Ing Final

PROJECT PRODUCT PORTFOLIO OF ING VYASYA LIFE INSURANCE

Made By:

Ripunjay Kumar 35084105

Acknowledgement A task or project cannot be completed alone. It requires the effort of many individuals. We take this opportunity to thank all those who helped us complete this project. I express my sincere gratitude to Prof. Asim Roy for giving us the opportunity to undergo this project. I further thank him for lending a helping hand when it came to solving my problems related to the project. This project would not have been possible without his valuable time and support.

I also thank SRM University for giving an opportunity to undertake a Soft skills project at the start of our MBA course which helped us to understand deeply for those topics which are untouched. This project is an attempt to talk about the Scenario of insurance and

its various product categories in India.

Any suggestions to improve are always welcome.

Executive Summary The service industry is one of the fastest growing sectors in India today. The upcoming sectors which are really showing the graph towards upwards are - Telecom, Banking, and Insurance. These sectors really have a lot of responsibility towards the economy. Amongst the above-mentioned areas insurance is one sector, which took a lot of time in positioning itself. The insurance business of nonlife companies was not much in problems but the major problem was with life insurance. Life Insurance Corporation of India had monopoly for more than 45 years, but the picture then was completely different. Previously people felt that “Insurance is only for classes not for masses” but now the picture is vice-versa.

The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly

Introduction The story of insurance is probably as old as the story of mankind. Tendency of a human being to secure themselves against loss and disaster has been from the starting of world. They sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years as per records.. Life insurance: Life insurance is a contract under which the insurer (Insurance Company) in Consideration of a premium paid undertakes to pay a fixed sum of money on

The death of the insured or on the expiry of a specified period of time Whichever is earlier. In case of life insurance, the payment for life insurance policy is certain. The Event insured against is sure to happen only the time of its happening is not known. So life insurance is known as ‘Life Assurance’ Roles of life insurance: Life insurance as an investment: - Insurance products yield more than any other investment instruments and it also provides added incentives or bonus offered by insurance companies. Life insurance as risk cover: - Insurance is all about risk cover and protection of life. Insurance provides a unique sense of security that no other form of invest can provide. Life insurance as tax planning: - Insurance serves as an excellent tax saving mechanism too. Importance of life insurance:Protection against untimely death: - Life insurance provides protection to the dependents of the life insured and the family of the assured in case of his untimely death. The dependents or family members get a fixed sum of money in case of death of the assured. Saving for old age: - After retirement the earning capacity of a person reduces. Life insurance enables a person to enjoy peace of mind and a sense of security in his/her old age. Initiates investments: - Life Insurance Corporation encourages and mobilizes the public savings and canalizes the same in various investments for the economic development of the country. Life

insurance is an important tool for the mobilization and investment of small savings. Social Security: - Life insurance is important for the society as a whole also. Life insurance enables a person to provide for education and marriage of children and for construction of house. It helps a person to make financial base for future. Tax Benefit: - Under the Income Tax Act, premium paid is allowed as a deduction from the total income under section 80C.

. Indian insurance industry History: Life insurance came to India from England in 1818 when oriental life insurance company started in Calcutta by Europeans. After this many insurance companies had been started in India. But these companies were looking after only the needs of European community established in India. Indian people were not being insured by these companies. First Indian life insurance company came as Bombay mutual life insurance assurance. Second company was Bharat insurance company came in 1896. After this the united India in madras, national Indian and national insurance in Calcutta and the cooperative assurance in Lahore were established in 1906. To regulate Indian insurance business first insurance act came in 1912 as life insurance company act and provident fund act. These acts consist of premium rates tables and periodical valuations of companies. In the first two decade of 20th century many life insurance companies were started. So the insurance act came in 1938 to

governing life and non life insurance companies and to provide strict state control. In 1956 the life insurance business in India was nationalized

Insurance regulatory development authority: In 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests.

Role of IRDA: • Protecting the interests of policyholders. • Establishing guidelines for the operations of insurers, and brokers. • Specifying the code of conduct, qualifications, and training for insurance intermediaries and agents.

