BANKING & INSURANCE

PROJECT

PANKAJ RAGHAV
TY- D
3199
 ING Vysya Bank Limited is an Indian retail bank, formed after the global financial
institution ING acquired a 44% stake in Vysya Bank Ltd in October 2002, and took over management of the
bank.
Vysya Bank was established in 1930, in Bangalore with the aim of offering banking services to those who
were currently not privileged enough to do so.In 1948 Vysya Bank became a scheduled bank.On 7 October
2002 ING Group took over the Management of the Bank.ING Vysya Bank currently has about 470 branches
spread all over India.

Headquarters:-Bangalore
Insurance:-ING-Vysya commenced life insurance business in 2001.
Current:-CEO Mr Shailendra Bhandari (IIM-A Alumni)

ING Life India, in its 10th year of operations, is a part of the ING Group. ING Life entered the private life
insurance industry in India in September 2001. The company has issued over 1 million policies and is staffed
by over 6500 employees.

Headquartered in Bangalore, ING Life India is currently present in 229 cities across 251 branch offices. In
addition, the company distributes its products in several parts of the country through its partner's presence.

ING Life India distributes its products through two channels, the Tied Agency Force and the Alternate
Channel. The Tied Agency force comprises over 50,000 ING Life Advisors, spread across the country. The
Alternate Channels business within ING Life India is a fast growing distribution channel, and includes the
Banc assurance partner (ING Vysya Bank), Referral Partners, Corporate Agents and Brokers.

Uttam Jeevan

At every stage in life, there comes along a different need, most of which requires substantial financial
planning. You may need to make a down payment for a new house or your child’s education may need
immediate financial support. Usually your responsibilities are as big as your wish to fulfill them.
Meeting all these needs can be easier, provided you are prepared adequately for them. ING Uttam Jeevan, a
unique unit linked plan will definitely help you provide for them in the future.
ING Uttam Jeevan is a simple, easy to understand plan which fulfills customer’s need of investment and
protection.

Key Benefits

• Uttam Savings: Market Linked Returns with higher

allocation of p.
Uttam Protection: Automatic increase in base sum
assured; inbuil t accidental death benefit; Death Benefit is
SA plus Fund Value
• Uttam Flexibility: Charge free withdrawals; Top
Ups.
•
 •
• Uttam Simplicity: Non Medical Plan , Minimum
documents.

Product Features

Minimum: 8 Years
Entry Age (age last birthday)
Maximum: 45 Years
Minimum: 28 Years
Age at maturity
Maximum: 65 Years
Premium Paying Term (PPT) Fixed - 20 years
Policy Term Fixed - 20 years
Rs. 18,000, Rs. 24,000, Rs.
Premium (Fixed)
30,000, Rs. 36,000
Initial Sum Assured 10 times Annual Premium
Annual Premium Payment
Frequency
only
Minimum: Rs 2,000
Maximum: Total of the Top
Top Up Premium Up Premiums should not
exceed 25% of the Total
Regular Premiums paid

IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE

POLICYHOLDER

I. General:
This illustration has been prepared by ING Vysya Life Insurance Company Limited (“Company”) in
accordance with the Standards of Practice issued by the Life Insurance Council of India.

II. The Plan:

ING Uttam Jeevan SP offers a lumpsum investment opportunity with life cover that is over and above the
value of your accumulations and does not require you to undergo any medical tests. ING Uttam Jeevan SP is
an individual unit-linked plan that doesn’t participate
in the profits of the Company. The premiums are credited to the Fund Value (“FV”) and are used to purchase
units in one or more Unit-Linked Funds, offered by the Company, based on the choice made by the
policyholder. The FV is represented by the number of Units multiplied by the respective unit price of the
units held from time to time under all the Unit-Linked Funds held under the policy.

