The Hindu : Twin benefit plan from ING Vysya

Online edition of India's National Newspaper
Wednesday, Feb 19, 2003

Business

Business

Twin benefit plan from ING Vysya

By Our Corporate Reporter

CHENNAI FEB. 18. ING Vysya Life has announced the launch of `Conquering Life Critical Illness Plan'. This total protection plan brings to the Indian life insurance market an innovative combination of a term life cover and a unique critical illness benefit. ING Vysya Life has drawn upon ING's global life insurance expertise and world-class product design and actuarial resources to bring this state of the art product to market in India.

According to a release this plan covers the basic need for protection and also provides for cover against ten major critical illnesses. The uniqueness of the plan is that 50 per cent of the sum assured (subject to a maximum of Rs. 20 lakh) is payable to the policyholder on confirmed diagnosis of any of the following ten critical illnesses — cancer, heart attack, heart bypass surgery, stroke, kidney failure, major organ transplant, brain tumour, paralysis, coma and blindness. The balance sum assured is payable if death occurs during the term of the policy. If no critical illness occurs and if death occurs during the term of the policy, 100 per cent of the sum assured will be paid. The protection benefits of the plan can be further enhanced with the use of add on riders such as term rider or accident and disability rider.

Another innovative feature of the plan is the incorporation of the waiver of premium feature. The policy provides that payment of premium for the remaining term of the policy is waived from the time that a critical illness is diagnosed.

Announcing the launch, Mr. Yvo Metzelaar, Managing Director and CEO, ING Vysya Life said in a statement, "Our objective is to always bring the best to our customers, aiming to deliver customer delight through effective and affordable insurance solutions. We are happy to be able to leverage the strong international heritage and life insurance knowledge of ING group to bring the best products from around the world to the customers in India."

Allianz Bajaj's unique scheme

Allianz Bajaj Life Insurance has launched `InvestGain', a unique life insurance plan where sustenance of income is combined in the same plan that also pays a lumpsum. The most significant benefit of InvestGain is the monthly family income benefit. This benefit sustains the family by compensating the loss of income due to death or accidental permanent disability by paying one per cent of the sum-assured every month. It is guaranteed for a minimum period of 10 years, which allows the family to cope with loss of regular income.

According to James Walton, CEO, Alliance Bajaj, "This product is the first-of-its-kind in the Indian insurance market, and offers several other unique features." The InvestGain plan is available in four packages offering protection up to four times the basic sum assured.

Moreover, the plan participates in the profits of the company and therefore, grows with time.

Apart from the `family income benefit', InvestGain plan also offers several other benefits for total protection against uncertainties of life, such as comprehensive accidental protection benefit, critical illness benefit and hospital cash benefit, according to a release.

HDFC Standard's children policy

MUMBAI FEB. 18. HDFC Standard Life Insurance has unveiled a new children's policy which provides financial security to the child in case of an insured parent's death during the policy term.

The features of this policy are that the plan can be taken for children of any age and it also gives a flexibility to decide upon the maturity date instead of a fixed term.

"This enables customisation of the plan to meet individual's requirements in case of events such as education, marriage, professional degree or setting up of a business," Managing Director and CEO, Deepak Satwalekar, said in a release. — PTI

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