• Promoting efficiency in the conduct of insurance business. • Regulating the investment of funds by insurance companies. • Specifying the percentage of business to be written by insurers in rural sectors. • Handling

disputes

between

intermediaries.

COMPANY PROFILE

PRODUCT PORTFOLIO

insurers

and

insurance

• INVESTMENT • RETIREMENT • SAVINTG • PROTECTION • INVESTMENT • 1. NEW FREEDOM PLAN What is this Plan all about? New Freedom Plan allows us to customise your Insurance Cover to suit your requirements. It gives us freedom to plan your investments to suit your preferences and risk profile. This Plan also offers Survival Benefits at regular intervals.The Premiums and Top-Up Premiums paid by you, less Charges are credited to an account called Policyholders' Fund Value ("PFV") and are used to purchase Units in one or more Unit Linked Fund as per your choice. At any point in time, the PFV 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 under this Policy.

Main Features 1. Maturity Benefit: The Plan matures after we attain the age of 70. we will receive the Policyholder's Fund Value on the Policy Maturity Date.

2. Death Benefit: On death before Policy Maturity Date, the Sum Assured or the Policyholder's Fund Value whichever is higher will be payable. However , in-case of death before age 12, the Policyholder's Fund Value would be payable as Death Benefit. For the purpose of determining the amount payable as Death Benefit, the Sum Assured will be reduced by the Partial Withdrawal Benefits availed by the Policyholder from the Policyholder's Fund Value built up on Regular Premium, during the twenty four (24) months immediately preceding the date of death of the Life Assured. 4. Partial Withdrawal Benefit: The Plan offers us the additional flexibility of a one time Partial Withdrawal during 4th to the 10th Policy year . we can make Partial Withdrawal provided the Policyholder's Fund Value after such withdrawal is equal to at

least One and Half Years Regular Premiums. Partial Withdrawals would not be allowed in-case the Life Assured is a minor till the attainment of age of majority. Partial Withdrawals are subject to Charges, as stated below. Duration (while the Policy is in force) On completion of 10 Policy years

Survival Benefits 25% of the PFV

On completion of 15 Policy years

25% of the PFV

On completion of 20 Policy years

25% of the PFV

On completion of 25 Policy years

25% of the PFV

6. Switch your Fund: We have the flexibility to review the performance of your Unit Linked Funds periodically and Switch investments from one Unit Linked Fund to another . Two Switches per Policy year are offered free of Switching Charges. Any additional Switches will be subject to Switching Charges, as stated below. RIDER BENEFIT We can further customise your Plan by adding optional Riders, which may be offered by the Company from time to time. Currently either of Accidental Death Benefit Rider or Accidental Death Disability and Dismemberment Benefit Rider can be attached. TAX BENEFIT Amounts paid by us are eligible for Tax Benefits as applicable under Income Tax Act 1961 ("Act"). If required by the Act, the Company may withhold taxes from the Benefits payable under this Policy.

Eligibility - Minimum Entry Age: 8 years (risk commencing from 12 years) - Maximum Entry Age: 65 years - Minimum Premium Payment Term: 5 years - Maximum Premium Payment Term: 25 years

The Charges The Plan offers complete transparency with respect to expenses charged to us. The Charges are as follows:

1. Policy Administration Charges: A one-time Charge payable at the inception of the Policy comprising of: (1) A fixed Charge of Rs. 700 and (2) A variable Charge of Rs. 50 per Rs. One Lakh of Sum Assured or part thereof. Policy Administration Charges of Rs. 25 per month during the Policy term. 2. Premium Allocation Charges: These contribution-related Charges vary according to the type of contribution as stated below: (1) 1st year - 45% of the Regular Premium paid.

(2) 2nd and 3rd year - 7.5% of the Regular Premium paid. (3) 4th year - 4% of the Regular Premium paid. The Company reduces Allocation Charges for higher Premiums. 3.Fund Management Charge: This is charged on the amount in the Unit Linked Fund(s).

