Provides combination of protection and savings with guaranteed returns
ING Life Insurance today announced the launch of “ING Nirmal Jeevan Insurance Plan”, a trendsetting new product, which provides a combination of protection as well as savings with guaranteed returns to its customers.
Nirmal Jeevan is a simple traditional life insurance offering packed with great features like Guaranteed Maturity Benefit, Guaranteed and Automatic Life Cover. Under this plan a guaranteed sum assured is paid to the policy holder on maturity. In case of an unfortunate demise of the policyholder, this sum assured is paid to the nominee immediately.
Automatic Life Cover is a very unique benefit that is being offered under this plan. Under this benefit the life cover continues for additional 2 to 3 years just in case the policy holder is unable to pay a premium. Under the Automatic Life Cover, if the insured person is not in a position to pay insurance premiums because of financial constraints after having paid at least 2 annual premiums, the person will be still eligible for life cover under the policy for the next 2 years.
We are targeting the tier 2 and 3 cities where customers are willing to pay low annual premiums. In this respect Nirmal Jeevan is quite affordable, with annual premiums starting at INR. 6,000 and going up to INR 12000. It is very easy to buy this plan as it does not require the customer to undergo any medical examination * unlike other plans and requires minimal documentation. * un less there is any adverse history or disclosure
Speaking about the new product, Mr Uco Vegter, Chief Financial Officer, ING Life Insurance, said, “The focus of the plan is to help customers plan their family’s future with regular savings and guaranteed benefits. After studying specific customer behavior over a period of time we realized that this plan needs some specific features that meet the real needs of a customer namely guaranteed maturity benefit, automatic life cover etc. All the benefits in this plan are guaranteed and are not dependent on external factors like stock markets. This insurance plan has been created for the larger section of the society, who have still not been covered under life insurance.”
Summarising Key Benefits of Nirmal Jeevan Insurance Plan:
- Guaranteed Maturity Benefit- The familychooses the Sum Assured at the policy commencement period. On completion of the policy term, this sum assured is paid as maturity amount.
- Guaranteed Life cover -In case of unfortunate demise of the assured person during the policy term, the Sum Assured is paid to the nominee immediately and the policy ends.
- Automatic Life Cover- In case of non-payment of the premium due to unavoidable circumstances, the family’s protection will not be compromised. So this plan automatically provides life cover for additional 2 or 3 years even if the premium is not paid. If the policyholder has paid at least 2 annual premiums, policy life cover will continue for next 2 years from the date of first unpaid premium. If the policy holder has paid at least 3 or more annual premiums, policy life cover will continue for next 3 years from the date of first unpaid premium.
- Easy to sign up- It’s quick, easy and simple to take this plan. No medical examination required and minimal documentation.
About ING Vysya Life Insurance Company Limited
ING Vysya Life Insurance Company Limited is an established life insurance company with over a decade of experience serving over I million customers in over 200 cities in India. Headquartered in Bangalore, ING Vysya Life Insurance Company Limited is 100% owned by Exide Industries Limited.
The company distributes its products through key channels like Tied Agency, Banc assurance and Alliances. The Tied Agency channel comprises over 30,000 ING Vysya Life Insurance Advisors, spread across the country. The Banc assurance and Alliances business within ING Vysya Life Insurance is a fast growing distribution channel, and includes the Banc assurance partner (ING Vysya Bank), Referral Partners, Corporate Agents and Brokers.
The word “ING” and the device " " are trademarks of ING Groep N.V. and are used under license.
For further information, please contact:
Atul Malikram