ING Vysya Life announces 5% cash bonus

By Our Banking Bureau | 04 Sep 2002

1
Hyderabad: ING Vysya 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.

Reversionary bonus 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.

The 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.




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