2.

ING ONE LIFE PLUS

What is this plan all about? ING One Life Plus is a unit linked insurance plan giving dual benefits of insurance coverage and the opportunity to invest in funds of our choice. It is a comprehensive plan with flexibility in premium contributions, wherein you have the option to decrease your regular premium or increase your premiums by way of additional top-ups. At the end of the term, the amount accumulated in your fund will be given as maturity benefit, while withdrawal facilities during the term will help you to face financial contingencies. Key Features • Flexibility to choose your life cover • Flexible Investment Options • Flexibility to change the premium amount • Cover continuance option

Key Benefts • Flexibility to choose your life cover With this plan we can decide the amount of coverage you need depending on your requirements with minimum cover being five times the annualised first year premium and maximum cover being subject to underwriting considerations. • Flexible investments WE have the option to choose from five Unit Linked Funds for investing your regular as well as top-up premiums based on your investment objectives. We have the flexibility to decide the amount of premiums according to your convenience We have the option to Decrease your Premium amount from 2nd year onwards subject to a minimum of Rs.18,000 per annum. Also, at any point of time if

we choose to invest more, you can do so by way of top-up premiums. Thus, with minimum yet steady investments you can create your wealth! • Cover continuance option Cover continuance option provides us the flexibility of continuing your life insurance cover beyond the revival period in case we opt not to pay premiums any time after payment of first three years regular premium. If we wish to exercise this option the same should be intimated at least three months before the expiry of the revival period and is subject to underwriting considerations. On exercising this Cover continuance option the mortality charges, rider charges, if any, fund management charges and policy administration charges shall be recovered from the fund value. If at any time during this period the fund value reaches one full years premium that is required to keep the policy in force, the policy contract is terminated by paying the fund value. • Get additional Protection coverage through Riders For comprehensive coverage apart from the base cover in order to address more uncertainties, you can opt for the following Riders available with the policy – Accidental Death Benefit (ADB) (UIN: 114C003V01): Under this rider an additional amount equivalent to Rider Sum Assured is payable due to death resulting out of an accident

3..

HIGH LIFE What is this Plan all about? we believe in systematically building your wealth through regular savings and nurturing your investments. insurance. A superlative Investment Plan that gives us the opportunity to build your wealth through regular and systematic investments and additional Top-Ups as per your convenience.High Life also provides you with a Life Cover of your choice and also enhances your investment opportunities to earn returns in line with the market. So go ahead. Make the choice of a lifetime.

BENEFITS

1

Maturity Benefit: This Plan matures on completion of the chosen Policy term. we will receive the Policyholder's Fund Value as on the Policy Maturity date or as per theSettlement Option chosen by you. Death Benefit: On death before the Policy Maturity date, the Sum Assured or the Policyholder's Fund Value whichever is higher , will be payable. For the purpose of determining the amount payable as Death Benefit, the Sum Assured will be reduced by the Partial Withdrawal Benefits availed by the Policyholder from the Policyholder's Fund Value built up on Regular Premium, during the twenty four (24) months immediately preceding the date of death of the Life Assured. In cases where the Life Assured is aged less than 12 years (last birthday), the Life Cover will commence after completion of 5 years of age or two years from date of Policy Commencement whichever is later . In-case of death before commencement of Life Cover , the Policyholder's Fund Value would be payable as Death Benefit. Partial Withdrawal Benefit: This Plan offers you the additional flexibility of opting for Partial Withdrawals any number of times after completion of 3 Policy years, provided the Policyholder's Fund Value after such withdrawal is equal to at least One and Half Years Regular Premiums. Partial Withdrawals would not be allowed in-case the Life Assured is a minor till the attainment of age of majority. Partial Withdrawals are subject to Charges, as stated below. Surrender Benefit: we can Surrender your Policy any time after completion of the third Policy year . we will receive the Policyholder's Fund Value less the applicable Surrender Charges, as stated below. Switch your Fund: we have the flexibility to review the performance of your Unit Linked Funds periodically and Switch Investments from one Unit Linked Fund to another . Two Switches per Policy year are offered free of Switching Charges. Any additional Switches will be subject to Switching Charges, as stated below.

