The Single Premium Level Term Plan of ING Vysya Life Insurance is a policy with one time premium payment. It offers the facility to as many clients as possible and saves the financial and administrative troubles which occur to remember the premium dates of the policy.
The main features of Single Premium Level Term Plan of ING Vysya Life Insurance are:
- Minimum age at entry for the policy is 18 years age as on the last birthday.
- Maximum age at entry for the policy is 63 years age as on the last birthday.
- Minimum group size for the policy is 50 members.
- No limit for Maximum group size.
- Premium payment frequency for this policy is one single premium.
- Premium guarantees the rate for the full term.
- Loan pre-payment allowed is 70% to 85% of unexpired term Single Premium depending upon group size
- Suicide within the first year of a member's admission into the scheme is generally excluded.
The advantages of Single Premium Level Term Plan of ING Vysya Life Insurance are:
- Easy administration
- Rate guarantee of premiums
- Inclusion of new members at any time
- Provides wide-ranging life insurance cover at a lower cost in comparison to individual life insurance policies.
- In case of loan pre-payment 70%-85% of unexpired term Single Premium is refunded depending on the group size.
- Gives a feeling of protection and security to the clients.
- No planning is required for periodic premium payments.
- No chances of lapsing of the policy.
- Easy way to cover outstanding loans.
- Eligible for tax exemption under Section 88 of Income Tax Act.