Special Correspondent

‘Golden Life’ offers assured minimum return

VISAKHAPATNAM: ING Vysya Life on Wednesday launched ING Golden Life, a unit-linked retirement plan offering loyalty units and life stage investment programme.

ING Golden Life is meant for retirement plans as the life expectancy has gone up and one is needed to plan for his or her requirements for about 20 years after retirement. “It comes with attractive benefits and encourages retirement planning with a long-term view and to build a large retirement fund,” ING Vysya Life’s regional vice-president Madhav Kumar Rachapudi said at a press conference here. The customer could pay a one-time premium of a minimum of Rs. 45,000 or choose a regular premium of Rs. 15,000 for a term between five years and a maximum of 30 years. The minimum and maximum entry ages were 18 years and 65 years respectively and there was no medical underwriting. Large Volume discounts are also offered based on premium size.

Flexibility

There was also a freedom to choose the vesting age between 45 years and 75 years, which could also be advanced or postponed once. Its target group is the customers in the 28-45 age group wishing to plan well for retired life, which is getting longer, tougher and more expensive.

Additional loyalty units were also awarded to the customer’s fund every year. They would be added as a percentage of the fund value at the end of each policy year. This would help the customer increase his or her retirement funds quicker and receive good benefit in the long term.

The life stage investment programme would help the customer manage the retirement fund according to the their risk profile, he said. They also have a choice to opt for standard investment programme in which up to 60 per cent of the fund is invested in equity, or an aggressive programme in which up to 100 per cent is invested in equity. The life stage investment programme would manage the portfolio by automatically reducing the customer’s fund exposure to equity, as the vesting age gets closer, making the product hassle-free for the customer.

The product has unlimited top-ups by which the retirement fund could be accelerated anytime and to any number of times. The private life insurance company has 25 products to suit the customer requirements and the new product is a flexible one and offers a minimum assured return to the customer, Mr. Madhav Kumar said.