BANKING & INSURANCE PROJECTPANKAJ RAGHAV TY- D 3199 • • . ING Life entered the private life insurance industry in India in September 2001. spread across the country. and includes the Banc assurance partner (ING Vysya Bank). ING Life India distributes its products through two channels.On 7 October 2002 ING Group took over the Management of the Bank. Headquarters:-Bangalore Insurance:-ING-Vysya commenced life insurance business in 2001. in its 10th year of operations. is a part of the ING Group. a unique unit linked plan will definitely help you provide for them in the future. The Alternate Channels business within ING Life India is a fast growing distribution channel.000 ING Life Advisors. Headquartered in Bangalore. Top Ups. Corporate Agents and Brokers. ING Life India is currently present in 229 cities across 251 branch offices. In addition.ING Vysya Bank currently has about 470 branches spread all over India. The Tied Agency force comprises over 50. Uttam Protection: Automatic increase in base sum assured. Current:-CEO Mr Shailendra Bhandari (IIM-A Alumni) ING Life India. in Bangalore with the aim of offering banking services to those who were currently not privileged enough to do so. formed after the global financial institution ING acquired a 44% stake in Vysya Bank Ltd in October 2002. The company has issued over 1 million policies and is staffed by over 6500 employees.In 1948 Vysya Bank became a scheduled bank. ING Uttam Jeevan. most of which requires substantial financial planning. the Tied Agency Force and the Alternate Channel. You may need to make a down payment for a new house or your child’s education may need immediate financial support. Vysya Bank was established in 1930. Death Benefit is SA plus Fund Value • Uttam Flexibility: Charge free withdrawals. easy to understand plan which fulfills customer’s need of investment and protection. Key Benefits Uttam Savings: Market Linked Returns with higher allocation of p.ING Vysya Bank Limited is an Indian retail bank. Usually your responsibilities are as big as your wish to fulfill them. and took over management of the bank. there comes along a different need. Meeting all these needs can be easier. ING Uttam Jeevan is a simple. provided you are prepared adequately for them. Uttam Jeevan At every stage in life. the company distributes its products in several parts of the country through its partner's presence. inbuil t accidental death benefit. Referral Partners. based on the choice made by the policyholder. Rs. The FV is represented by the number of Units multiplied by the respective unit price of the units held from time to time under all the Unit-Linked Funds held under the policy. offered by the Company. Product Features Entry Age (age last birthday) Age at maturity Premium Paying Term (PPT) Policy Term Premium (Fixed) Initial Sum Assured Frequency Minimum: 8 Years Maximum: 45 Years Minimum: 28 Years Maximum: 65 Years Fixed .000 Maximum: Total of the Top Up Premiums should not exceed 25% of the Total Regular Premiums paid Top Up Premium IN THIS POLICY.000.000. III. Fund Value as on the date of maturity will be paid.On maturity of the policy. II. THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER I. Rs. ING Uttam Jeevan SP is an individual unit-linked plan that doesn’t participate in the profits of the Company. Fund Value at maturity is the unit price at maturity times the units at maturity. Rs. The Plan: ING Uttam Jeevan SP offers a lumpsum investment opportunity with life cover that is over and above the value of your accumulations and does not require you to undergo any medical tests. General: This illustration has been prepared by ING Vysya Life Insurance Company Limited (“Company”) in accordance with the Standards of Practice issued by the Life Insurance Council of India. 36. The premiums are credited to the Fund Value (“FV”) and are used to purchase units in one or more Unit-Linked Funds. 30.• • Uttam Simplicity: Non Medical Plan . 18. Minimum documents.000.20 years Fixed . .000 10 times Annual Premium Annual Premium Payment only Minimum: Rs 2.20 years Rs. Benefits: Maturity Benefit . 24. 