Andhra Pradesh - Visakhapatnam   

ING Life launches new child policy

Visakhapatnam: ING Life Insurance launched a new child policy – ING Aashirvad – here on Wednesday.

Addressing a media conference, ING Life Insurance executive vice-president (AP) U. Krishna Ved said that the new policy would enable the parents to secure the future of the child and the cover would continue even after the maturity of the policy.

Salient features

The guarantee of payment of maturity value as decided by the parent, the additional guarantee of benefit in the event of unfortunate death of the policy-holder (parent) and insurance cover for the child even after maturity of the policy are the salient features.

The minimum entry age for the parent is 20 years and the maximum 55 years. The minimum entry age for the child is three years and the maximum 15. The premium paying term varies between 10 and 20 years.

Mr. Ved said parents would receive payouts in a structured way over five years to meet the educational needs of the child and marriage.

Even after maturity, the cover would continue for the child for the next 30 years at 50 per cent of the maturity benefit at no additional cost.

He said the company was also offering two more child policies, but Aashirvad had been introduced to cater to the needs of parents and children in a comprehensive manner.

He said ING Life had so far sold a million policies in the country, with offices in 229 cities. Besides, insurance polices were also being sold through the 400 ING Vysya Bank branches.

In Andhra Pradesh, the company had set up 58 branches in 41 locations and it had so far collected Rs. 36 crores premium income during the current financial year by issuing 19,000 policies.

More branches

During the last financial year, it had collected Rs.130 crores. Andhra Pradesh contributed 23-24 per cent of the company's business volume, he said, and added that more branches would be set up in future.          

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