ING Vysya Life launches unit-linked children's saving plan
Marking its entry into the unit-linked education segment, ING Vysya Life announced the launch of 'ING Creating Star', a unit-linked savings plan to "guarantee" a higher education.
By PTI |
BANGALORE: Marking its entry into the unit-linked education segment, ING Vysya Life on Tuesday announced the launch of 'ING Creating Star', a unit-linked savings plan to "guarantee" a higher education.
Targeted at parents, the plan is designed at helping them fulfill the responsibility of securing education of their children, T K Uthappa, Director Sales, told reporters today.
The plan offers systematic investment option, allowing for a structured programme to fund a child's higher education progamme with a premium of Rs 1000 per month to Rs 50,000 per annum. It offers flexible investment options of five funds to choose from -- debt, secure, balanced, growth and equity.
Future premium payments are guaranteed and paid by ING Vysya Life, in case of death of the proposer.
The plan ensures education payouts during key milestones in the child's education. These payouts are made prior to the maturity period. 20, 30 and 50 per cent of the fund value are paid during the policy term and the balance is paid on maturity of the policy, he said.
With this offering, ING Vysya currently has 21 products, including 13 traditional and seven unit-linked portfolios. The new product offering aims at acquiring 50,000 policies in the first year which would be around Rs 30 to Rs 40 crore in money terms.
"Currently, we receive 7.2 per cent of our business from children's products and the figure is expected to go over 10 per cent with the new offering," he said.
The education segment offered huge business potential given the fact that savings for education was gaining priority even in tier II and II cities, he said.
Targeted at parents, the plan is designed at helping them fulfill the responsibility of securing education of their children, T K Uthappa, Director Sales, told reporters today.
The plan offers systematic investment option, allowing for a structured programme to fund a child's higher education progamme with a premium of Rs 1000 per month to Rs 50,000 per annum. It offers flexible investment options of five funds to choose from -- debt, secure, balanced, growth and equity.
Future premium payments are guaranteed and paid by ING Vysya Life, in case of death of the proposer.
The plan ensures education payouts during key milestones in the child's education. These payouts are made prior to the maturity period. 20, 30 and 50 per cent of the fund value are paid during the policy term and the balance is paid on maturity of the policy, he said.
With this offering, ING Vysya currently has 21 products, including 13 traditional and seven unit-linked portfolios. The new product offering aims at acquiring 50,000 policies in the first year which would be around Rs 30 to Rs 40 crore in money terms.
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"Currently, we receive 7.2 per cent of our business from children's products and the figure is expected to go over 10 per cent with the new offering," he said.
The education segment offered huge business potential given the fact that savings for education was gaining priority even in tier II and II cities, he said.
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