III. Benefits:
Maturity Benefit - On maturity of the policy, Fund Value as on the date of maturity will be paid. Fund Value
at maturity is the unit price at maturity times the units at maturity.
Death Benefit: Life Cover is Initial Sum Assured plus Enhanced Protection Benefits plus Fund Value. With
Enhanced Protection Benefit, you have the benefit of getting your Initial Sum Assured increased by 5% every
year from 2nd policy year onwards till the end of the policy term. In the unfortunate event of death of the life
assured during the policy term, the life cover will be payable to the eligible person. At all times, the
death benefit will be at least 1.05 times of the total premiums paid including Top-up premiums (if any).
Additional Accidental Death Coverage: On the death of the Life Assured due to accident, the eligible person
will get an additional amount equivalent to the initial Sum Assured along with the other eligible death
benefits. The Additional Accidental Death Coverage will be made available from the day that Life Assured
attains an age of 18 years

Top-Up Premium:
You have an option of choosing to increase your savings, by paying Top-up premiums to invest in your
selected funds in the same policy without having to buy another policy.

a) The Minimum Top-up amount is Rs. 2,000/- and a Maximum Top-up (including Top-ups already paid)
shall not exceed 25% of the single premium paid during the policy term. Page 
ING Uttam Jeevan SP Benefit Illustration

b) Every Top-up premium shall have an Additional Sum Assured which will be 1.25 times of the Top-up
premium paid. This Additional Sum Assured will be in addition to the life cover.

c) Top-ups will not be allowed during the last 5 years of the policy term.

d) Top-up premium cannot be withdrawn in a period of five years from the date of payment of the respective
of the Top-up premium.

Partial Withdrawal Benefit: Any insurance plan should be flexible to allow you to use your fund for any
interim financial goals or emergencies. Therefore, this policy allows partial withdrawal from your fund at any
point of time after completion of 5 policy years. The Partial Withdrawals are subject to the following
conditions:

a) The minimum Partial Withdrawal that can be availed is Rs 2000/- and subject to maximum of 10% of the
Fund Value prevailing at that time.

b) Only one Partial Withdrawal can be availed during a Policy Year and overall five Partial Withdrawals
during the entire Policy Term.

c) Partial Withdrawal Benefit shall not be allowed in case where the Life Assured is a minor.

d) The Partial Withdrawal Benefit is available subject to fund value after each such withdrawal not being less
than 20% of the single premium.

Surrender Benefit:
The importance of availability of cash in some emergencies cannot be denied, therefore, we provide you with
a choice to surrender the policy during the policy term. In case the policy is surrendered during the initial 5
years from the Policy Commencement the Surrender Benefits shall be payable to the policyholder only after
completion of 5 full Policy Years. However, such Surrender Benefits will be transferred to the
Discontinued Policy Fund till the completion of 5 full Policy Years and shall earn an interest of minimum
3.5% per annum compounded yearly or any other rate prescribed by IRDA. The balance in the Discontinued
Policy Fund along with the earned interest shall be paid to the Policyholder on completion of 5 full policy
years and the policy terminates. On Discontinuance or Surrender after 5 years, the Fund Value is paid
immediately and the policy is terminated.
Expected Interest Rates:
For the purpose of projecting benefits under this policy, the Life Insurance Council has prescribed two rates
of returns. Currently the prescribed higher rate is 10% p.a. and lower rate is 6% p.a. These rates have been
used to demonstrate the growth in the value of units under this plan.

Taxation:
The Illustration table ignores the impact of the provisions of the Income Tax Act 1961 (‘Act’).
Policyholder will be eligible for tax benefits under section 80C and section 10(10D) of the Income Tax Act,
1961, subject to the provisions
contained therein.

• Under section 80C, you can save upto Rs.30,900 from your tax each year (assumed at the highest tax
bracket) as premiums upto Rs.100,000 are allowed as deduction from your taxable income.

• Under section 10(10D), the benefits you receive from this policy are exempt from tax.
The aforesaid tax benefits are subject to change in tax laws. We therefore urge you to carefully analyse the
tax benefits/tax implications,
if any, that may arise on investing in this policy.

Other Tax Implications:

If required by the Act, the Company may withhold taxes from the benefits payable under this policy. The
Company also reserves the right to recover from the policyholder levies such as Service Tax or such other
taxes as may be levied by the appropriate Authorities on insurance Transactions by cancellation of units or
from the unit fund.

Creating Life Child Protection Plan

This Child insurance plan is perfect if you have small children. You can provide for their future by setting
aside a small portion of your current income. The money you set aside will help your children pursue their
dream even when you are not around to take care of them. Death cover will provide immediate relief and the
maturity benefit will come to your child at the right time when they need it.

This Children Life Insurance plan helps you ensure that your children’s future is secure and prosperous, so
they can pursue their dreams no matter what the future brings.

