Ing report

Report on “Sales and Marketing
Strategies of ING Vysya Life
Insurance Company Limited,
Bangalore
”

Submitted by:Ch. Rakesh Kumar Patro

of
Registration number:Fpb1214/029

Indus Business Academy
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A
PROJECT REPORT
ON
“Sales and Marketing strategy of ING Vysya Life Insurance Company Limited , Bngalore”
SUBMITTED TO
INDUS BUSINESS ACADEMY
TOWARD PARTIAL FULFILLMENT OF
POST GRADUATE DEPLOMA MANAGEMENT (PGDM)
(2012-2014)
UNDER THE GUIDANCE OF
Mr. Abhishek Singh
Group Sales Manager – ING vysya Life Insurance company limited , bngalore
and internal guide Dr. M.S Ramachandra

BY
Ch. Rakesh Kumar Patro
OF

Registration Number
FPB1214/029

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SIP Completion Certificate

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Director’s Certificate
This is to certify that, Mr. Ch. Rakesh Kumar Patrois a bona fide student of Indus Business Academy,
Bangalore and is presently pursuing a Post Graduate Diploma in Management.
Under my guidance, he has submitted his project titled
“Sales and Marketing strategy of ING Vysya Life Insurance Company Limited, Bangalore ”, in
partial fulfillment of the requirement for the Summer Internship Program during the Post Graduate
Diploma in Management.
This report has not been previously submitted by him as part of another degree or Diploma in another
school or university.

…………………………..
Dr. Subhash Sharma
Lakshmipura, Thataguni post,
Kanakapura main road
Bangalore 560 062

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Mentor’s Certificate
This is to certify that, Mr. Ch. Rakesh Kumar Patrois a bona fide student of Indus Business
Academy, Bangalore and is presently pursuing a Post Graduate Diploma in Management.
Under my guidance, he has submitted his project titled
“Sales and Marketing strategy of ING Vysya Life Insurance Company Limited, Bangalore”, in
partial fulfillment of the requirement for the Summer Internship Program during the Post
Graduate Diploma in Management.
This report has not been previously submitted by him as part of another degree or Diploma in
another school or university.

…………………………..

Lakshmipura, Thataguni post
Kanakpura main road
Bangalore – 560062

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Declaration
I Ch. Rakesh Kumar Patro, the undersigned, a student of Indian Business Academy, Bangalore,
declare that this project report titled “Sales and marketing Strategy of ING Vysya Life
Insurance Company Limited” in partial fulfillment of the requirement for the Summer
Internship Program during the Post-Graduation Diploma in Management.
This work has not been previously submitted by me as a part of any other degree or diploma of
another school or University.

…………………………..
FPB1214/029
PGDM 2012-2014
INDUS BUSINESS ACADEMY
Lakshmipura, Thataguni Post
Kanakpura Main Road,
Bangalore- 560062

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Acknowledgement
I take this opportunity to thank my college, Indus Business Academy, Bangalore andMr.
Manish Jain (CEO) for giving me a chance to do a summer internship project, adding the
experience of practical knowledge so important to understand and to try and bridge the gap
between theoretical and practical knowledge.
I also express my sincere gratitude to Dr. Subhash Sharma, Dean, Indus Business Academy and
Dr. MS Ramachandra, Faculty of Indus Business Academy for their valuable inputs.
I am thankful to ING Vysya Life Insurance Company Limited for giving me an opportunity to
undertake a project on “Sales and marketing Strategy of ING Vysya Life Insurance Company
Limited, Bangalore” and also for providing me all the information required.
I express my gratitude to Mr. Abhishek Singh, Group Sales Manager ING Vysya Life
Insurance Company Limited Bangalore, who through his vast experience and knowledge
has been able to guide me, both ably and successfully towards the completion of my
summer internship project.
I am sincerely grateful for the assistance of several individuals, who have contributed towards
fulfillment of this report. The knowledge, experience, guidance and the most important factors
– support from these people are indeed valuable.

Indus Business Academy, Bangalore

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Table of Content
Executive Summary....................................................................................................................................... 9
Introduction ................................................................................................................................................ 10
Industry profile............................................................................................................................................ 10
Company profile.......................................................................................................................................... 13
Product portfolio......................................................................................................................................... 24
Analysis and Interoretation......................................................................................................................... 74
Findings ...................................................................................................................................................... 82
Recommendations ...................................................................................................................................... 83
Conclusion ................................................................................................................................................... 84
Bibliography ................................................................................................................................................ 85

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Executive Summary
Evaluating the market potential is an important aspect as the present state and future
possibilities any business can be analyzed through this. ING Life Insurance being a key player of
the Insurance industry and having competitors like LIC, ICICI and Bajaj; needs evaluation of
market potential on a regular intervals.
In this project the sales and marketing strategy of ING Life Insurance Company is measured in
Bangalore area through different methods. The report will give an insight of the current level of
customer demand of ING Life Insurance product in comparison of its competitors.Different
parameters have been used to analyze the preference of customer. Necessary suggestions have
been made which will help the company to take corrective actions to increase its sales and get
a step ahead of its competitors.
Although the findings of the report possess certain assumptions and limitations yet it will
provide the proper current state and future state analysis of the company. This will definitely
benefit the company in longer run.

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Introduction of ING Vysya Life Insurance
Company Ltd:
ING Vysya Life Insurance is a part of the ING groups the world’s fourth largest financial
services company and also the world’s second largest life insurance provider. ING Vysya Life
Insurance stands 13th in the fortune 5oo list.
ING Vysya Life Insurance Company Limited is an established life insurance company with over
a decade of experience serving over I million customers in over 200 cities in India.
Headquartered in Bangalore, ING Vysya Life Insurance Company Limited is 100% owned by
Exide Industries Limited.
The company distributes its products through key channels like Tied Agency, Banc assurance
and Alliances. The Tied Agency channel comprises over 30,000 ING Vysya Life Insurance
Advisors, spread across the country. The Banc assurance and Alliances business within ING
Vysya Life Insurance is a fast growing distribution channel, and includes the Banc assurance
partner (ING Vysya Bank), Referral Partners, Corporate Agents and Brokers.
ING Vysya Life Insurance company ltd entered in India in2001. It has dedicated and committed
advisor sales of over 21000 people, working from 140 branches located in 74 major cities located
in 74 major cities across the country and over 3000 employees. It’s headquarter is situated in
Bangalore.
ING Vysya Life Insurance company recorded an income of rs 102crore in 2003-04. The
company has 6500 dealers and 100 field staffs who deal with over one lakhs farmer.

Industry Profile:
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange
for payment. It is a form of risk management primarily used to hedge against the risk of a
contingent, uncertain loss.
An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder,
is the person or entity buying the insurance policy. The amount of money to be charged for a
certain amount of insurance coverage is called the premium. Risk management, the practice
of appraising and controlling risk, has evolved as a discrete field of study and practice.

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Michael porter 5 forces model for insurance industry

1. Power of Suppliers. The suppliers of capital might not pose a big threat, but the
threat of suppliers luring away human capital does. If a talented insurance
underwriter is working for a smaller insurance company (or one in a niche industry),
there is the chance that person will be enticed away by larger companies looking to
move into a particular market.

2. Power of Buyers. The individual doesn't pose much of a threat to the insurance
industry. Large corporate clients have a lot more bargaining power with insurance
companies. Large corporate clients like airlines and pharmaceutical companies pay
millions of dollars a year in premiums. Insurance companies try extremely hard to
get high-margin corporate clients.

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3. Threat of New Entrants. The average entrepreneur can't come along and start a
large insurance company. The threat of new entrants lies within the insurance
industry itself. Some companies have carved out niche areas in which they
underwrite insurance. These insurance companies are fearful of being squeezed out
by the big players. Another threat for many insurance companies is other financial
services companies entering the market. What would it take for a bank or
investment bank to start offering insurance products? In some countries, only
regulations that prevent banks and other financial firms from entering the industry.
If those barriers were ever broken down, like they were in the U.S. with the GrammLeach-Bliley Act of 1999, you can be sure that the floodgates will open.

4. Threat of Substitutes. This one is pretty straight forward, for there are plenty of
substitutes in the insurance industry. Most large insurance companies offer similar
suites of services. Whether it is auto, home, commercial, health or life insurance,
chances are there are competitors that can offer similar services. In some areas of
insurance, however, the availability of substitutes are few and far between.
Companies focusing on niche areas usually have a competitive advantage, but this
advantage depends entirely on the size of the niche and on whether there are any
barriers preventing other firms from entering.

5. Competitive Rivalry in an Industry. The insurance industry is becoming highly
competitive. The difference between one insurance company and another is usually
not that great. As a result, insurance has become more like a commodity - an area in
which the insurance company with the low cost structure, greater efficiency and
better customer service will beat out competitors. Insurance companies also use
higher investment returns and a variety of insurance investment products to try to
lure in customers. In the long run, we're likely to see more consolidation in the
insurance industry. Larger companies prefer to take over or merge with other
companies rather than spend the money to market and advertise to people.

