. 750

ING Critical illness Limited Pay Rider

ING Critical illness Limited Pay Rider pays a lump sum benefit in case the life assured is diagnosed with major illness like Heart Attack, Cancer, Paralysis, Kidney failure, Coma etc. This benefit payout ensures that family is not burdened with high medical expenses, thereby allowing them to maintain their standard of living. In this, premium is to be paid for 5 years, while protection is ensured for 10 years.

Benefits:
1. Critical illness Benefit: Get a lump sum amount on diagnosis of any of the covered Critical illnesses irrespective of the actual expenses incurred for treatment. Moreover the amount will be paid in addition to the claim on any existing health insurance policy that you may have. 2. Comprehensive Protection: Option to cover up to 25 illness Cancer,Heart Attack, Stroke, Coronary Artery Bypass graft, Kidney Failure, Major Organ Transplant, Benign Brain Tumour, Paralysis, Coma, Total Blindness, Major Burns, Heart Valve Surgery, Surgery of Aorta, Motor Neurone Disease, Multiple Scelerosis, Aplastic Anaemia, End Stage Lever Disease, Chronic lung disease, Alzheimer Disease, Parkinson's disease, Loss of speech, Major Head Trauma,

Primary Pulmonary Hypertension, Systemic Lupus Erythematosus with Lupus Nephritis, Apallic Syndrome. Option A provides protection against Cancer, Heart Attack, Stroke, Coronary Artery Bypass graft. Option B provides protection against 25 illnesses as mentioned in the Comprehensive Protection mentioned above. 3. Tax Benefit: You receive tax benefits under section 80D and under section 10(10D) on the premiums paid and on the benefit amount.

Features:
Minimum/Maximum Entry Age: For Critical illness Limited Pay Rider 18 55 years CI benefit Ceasing Age: 65 years Minimum sum assured: 50,000 Maximum sum assured: 25 lakhs Rider Term: 10 years (fixed) Premium Payment Terms: 5 years