Ludhiana, June 30, 2013: ING Life Insurance today announced the launch of “ING Nirmal Jeevan Insurance Plan”, a trendsetting new product, which provides a combination of protection as well as savings with guaranteed returns to its customers.
Nirmal Jeevan is a simple traditional life insurance offering packed with great features like Guaranteed Maturity Benefit, Guaranteed and Automatic Life Cover. Under this plan a guaranteed sum assured is paid to the policy holder on maturity. In case of an unfortunate demise of the policyholder, this sum assured is paid to the nominee immediately.
Automatic Life Cover is a very unique benefit that is being offered under this plan. Under this benefit the life cover continues for additional 2 to 3 years just in case the policy holder is unable to pay a premium. Under the Automatic Life Cover, if the insured person is not in a position to pay insurance premiums because of financial constraints after having paid at least 2 annual premiums, the person will be still eligible for life cover under the policy for the next 2 years.
We are targeting the tier 2 and 3 cities where customers are willing to pay low annual premiums. In this respect Nirmal Jeevan is quite affordable, with annual premiums starting at Rs. 6,000 and going up to INR 12000. It is very easy to buy this plan as it does not require the customer to undergo any medical examination (unless there is any adverse history or disclosure) unlike other plans and requires minimal documentation.
Speaking about the new product, Uco Vegter, Chief Financial Officer, ING Life Insurance, said, “The focus ofthe plan is to help customers plan their family’s future with regular savings and guaranteed benefits. After studying specific customer behavior over a period of time we realized that this plan needs some specific features that meet the real needs of a customer namely guaranteed maturity benefit, automatic life cover etc. All the benefits in this plan are guaranteed and are not dependent on external factors like stock markets. This insurance plan has been created for the larger section of the society, who have still not been covered under life insurance.”