ING Vysya Life Insurance to pump in Rs 125 crore

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Kolkata, Mar 4 (UNI) ING Vysya Life Insurance, part of the ING Group, will pump in a fresh capital of Rs 125 crore by the end of this month to expand its paid up capital base to Rs 915 crore from the present Rs 790 crore.

'' The income of the company from new premium has also reached Rs 11,000 crore till December, 2007,'' Director (Business Development) ING Vysya Life DRV Prasad today said.

The total premium income of the company had also increased to Rs 953.78crore till last year recording a growth of 55 per cent over 2006, he said.

While launching ING Vysya Life's new Unit-Linked Retirement solution, INF Golden Life, Mr Prasad said the product would come with attractive customer benefits and would encourages customers to look at retirement planning with a long-term view.

The plan offers a premium paying choice between single premium and a limited premium paying term of two to three years. The policy will also allow two partial withdrawals on completion of five policy years during term.

'' Savings for retirement need to be planned with products that benefit in the long-term. In ING Golden Life, we have introduced features that will help customers build a large retirement fund for their retirement,'' he said.

ING Golden Life offers additional 'Loyalty Units' to the customer's fund every year. The units are added as a percentage of the fund value, at the end of each policy year. This helps customers grow their retirement funds faster and benefits them tremendously in the long-term.

A customer will save Rs 5 lacs for a premium payment term of 5 years and will stay vested for a period of 30 years, he will be rewarded loyalty units based on the fund size @ 0.2% and 0.3% of the fund value each year as long as his premiums are paid.

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