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Company Profile of ING Life Insurance:
Website:http://www.inglife.co.in
Industry:Insurance
ING Vysya Life Insurance Company Pvt. LtdING Vysya Life Insurance Company Limited
(ING Life) part of the ING Group entered the private life insurance industry in India in
September 2001. Headquartered at Bangalore, ING Life is staffed by 7,926 employees and over
75,926 advisors, serving 8.12 lakh customers.
Products:Traditional Investments, ULIP Products etc.
Contact:India Address: ING Vysya House', 5th Floor 22, M.G. Road Bangalore 560001
Phone Numbers.: 91-80-25328000
Management

Board of Directors (as on March 21, 2013)
Mr. Rajan Raheja: Chairman
Mr. A. K. Mukherjee: Director
Mr. Kshitij Jain: Managing Director & CEO
Mr. N. N. Joshi: Director
Mr. Rajesh Kapadia: Director
Mr. Satish Raheja: Director

Executive Team (as on March 21, 2013)
Mr. Kshitij Jain: Managing Director & CEO
Mr. Rahul Agarwal: Chief Distribution Officer

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Mr. B. Ashwin: Chief Operating Officer
Mr. Uco Vegter: Chief Financial Officer
Mr. B N Rangarajan: Appointed Actuary & Chief Risk Officer

History of ING:
ING Group traces its roots to two major Insurance companies in the Netherlands and
the banking services of the Dutch government.

Insurance
In 1845 the fire insurance company the Assurantie Maatschappij tegen Brandschade de
Nederlanden van 1845 (Fire insurance company of the Netherlands established 1845)
was founded and grew to be the first insurance company with branches outside the
Netherlands, of which it had 139 the world over by 1900. Two decades later in 1863 the
life insurance company Nationale Levensverzekerings Bank (National Life Insurance
Bank) was founded in Rotterdam. These two insurance companies would merge to form
the combined insurance company the Nationale-Nederlanden in 1963. The combined
insurance company would expand significantly during the 1970s and 1980s. [6]

Banking
In 1881 the Dutch government created the Rijkspostspaarbank, a postal savings
system to encourage workers to start saving. Four decades later they added
the Postcheque and Girodienstservices allowing working families to make payments via
post offices. Separately in 1927 the Dutch government initiated a reorganisation of
Dutch banks which resulted in the creation of theNederlandsche Middenstands Bank
(NMB). NMB's focus was retail banking in the Netherlands and abroad.
In 1986 the post office banking services were privatised as Postbank N.V. and three
years later it would merge with NMB bank to form NMB Postbank.

Merger of banking and insurance
In 1991 the banking business of NMB Postbank and the insurance business of
Nationale-Nederlanden were merged to create ING Group, after changes in regulation
that allowed banks and insurance businesses to work together.

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Overseas expansion
ING Group expanded its international business through a number of acquisitions
through the 1990s including Belgium bank Banque Bruxelles Lambert (BBL) in 1998,
US based insurance company Equitable of Iowa and the commercial bank Furman Selz.
It also acquired Frankfurt based BHF-Bank in 1999, although disposed of this later. It
increased its Latin American and Asia Pacific's insurance businesses with the
acquisition of ReliaStar and Aetna's Financial Services unit. It also acquired the
Polish Bank Śląski and Mexican insurance company Seguros Comercial América.
However it was the 1995 purchase of Barings Bank after its dramatic failure that saw of
ING Groups investment banking business boosted significantly.
To expanding its retail banking business overseas, rather than create a branch network,
it used the direct banking business model it had develop with NMB Postbank to launch
an overseas direct banking businesses called ING Direct. The first of these was set up
in Canada in 1997, this was soon followed in a number of other countries including the
US, UK, Germany, France and Australia. The no frills high rate savings accounts that
could only be accessed on-line were a successful venture and spawned a number of
similar services from rival banks.

Capital injection and divestiture
In 2008 as part of the late-2000s financial crisis ING Group, together with all other major
banks in the Netherlands, took a capital injection from the Dutch Government. This
support increased ING's capital ratio above 8%, however as a condition of Dutch state
aid, the EU demanded a number of changes to the company structure. This resulted in
divestiture of a number of businesses around the world, which included insurance
businesses in Latin America, Asia, Canada, Australia and New Zealand and the ING
Direct unit in the US, Canada and the UK.[7]

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Milestones of ING:
The long journey of seventy-five years has had several milestones…
1930 Set up in Bangalore
1948 Scheduled Bank
1985 Largest Private Sector Bank
1987 The Vysya Bank Leasing Ltd. Commenced
1988 Pioneered the concept of Co-branding of Credit Cards
1990 Promoted Vysya Bank Housing Finance Ltd.
1992 Deposits cross Rs.1000 cores
1993 Number of Branches crossed 300
Signs Strategic Alliance with BBL., Belgium. Two National Awards by Gem &
Jewellery Export Promotion Council for excellent performance in Export Promotion
Cash Management Services, & commissioning of VSAT. Golden Peacock Award 1998 for the best HR Practices by Institute of Directors. Rated as Best Domestic Bank in
India by Global Finance (International Financial Journal - June 1998)
State -of - the -art Date Centre at ITPL, Bangalore.
2000
RBI clears setting up of ING Vysya Life Insurance Company
2001 ING-Vysya commenced life insurance business.
1996

The Bank launched a range of products & services like the Vys Vyapar Plus, the
range of loan schemes for traders, ATM services, Smartserv, personal assistant
2002 service, Save & Secure, an account that provides accident hospitalization and
insurance cover, Sambandh, the International Debit Card and the
mi-b@nk net
banking service.
2002 ING takes over the Management of the Bank from October 7th , 2002
RBI clears the new name of the Bank as ING Vysya Bank Ltd, vide their letter of
10.12.02
Introduced customer friendly products like Orange Savings, Orange Current and
2003
Protected Home Loans
2002

2004 Introduced Protected Home Loans - a housing loan product
Introduced Solo - My Own Account for youth and Customer Service Line – Phone
2005
Banking Service
Bank has networked all the branches to facilitate ‘AAA’ transactions i.e. Anywhere,
2006
Anytime & Anyhow Banking

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Achievements of ING:
o

First Investment Manager to launch a packaged concept in Asset Management
Industry.

o

Awarded “Abby Gold 2006” for its advertising Campaign for ING LION Fund.

o

Two CRISIL AAAf * products in Debt Fund space. (ING Liquid Fund & ING
Floating Rate Fund).

o

First Asset Manager to launch a debt fund based on Credit risk with a portfolio
based on credit monitor. (ING Select Debt Fund).

o

First Private Sector Mutual Fund to launch a concept dedicated to women.
(Mahilanivesh).

o

ING Dynamic Asset Allocation Fund was awarded “Most Innovative Product” by
Asia Asset Monitor.

o

ING Mutual Fund recently launched India’s first DAILY TRANSFER PLAN called
Zoom Investment Pac (ZIP).

o

ING Mutual Fund has also pioneered a new reality show on television called
Indian Investor of the Year.

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INGs Timeline:

 ING was founded in 1991 by a merger between Nationale-Nederlanden and NMB
Postbank Group. During the past years ING has become a multinational with
diverse international activities.
 The roots of ING can be traced to the insurers De Nationale Levensverzekering
Bank and De Nederlanden van 1845 and to the public bank services such as De
Rijkspostspaarbank and De Postcheque- and Girodienst, as well as to
theNederlandsche Middenstands Bank. These are the legal predecessors of the
'founding fathers' of ING: Nationale-Nederlanden and NMB Postbank Group.
 The oldest legal predecessor is the Kooger Doodenbos from Koog in the
province of North Holland, founded in 1743. During that period many regional
funds were created to insure people from certain communities, professions,
widows and orphans against bad fortune. Many of these small organisations
were taken over by larger nationwide operating companies such as De Nationale
Levensverzekering Bank. The fire insurers were the first to undertake
international activities, starting in the Dutch Indies, but later also in the rest of
Asia and in America. This created the foundation for the international company
ING is today.
 The pillarisation of Dutch society that separated Protestants, Catholics and
Socialist/Liberals is also visible in the ING history. Banks with a Catholic or
Protestant signature merged into the NMB and became part of ING. Professional
groups also united in the banking business. Organisations such as the
Credietbank for Koffiehuis en Restauranthouders (pubs and restaturants),
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the Bank voor den Diamantenhandel (diamond trade) and
the Vakbondsspaarbank (Union Savings Bank) were involved in several mergers
and acquisitions and finally became part of ING Bank and therefore part of the
ING family.
 The founding of ING as one company was started in 1990 when the legal
restrictions on mergers between insurers and banks were lifted in the
Netherlands. This prompted insurance company Nationale-Nederlanden and
banking company NMB Postbank Groep to enter into negotiations. The merger
into Internationale Nederlanden Groep took place in 1991. The market soon
abbreviated the name to I-N-G. The company followed suit by changing the
statutory name to ING Groep N.V. Since 1991, ING has developed from a Dutch
company with some international business to a multinational with Dutch roots.
This was achieved through a mixture of organic growth, such as the creation of
ING Direct from scratch, as well as various large acquisitions.

