INSURANCE Review ING LIFE SECURED INCOME INSURANCE PLUS

Double Death Benefit a Plus; Maturity Gains Mediocre Product Details  ING Life Secured Income Insurance Plus is a limited period endowment plan with investors having the option to choose a premium paying term of 5, 7 or 10 years. Similarly, they can choose a policy term of 10 to 20 years and 25 or 30 years. The maximum amount of sum assured that an investor can opt for under this plan is restricted to 50 lakh.  Key Features  The scheme provides for a maturity benefit of 110% of the sum assured at the end of the policy term to the policyholder. In the event of the death of the policyholder before the end of the policy term, the nominee is entitled to double death benefit — partly paid as lump sum on the death of the policyholder and partly as monthly income over a period of 5 years, starting immediately after the death of the policyholder.  Policy At A Glance  We have the assumed the age of the policyholder at the time of taking this policy as 30 years, the policy term to be 30 years and the premium paying term as 10 years. The premiums payable for various amounts of sum assured and the corresponding maturity and death benefits that will accrue to the policyholder are illustrated herewith…      Our View  If one were to consider the investment aspect of ING Life Secured Income Insurance Plus, the scheme is akin to other endowment schemes with mediocre gains to the investor at the end of the policy term.  However, this scheme scores with the feature of double death benefit payable to the nominee in the event of death of the policyholder during the policy term.  Investors may do well to note that if, at the time of death, the age of the policyholder is less than 18 years, the total death benefit payable to the nominee is 200% of sum assured as a lump sum.  For policyholders older than 18 years of age, the death benefit payable to the nominee is 220% — 100% payable as lump sum and the balance 120% payable in equal monthly installments for 5 years or 60 months.