2. a) The Minimum Top-up amount is Rs.25 times of the Top-up premium paid. In the unfortunate event of death of the life assured during the policy term.000/. we provide you with a choice to surrender the policy during the policy term. Partial Withdrawal Benefit: Any insurance plan should be flexible to allow you to use your fund for any interim financial goals or emergencies. therefore. the death benefit will be at least 1. In case the policy is surrendered during the initial 5 years from the Policy Commencement the Surrender Benefits shall be payable to the policyholder only after completion of 5 full Policy Years. At all times.05 times of the total premiums paid including Top-up premiums (if any). The Partial Withdrawals are subject to the following conditions: a) The minimum Partial Withdrawal that can be availed is Rs 2000/.5% per annum compounded yearly or any other rate prescribed by IRDA. Page ING Uttam Jeevan SP Benefit Illustration b) Every Top-up premium shall have an Additional Sum Assured which will be 1. However.and a Maximum Top-up (including Top-ups already paid) shall not exceed 25% of the single premium paid during the policy term. The balance in the Discontinued Policy Fund along with the earned interest shall be paid to the Policyholder on completion of 5 full policy years and the policy terminates. . you have the benefit of getting your Initial Sum Assured increased by 5% every year from 2nd policy year onwards till the end of the policy term. Additional Accidental Death Coverage: On the death of the Life Assured due to accident. Surrender Benefit: The importance of availability of cash in some emergencies cannot be denied. With Enhanced Protection Benefit. On Discontinuance or Surrender after 5 years. such Surrender Benefits will be transferred to the Discontinued Policy Fund till the completion of 5 full Policy Years and shall earn an interest of minimum 3. This Additional Sum Assured will be in addition to the life cover. the eligible person will get an additional amount equivalent to the initial Sum Assured along with the other eligible death benefits.Death Benefit: Life Cover is Initial Sum Assured plus Enhanced Protection Benefits plus Fund Value.and subject to maximum of 10% of the Fund Value prevailing at that time. c) Partial Withdrawal Benefit shall not be allowed in case where the Life Assured is a minor. The Additional Accidental Death Coverage will be made available from the day that Life Assured attains an age of 18 years Top-Up Premium: You have an option of choosing to increase your savings. the life cover will be payable to the eligible person. by paying Top-up premiums to invest in your selected funds in the same policy without having to buy another policy. Therefore. d) Top-up premium cannot be withdrawn in a period of five years from the date of payment of the respective of the Top-up premium. c) Top-ups will not be allowed during the last 5 years of the policy term. b) Only one Partial Withdrawal can be availed during a Policy Year and overall five Partial Withdrawals during the entire Policy Term. this policy allows partial withdrawal from your fund at any point of time after completion of 5 policy years. the Fund Value is paid immediately and the policy is terminated. d) The Partial Withdrawal Benefit is available subject to fund value after each such withdrawal not being less than 20% of the single premium. Death cover will provide immediate relief and the maturity benefit will come to your child at the right time when they need it. and lower rate is 6% p. This Children Life Insurance plan helps you ensure that your children’s future is secure and prosperous. subject to the provisions contained therein.a. that may arise on investing in this policy. • Under section 80C. We therefore urge you to carefully analyse the tax benefits/tax implications. Key Benefits Payment to child in case death of parent and at maturity • Future premiums waived in case of death of parent • Reversionary Bonus Benefit . so they can pursue their dreams no matter what the future brings. if any. You can provide for their future by setting aside a small portion of your current income. The money you set aside will help your children pursue their dream even when you are not around to take care of them.900 from your tax each year (assumed at the highest tax bracket) as premiums upto Rs. the Company may withhold taxes from the benefits payable under this policy.000 are allowed as deduction from your taxable income. Other Tax Implications: If required by the Act. Creating Life Child Protection Plan This Child insurance plan is perfect if you have small children.100. the benefits you receive from this policy are exempt from tax. Currently the prescribed higher rate is 10% p.30. you can save upto Rs. The aforesaid tax benefits are subject to change in tax laws. the Life Insurance Council has prescribed two rates of returns. These rates have been used to demonstrate the growth in the value of units under this plan. • Under section 10(10D).Expected Interest Rates: For the purpose of projecting benefits under this policy. 