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3.

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5.

3.

NEW FULLFILLING

1

2.

On survival to maturity, i.e., after attaining 85 years of age, we will receive 100% of the Sum Assured plus bonus .we pay Premiums for a limited period of your choice while you get a risk coverage up to the age of 85 years.In the event of your unfortunate death, your family would receive 100% of the Sum Assured, over and above the Survival Benefits you would have received till then, plus Bonus. wecan choose to increase your life cover or cover against various other risks for more protection, by choosing one or more riders. Riders are add-on benefits that provide additional protection for you at a little extra cost during the Policy Term. The four riders available with the Plan are : (i) Term Benefit Rider (ii) Accidental Death Benefit Rider (iii) Accidental Death, Disability (iv) Waiver of Premium Benefit

Exclusions The benefits under this Plan will not be payable if death of Life Assured occurs due to suicide, within one year from the date of commencement of risk or within one year from the date of reinstatement of a lapsed policy.

Discontinuance of the Policy If we are unable to pay your Premiums for some reason, then, after a period of 30 days from the Premium due date, the Policy will lapse. However , if you have paid Premium for at least 3 full years, we will continue your Policy without further payments with reduced paid-up amounts, which are payable: (i) on our death before attaining 85 years of age or on your survival after attaining age of 85 years; and

(ii) on our survival at the end of the Premium Paying Term. Any Bonus already attached to the Policy will remain attached. The Policy will not be eligible for Bonus after it is made paid-up as above. In case we wish to surrender your Policy and have paid Premium for at least 3 full years, we will receive a Cash Surrender Value.

Policy Loan Under this Plan, we can also avail a loan under the Policy if you have an urgent need for cash. The loan will be available after the completion of your Premium Paying Term.

Free Look After the Policy has been issued, we have a free look-in period of 15 days to go through the terms and conditions of the Policy. In case we need any clarification or do not agree with the terms and conditions, you can contact us. If we are still not satisfied, we have an option of cancelling the policy by writing to the Company stating the reasons for cancellation and by returning the original Policy document to the Company within 15 days of the receipt of the policy Document. In such a case, the Company shall refund the Premium received from you for this Policy after deducting the proportionate risk Premium for the period of risk cover and expenses incurred by the Company on account of medical examination and on stamp duty charges.

Tax Benefits All Premiums paid under this Plan to effect or to keep in force insurance on the life of eligible persons may be eligible for deduction under Section 80C of the Income Tax Act. Benefits paid under this Plan, including the sum allocated by way of Bonus are exempt from Income Tax under Section 10(10D) of Income Tax Act, 1961.

• RETIREMENT 1. BEST YEARS RETIREMENT PLAN

CHARGES

Main Benefits •

The benefit amount under this plan on the vesting date or on earlier death of policyholder is the balance amount in the IPA.

•

On our attaining the chosen vesting date, up to one-third of the benefit amount can be withdrawn and it is tax free under section 10(10A) of the IT Act. The balance amount will be

utilised to purchase an annuity. •

In case of death during the term, your spouse will have the following options in respect of the benefits under the policy - To defer the purchase of annuity if the age of the spouse is less than 45 years, - To encash up to 5% (or such percentage decided by the company depending upon the investment return) of the Benefit Amount outstanding each year up to the age of 45 and then apply the balance if any, at age 45 to purchase annuity.

•

In case there is no spouse, the benefit amount will be paid in lumpsum to the nominee/legal heirs.

•

Balance in our IPA is guaranteed on chosen retirement date or on death.

•

we also have the flexibility

- To choose the regular contribution to be made each year. - With regard to timing and frequency of contributions. - To invest additional amounts in the form of contributions.