Business Divisions of ING:
 Retail banking
 ING Direct
o

ING Direct Canada

o ING Direct United States
o ING Direct UK
o ING Direct Australia
 Commercial banking
o Corporate finance
 Insurance
o ING Australia
 ING Investment Management

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Awards and Recognition:
2012
 Rated as ‘Top 50 Best places To Work’ by Great Place To Work Institute
 Awarded with ‘Best Talent Management’ across
 Asia by World HRD Congress

2011





ING Dividend Yield Fund rated 5 Star by ICRA
ING Dividend Yield Fund ranked CPR 1 by CRISIL
ING Domestic Opportunities Fund awarded with 5 star
ING Liquid Fund ranked CPR 1 by CRISIL

2010
 ING IM India CIO adjudged as India’s one of the ‘Best Fund Manager’ by
Business Today

2008
 ING Income STP Fund rated 5 Star by ICRA
 Conducted Asia’s first, largest & most prestigious global event – ‘ING Global
 Investment Marathon’

2007
 ING Zoom Investment Pac awarded as ‘Most innovative Product’ by Asia Asset
Management
 Launched India’s first ‘Global Real Estate’ strategy’ – ING Global Real Estate
Fund
 Rated as ‘Top 200 Brands in India’ and ranked
 No. 7 in the Asset Management space ahead of all other MNC’s

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Mission of ING Life insurance:
At ING Life, our mission is ‘To set the standard in helping our customers
manage their financial future.’
Our business is driven on our values of Optimism, Knowledgeable, Trustworthy and
Transparent.

Optimism: We bear an approach of ‘Optimism’ towards our company, towards
each other, in our products and in our care for our customer’s interests.
Knowledgeable: We cultivate the knowledgeable value through our robust way
of working, sharing and actively communicating.
Trustworthy: We deliver trustworthiness by doing the ‘right things in right way’,
by delivering an ‘easier’ customer experience and by being a socially
responsible corporate.
Transparent: Our value of ‘transparent’ drives our actions, reflects in our
products and services.

Values of ING Life Insurance:
Our values are personified by our people through a set of ‘Personality aspects’. These
personality aspects are: Positive, Professional, Accountable and Transparent.

Positive: ING Life India employees live its value of optimism by bearing a
positive and can-do attitude to their work.
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Professional: At ING Life India, we expect the highest standard of professional
behavior by providing professional advice to customers, by treating customers
equitably, abide by company’s culture and act with compliance.
Accountable: ING Life India expects employees to be accountable for their
actions, words and decisions such that it builds their personal integrity and
fosters ING Life India’s value of trustworthiness.
Straightforward: ING Life India expects employees to be straightforward in their
conduct and work while dealing with customers and colleagues.

The Brand Positioning:
The Brand Essence of ING Life is, ‘Experience the joy of fulfilling your responsibility’.
This essence is captured in the unique brand positioning ‘Mera Farz’, developed in
2007. This positioning means, ING Life helps its customers fulfill their responsibilities as
provider towards themselves and their families. ING Life provides its customers with the
strength, reliability and the right balance between long-term savings, security &
reasonable returns.

Spirit of ING life Insurance:
The Spirit of ING Life Insurance is the core of ING and represents its values and what ING Life
Insurance aspires to be. These values are
 Intensity to Win
Make Customers Successful
Team, Innovate, Excel
 Act with Sensitivity
Respect the individual
Thoughtful and responsible
 Unyielding Integrity
Delivering on commitments
Honesty and fairness in actions
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SWOT Analysis:
SWOT analysis is done for a company, to find its overall strengths, weakness, opportunity, and
threats leading to gauging the competitive potential of the company. The SWOT analysis
enables a company to recognize its market standing and strategy accordingly.

Strength:
1. Integrated approach to banking. Asset management and insurance
2. State of Art ING Direct Facility
3. International expertise of ING group
4. Spread of 230 offices across India
5. Serves over 1 million policy holders in India

Weakness:
1. Less penetration in rural areas
2. Mediocre publicity
3. Insurance companies have a poor image when it comes to payment of dues

Opportunity:
1. Growing rural market
2. Earning Urban Youth
3. Cross selling through financial services such as banking

Threats:
1. Stringent Economic measures by Government and RBI
2. Entry of new NBFCs in the sector

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Product portfolio:
Children Plans:
What is "ING Aashirvad"?
ING Aashirvad is a best in class guaranteed insurance solution for your child. This
unique offering not only guarantees your child's education and marriage, but also goes
one step ahead in providing a guaranteed life cover for your child for 30 years after
policy maturity.
What are the guarantees offered by ING Aashirvad?
Guarantee 1:Guaranteed Maturity Benefit (GMB) with flexible payout options
ING Aashirvad guarantees the target amount you have aimed for your child and offers
flexible options to receive your maturity payout that will take care of your child's key
financial needs.
Option A – Part Staggered & Part Lumpsum to fulfill your child's education and
marriage needs
Option B – Single Lumpsum Payment for post graduation or marriage needs
Guarantee 2:Guaranteed Death Benefit paid in addition to the GMB, on the life of the parent and
the child, in case of any unfortunate event
Guarantee 3:Guarantee of Premium contribution by the company (waiver of all future
premiums) in the unfortunate event of the demise of the parent.
Guarantee 4:Guaranteed Life Cover for your child for a period of 30 years even after policy has
reached maturity

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Product Features

Premium Paying Term (PPT)

10-20 years
The Child has to be minimum 18 years on the date of
maturity.

Policy Term

Premium Paying Term (PPT) + 5 years

Minimum Guaranteed Maturity
Benefit (GMB)

Rs. 400,000

Maximum Guaranteed Maturity
Benefit (GMB)

No limit (subject to Underwriting)

Guaranteed Death Benefit (in
addition to the Guaranteed
Maturity Benefit)

Maturity Payput Options

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Before the Policy Maturity Date
For Parent:- 50% of GMB
For Child:- 2.5% of the GMB + Surrender Value (if any)
After the Policy Maturity Date
For Parent:- Not applicable
For Child:- 50% of GMB
Option A - Part Staggered as 7.5%, 7.5%, 10% 10%in
the first 4 years after PPT & the balance 65% on the
policy maturity date.
Option B - Lumpsum amount of 105% on the policy
maturity date

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Creating Life Child Protection Plan: A Children Life Insurance Policy

This Child insurance plan is perfect if you have small children. You can provide for their future
by setting aside a small portion of your current income. The money you set aside will help your
children pursue their dream even when you are not around to take care of them. Death cover
will provide immediate relief and the maturity benefit will come to your child at the right time
when they need it.
This Children Life Insurance plan helps you ensure that your children’s future is secure and
prosperous, so they can pursue their dreams no matter what the future brings.
For more details on risk factors, terms and conditions please read the Brochure and Benefit
Illustration carefully before concluding a sale.
Key Benefits
Payment to child in case death of parent and at maturity
Future premiums waived in case of death of parent
Reversionary Bonus Benefit
Product Features
Eligibility
Minimum entry age: 18 years
Maximum entry age: 55 years
Maximum maturity age: 65 years
Premium Payment Term
Choose premium paying terms of 10 - 25 years
Premium Payment Options
Annual, half-yearly, quarterly or monthly
Minimum Premium Payable
Annual : Rs. 8,000
Half-Yearly : Rs. 4,000
Quarterly : Rs. 2,000
Monthly : Rs. 750

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Creating Life Money Back Plan-Financial planning for children
As a parent, you always want to give all the good things in life to your child. See your children
grow into successful individuals, fulfill their dreams at every important stage of their life and
help them grab all the opportunities at the right time.
ING Life helps you to achieve this. Be it for their computer training classes, dance lessons or
anything that makes them experience the good things in life. No matter what happens to you,
your child's future is always taken care of.
Key Benefits
Payment to child in case death of parent
Future premiums waived in case of death of parent
Guaranteed Survival Benefit
Reversionary Bonus Benefit
Product feature
Eligibility
Choose premium paying terms of 15, 20 & 25 years
Annual : Rs. 8,000
Monthly : Rs. 750

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Protection Plans:
ING My Term Insurance

Property, gold, or a simple fixed deposit. Investing is always good, but not good enough
when it comes to building a solid foundation for your family’s financial future. A solid
foundation that will ensure nothing comes in the way of your family’s dreams in your
absence. So what exactly will help you build that solid foundation?
The answer is very simple. By protecting yourself with ING My Term Insurance.
Because, once you are well-protected, your family can live without worries. And no matter
what tomorrow holds for you, your family’s future remains secure.

A substantial life cover: In case of an unfortunate event, your family gets
lump sum amount as financial support so that they continue to stay with
same comforts as they have been.
Family income benefit: You may choose to provide life cover amount to
your family, part in lump sum and part as income over 60 months. The
chosen percentage of life cover amount as lump sum will be paid
immediately; a 10% extra life cover is added to the balance and is paid to
your family over 60 months as monthly income.
Payout options under Family Income Benefit
% of Life Cover in Lump sum
80% 50% 40% 30%
% of Life cover as monthly income 20% 50% 60% 70%

Terminal Illness Benefit: In case of a terminal illness being diagnosed,
you will receive 25% of the lump sum life cover immediately, to help you
meet immediate medical expenses. At this point, you are not required to
pay any future premiums, but the policy continues to be in force.
If the illness doesn’t prove to be terminal for life assured within the
period as specified in terms and conditions, the company reserves
the right to resume future premiums.
Flexibility to pay your premium: You have the option to pay premium
amount as per your convenience. You can choose from the following
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payment modes:
Regular Pay : Pay premium over the chosen policy term.
Limited Pay: Pay premium over a limited payment term as you enjoy the
policy benefits for the full term. What’s more, you can also benefit by
saving on the total premium amount.
Enhance your protection: You have the option to enhance your
protection at a nominal cost by adding rider. Choose from
ING Critical Illness Riders
ING Accidental Death Benefit (ADB)
ING Accidental Death Disability and Dismemberment rider (ADDDB)
Save Tax: All the premiums paid and the life cover amount received are
exempt from income tax u/s 80(C) and section 10(10D) respectively.
Product Features
Minimum / Maximum Age
18 - 65 years age last birthday
at Entry
Minimum / Maximum
Maturity Age