1961. Policyholder will be eligible for tax benefits under section 80C and section 10(10D) of the Income Tax Act. The Company also reserves the right to recover from the policyholder levies such as Service Tax or such other taxes as may be levied by the appropriate Authorities on insurance Transactions by cancellation of units or from the unit fund. Taxation: The Illustration table ignores the impact of the provisions of the Income Tax Act 1961 (‘Act’).a. Bonus rate Shown overleaf is not guaranteed. basic Sum Assured is payable and all future premiums are waived. An additional Sum Assured and bonuses. Expected Interest Rates For the purpose of projecting benefits under this policy. These assumed rates of returns are not guaranteed and they Expected Bonus Rates are not the upper or lower limits of what you might get back. While the policy is in full force. half-yearly. as the value of your policy is dependent on a number of factors including future investment performance. However. the Life Insurance Council has prescribed two rates of returns. as may be determined from time to time Statutory warning: Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your Insurer carrying on life insurance business. The Guaranteed Surrender Value (GSV) will be 30% of total premiums paid excluding the first years' premiums and all extra premiums. and are payable on Maturity.a. the Sum Assured is guaranteed and is payable on Death and on Maturity. quarterly or monthly Minimum Premium Payable • Annual : Rs. Special Surrender value if higher than GSV.25 years Premium Payment Options • Annual. 4. The bonuses shown overleaf include both annual and terminal bonuses.000 • Monthly : Rs. after at least 3 full years' premiums have been paid. If your policy offers guaranteed returns then these will be clearly marked "Guaranteed" in the illustration table overleaf. may be paid by the Company at rates. Bonuses are declared based on the performance of the Company.000 • Quarterly : Rs. If your policy offers variable returns then the illustrations overleaf will show two different rates of assumed future investment returns. 2. bonuses already declared while the policy had been in full force.000 • Half-Yearly : Rs.Product 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 . if any. if any declared. are payable at the end of the term. .a. 750 The Plan Creating Life Child Protection Plan participates in the profits of the Company. and the lower rate is 6% p. on the death of the Life Assured. An additional terminal bonus may also be declared by the Company. are guaranteed. Expected Bonus Rates: The bonus rates are illustrated assuming that the rate of return on the Company's investment remains the same throughout the policy term. a cash surrender value is payable. 8. Cash Surrender Value: This policy may be surrendered for cash at any time after payment of at least three full years’ premiums. Guarantees: provided the policy is in full force. In case of Surrender of the policy. Currently the prescribed higher rate is 10% p. 750 The Plan: Creating Life Money Back Plan participates in the surplus of the fund to which it belongs. irrespective of survival of Life Assured.Creating Life Money Back Plan-Financial As a parent. the Life Insurance Council has prescribed two rates of returns. Expected Interest Rates: For the purpose of projecting benefits under this Policy. Currently the prescribed higher rate is 10% p. No matter what happens to you. See your children grow into successful individuals.a. ING Life helps you to achieve this.a.000 • Quarterly : Rs. you always want to give all the good things in life to your child. 20 & 25 years Premium Payment Options • Annual. after at least three full years' premiums have been paid. 2. half-yearly. and the lower rate is 6% p. fulfill their dreams at every important stage of their life and help them grab all the opportunities at the right time. dance lessons or anything that makes them experience the good things in life.000 • Half-Yearly : Rs. lapsed nor converted to a reduced paid-up Policy). Subject to the Policy being in full force neither surrendered. your child's future is always taken care of. 4. Key Benefits • • • • Product Features Eligibility • Minimum entry age: 18 years • Maximum entry age: 55 years • Maximum maturity age: 70 years Premium Payment Term • Choose premium paying terms of 15. 8. Expected Bonus Rates: The Bonus rates are illustrated assuming that the rate of return on the Company's investment remains the same throughout the Policy Term. General: This illustration has been prepared by ING Vysya Life Insurance Company Limited in accordance with the Standards of Conduct and Sound Practice issued by the Life Insurance Council of India. Subject to the Policy being in full force. 