Top-up

2. NEW FUTURE PERFECT What is this Plan all about? This Plan not only provides opportunity for having high protection in earlier years when we need it but also ensures regular income through Systematic Withdrawal Benefits in the later years. we can also plan your investments to suit your preferences and risk profile. The Premiums and Top-Up Premiums paid by us, less Charges are credited to an account called the 'Fund Value' and are used to purchase Units in one or more Unit Linked Fund as per your choice. At any point in time, the Fund Value 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 under this Policy. The value of the Benefits Payable in respect of a claim/request received before 4:15 p.m. on any business day will depend on the number of Units and the Unit Price of the respective Funds as on such date. In-case of Systematic Withdrawal Benefit the Unit Price on the date of payment by the Company shall be applicable. In respect of Premiums paid (other than Premiums paid by ECS, Standing Instructions or Auto Debit) or Switch request received before 4:15 p.m. on any business day, the

Unit Price as of the date of receipt of such Premium or Switch request shall be applicable. In respect of Premiums paid by ECS, Standing Instructions or Auto Debit the Unit Price as on the date of realisation shall be applicable.Requests/Premium received after 4.15 p.m on any business day will be processed on the immediately following business day. How does this Plan work? New Future Perfect Plan gives you complete flexibility to plan our finances. we can decide how long you want to pay, how much to pay, the extent of Insurance Cover , the frequency of payments that we would make each year and so on. Flexibility in Premium and Frequency This Plan allows us to choose the amount of Regular Premium we wish to pay subject to certain minimum Premium limits. The frequency of payment may be Yearly, Halfyearly, Quarterly or Monthly. The minimum amounts of Premium for different frequencies are: Yearly: Rs.15,000, Half-yearly: Rs.8,000, Quarterly: Rs.4,000 and Monthly: Rs.1,500. Top-Up Premium This Plan provides us with an option to pay additional Top-Up Premiums (subject to a minimum of Rs.5000) over and above your Regular Premiums as and when you wish allowing you to increase your investments and savings at your own pace. However , total of the Top-Up Premiums at any time should not exceed 25% of the Total Regular Premiums paid (Please refer to Tax Benefits Section). Flexible Premium Payment Term This Plan allows us to choose the duration for which we wish to pay the Premiums. The duration can range from 5 to 25 years. we can pay these Premiums Monthly, Quarterly, Half-yearly or Yearly. Flexibility in Insurance Cover we can choose the Sum Assured that you want. However , the Minimum Sum Assured should be 50% of the Regular Annual Premiums multiplied by Policy term (but not less than 5 times Annual Premium). For e.g. if we decide to pay Annual Premium of Rs. 20,000 and opt for a Policy term of 30 years, then Rs. 3,00,000 [higher of (20,000 x 30 x 0.5) OR (Rs. 20,000 x 5)] will be the Charged

Fund management charge

• SAVING 1. ING PRIME LIFE ING Prime Life is a Unit Linked Savings Plan. It’s a comprehensive life insurance solution with inbuilt additional accidental coverage and flexible investment options to give us financial freedom to realise the goals that you have set at any stage of your life. Also, this plan comes with a unique feature where more than initial allocation charges are returned. That’s not all, with ING Prime Life, you have an option to extend the term with systematic withdrawal feature that helps you to make most of your investment. Key features of the plan are: • Returnmore than Initial Allocation Charges • Sum Assured increases every year • Option to extend the policy term by 10 years • Inbuiltadditional accidental coverage

• Maturity Beneft On maturity of the policy, Fund Value and the Initial Allocation Benefit will be paid. If the option to extend the policy term is exercised, the available fund value will be paid on the extended maturity date. • Death Beneft In the unfortunate event of death of the life assured during the initial policy term, higher of Sum Assured or the fund value and the Initial Allocation Benefit will be payable. • Partial Withdrawal At any point of time after completion of 5 policy years, during emergency we can withdraw a part of our fund. Thus, this plan gives provision for liquidity at the time of your need, so look no further!Five partial withdrawals are allowed during the policy term where each partial withdrawal is subject to a maximum of 10% of the fund value prevailing at that time subject to a partial withdrawal fee. The partial withdrawal is subject to payment of three full years’ regular premium and fund value after each such withdrawal not being less than 1.5 times the annual regular premium. This benefit is not available during the Extended Policy Term or during the minority of the life assured.

