ING Vysya Life unveils Conquering Life Critical Illness plan
By Our Banking Bureau | 18 Feb 2003
ING Vysya Life has drawn upon ING's global life insurance expertise (as the world's largest life insurer) and world-class product design, and actuarial resources to bring this state-of-the-art product to market in India.
This plan covers the basic need for protection and also provides for cover against 10 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 10 critical illnesses — cancer, heart attack, heart bypass surgery, stroke, kidney failure, major organ transplant, brain tumour, paralysis, coma or 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.
Says ING Vysya Life managing director and CEO Yvo Metzelaar: “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 the ING group to bring the best products from around the world to the customers in India.
“We are very excited about the Conquering Life Critical Illness plan. The plan has an inherent universal appeal. The range of critical illnesses we cover under the policy is unique in the market, combining term cover, critical illness and waiver of premium. Combining these benefits in one single product has enabled us to price the product attractively.“
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