ING Term Life Insurance Plan

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ING Term Life

	Objective		An offline pure term plan that aims at providing fianancial assistance to family members in unfortunate event of death of insured member.
What does it do?		A term plan which pays sum assured to the beneficiary on the unfortunate event of death of the life insured. It gives an option to select from two riders for additional cover for minimal cost.
Pros		Lower premium rates for women. Flexible premium payment term and premium payment frequency to cater varied needs of individuals. Insurance cover up to 75 years of age.
Suited for		A pure term plan is a definite buy for everyone.
Our View		Term plans are the cheapest and best form of life insurance. This is a decent policy. However, if you are young and healthy and can make an online purchase comfortably, look for online policies as such policies will offer you better rates.

 

	Eligibility
Entry Age (years)
Minimum		18
Maximum		65
Maximum Maturity Age (years)		75
Policy Term (years)
Minimum		10
Maximum		30
Sum Assured (Rs)
Minimum		1000000
Maximum		No limit
Premium Payment Frequency		Single, Yearly and Half-yearly. Quarterly and Monthly via ECS only
Premium Payment Term		Single, Limited premium for 5 years and equal to policy tenure
Premium Factor (multiply with annual premium)		Half Yearly: 0.512 times annual premium; Quarterly: 0.259 time annual premium; Monthly (through ECS only): 0.087 time annual premium
Policy Cover		Cover remains fixed for the tenure of the policy
Other Features
Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period		You are allowed to pay premiums within 15 days from the due date. If a due premium is not received within the grace period of 15 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.
Tax Benefits		Section 80C and Section 10 (10D) of the Income Tax Act, 1961 would apply
Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit
Customer Service
Address		ING Life Insurance Company, No 690, 1st floor, Gold Hill Square, Begur Hobli, Hosur Road. Bangalore – 560068
Call On		1-800-419-8228 and +91-9880888228 between 9 am to 9 pm; Monday to Friday and 9 am to 6 pm weekends and holidays
SMS		ING' to 53636
Additions to the Plan
Available Rider(s)		Accidental Death Benefit (ADB): covers death due to accident. Accidental Death, Disability and Dsimemberment Benefit (ADDB): covers- Death due to an accident Disability- resulting from an accident and occurring within 180 days of the date of accident and lasting for at least 180 consecutive days. Completely and continuously preventing the Life Assured from engaging in any occupation to earn any wages Dismemberment- Physical severance or total irrevocable loss of use which results from accident and occurs within 180 days from the date of the accident. Dismemberment of limbs occurring within 180 days of accident or Physical severance of arm at or above wrist or Physical severance of leg at or above ankle or Physical severance of a thumb, an index finger, and at or above metacarpophenageal joint
Rider Conditions
Entry Age (years)
Minimum		18
Maximum		55
Maximum Maturity Age (years)		65 for both the riders
Rider Term (years)
Minimum		10
Maximum		30
Sum Assured (Rs)
Maximum		Equal to base sum assured subject to overall limit of Rs 20 lakh
Rider Premium (Rs)		Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the ADB rider for Rs 5 lakh for 10 years costs Rs 652 and for ADDB rider for a similar sum works to Rs 869

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