• Surrender At any point of time after payment of one full year’s regular premiums if we feel thanyou cannot pay further premiums, we are allowed to surrender the policy; however, the surrender value payment will be made only after completion of 3 full policy years. The surrender value payable is the fund value after recovering applicable surrender penalty. • Switching of funds This plan gives us the flexibility to review the performance of your funds and market conditions periodically and if required switch your existing investments from one fund to another. Two switches are allowed free per policy year and thereafter subject to charges. • Redirection of Premiums This plan provides you the flexibility to decide the investment pattern for our future premiums, i.e., depending on your requirement, we can allocate our future premiums differently amongst the available funds. • Top-up Premium At any time if we have additional amount that needs to be invested, we can pay top-up premium to invest in your fund in the same policy without having to buy another policy. In such case additional top-up premium should be a minimum of Rs. 2,000, provided the total top-u premium does not exceed 25% of the total regular premiums paid. Top-up premium facility is available till the maturity of the policy and not during the Extended Policy Term.

2 ING POSITIVE LIFE I. 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. II. The Plan: This ING Positive Life is an individual unit-linked plan which does not participate in the profits of the Company. The premiums less charges are credited to the Fund Value (”FV”) and are used to purchase units in one or more Unit Linked Funds, offered by the Company, based on the choice made by the Policyholder. 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. III. Benefits: Death Benefit. Death Benefit shall be the higher of the Sum Assured or the FV. For the purpose of determining the amount payable as Death Benefit, the Sum Assured will be reduced by the total amount of eligible Partial Withdrawal Benefits availed by the Policyholder during the twenty four (24) months immediately preceding the date of death of the Life Assured.

Maturity Benefit: The Policy matures on survival of the Life Assured on the policy maturity date. The maturity benefit is equal to the FV. Surrender Benefit: At any time after the completion of the third Policy anniversary, the Policyholder can opt to surrender the Policy. The amount payable on surrender shall be the FV less the applicable surrender charges. Partial Withdrawal Benefit: The Policyholder can opt for partial withdrawals from the Policy from the 6th Policy year. One partial withdrawal is allowed per policy year subject to the FV after partial withdrawal being at least one and half years’ regular premium and the partial withdrawal amount does not exceed 25% of available FV 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 Taxation: The illustration table mentioned above ignores the impact of the provisions of the Income Tax Act 1961 (’Act’). The provisions of section 80C and section 10(10D) of the Act (as amended from time to time) govern tax rebates for premiums and Top-ups paid towards an Insurance Policy and the tax exemption available for the benefits paid under a life insurance policy respectively. These provisions may be applicable to this Policy. However tax benefits are subject to changes in the tax laws. You may consult a qualified tax

3.SAFAL PLAN

JEEVAN

ENDOWMENT

4.REASSURING LIFE

• PROTECTION 1. TERM LIFE What is this Plan all about? The ING Term Life is a Term Insurance Product and is the simplest form of insurance, where the Life Assured is provided insurance cover and on his death during the Policy term, the Sum Assured under the Policy is paid to his beneficiary. What is more, the ING Term Life is one of the most affordable and inexpensive ways of obtaining life insurance cover . . How does this Plan work?

