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Knowledge Base Life Insurance Guaranteed Plan ING Secure Income Insurance RP Review
Tuesday, 14 February 2012 17:48

ING Secure Income Insurance RP Review

Written by  Yashish Dahiya
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ING Secure Income Insurance RP Review


Plan Name: Secure Income Insurance Plus

Insurer: ING Life Insurance

Category: Traditional Plan

Objective: Financial protection of family and periodic returns on investment

 

ING Secure Income RP is available in 2 variants- Base and Economy.

 

Major USP of ING Secure Income Insurance RP


Two variants to choose from

Bonuses

Loan facility

 

Eligibility of ING Secure Income Insurance RP


Minimum Entry Age:  0 Years

Maximum Entry Age: 60 Years

Maximum Age at Maturity: 70 Years

Policy Term: 10- 20, 25 and 30 Years

Premium Payment Term: Equal to Policy term

Minimum Premium: Rs 12,000 per annum (Base), Rs 8,000 per annum (Economy)

 

What benefits does ING Secure Income Insurance RP offer?


Death benefit:

In case of unfortunate death of life insured, Sum Assured along with accrued bonuses will be paid.

For base variant, assured income for next 5 years which is equivalent to 120% of Sum Assured becomes payable.

 

Maturity Benefit:

On maturity, Sum Assured along with accrued bonuses will be paid. Additionally, 10% of Sum Assured will also be payable.

 

Riders:

You can opt for the following riders- Accidental death, disability, dismemberment rider, additional life cover and critical illness rider.

 

Loan:

After 3 policy years, you can avail loan facility.

 

Are there any tax benefits?


Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income.

Under Section 10(10D) death claim is completely tax free.

 

What else should I know about?


Surrender Value: The policy acquires guaranteed surrender value after 3 policy years. The final surrender value will be higher of special surrender value or guaranteed surrender value.

 

Reinstatement: If your policy has lapsed, you can revive within 5 years from the due date of unpaid premium.

 

Grace period: You can pay due premium within 30 days from renewal date.

 

Free Look Period: Secure Income Insurance RP plan can be cancelled within 15 days of receiving the policy contract. A written application can be submitted to any branch for the same. The premium will be paid back minus some charges like stamp duty, medical reports.

 

How can I buy ING Secure Income Insurance RP?


Policybazaar representatives will assist you in buying Secure Income Insurance RP

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