ING Vysya Insurance Launches Guaranteed Income Insurance Plan

Ing Vysya insurance has been a very large player in the insurance market of India. It has been since renamed to Exide Insurance, but the brainwork and methodology behind their plans remain the same.

In the life insurance department, Ing Vysya insurance has long been selling as many as 20 plus insurance plan, each one calibrated to fit people from every walk of life. With the same zeal for contouring people’s needs and innovating mutually beneficial plans, Exide has recently launched another plan- the Guaranteed Income Insurance Plan. But is it any good? Here are some of the features of the ING Vysya Insurance plan to help you decide.

What Is The Guaranteed Income Insurance Plan?

Ing Vysya Guaranteed Income Insurance Plan is a non-participating plan that guarantees you income after you complete the premium payment term of the plan.

The plan desires to give its customers the ability to hit two birds with one stone. It is a plan very similar to a life insurance, but not quite. Unlike most life insurance plans, you won’t get paid upon death but immediately after the premium paying term is completed. From this point onwards, you need to save the money yourself. You can use the plan like life insurance as well as a method to save up money.

The policy guarantees tax free benefits after the completion of premium paying term.

Features of ING Vysya Life Insurance

The plan is bought based on an individual basis. Minimum entry age into the plan is as 3 if you choose a policy term of 30 years. For policy term of 24 years, minimum age is 6, 8 for 20 years and 11 for 15 years.

The returns under this plan are 11%, 12% or 13% per annum based on the policy term you choose.

You can choose from among the following policy terms- 15 years, 20 years, 24 years and 30 years.

The following chart will define the premium payment terms and the amount of minimum and maximum premiums to be paid under the respective ING Vysya Life Insurance policy terms-

Under this insurance plan, as you choose your policy term, you will have to pay the premium amount within the premium payment period. You can choose to pay monthly or yearly. As soon as the premium payment term finishes, the buyer will start receiving pay outs and insurance coverage for the remaining Duration under the ING Vysya Insurance Policy Term. If you choose a higher policy term, you get a higher return rate.

If the policy holder dies, the nominee will get the death benefit in the following two ways-

1.    You can choose to receive a lump sum amount as under the guaranteed death benefit.

2.  You can avail Family Income Benefit, or FIB, in which death benefit will be paid to you in 60 equal installments.

The death benefits are either of the three as follows-

1.    10 times the annual premium payable under the plan

2.    Total Sum assured

3.    105% of premiums paid minus unpaid premiums

When the policy term is over without use, you get the sum assured as the maturity benefit.

Under this ING Vysya insurance plan, you get to cut on tax as tax benefits are applicable to the plan.

You also have guaranteed payouts at good return rates as well as good life insurance cover. The policy does not even lapse if you fault at paying premiums post two years of complete premium payment. You still get benefits, albeit at a lesser rate.

All in all, this ING Vysya Insurance plan combines the best of both worlds- returns as well as insurance cover. The age entry is also so low under this ING Vysya Insurance plan that you can buy early, stay covered for a lot of years while also earn money. It is a very smart plan out there.