ING Vysya Insurance to open 53 new branches in current fiscal

Bangalore, Aug 8 (UNI) ING Vysya Life Insurance, a leading private sector insurance company, proposes to open 53 new branches in India during the current fiscal, thus taking its total number of branches to 330 from the present 277 spread out in 186 cities.

Speaking to newspersons here today, after announcing company's new product 'ING Positive Life' a unit linked insurance plan, company Associate VP and Head (Product Development) Y V D V Prasad said the bank had opened 130 branches during the last nine months all over India, besides making tie-ups with Cooperative Banks for sale of the ING Vysya products.

An application had also been filled with the Regulator to introduce 'Group Policy' in rural areas. This policy, under micro insurance, would be linked to loans issued by private finance institutions in rural areas.

Explaining the salient features of the new plan 'ING Positive Life', he said it was an attempt to reach all the segments and was developed based on feedback received from the customers. The main features included flexible premium paying options and investment options, no medical under-writing, systematic investment benefit and partial withdrawal option.

He said the ING Positive Life, for individual customer in the age group of 0-50 years, was targeted at the regular savings segment.

The policy terms would be 10, 15 and 20 years. The plan would service as a 'Systematic Investment Plan' mode of investment.

The premiums paid could be invested in a choice of five - Debt, Secure, Balanced, Growth or Equity - fund options, based on an individual's risk appetite.

During the policy term, the customer could switch between these funds or redirect future premiums into the available options.

UNI