Life Insurance, the Bangalore-based joint venture between
the global financial services giant ING group and Indian
partners Vysya Bank and GMR Technologies and Industries,
has announced its first annual bonus for policyholders.
ING Vysya Life
policyholders eligible for its cash bonus products will
get an attractive 5-per cent cash bonus on the premium
paid for the policy. The cash bonus is an innovative feature
of ING Vysya Life Reassuring Life (endowment plan) and
Maximising Life (money-back plan) products where the policyholder
gets an annual cash dividend as a return on the premium
paid. The 5-per cent cash dividend is tax free under Section
10D of the IT Act.
The company has also declared a 4-per cent reversionary
bonus on the Fulfilling Life (anticipated whole-life plan)
and Rewarding Life (whole-life plan) products on which
reversionary bonuses are applicable.
is added to the sum assured of the policyholder and paid
out on maturity of the policy. Fulfilling Life is an innovative
plan with a combination of money-back facility and whole
life cover and a simple reversionary bonus feature. The
Rewarding Life product is a whole-life plan with a unique
compounding reversionary bonus feature, which ensures
that future bonuses are applicable on the enhanced sum
assured of previous years bonuses.
ING Vysya managing director and CEO Ton van der Star says:
Annually, we review the bonuses declared to the policyholders
of with profits policies that are eligible to participate
in the profits of the company. The amounts of bonuses
declared are based upon the long-term sustainability and
financial outlook of the company. While in our first year
of operation, no bonus was projected, we are very pleased
that the company has decided to declare a special bonus
for our founding policyholders this year.
After its first year of operations, ING Vysya Life has
a portfolio of four products and four riders. The company
has commenced operations in 10 cities and is on the threshold
of expanding to another 6 locations before the end of
the year. The company is on track to meet its business
objectives for the year.
bonus declaration is a reaffirmation of ING Vysya Lifes
commitment towards India and its intention to offer the
best life insurance products and services to the Indian
people in keeping with the ING groups international experience
and global leadership in the life insurance sector.