ING Term life is an insurance policy of ING Vysya Life Insurance that has been designed specifically for offering insurance cover to the beneficiary of the policy. This is also the most affordable life insurance policy. The policy cover is transferred to the beneficiary of the insured soon after his or her death.
Some of the key benefits of the policy are as follows:
- In this policy the insured can avail insurance cover for more then rupees ten lakhs.
- The policy is highly flexible since it allows the insured to select a policy term between ten to thirty years.
- The term of paying the insurance premium is also very flexible. Three types of payment options are offered to the insured that is single, regular and limited pay option.
- If the death of the insured occurs, the amount of money that has been assured under this policy shall also be payable.
- The insured is also eligible to get tax benefit under section 80c and section 10(10D) of the Indian Income Tax Act 1961.
- In regular payment option, the insured would get optional riders for comprehensive accidental coverage.
Some of the key features of the policy are as follows:
- A person need to be more then eighteen years of age to own this policy and the maximum age limit of this policy is sixty-five years.
- Rupees ten lakhs is the minimum amount that is to be insured under this policy.
- This term of this policy is highly flexible and that is between ten to thirty years.
- There are three types of premium payment terms namely regular, limited premium and single premium. The regular term that has to be paid by the insured till the end of the policy term. Single payment term is a one time payment and the limited one is for a certain period basically for three to five years.
- The premium payment terms are of four types namely monthly, quarterly, half-yearly and monthly.