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ING Term Life

Objective

An offline pure term plan that aims at providing fianancial assistance to family members in unfortunate event of death of insured member.

Our View

Term plans are the cheapest and best form of life insurance. This is a decent policy. However, if you are young and healthy and can make an online purchase comfortably, look for online policies as such policies will offer you better rates.

Suited for

A pure term plan is a definite buy for everyone.

What does it do?

A term plan which pays sum assured to the beneficiary on the unfortunate event of death of the life insured. It gives an option to select from two riders for additional cover for minimal cost.

Pros

Lower premium rates for women.

Flexible premium payment term and premium payment frequency to cater varied needs of individuals.

Insurance cover up to 75 years of age.

Eligibility

Entry Age (years)

Minimum
18
Maximum
65
Maximum Maturity Age (years)
75

Policy Term (years)

Minimum
10
Maximum
30

Sum Assured (Rs)

Minimum
1000000
Maximum
No limit
Premium Payment Frequency
Single, Yearly and Half-yearly. Quarterly and Monthly via ECS only
Premium Payment Term
Single, Limited premium for 5 years and equal to policy tenure
Premium Factor (multiply with annual premium)
Half Yearly: 0.512 times annual premium; Quarterly: 0.259 time annual premium; Monthly (through ECS only): 0.087 time annual premium
Policy Cover
Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation
In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered.
Grace Period
You are allowed to pay premiums within 15 days from the due date. If a due premium is not received within the grace period of 15 days, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated.
Lapsed Policy Reinstatement
You can reinstate your lapsed policy any time (within 2 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any.
Tax Benefits
Section 80C and Section 10 (10D) of the Income Tax Act, 1961 would apply
Exclusions
In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable. Further, if the Life Assured under the policy, whether medically sane or insane, commits suicide, within one year of exercising the option to increase the Sum Assured, then the amount of increased Sum Assured will not be considered in the calculation of the Death Benefit

Customer Service

Address
ING Life Insurance Company, No 690, 1st floor, Gold Hill Square, Begur Hobli, Hosur Road. Bangalore – 560068
Call On
1-800-419-8228 and +91-9880888228 between 9 am to 9 pm; Monday to Friday and 9 am to 6 pm weekends and holidays
SMS
ING' to 53636
Available Rider(s)
Accidental Death Benefit (ADB): covers death due to accident.
Accidental Death, Disability and Dsimemberment Benefit (ADDB): covers-
Death due to an accident
Disability- resulting from an accident and occurring within 180 days of the date of accident and lasting for at least 180 consecutive days. Completely and continuously preventing the Life Assured from engaging in any occupation to earn any wages
Dismemberment- Physical severance or total irrevocable loss of use which results from accident and occurs within 180 days from the date of the accident. Dismemberment of limbs occurring within 180 days of accident or Physical severance of arm at or above wrist or Physical severance of leg at or above ankle or Physical severance of a thumb, an index finger, and at or above metacarpophenageal joint

Rider Conditions

Entry Age (years)

Minimum
18
Maximum
55
Maximum Maturity Age (years)
65 for both the riders

Rider Term (years)

Minimum
10
Maximum
30

Sum Assured (Rs)

Maximum
Equal to base sum assured subject to overall limit of Rs 20 lakh
Rider Premium (Rs)
Rider premiums vary for each policyholder. For instance, if a 30-year old opts for the ADB rider for Rs 5 lakh for 10 years costs Rs 652 and for ADDB rider for a similar sum works to Rs 869

Cost Details

Annual Premium Option for Male
Policy Term (in years)Age (in years)
2530354045505560
10380540764807641210094153742319835780
15380542285280755511926183602814644588
203913458062499116142872213034501NA
25421553277469109621712926779NANA
304943633789861327120754NANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premium Option for Female
Policy Term (in years)Age (in years)
2530354045505560
1037023955436954487883122061850328232
1537023975464861909303145002227534723
203752418652547397111861742427078NA
2539224659618388651342820989NANA
304250550173971070016264NANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option for Male
Policy Term (in years)Age (in years)
2530354045505560
102444727085343834798977542118748178457272395
1535315416405523780172126907191177287496441700
20471585849581062118247183445275057415027NA
256053578850110859161293247343370618NANA
3076580102140144228209929319565NANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Single Premium Option for Female
Policy Term (in years)Age (in years)
2530354045505560
10238372550230004398265981094024142632216033
153365037845470796521198866152615229705349178
2043739516936752295936144326220090331045NA
25547886786191653131032195713296653NANA
306761686804118975170508253783NANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premium Option under Limited -3 year Pay option for Male
Policy Term (in years)Age (in years)
2530354045505560
10940910323128601761627959424556358796923
15134761568520439291834562168337102554157507
20177702172129597426066548397773147325NA
252259328961401205773987884131244NANA
3028324372125186874800113163NANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax
Annual Premium Option under Limited -3 year Pay option for Female
Policy Term (in years)Age (in years)
2530354045505560
1091939775113381476221754337575090876922
1512893143591758523936357585470682024124534
20165741934924869348005175878400117593NA
252058425140334244716969797105227NANA
302520031878430736104290145NANANA
Figures indicate premiums on a Rs 20 lakh policy for an age over different policy tenures exclusive of service tax