20% of the Sum Assured is payable on the Policy anniversaries as shown in the table. Bonuses are declared as a percentage of Sum Assured and are payable on maturity. Payment to child in case death of parent Future premiums waived in case of death of parent Guaranteed Survival Benefit Reversionary Bonus Benefit . Be it for their computer training classes. quarterly or monthly Minimum Premium Payable • Annual : Rs. the Death Benefit at any time is the full Sum Assured.000 • Monthly : Rs. In case of Surrender of the Policy. a cash Surrender Value is payable. may be paid by the company at rates as may be determined from time to time. Key Benefits • • • Regular Cash Back Benefit Flexible Premium Payment Benefit Guaranteed Maturity Benefit Product Features . if any. apart from giving you regular cash returns during your life. The non-guaranteed Bonuses shown overleaf include annual Reversionary Bonuses and Terminal Bonus. Cash Surrender Value: This Policy may be surrendered for cash at any time after payment of at least three full years' premiums. The Bonuses shown overleaf are not guaranteed. Also. Please note that past performance is not necessarily indicative of any future performance of the Company. irrespective of survival of the Life Assured. However bonuses already declared are guaranteed. Fulfilling Life Plan Investment plan with double benefit of periodic cash returns during policy term and maturity or death benefit. The special feature of this plan is you may receive 100% of Sum Assured as money back spread over the premium payment term. provided the Policy is in full force (i.Guarantees: Provided the Policy is in full force. Cash Surrender Value if higher than GSV. the Sum Assured is guaranteed to be paid on death.e. Bonuses are declared based on the performance of the Company. lapsed or converted to a reduced paid-up). You can also choose from a range of limited premium payment terms. provided that the Policy is in full force then. The Fulfilling Life Plan provides your family security even after your death. 100% on death or maturity. 20% of the Sum Assured is guaranteed at the end of every one-fifth of the Policy Term as shown in the table. The Guaranteed Surrender Value (GSV) is 20% of total full years' Premiums paid. excluding all extra Premiums less 20% of all recurring benefits due as on the surrender date. and are payable only at maturity of the Policy. without being surrendered. An additional Terminal Bonus may also be declared by the Company. if any. The Bonuses shown above include both Annual and Terminal Bonuses. During the Premium paying term of the Policy. the Sum Assured and Bonuses already declared. 20% of the Sum Assured is payable on survival to the Policy anniversaries as shown in the table and 40% of the Sum Assured is payable on survival at the end of the Premium Paying term. the Guaranteed Surrender Value (GSV) . Cash Surrender Value: This Policy may be surrendered for cash at any time after payment of at least. and the lower rate is 6% p. quarterly or monthly Minimum Premium Payable • Annual : Rs. three full years' Premiums. 4. are payable in case of maturity at age 85 or on earlier death. 2. a Cash Surrender Value is payable. Expected Bonus Rates: The Bonus Rates are illustrated assuming that the Rate of Return on the Company's investment remains the same throughout the Policy Term. Subject to the Policy being in full force. Currently the prescribed higher rate is 10% p. In case of Surrender of the Policy.000 • Half-Yearly : Rs. However. Also. if any.000 • Monthly : Rs.000 • Quarterly : Rs. 8. General: This illustration has been prepared by ING Vysya Life Insurance Company Limited in accordance with the Standards of Conduct and Sound Practice issued by the Life Insurance Council of India. 20% of the Sum Assured is guaranteed on Survival on the Policy Anniversaries as shown in the table and 40% of the Sum Assured is guaranteed on Survival at the end of the Premium paying term. Bonuses already declared while the policy had been in full force are guaranteed and are payable on maturity at age 85 or earlier on death. the Sum Assured is guaranteed and is payable on maturity at age 85 or on earlier death.Eligibility • Minimum entry age: 14 years • Maximum entry age: 54 years • Maximum maturity age: Fixed at 85 years Premium Payment Term • Choose premium paying terms of 16. Please note that past performance is not necessarily indicative of any future performance of the Company.a.a. Expected Interest Rates: For the purpose of projecting benefits under this Policy. the Life Insurance Council has prescribed two Rates of Returns. provided the Policy is in full force. The Bonus Rates shown above/overleaf are not guaranteed. after at least three full years' Premiums have been paid. Bonuses are declared based on the performance of the Company. half-yearly. 750 The Plan: New Fulfilling Life Anticipated Whole of Life Plan participates in the surplus of the fund to which it belongs. 20 and 24 years Premium Payment Options • Annual. Guarantees: Provided the Policy is in full force. While the policy is in full force. excluding all extra Premiums less 20% of all Survival Benefits paid. Cash Surrender Value if higher than GSV may be paid by the Company at rates as may be determined from time to time. .will be 20% of total of the full years premiums paid.