Key Benefits

Payment to child in case death of parent and at

maturity
• Future premiums waived in case of death of parent
• Reversionary Bonus Benefit
Product Features

Eligibility
• Minimum entry age: 18 years
• Maximum entry age: 55 years
• Maximum maturity age: 65 years
Premium Payment Term
• Choose premium paying terms of 10 - 25 years
Premium Payment Options
• Annual, half-yearly, quarterly or monthly
Minimum Premium Payable
• Annual : Rs. 8,000
• Half-Yearly : Rs. 4,000
• Quarterly : Rs. 2,000
• Monthly : Rs. 750

The Plan Creating Life Child Protection Plan participates in the profits of the Company. While the policy is
in full force, on the death of the Life Assured, basic Sum Assured is payable and all future premiums are
waived. An additional Sum Assured and bonuses, if any declared, are payable at the end of the term. In case
of Surrender of the policy, after at least 3 full years' premiums have been paid, a cash surrender value is
payable.

Expected Interest Rates For the purpose of projecting benefits under this policy, the Life Insurance Council
has prescribed two rates of returns. Currently the prescribed higher rate is 10% p.a. and the lower rate is 6%
p.a.

Expected Bonus Rates: The bonus rates are illustrated assuming that the rate of return on the Company's
investment remains the same throughout the policy term.

Guarantees: provided the policy is in full force, the Sum Assured is guaranteed and is payable on Death and
on Maturity. Bonus rate Shown overleaf is not guaranteed. However, bonuses already declared while the
policy had been in full force, are guaranteed, and are payable on Maturity. Bonuses are declared based on the
performance of the Company. An additional terminal bonus may also be declared by the Company. The
bonuses shown overleaf include both annual and terminal bonuses, if any.

Cash Surrender Value: This policy may be surrendered for cash at any time after payment of at
least three full years’ premiums. The Guaranteed Surrender Value (GSV) will be 30% of total
premiums paid excluding the first years' premiums and all extra premiums. Special Surrender value if
higher than GSV, may be paid by the Company at rates, as may be determined from time to time

Statutory warning: Some benefits are guaranteed and some benefits are variable with returns based on the
future performance of your Insurer carrying on life insurance business. If your policy offers guaranteed
returns then these will be clearly marked "Guaranteed" in the illustration table overleaf. If your policy offers
variable returns then the illustrations overleaf will show two different rates of assumed future investment
returns. These assumed rates of returns are not guaranteed and they
Expected Bonus Rates are not the upper or lower limits of what you might get back, as the value of your
policy is dependent on a number of factors including future investment performance.
Creating Life Money Back Plan-Financial
As a parent, you always want to give all the good things in life to your child. See your children grow into
successful individuals, fulfill their dreams at every important stage of their life and help them grab all the
opportunities at the right time.

ING Life helps you to achieve this. Be it for their computer training classes, dance lessons or anything that
makes them experience the good things in life. No matter what happens to you, your child's future is always
taken care of.

Key Benefits

• Payment to child in case death of parent

• Future premiums waived in case of death of parent
• Guaranteed Survival Benefit
• Reversionary Bonus Benefit

Product Features

Eligibility
• Minimum entry age: 18 years
• Maximum entry age: 55 years
• Maximum maturity age: 70 years

Premium Payment Term

• Choose premium paying terms of 15, 20 & 25 years

Premium Payment Options

• Annual, half-yearly, quarterly or monthly

Minimum Premium Payable

• Annual : Rs. 8,000
• Half-Yearly : Rs. 4,000
• Quarterly : Rs. 2,000
• Monthly : Rs. 750

The Plan: Creating Life Money Back Plan participates in the surplus of the fund to which it belongs. Subject
to the Policy being in full force neither surrendered, lapsed nor converted to a reduced paid-up Policy), 20%
of the Sum Assured is payable on the Policy anniversaries as shown in the table, irrespective of survival of
Life Assured. Subject to the Policy being in full force, the Death Benefit at any time is the full Sum Assured.
Bonuses are declared as a percentage of Sum Assured and are payable on maturity. In case of Surrender of
the Policy, after at least three full years' premiums have been paid, a cash Surrender Value is payable.

General: This illustration has been prepared by ING Vysya Life Insurance Company Limited in accordance
with the Standards of Conduct and Sound Practice issued by the Life Insurance Council of India.

Expected Interest Rates: For the purpose of projecting benefits under this Policy, the Life Insurance
Council has prescribed two rates of returns.
Currently the prescribed higher rate is 10% p.a. and the lower rate is 6% p.a.

