ING Life launches new Ulip

ING Life Insurance on Tuesday launched a new unit-linked insurance plan (Ulip) - ING Prospering Life - which meets wealth accumulation and protection needs of the customers, a top company official said here.

The new Ulip comes with a host of customer benefits, including five fund options, automatic asset allocation and unlimited switches with partial withdrawls free of charge, T K Uthappa, director(Sales) told reporters here.

The product offers an annualised premium ranging between Rs 48,000 and Rs 96,000 and is competitively priced against other long-term investment options. The sum assured is 10 times the annual premium at inception for those aged below 45, and seven times the annual premium at inception for those above 45.

The minimum top up premium is Rs 5,000.

During April-September last year, the company sold 1.37 lakh policies, against only 1.12 lakh policies during the same period this year.

Admitting an industry 'degrowth', Uthappa hoped by March next year, they would succeed in improving on this by at least 50 per cent.