75 years age last birthday

Policy Term*

Fixed Term:- 10 – 35 years

Premium Paying Term
(PPT)

Regular Pay: Equal to policy term
Limited Pay: 5 or 7 or 10 years

Minimum Life Cover ( )

25 lakhs

Maximum Life Cover ( )

25 corers

Premium Mode

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Annual, Semi-Annual, Quarterly and Monthly

29

"Ensure dreams are protected, and get your premiums back"
Your responsibility towards your family is something you've always held close to your heart.
All your 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 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
The ING Term Life Plus is a Term Insurance Product with return of premiums. In addition to
the sum assured which is payable on death, under this Plan the Company also returns a
proportion of the premiums that you have paid after completion of half the policy term and
another proportion on the policy maturity date. You also have the flexibility to surrender the
policy
Key Benefits

Protection Cover: Upwards of 5 lacs Sum Assured
Flexibility to choose a policy term between 10 and 30 years
Mid-term benefit on surviving to 50% of the term
On maturity Total premium less any extra premium paid and
mid-term benefit, shall be payable
In the event of death of the LA during the policy term, the sum
assured chosen under the policy shall be payable
Optional riders for comprehensive accidental coverage in
regular payment option
Tax benefit under Sec. 80c and Sec. 10(10D) of the Income Tax
Act 1961

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Product Features
Eligibility
Minimum Entry Age: 18 years
Maximum Entry Age: 65 years
Sum Assured
The minimum sum assured you can opt under this plan is Rs.5 Lakhs
Premium Amount
This Plan allows you to choose the amount of premiums you wish to pay
Policy Term
You have the flexibility to choose a policy term between 10 and 30 years
Premium Payment Terms
Regular premium - till policy term completion
Limited premium - 3 or 5 years
Single premium - is a one time payment

Savings Plans:
ING Secured Income Insurance Plans
ING Life Insurance brings to you a new class of endowment plans under the
bouquet “ING Secured Income Insurance Plans”. These plans are designed to offer
security to you and your family in the form of long term benefits, while assuring
your family a regular income if anything unfortunate were to happen.
Under this bouquet, you can choose from two plans

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ING Secured Income Insurance Plus
ING Secured Income Insurance Plus is a plan where you have to pay premiums for a shorter
duration and enjoy the plan benefits for the entire policy term. This plan is suited for those
with cyclical income or those who don’t wish to pay premiums for a long duration.The
family income benefit in this plan ensures that your family gets sufficient financial support
when they need it the most.

Key Benefits
Double death benefit
In unfortunate event of the life assured death, the family gets 220% of the sum
assured and bonuses (if any) as death benefit – 100% of sum assured paid in lump
sum immediately on death and 120% paid as 2% of Sum Assured every month for 60
months.
Guaranteed addition of 10% of sum assured in maturity value
We reward your long term commitment through a guaranteed addition of 10% in SA
on policy maturity. This guaranteed addition is over and above the sum assured and
accrued bonus, if any and is payable at policy maturity.
Flexibility to choose from limited and regular premium paying terms:
Based on your income and financial plan, you can choose to pay regularly over the
policy term or pay for limited numbers of years (5/7/10 years) while the plan
continues for the chosen policy term.
Discount for high premiums:
These plans reward you with a premium discount of 3-6% if you pay higher
premiums.

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Product Feature
Minimum /
Maximum Age at
Entry

0 years – 60 years

Minimum /
Maximum
Maturity Age

18 Years - 70 years

Policy Term

10-20, 25 and 30 years

Premium Paying
Term (PPT)

5, 7 or 10*

PPT/Mode Annual

Semi
Quarterly Monthly
Annual

10

3,000

1,000

18,000 9,000

4,500

1,500

5
Maximum
Premium (Rs.)

12,000 6,000

7

Minimum
Premium (Rs.)

24,000 12,000

6,000

2,000

Limited by maximum sum assured of Rs.
50,00,000

For Policy Term of 10 years, 10 years PPT is not available

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ING Secured Income Insurance RP

ING Secured Income Insurance Regular Pay is a plan which enables you to save
systematically, thereby achieving your financial goals like buying a car, building a
house, child’s education and marriage, retirement, etc. This plan is your ideal savings
tool for long term financial goal. In addition to ensuring Systematic savings it also
provides family income benefit which ensures financial protection for your family in
case of any unfortunate and unforeseeable event.
Key Benefits
Double Death Benefit #:
In unfortunate event of the life assured death, the family gets 220% of the sum assured
and bonuses (if any) as death benefit – 100% of sum assured paid in lump sum
immediately and 120% paid as 2% of Sum Assured every month for 60 months.
Maturity Benefit:
At the maturity of the policy, ING Life will pay the Sum Assured plus vested bonus, if
any plus terminal bonus, if any.
Option for enhanced protection:
You have the option to enhance your protection further at a nominal cost by adding
riders. Our suite of riders provides additional life cover (ING Term Life Rider),
protection against accidents (ADB / ADDDB rider) and protection against Critical
illness (Critical illness Rider).
Discount for high premiums:
These plans reward you with a premium discount of 3-6% if you pay higher
premiums.

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Product Features:
This product is available in 2 options ‘Base’ and ‘Economy’.

ING
Secured
Income
Insurance RP: Base Option

Minimum / Maximum Age at
Entry

ING Secured Income
Insurance RP: Economy
Option

0 years – 60 years age last birthday

Minimum / Maximum Maturity
18 Years - 70 years age last birthday
Age
Policy Term

10-20, 25 and 30

Premium Paying Term (PPT)

Equal to Policy Term

Rs. 12,000 (Annual)
Rs. 6,000 (Semi Annual)
Minimum Annual Premium (Rs.)
Rs. 3,000 (Quarterly)
Rs. 1,000 (Monthly)
Maximum Premium (Rs.)

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Rs. 8,000 (Annual)
Rs. 4,000 (Semi Annual)
Rs. 2,000 (Quarterly)
Rs. 1,000 (Monthly)

No Limit (Subject to
maximum sum assured of Rs. 12000
50,00,000)

35

Reassuring Life Endowment Plan: An Endowment Policy

Ideally, once your protection needs are met, consider a saving plan. The Reassuring Life
Endowment Plan with reversionary bonus* is one such policy. Besides being a savings
option, it also acts as a highly reliable safety net for your family in case something happens
to you.
The Reassuring Life Endowment Plan is ideal because it gives you the incredible benefit of
a reversionary bonus* which enhances your life cover, and hence your sum assured,
dramatically, every year. So when the endowment policy matures you can receive almost
double the initial sum assured.
* Bonus is non-guaranteed and are based on the company's performance.
Key Benefits
Lump Sum Benefit at Maturity
Customized Life Covers
Enhancing Life Cover (Attractive Reversionary Bonus)

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Product Features
Eligibility
You can choose paying premium terms from 10-30 years.
(i.e. 10,11,12...20...30)
Annual : Rs. 8,000
Monthly : Rs. 750

ING Nirmal Jeevan Insurance Plan

ING Nirmal Jeevan Insurance Plan helps you plan your family’s future with regular savings
and guaranteed benefits.

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Key Benefits

Guaranteed Maturity Benefit
You choose the sum assured at policy start. On end of the policy term,
this sum assured is paid as maturity amount.
Guaranteed Life cover
In case of unfortunate demise of life assured during the policy term, the
sum assured amount is paid to the nominee immediately and the policy
ends.
Automatic Life Cover
We understand that some time your changed financial priorities may not
allow you to save. While you may pay premium again as soon as you
can but your family’s protection should not be compromised. So this
plan automatically provides life cover for additional 2 or 3 years even if
the
premium
is
not
paid.
If you have paid at least 2 annual premiums, policy life cover will
continue for next 2 years from the date of first unpaid premium.
If you have paid at least 3 or more annual premiums, policy life cover
will continue for next 3 years from the date of first unpaid premium.
Easy to sign up
It’s quick, easy and simple to take this plan. No medicals required and
very less documentation

Product Features:
at Entry

3 Years / 55 years

Minimum / Maximum
Maturity Age

18 Years / 70 years

Policy Term

10, 12 or 15 years

Premium Paying Term
(PPT)

Equal to Policy Term

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Annual Premium (Rs.)

6000, 7000, 8000, 9000, 10000, 11000,
12000

Payment Mode

Annual Only

Safal Jeevan Endowment Plan

An Endowment Plan that offers comprehensive protection and savings in an easy and hassle
free manner. "Safal Jeevan" is the simplest life insurance plan giving you complete freedom
to choose from pre-packaged solutions, and decide how much and how long you want to pay
premiums. It offers death benefit, maturity benefit and has an in-built accident cover.

