ING Vysya Life launches twin unit-linked plans
By Our Banking Bureau | 10 Dec 2004
Mumbai: Bangalore-based life insurance major ING Vysya Life Insurance today announced the launch of two unit-linked life insurance plans simultaneously -Freedom Plan and the Future Perfect plan. With the two new launches, the company now offers 12 individual life products.
According to Frank Koster, the MD & CEO of ING Vysya Life, "The unit-linked product segment has seen unprecedented interest from customers of private life insurers in recent times on the back of the exuberance in the equity markets. The Freedom Plan and Future Perfect Plan provide a complementary suite of benefits that can be used by the customer in different ways and over different planning time horizons to optimize contribution, withdrawal, protection and investment options as required."
The Freedom Plan allows customers to plan their investments, contributions, withdrawals and life protection over a flexible policy period that from five to 25 years, with a choice of four investment options - a debt plan, a secure plan, a balanced plan and a growth plan, which has an increasing exposure to equity markets. The life cover starts from Rs75,000 onwards. Policyholders can switch between funds at any time and two free switches per year are allowed.
The Future Perfect plan helps provide a regular income during retirement years (from 60 to 80 years) based on the accumulated fund that is built up through flexible contributions during the earning years (up to age 60). The flexibility of investing in the different funds, contributing as much and as often the policy holder desires, switching the investment options, choosing the life cover, and withdrawing partially or fully from the fund are all provided in the Future Perfect plan as well.
The Future Perfect plan is an innovative and tax friendly way to build up a retirement fund and enjoy the "perfect future" it provides during the retirement years.
NAV
The four investment plans for the Unit Linked products (with a face value of Rs10 per unit) were constituted on November 1, 2004, and have performed well over the last 5 weeks on the back of the market rally during this period.
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