ING Vysya to open 50 new branches

Bangalore, Aug 8: Leading private sector Insurance company ING Vysya Life Insurance, under its expansion programme, proposes to open 53 new branches during the current fiscal to take its total number of branches to 330 from the present 277 spread out in 186 cities.

Speaking to newspersons company Associate Vice President and Head (Product Development) YVDV Prasad, who announced company's new product 'ING Positive Life', a unit linked insurance plan, he said that 130 branches were opened during the last nine months including in North East, West and in South. Besides the company had tied up with Cooperative banks for sale of the ING Vysya products, he added.

Replying to a question, he said that an application had been filed with the Regulator for introducing Group Policy to be introduced in rural areas. This policy, under micro insurance, would be linked to loans availed from private finance institutions in rural areas.

Explaining the salient features of the new plan launched today, he said it was an attempt to reach all the segments and the product was developed based on feedback received from the customers. The main features include flexible premium paying options, no medical underwriting, flexible investment options, systematic investment benefit and partial withdrawal option.

He said that 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 services as a 'Systematic Investment Plan' mode of investment. The premiums paid can be invested in a choice of five fund options -- Debt, Secure, Balanced, Growth or Equity fund based on an individual's risk appetite.

During the policy term, the customer has an option to switch between these funds or redirect future premiums into the available options.

UNI