The minimum Sum Assured you can opt under this Plan is Rs. 10 Lakhs. we can opt to pay premiums regularly throughout the chosen Policy term, or pay premiums for a limited term or a one time payment. In the unforeseen event of death of the Life Assured, the Sum Assured is paid to the beneficiaries. To give an example - If a 35 year old male chooses a Sum Assured of Rs.20,00,000/- and a Policy term of 20 years, he will have to pay the following premiums to secure the Sum Assured: FEATURES OF THE PLAN 1. Age Minimum Entry Age: 18 years last birthday Maximum Entry Age: 65 years last birthday Maximum Maturity Age: 75 years last birthday 2. Policy Term: we have the flexibility to choose a Policy term between 10 and 30 years. The premium payment term in such cases would be: (a) Regular premium- till the completion of the Policy term. (b) Limited premium - 3 or 5 years. (c) Single premium -is a one time payment. 3. Premium: This Plan allows us to choose the way we wish to pay our premiums. we can opt for paying a single premium, or limited premium or regular premium. we can also choose to pay premiums either annually, half yearly, quarterly or monthly. 4. Death Benefit: In the event of death of the Life Assured during the Policy term, subject to the terms of the Policy, the Sum Assured chosen under the Policy shall be payable after deducting the balance premiums if any, payable for the Policy year . 5. Grace Period: If the premiums are not paid within the due date, a grace period of 15 days is given for the payment of the premiums without interest. During the grace period, the Policy will continue to be in force and in the event of the death of the Life Assured during the grace period the Sum Assured shall be payable after deducting the unpaid premiums as well as the balance premiums if any payable for the Policy year . 6. Discontinuance of Premium: If premiums are discontinued, the Policy shall lapse from the due date of the first unpaid Premium. If the Life Assured dies during the lapsed period, the Death Benefit shall not be payable.

7. Reinstatement of Policy: The Policyholder may, reinstate the Policy within 2 years from the date of the first unpaid premium subject to payment of the premiums in arrears with interest and subject to the terms of the Policy. Tax benefits: under section 80C and section 10(10D) of the Income Tax Act 1961 ('Act') are available on this Policy. However tax benefits are subject to changes in the tax laws. Please consult a qualified tax advisor for specific tax advice related to you. Service Tax, Education Cess and other taxes as applicable will be charged additionally at the applicable rates.

2. TERM LIFE PLUS About ING Term Life Plus. our responsibility towards your family is something you’ve always held close to your heart. All our efforts are devoted to their happiness, their security. Not just for the present, but even for the future. Needless to mention, your biggest priority has always been to ensure that your loved ones are secure, even in your absence. ING Vysya Life now offers you a great way to secure your family’s future. That’s not all; you can also enjoy a whole range of very attractive benefits offered to you in a very convenient and economical manner . Presenting ING Term Life Plus – the term plan with return of premiums from ING Vysya Life Insurance Company.

1. Age Minimum Entry Age: 18 years last birthday. Maximum Entry Age: 65 years last birthday. Maximum Maturity Age: 75 years last birthday 2. Premium Amount: This Plan allows us to choose the amount of premiums you wish to pay. we can choose to pay premiums either annually, half yearly, quarterly or monthly. we

can also opt to pay a single premium, or limited premium or regular premium . 3. Policy Term: we have the flexibility to choose a policy term between 10 and 30 years. The premium payment term in such cases would be; Regular premium - till the completion of the policy term. Limited premium - 3 or 5 years. Single premium - is a one time payment 4. Death Benefit: In the event of death of the Life Assured during the Policy Term, subject to fulfillment of the conditions of the Policy, the Sum Assured chosen under the Policy shall be payable. .

5. Paid Up Value: If at least three full years’ premiums have been paid in case of Regular Premium and two full years’ premiums in case of Limited Premium and if any subsequent premiums, in case of Regular/Limited Premium as the case may be, are not paid for the full Premium Payment Term, the Policy shall acquire a paid up value as defined below. The benefit is paid on death of the Life Assured during the Policy Term or on Life Assured surviving to the Policy Maturity Date. Paid Up Value = Total premiums paid less the Mid-term Benefit if any, less extra premiums if any. .

6. Surrender Benefit: In case of Regular Premium the Policyholder may surrender the policy at any time after completion of three Policy Years subject to at least three full years’ premiums being paid. In case of Limited Premium the policy can be surrendered only after completion of two Policy Years subject to at least two full years’ premiums being paid. In case of Single Premium, the policy can be surrendered only after completion of two Policy Years. The Surrender benefit payable is as follows: