ING Life today launched its new guaranteed return insurance product called ING Assured Returns, which provided policy holders a guaranteed return of 8.75 per cent.
This was the highest declared rate, inclusive of loyalty interest rates on the first year premium, in the life insurance industry so far,Uco Vegter, Chief Marketing and Strategy officer, ING Life Insurance Company Ltd, told reporters here today.
The product offered several assured features, such as assured returns and security, Vegter said.
Stating that the product has the premium range between Rs 12,000 to Rs 48,000 annualy and the premium enjoyed tax benefits as applicable under Sec 80C, he said the sum assured was fixed at five time of annual premium.
The company has issued over 10 lakh policies so far and had an infused capital of over Rs 1,000 crore, he said.