Bangalore, Nov 20: Private sector insurance player ING Vysya Life today launched ING Creating Star Education Guarantee Plan, a unit linked savings plan targetted at parents of young children.
The insurance policy offers a systematic and hassle-free way to pre-fund a child's higher education programme.
Briefing news persons here, Director Sales T K Uthappa said the plan secures the child's education fund by protecting future premium payments, in case of unfortunate event occurs with the Proposer.
"ING Creating Star is a customer centric offering that marks our entry into unit linked 'education' segment. the product is designed to help to give parents who want to provide quality higher education to their child, which is important in today's competitive environment," he added.
The plan ensures 'education pay outs' during key milestones in a child's education, so that financial responsibilities of the parents was taken care of. Three such pay outs -- 20 per cent 30 per cent and 50 per cent, would made prior to maturity and the plan starts at a low premium of Rs 1000 per month.
The policy also includes flexible investment options to choose from five funds -- debt, secure, balanced, growth and equity. The customers gets flexible payment options like regular, limited and single premium.
"We have plans for both kind of customers like those who doesn't mind taking risk for high growth and those who want absolute safety.
The entry level ranges from 0 to 15 years for entry and 21-25 years at maturity. The proposer age at entry varies from 18 to 50 years," he said.
The company expected to sell 50,000 policies in the first year of the launch and the premium collection from the new product was expected to be in the range of Rs 30 to 40 crore, he added.