Key Benefits
Low Premium
In built Accident Cover
No Medical Underwriting

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Product Features
Eligibility
Maximum Maturity Age: 60 years
Choose premium paying terms of 10, 15 and 20 years
Annual, half-yearly, or quarterly
Annual : Rs. 2,000
Quarterly : Rs. 500
ING Creating Star Guaranteed Future all
ING Creating Star Guaranteed Future is a child life insurance plan that pays out monies and
helps you plan for the career and marriage of your children. In this plan the parent and child
are the life insured/s during the Policy Term and once your child’s future is adequately
secured through the education and marriage payouts the benefit of long term insurance
protection shifts to the child during the extended Policy Term. A customized 2 in 1 plan, ING
Creating Star Guaranteed Future not only guarantees the planning for your child’s career but
also goes one step ahead and provides guaranteed long term insurance protection for your
child.
Key Benefits
The target amount that you want to save for your
child is guaranteed on maturity and you can receive
the Guaranteed Maturity Benefit either as:
•

Education & Marriage Payouts

•

Marriage Payouts

The Guaranteed Maturity Benefit option that you
opt at inception of the policy cannot be changed
during the Policy Term.
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Option A: Education and Marriage Payout
Under this option the Education and MarriagePayouts are payable during the Policy Term as
5% of the Guaranteed Maturity Benefit in the first 4 policy years before the maturity date and
the balance 80% of the Guaranteed Maturity Benefit is payable on the maturity date.

When will you receive the payment? Education and Marriage Payout (as a % of GMB)

4 year before Policy Maturity Date
Policy Maturity Date

5
5
5
5
80

Option B: Marriage Payout
Under this option the Marriage Payouts are payable as a lumpsum on the maturity date.
There is also a guaranteed addition of 3% added to the Guaranteed Maturity Value on the
maturity date subject to all due premiums being paid.
Note: The Guaranteed Additions are payable on maturity only for the Marriage Payout
Option.
Guaranteed Death Benefit
•

Before the Policy Maturity Date

•

In the unfortunate event of death of the

parent during the Policy TermThe Death Benefit (50% of the GMB) will be paid out. The
education and marriage payouts as planned for your child will continue and all the future
premiums payable under this policy from the next policy Year onwards shall be waived. The
Death Benefit will be paid as part lumpsum (50%) on death and part as staggered benefits
(10% each) in the next 5 years.•

In the unfortunate event of death of the child

during the Policy Term The Death Benefit (2.50% of the GMB) and the Surrender Value (if
applicable) will be paid out and the policy will be terminated.

•
After the Policy Maturity Date (during the extended Policy Term of 30 years)In the
unfortunate event of death of the child during the extended Policy Term the Death Benefit
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(50% of the GMB) is paid out and the Policy Terminates.
Note:- There is no life insurance cover for the parent once the guaranteed maturity benefits
are paid out.
Product Features
Min/Max Entry
Age (age last
birthday)

Parent (Life
Assured)
20 -55 years

Max Maturity Age
of the parent
Premium Paying
Term (PPT)
Policy Term

70 years

Minimum
Guaranteed
Maturity Benefit

Rs. 6,00,000

Maximum
Guaranteed
Maturity Benefit
Death Benefit

FPB1214/029

Child (Life Assured
3-15 Years

10 - 20 years
PPT + 5 years

No limit
(subject to Underwriting)

Before the Policy Maturity
Date for parent: 50% of GMB
For child: 2.5% of the GMB +
Surrender Value (if any)
After the Policy Maturity Date
For parent: Not applicable
For child: 50% of GMB

42

Retirement Plans
ING Golden Years Retirement Plan

Your retirement years allow you to leisurely enjoy everything you always aspired for. That’s
why we call them the Golden Years of your life. You need to plan well so that you don’t just
retire, you retire well.
What is ING Golden Years Retirement Plan?
ING Golden Years Retirement Plan is a unique plan that helps you make your retirement
years the golden years of your life by offering a host of benefits:
Key Benefits
1. Growth with minimum guarantee:
Your Individual Pension Account (IPA) grows at an interest rate declared every
year. It is determined subject to the performance of the fund.
However, the minimum interest rate on your IPA is 5% p.a. for first 5 policy
years and 1.5% p.a. for rest of the policy term. The interest once added in IPA is
guaranteed to be paid.
2. Flexibility:
This plan offers multiple flexibilities to help you plan your retirement as per your
convenience.
Top-Up Premium: In addition to the regular premium, you can pay an
additional amount during the policy term (subject to product terms and
conditions) to ensure your retirement fund grows faster.
Premium Payment Options : Choosing from Regular, Limited or Single
Payment
options.
You can choose to pay your premium either monthly or annually.
You can decrease or increase the premium payment term by keeping the
premium amount same.
Postponement of retirement age: You may postpone your retirement age
(subject to product terms and conditions) depending upon change in your
retirement planning.

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3. Regular & Disciplined Savings:
A disciplined saving method (starting with as little as Rs. 2000 per month) goes a
long way in building the desirable retirement corpus.
4. Guaranteed Vesting Benefit:
On completion of vesting term, you receive higher of the two below
Gross premiums including top-up premiums compounded @ 1% p.a., or
Individual pension account (IPA) value.
You may take up to 1/3rd of the maturity amount tax free in cash and use the
balance to purchase annuity from ING Life Insurance to ensure a monthly
income for your life time.

5. Loyalty Benefit:
All premium allocation charges deducted are refunded to your pension account
on reaching the retirement age. This is applicable once you have made a total
premium payment of Rs. 4,80,000/- (does not include top-up premiums).
6. Life Cover:
In case of demise of the policy holder, higher of following is paid to the
nominee:
105% of gross premiums and Top Up premiums (excluding service tax)
Gross premium and Top Up premiums compounded @ 1% p.a. (excluding
service tax)
Individual Pension Account (IPA) Value.
7. Tax Savings:
All the premiums paid are tax free under section 80C.

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Product Features
Minimum / Maximum Age at
Entry


Minimum / Maximum Vesting
Age

45 Years - 75 years


Vesting Term / Premium
Paying Term

Vesting Term
Allowed

Single Pay

10-42 years

Limited Pay: 5 – 9 years

10 years

Limited Pay (10-41 Years)
15 - 42 years
and Regular Pay
Premium
Payment
Term
Minimum Premium for Limited
Pay / Regular Pay
5 – 9 years
10 - 42
years

Minimum
Annual
Premium

Minimum
Monthly
Premium

Rs. 48,000

Rs. 4,000

Rs. 24,000

Rs. 2,000

Minimum Single Premium

Rs. 2,40,000

Premium Payment Frequency

Annual and Monthly modes available

Annuity Options

Guaranteed for Life

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Premium Allocation Charge
Regular Premiums
Allocation Charges as a % of Annual
Policy Year Premium
Annual Mode
Monthly Mode
1
2-5
6th
Onwards

Allocation Charges as a % of Single
Premium

9%
2.5%

6%
2

3%
NIL

2%

2%

NIL

2. Policy Admin Charge:
Policy Year

Charges as a % of Annual/Single Premium
Regular Pay PPT / Limited PPT Single PayPPT

1
2-5
6th onwards

NIL
4%
4%

NIL
2.2%
0%

3. Annual Management Fee
The Annual Management fee is 1.35% p.a. and is charged as percentage of the pension account value.

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ING Immediate Annuity

Retirement is the golden period when you want to make your wishes come true which
otherwise had taken a back seat in meeting key milestones of the life. To make this period
really tension free, you need to arrange for guaranteed regular income for the rest of your life;
not let anything disturb your years of enjoyment, least of all market volatility disturbing your
peace.
ING Life offers the Immediate Annuity Plan with Return of Purchase Price. For years, you
have been saving for your retirement and now you can use those savings to get a guaranteed
life time income. All you have to do is invest your savings at one go in this Policy and choose
the frequency of receiving the Annuity (monthly/quarterly/half-yearly /yearly) and we will
start paying your regular income. The Annuity rates are dependent on the age, gender and the
Annuity frequency mode selected by the Annuitant

Key Benefits
Annuity Payments: Lifelong fixed annuity payouts guaranteed for life.
Flexibility: Flexible options of receiving payouts annually, semi annually, quarterly or
monthly.
Death Benefit: On death of Annuitant, Purchase price or a part there of will be paid to
the nominee.
Simplicity: No medical examination, large volume discounts.

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Product Features
Entry Age (age last birthday) Minimum: 45 Years
Maximum: 70 Years
Age at maturity

Not Applicable

Premium Paying Term (PPT) Single (One Time Payment)
Policy Term

Whole of Life

Purchase Amount

Minimum: Rs 50,000
Maximum: No Limit

Minimum Payout Amount

Rs.1000

Annuity Frequency Mode

Yearly, Half Yearly, Quarterly and
Monthly

Investment Plans
ING STAR Life
ING STAR Life, a unique life insurance plan that helps you enjoy assured tax free returns on
your hard earned savings. All you have to do is pay premium for 3 years and enjoy benefits in
a 12 year period. ING STAR Life has unique advantages:
Get 9-10% Guaranteed Addition rate for 12 years.
Pay for just 3 years
Life Cover (5 or 10 times the annual premium)
Assured tax free returns
Key Benefits
1.Guaranteed Life Cover:
ING STAR Life secures your family’s financial future in case of an unfortunate event by
guaranteeing life cover of 5 or 10 times the annual premium depending on the age of life
assured. The life cover is applicable throughout the policy term of 12 years.

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2. Guaranteed Addition Rate:
ING STAR Life assures you a guaranteed rate of addition from year 1 till policy
maturity. The rate varies as per the sum assured chosen as follows:-

Sum Assured (in Rs.)