Expected Bonus Rates: The Bonus rates are illustrated assuming that the rate of return on the Company's
investment remains the same throughout the Policy Term.
Guarantees: Provided the Policy is in full force, the Sum Assured is guaranteed to be paid on death. Also,
provided the Policy is in full force
(i.e. without being surrendered, lapsed or converted to a reduced paid-up), 20% of the Sum Assured is
guaranteed at the end of every one-fifth of the Policy Term as shown in the table, irrespective of survival of
the Life Assured. The Bonuses shown overleaf are not guaranteed. However bonuses already declared are
guaranteed, provided that the Policy is in full force then. Bonuses are declared based on the performance of
the Company.

The non-guaranteed Bonuses shown overleaf include annual Reversionary Bonuses and Terminal Bonus, if
any, and are payable only at maturity of the Policy.
Please note that past performance is not necessarily indicative of any future performance of the Company.

Cash Surrender Value: This Policy may be surrendered for cash at any time after payment of at least three
full years' premiums. The Guaranteed Surrender Value (GSV) is 20% of total full years' Premiums paid,
excluding all extra Premiums less 20% of all recurring benefits due as on the surrender date. Cash Surrender
Value if higher than GSV, may be paid by the company at rates as may be determined from time to time.

Fulfilling Life Plan

Investment plan with double benefit of periodic cash returns during policy term and maturity or death
benefit.

The Fulfilling Life Plan provides your family security even after your death, apart from giving you regular
cash returns during your life. The special feature of this plan is you may receive 100% of Sum Assured as
money back spread over the premium payment term, 100% on death or maturity. You can also choose from a
range of limited premium payment terms.

Key Benefits

• Regular Cash Back Benefit

• Flexible Premium Payment Benefit
• Guaranteed Maturity Benefit

Product Features
 Eligibility
• Minimum entry age: 14 years
• Maximum entry age: 54 years
• Maximum maturity age: Fixed at 85 years

Premium Payment Term

• Choose premium paying terms of 16, 20 and 24 years

Premium Payment Options

• Annual, half-yearly, quarterly or monthly

Minimum Premium Payable

• Annual : Rs. 8,000
• Half-Yearly : Rs. 4,000
• Quarterly : Rs. 2,000
• Monthly : Rs. 750

The Plan: New Fulfilling Life Anticipated Whole of Life Plan participates in the surplus of the fund to
which it belongs. While the policy is in full force, the Sum Assured and Bonuses already declared, if any, are
payable in case of maturity at age 85 or on earlier death. Subject to the Policy being in full force, 20% of the
Sum Assured is payable on survival to the Policy anniversaries as shown in the table and 40% of the Sum
Assured is payable on survival at the end of the Premium Paying term. In case of Surrender of the Policy,
after at least three full years' Premiums have been paid, a Cash Surrender Value is payable.

General: This illustration has been prepared by ING Vysya Life Insurance Company Limited in accordance
with the Standards of Conduct and Sound Practice issued by the Life Insurance Council of India.

Expected Interest Rates: For the purpose of projecting benefits under this Policy, the Life Insurance
Council has prescribed two Rates of Returns. Currently the prescribed higher rate is 10% p.a. and the lower
rate is 6% p.a.

Expected Bonus Rates: The Bonus Rates are illustrated assuming that the Rate of Return on the Company's
investment remains the same throughout the Policy Term.

Guarantees: Provided the Policy is in full force, the Sum Assured is guaranteed and is payable on maturity at
age 85 or on earlier death. Also,
provided the Policy is in full force, 20% of the Sum Assured is guaranteed on Survival on the Policy
Anniversaries as shown in the table and 40% of the Sum Assured is guaranteed on Survival at the end of the
Premium paying term. The Bonus Rates shown above/overleaf are not guaranteed. However, Bonuses
already declared while the policy had been in full force are guaranteed and are payable on maturity at age 85
or earlier on death. Bonuses are declared based on the performance of the Company. An additional Terminal
Bonus may also be declared by the Company. The Bonuses shown above include both Annual and Terminal
Bonuses, if any. Please note that past performance is not necessarily indicative of any future performance of
the Company.

Cash Surrender Value: This Policy may be surrendered for cash at any time after payment of at least, three
full years' Premiums. During the Premium paying term of the Policy, the Guaranteed Surrender Value (GSV)
will be 20% of total of the full years premiums paid, excluding all extra Premiums less 20% of all Survival
Benefits paid. Cash Surrender Value if higher than GSV may be paid by the Company at rates as may be
determined from time to time.