Guaranteed Addition Rate (per
annum)

1.30 Lac – 1.95 Lac

9%

1.95 Lac – 2.5 Lac

9.5%

2.5 Lac and above

10%

Guaranteed Addition is accumulated every year as a percentage of the sum assured and
is paid in aggregate after the end of the 12th policy year.
3. Guaranteed Survival Benefit
With ING STAR Life, you do not have to wait for the end of the policy term to receive
the full policy benefits since you start getting the sum assured in 10th year (50%) and
11th year (50%).
4. Guaranteed Maturity benefit:
With ING STAR Life, the maturity benefit is paid at the end of policy term and is equal
to the sum of all guaranteed additions accumulated over 12 years.
5. Other Benefits::
Short premium contribution term: You need to pay premiums only for 3 years while
you enjoy all the benefits in full policy term of 12 years.
Policy Loan: You can avail a policy loan after paying the premium for two full years
and after completion of 2 policy years as per the prevailing terms applicable to the
product.
Tax Benefit: As per the prevailing tax laws under section 80C and 10(10D) of the
Income Tax Act, 1961, you an avail of the tax benefits on the premium paid and the
benefits received if the death benefits is 10 times the annual premium. The tax benefits
are subject to change as per change in tax laws from time to time. For specific details
please contact your tax consultant before you invest in this policy

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Product Features
at Entry

8 - 60 years age last birthday

Minimum / Maximum
Maturity Age

20 Years / 72 years age last birthday

Policy Term

12 Years

Premium Paying Term (PPT) 3 Years
Life Cover
(Depends on Entry age of
Life Assured)
Minimum Annual Premium
(Rs.)

For Age of Entry of 8-50 yrs:10 times Annual premium
For Age of Entry of 51-60 yrs: 5 times Annual premium

Rs. 51,728

Minimum Sum Assured (Rs.) Rs. 1,30,000
Maximum Sum Assured (Rs.) Rs. 50,00,000 (Subject to underwriting)
Premium Mode

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Annual only

50

ING Prospering Life SP

We all experience receipt of unplanned income in the form of bonus, business order,
repayment from debtors, etc. Correspondingly, we also have unforeseen unplanned expenses
like medical emergency, family vacation, wedding of relatives, etc. ING Prospering Life SP is
the perfect 'Investment Space' for your uncertain income.
ING Prospering Life SP is a Single Premium Unit Linked Insurance Plan which maximizes
returns over the long term (10-years) by providing choice of 6 investment funds with just a
single contribution.
With ING Prospering Life SP, pay once and build wealth for life!

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Key Benefits
Key attractive features of this plan are as follows:
Flexible life insurance cover of up to 5 times the Single Premium for younger ages
Option to choose from 6 Investment Funds
Loyalty additions – Refund of 50% of mortality charges at maturity;
Unlimited free switched and liquidity in the form of free partial withdrawals
No medicals required for the ages 56 – 65 years till Rs 3,60,000 (Sum Assured)
Product Features
Entry Age(age last birthday) Minimum: 8 Years
Maximum: 65 Years
Age at maturity

Minimum: 18 Years
Maximum: 75 Years

Premium Paying Term (PPT) Single Premium
Policy Term

10 years

Premium

Minimum: Rs. 72,000
Maximum: No Limit

Initial Sum Assured

For age at entry of 55 years or below:
Min: 1.25 times the Single Premium
Max: 5 times the Single Premium
For Age at Entry of above 55 years
Fixed at 1.1 times the Single Premium

Additional Sum Assured
from Top Up

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For age at entry of 55 years or below:
Fixed 1.25 times the Top Up Premium
For Age at Entry of above 55 years
Fixed 1.1 times the Top Up Premium
52

Top Up Premium

Minimum: Rs 5,000
Maximum: Any amount (subject to U/W guidelines)

ING Market Shield
Today, as an investor, you would want:
Returns that are better than traditional instruments over a longer term.
Protection from unpredictable fluctuations in the market.
Affordable investment options.
ING Market Shield is a unique equity linked insurance plan that offers market linked returns
and protection against unpredictable downfalls in market throughout the policy term.
Key Benefits
Daily Guaranteed NAV :
When the market goes down, your investments are secured with the guarantee offered
on the highest NAV recorded.
Market Linked Returns :
Our expert Investment Team invests the money in select stocks to offer market linked
returns on your savings.
Anytime Guarantee:
The guarantee offered on the Highest NAV is applicable from Day 1 till the policy
continues.
Monthly Premium Payment Option :
By paying premium every month you can benefit from rupee cost averaging and make
annual investments affordable without any financial strain.
Life Cover:
It offers a life cover equivalent of 10-20 times the annual premium paid by you.
Other Benefits:
Get tax benefits* and free partial withdrawal options during the policy term.

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Product Feature

Entry Age

Minimum: 8 Years
Maximum: 55 Years

Age at maturity

Minimum: 23 Years
Maximum: 70 Years

Policy Term

15 - 20 years

Premium Paying
Term (PPT)

Limited Pay (5, 10 years) or Regular (Equal to Policy Term)

Premium Payment
Modes

Annual / Monthly
Annual Mode Monthly Mode
PPT of 5 years

Rs 48,000 p.a.Rs 4,000 p.m.

Minimum Premium
For PPT of 10 yearsRs 36,000 p.a.Rs 3,000 p.m.
and Regular Pay
Maximum Premium

No Limit

Top Up Premium

Minimum: Rs 5,000
Maximum: Rs 8,00,000 per life assured

Basic Sum Assured

10 times to 20 times the Annual Premium

Additional Sum
Assured

Fixed at 1.25 times of the Top-Up premium paid (if any)

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ING Prospering Life

ING Prospering life is an excellent tool for wealth creation while enjoying control over your
assets at all times. It offers multiple fund options and investment strategies that help you
maximize returns as per your investment objective. The plan also provides the much needed life
insurance protection in case of any unfortunate event.
Life Insurance: Life cover up to 10 times the annual premium.
Multiple Funds: 6 funds with diversified mix of equity and debt to meet
one's risk appetite.
Automatic Asset Allocation Strategy: Automatic rebalancing of debt and
equity mix to conserve the wealth generated.
Flexibility: Unlimited free switches and premium redirections, charge free
withdrawals, top ups.
Limited pay option: Option to pay premium for half the number of policy
term years

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Product Feature
Age at Entry

Minimum: 8 Years
Maximum: 55 Years

Age at maturity

Minimum: 24 Years
Maximum: 71 Years

Policy Term

16 or 20 years

Premium Paying Term (PPT) Policy Term/2 or equal to Policy Term
Premium Payment Modes

Annual, Half-yearly, Quarterly,
Monthly*

Minimum Premium

Yearly - Rs. 48,000
Half-yearly - Rs. 24,000
Quarterly - Rs. 12,000
Monthly - Rs. 4,000

Maximum Premium

No Limit

Top Up Premium

Minimum of Rs. 5,000

Basic Sum Assured

For age at entry below 45 years: Fixed
at 10 X annual premium
For age at entry of 45 years or
above:Fixed at 7 X annual premium

Additional Sum Assured

Fixed at 1.25 times of the Top-Up
premium paid (if any)

*

For Monthly mode: Minimum 3 Monthly premiums to be collected at the
time of issue

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ING Uttam Jeevan - Regular Premium

At every stage in life, there comes along a different need, most of which requires substantial
financial planning. You may need to make a down payment for a new house or your child’s
education may need immediate financial support. Usually your responsibilities are as big as
your wish to fulfill them.
Meeting all these needs can be easier, provided you are prepared adequately for them. ING
Uttam Jeevan, a unique unit linked plan will definitely help you provide for them in the
future.
ING Uttam Jeevan is a simple, easy to understand plan which fulfills customers need of
investment and protection.
Illustration carefully before concluding a sale
Key Benefits
Uttam Savings: Market Linked Returns with higher allocation of premium.
Uttam Protection: Automatic increase in base sum assured; inbuilt accidental death
benefit; Death Benefit is SA plus Fund Value
Uttam Flexibility: Charge free withdrawals; Top Ups.
Uttam Simplicity: Non Medical Plan , Minimum documentation

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Product Features
Maximum: 45 Years
Age at maturity

Minimum: 28 Years
Maximum: 65 Years

Premium Paying Term (PPT) Fixed - 20 years
Policy Term

Fixed - 20 years

Premium (Fixed)

Rs. 18,000, Rs. 24,000, Rs. 30,000, Rs. 36,000

Initial Sum Assured

10 times Annual Premium

Frequency

Annual Premium Payment only

Top Up Premium

Minimum: Rs 2,000
Maximum: Total of the Top Up Premiums should not exceed
25% of the Total Regular Premiums paid

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ING Uttam Jeevan - Single Premium

Life is very unpredictable. Still, we have defined financial goals at every stage in life which requires
substantial financial planning. Meeting all these needs can be easier, provided you can get prepared
adequately.
.
ING Uttam Jeevan SP, a unique Single Premium unit linked plan which can help you strike your future
worries in one shot. Pay once and enjoy the benefits for the term of the policy.
ING Uttam Jeevan SP is a simple, easy to understand plan which fulfills customers’ needs of investment
For more details on risk factors, terms and conditions please read the Brochure and Benefit Illustration
carefully before concluding a sale

Key benefits

Uttam Savings: Market Linked Returns with higher allocation of premium.
Uttam Protection: Automatic increase in base sum assured; inbuilt accidental death
benefit; Death Benefit is SA plus Fund Value
Uttam Flexibility: Charge free withdrawals; Top Ups.
Uttam Simplicity: Non Medical Plan , Minimum documentation

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Powering Life Limited Payment Endowment Plan

For those who have achieved financial success, ensuring that success is well protected and
loved ones are cared for is an important necessity. The limited payment endowment plan does
just that by allowing you to pay for the policy in a short period and to enjoy the life insurance
coverage and maturity benefits for a long period. ING Life Insurance can help you to ensure
that your family's future is safe and secure.
The Powering Life Plan is ideal because you get a life cover and your family enjoys long term
financial security. And thanks to a high reversionary bonus, your investment grows over time.
You can even customise your coverage term and choose from a range of premium payment
terms.
Illustration carefully before concluding a sale
Key Benefits
Safe Investment with High Tax Free Returns
Customisable Premium Payment Term
Enhancing Life Cover

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Product Feature
Eligibility
Annual : Rs. 24,000
Monthly : Rs. 3,000
New Fulfilling Life Plan

Investment plan with double benefit of periodic cash returns during policy term and maturity
or death benefit.
The Fulfilling Life Plan provides your family security even after your death, apart from
giving you regular cash returns during your life. The special feature of this plan is you may
receive 100% of Sum Assured as money back spread over the premium payment term, 100%
on death or maturity. You can also choose from a range of limited premium payment terms.
Key Benefits
Regular Cash Back Benefit
Flexible Premium Payment Benefit

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Product Features
Maximum: 45 Years
Age at maturity

Minimum: 18 Years
Maximum: 55 Years

Premium Paying Term (PPT) Fixed - Single Premium
Policy Term

10 years

Premium

Minimum: Rs.48,000
Maximum: Rs.4,00,000

Initial Sum Assured

Minimum: 1.25 times Single Premium
Maximum: 5 times Single Premium

Top Up Premium

Minimum: Rs 2,000
Maximum: Total of the Top Up
Premiums should not exceed 25% of
the Single Premium paid

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Product Feature

Eligibility
Maximum maturity age: Fixed at 85 years
Choose premium paying terms of 16, 20 and 24 years
Annual : Rs. 8,000
Monthly : Rs. 750
Riders:
Accidental Death Rider

In case of death of the life assured, due to accident during the term of the policy, the Sum
Assured under this Rider is paid along with the Sum Assured under the basic policy.
Definition of Accident
An event or series of events of violent, external and visible nature causing bodily injury is
defined as accident.
Accidental Death
Death, which results from bodily injury, occurs within 180 days from the date of injury
resulting from an accident

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Product Feature
Entry age
18 years (last birth date)

Last Premium Paying Age

Premium Paying Term
Same as base policy
Payment Mode
For Individuals: Yearly, Half-Yearly, Quarterly
For group billing as a single cheque from a company: monthly facility availability
Modal Factor
Yearly: 10.86
Half yearly: 5.61
Quarterly: 2.895

Exclusions
This Rider shall not cover the death, disability or dismemberment of the Life Assured
being caused directly or indirectly by any of the following:
Any disease or infection.
ll subsequent contributions 3%
Intentional self-inflicted injury, suicide or attempted suicide, while sane or
insane.
Life Assured being under the influence of alcohol, narcotics, psychotropic
substances or drugs unless taken in accordance with the lawful directions and
prescription of a qualified and registered medical practitioner.
War (declared or undeclared), war-like operations, invasion, civil commotion,
riots or revolution.
Participation in any flying activity, except as a bonafide passenger in a
commercially licensed aircraft.
Participation is a criminal or unlawful act.
Any injury sustained before the Effective Date of this Rider.
Participation in hazardous sports, hobbies or pastimes including (but not limited
to) racing, parachuting, mountaineering etc.
Atomic energy explosion or radiation of any kind.
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Maximum Cover Equal to the Sum Assured under the basic policy, subject to an
overall maximum of Rs. 20,00,000/Maximum Cover
Equal to the Sum Assured under the basic policy, subject to an overall
maximum of Rs. 20,00,000/Tax benefit
Rebate under section 80 ( c ) and rider benefit is tax free under section 10 (10
D)
Accidental Death, Disability and Dismemberment Rider

Death Benefit
In case of death due to accident, the Sum Assured under this Rider is payable along with the
Sum Assured of the basic policy.
Definition of Accident
An event or series of events of violent, external and visible nature causing bodily injury is
defined as accident.
Total Permanent 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.
Definition of Loss
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
Physical severance of arm at or above wrist
Physical severance of leg at or above ankle
Physical severance of a thumb, an index finger, and at or above metacarpophenageal
joint
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Product Feature
Entry age

Last Premium Paying Age

Premium Paying Term
Same as base policy

Payment Mode
For Individuals: Yearly, Half-Yearly, Quarterly
For group billing as a single cheque from a company: monthly facility availability

Modal Factor
Yearly: 10.86
Half yearly: 5.61
Quarterly: 2.895

Exclusions
This Rider shall not cover the death, disability or dismemberment of the Life Assured being
caused directly or indirectly by any of the following:
Any disease or infection.
ll subsequent contributions 3%
Intentional self-inflicted injury, suicide or attempted suicide, while sane or insane.
Life Assured being under the influence of alcohol, narcotics, psychotropic substances or
drugs unless taken in accordance with the lawful directions and prescription of a
qualified and registered medical practitioner.
War (declared or undeclared), war-like operations, invasion, civil commotion, riots or
revolution.
Participation in any flying activity, except as a bonafide passenger in a commercially
licensed aircraft.
Participation is a criminal or unlawful act.
Any injury sustained before the Effective Date of this Rider.
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Participation in hazardous sports, hobbies or pastimes including (but not limited to)
racing, parachuting, mountaineering etc.
Atomic energy explosion or radiation of any kind.
Maximum Cover Equal to the Sum Assured under the basic policy, subject to an overall
maximum of Rs. 20,00,000/Maximum Cover
Equal to the Sum Assured under the basic policy, subject to an overall
maximum of Rs. 20,00,000/Tax benefit
Rebate under section 80 ( c ) and rider benefit is tax free under section 10 (10
D)

Term Rider
ING Term Life Rider is an option to increase your life protection at a nominal cost. In case of
death of the life assured during the term of the policy, the Sum Assured under this Rider is paid
along with the Sum Assured under the basic policy. It ensures that your family enjoys enhanced
security and a comfortable lifestyle – at a fraction of a cost.
Key Benefits
1. Enhanced Life Cover:
With ING Term Rider, you can increase your life cover up to twice the base plan
life cover. This additional life cover will be paid out on death of life assured in
addition to the life cover in the base plan.

2. High value for money:
This rider provides you life cover at a nominal cost, as compared to a new term
plan for equal life cover. So it is a very cost effective way of enhancing
protection.

3. Tax Benefit:
Rebate under section 80 ( c ) and death benefit is tax free under section 10

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Product Feature
Minimum / Maximum Age at Entry
18 years / 60 years age last birthday

Rider Protection Ceasing Age
70 years

Minimum Sum Assured
Rs. 50,000
Maximum Sum Assured
Lower of :
Rs. 50,00,000 or
Sum Assured of the Base Policy

Rider Term (minimum/maximum)**
For Regular Premium Payment: 5 years – 52 years
For 5 year Premium Payment:- 6 years – 30 years
For 10 years Premium Payment: 11 years – 30 years

Premium Payment Terms**
Regular Pay
Limited Pay (5 Pay, 10 Pay)

Same as that of the Base Policy (Monthly, Quarterly,
Half-Yearly, Yearly)

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ING Critical illness Rider

ING Critical illness Rider is an add-on protection benefit that policy holders can add to
their new or existing traditional ING Life Insurance policies. It pays a lump sum benefit in
case the life assured is diagnosed with major illness like Heart Attack, Cancer, Paralysis,
Kidney failure, Coma etc. This benefit payout ensures that family is not burdened with high
medical expenses, thereby allowing them to maintain their standard of living.
It gives you an option to cover either 4 critical illnesses (Option A) or 25 critical illnesses
(Option B).

Key Benefit
1. Critical illness Benefit
Get a lump sum amount on diagnosis of any of the covered Critical illnesses
irrespective of the actual expenses incurred for treatment. Moreover the
amount will be paid in addition to the claim on any existing health insurance
policy that you may have.
2. Comprehensive Protection:
Option to cover up to 25 illness – Cancer, Heart Attack, Stroke, Coronary
Artery Bypass graft, Kidney Failure, Major Organ Transplant, Benign Brain
Tumour, Paralysis, Coma, Total Blindness, Major Burns, Heart Valve Surgery,
Surgery of Aorta, Motor Neurone Disease, Multiple Scelerosis, Aplastic
Anaemia, End Stage Lever Disease, Chronic lung disease, Alzheimer Disease,
Parkinson's disease, Loss of speech, Major Head Trauma, Primary Pulmonary
Hypertension, Systemic Lupus Erythematosus with Lupus Nephritis, Apallic
Syndrome.
Option A provides protection against Cancer, Heart Attack, Stroke, Coronary
. Artery
Option B provides protection against 25 illnesses as mentioned in the
Comprehensive Protection mentioned above.

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3. Tax Benefit:
You receive tax benefits under section 80D and under section 10(10D) on the
premiums paid and on the benefit amount.

Product Feature
at Entry

For Critical illness Rider:- 18 years – 60 years

CI Benefit Ceasing Age

65 years

Minimum Sum Assured

Rs. 50000
Lower of,

Maximum Sum Assured

Rider Term
(minimum/maximum)**)

Rs. 25 lakhs or
Sum Assured of the base policy

Premium Payment Terms** 5 years – 47 years

Same as that of the base policy

Premium Rates Revision

For Critical illness Rider: Premium rates are
guaranteed for a 5 years;

For more details on the above Critical illnesses refer to the sales brochure and
policy terms and conditions.

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Key Benefits
1. Critical illness Benefit:
Get a lump sum amount on diagnosis of any of the covered
Critical illnesses irrespective of the actual expenses incurred for
treatment. Moreover the amount will be paid in addition to the
claim on any existing health insurance policy that you may
have.
Option to cover up to 25 illness – Cancer,Heart Attack, Stroke,
Coronary Artery Bypass graft, Kidney Failure, Major Organ
Transplant, Benign Brain Tumour, Paralysis, Coma, Total
Blindness, Major Burns, Heart Valve Surgery, Surgery of
Aorta, Motor Neurone Disease, Multiple Scelerosis, Aplastic
Anaemia, End Stage Lever Disease, Chronic lung disease,
Alzheimer Disease, Parkinson's disease, Loss of speech, Major
Head Trauma, Primary Pulmonary Hypertension, Systemic
Lupus Erythematosus with Lupus Nephritis, Apallic Syndrome.
Option A provides protection against Cancer, Heart Attack,
Stroke,
Coronary
Artery
Bypass
graft.
Option B provides protection against 25 illnesses as mentioned
in the Comprehensive Protection mentioned above.
3. Tax Benefit:
You receive tax benefits under section 80D and under section
10(10D) on the premiums paid and on the benefit amount.

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ING Critical illness Limited Pay Rider
ING Critical illness Limited Pay Rider is an add-on protection benefit that
policy holders can add to their new or existing traditional ING Life Insurance
policies. It pays a lump sum benefit in case the life assured is diagnosed with
major illness like Heart Attack, Cancer, Paralysis, Kidney failure, Coma etc. This
benefit payout ensures that family is not burdened with high medical expenses,
thereby allowing them to maintain their standard of living. In this, premium is to
be paid for 5 years, while protection is ensured for 10 years.

It gives you an option to cover either 4 critical illnesses (Option A) or 25 critical
illnesses(Option B) .

Key Benefit
1. Critical illness Benefit:
Get a lump sum amount on diagnosis of any of the covered Critical illnesses
irrespective of the actual expenses incurred for treatment. Moreover the amount will
be paid in addition to the claim on any existing health insurance policy that you may
have.
Option to cover up to 25 illness – Cancer, Heart Attack, Stroke, Coronary Artery Bypass
graft, Kidney Failure, Major Organ Transplant, Benign Brain Tumor, Paralysis, Coma,
Total Blindness, Major Burns, Heart Valve Surgery, Surgery of Aorta, Motor Neuron
Disease, Multiple Sclerosis, Aplastic Anemia, End Stage Lever Disease, Chronic lung
disease, Alzheimer Disease, Parkinson's disease, Loss of speech, Major Head Trauma,
Primary Pulmonary Hypertension, Systemic Lupus Erythematous with Lupus Apallic
Syndrome.
Option A provides protection against Cancer, Heart Attack, Stroke, Coronary Artery
graft.
Option B provides protection against 25 illnesses as mentioned in the Comprehensive
Protection mentioned above.
3. Tax Benefit:
You receive tax benefits under section 80D and under section 10(10D) on the
premiums paid and on the benefit amount.
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Product Feature
at Entry

For Critical illness Limited
Pay Rider 18 – 55 years

CI Benefit Ceasing Age

65 years

Minimum Sum Assured

Rs. 50000
Lower of,
Rs. 25 lakhs or
Sum Assured of the
base policy

Maximum Sum Assured

Rider Term
(minimum/maximum)**)

10 years (fixed)

Premium Payment Terms

5 years


Same as that of the base
policy

Premium Rates Revision

Premium rates are
guaranteed for the entire
rider term

For more details on the above Critical illnesses refer to the sales
brochure and policy terms and conditions.

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Analysis and Interpretation:
Data Analysis Tool:
 7p of Marketing Mix
 Michel Porter’s five forces model
 Observation

Present Marketing Strategies of ING Life Insurance Company

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Product Strategies:
Width (No of product lines) of ING Vysya Life Insurance company= 6
Length ( No of items) of ING Vysya Life Insurance company= 25
Depth ( No of variants in each product) of ING Vysya Life Insurance company= Eg: ING secured
income insurance plans has 2 variants.
1. ING Secured Income Insurance Plus
2. ING Secured Income Insurance RP
Consistency (How closely related the various product lines) of ING Vysya Life Insurance
company= ING Vysya Life Insurance company’s product lines are consistent insofar as they are
related to customer’s life but from the performance angle they are less consistent insofar
because as they perform different functions for buyers.

Pricing Strategy:
On the basis of standard of living, loyalty of customer, current market demand, salary and
commission to be paid to employees they fix their pricing. They normally follow the following 6
pricing strategies.

Destroyer Pricing ( To kill the competition) Psychology pricing
Going Rate (Price set following the competition)

Pricing Strategies

Price Discrimination (Different price in different market) Cost Plus Pricing (Average cost + Pricing)
Discount

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Place Strategy:
ING Vysya Life Insurance Company do it’s distribution or the channel by which product or
service reach to customer by two ways as mentioned in below

Internet
Place

Direct Sales

Promotion Strategy:
Main objective of ING Vysya Life Insurance Company behind promotion is to make awareness
the people about insurance, especially ING life insurance and getting more revenue by create
more loyal customer.

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For that this company uses following tools.

Special offer
Free Gifts
Personal Selling

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People:
As this is a service industry “people” play a very important role because they only deal with the
customer directly and they only directly relate to deliver the service to customer.
In this organization people indicates and deal with the following things.

Employees

Management
Culture
Cutomer servicce
Process:
It deals with how are service consumed? This task customer has to perform to get the service.
For making that task easy for customer ING Vysya Life Insurance Company has done the
following thing.
User friendliness and easy access: www.inglife.co.in
Phone: 91-80-25328000
Fax: 91-80-25559764
For complaint register: Complaint Redressal Cell

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Physical Evidence:
As service is intangible, physical evidence plays a crucial role to prove the quality of the service.
In ING Life Insurance Company in terms of physical evidence it has lots of amenities facilities,
comfort, and particular dress code for every level of employees.

Value Delivery process:
Till now most of the company follow the traditional delivery process that is make the product
and sell the product but ING follows the modern delivery process i.e.

1st step
Choose the value
2nd step
Provide the value

3rd step
Communicate the value

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Research Methodology:
1. Statement of the Problem
 People were getting irritate by listening the word “Insurance”
 Most of the people have trust on LIC compare to other Life Insurance.
 In some cases I went to meet with the prospect without appointment for which I got
scolded by them like anything.
 I found it very difficult to convince lapsed policy holders to revive their policy

Type of Research:
 Causal Research: I had done a causal research where I did a research with completely
certain criteria not exploratory. I just collected data through interaction and observation
 I made 3 polices and revive 7 lapsed policy.

2. Objective of the Study

 To study the level of awareness of ING Vysya Life Insurance among the prospect and
potential customer.
 Marketing strategies of ING Vysya Life Insurance
 To find out what level of the service of ING Vysya Life Insurance are received by
customer in case of service like response to complaints, offer given, product updates,
post purchase service.
 The current level of customer demand of ING Life Insurance product in comparison of its
competitors.
 To analyze the strength, weakness, opportunity and threat of ING Vysya Life Insurance
 To get the suggestion of policy holder to improve the service of ING Vysya Life Insurance

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3. Research Design
 Panel Talk: At least thrice in a week I used to sit with my GSM and branch manager and
senior advisors where we used to discuss about the progress, problems and we are also
trying to come up with solution that time.
 Individual Interaction: By calling and meeting with the prospect and existing customer
through observation I was trying to know their opinion about ING Vysya Life insurance
Company.

Hypothesis Statement:

ING Vysya Life Insurance’s current
position

o Tools for Data Collection
Primary Data:
 Direct interaction with customers
 From making phone calls
 Analyzing the strength, weakness, opportunity and threats of ING Vysya
Life Insurance by observing the market.
Secondary Data:
 Internet
 Broachers
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 Product Manual

Findings:
 ING has a good brand image but not that much.
 Existing customers of ING Vysya Life insurance are not satisfied, with the after sell
service.
 Most of the people are not interested in buying insurance.
 People are not ready to trust on Company’s insurance.

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Recommendations:
 Company should advertise more to make aware about ING Vysya Life Insurance among
the people
 Company’s after sell service should be faster and better
 Effective media should be used to reach the target customer
 It should convey it’s history, achievement and also need to create interest for gaining
the trust people.

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Conclusion:
 The study of my overall data relate with techniques to study the sales and marketing
strategy use by ING Vysya Life insurance Company Ltd.
 Company has more opportunity to grow but he has to wait.
 For earning more revenue company has to spared the awareness about its product with
USP
 In India still customers have more faith in bank then insurance.

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Bibliography:
 www.inglife.co.in
 Philip kotler( Marketing Management- 13th Editiion)
 http://www.moneycontrol.com/news-topic/ing-vysya-lifeinsurance-company/

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