Exide Life Golden Years Retirement Plan

ING Golden Years Retirement Plan is a Regular Payment Deferred Variable Annuity Plan. It is a Non-linked Plan from ING Life Insurance Company.

Death Benefit

Tax Benefit

Top Up

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Key Features

Annuity Plan

This is a Deferred Annuity Plan without Bonus facility

top-up premiums

All premiums in this plan including top-up premiums paid, net of charges are transferred to the Individual Pension Account which is then invested in the Capital Guaranteed Fund

Pension

The Individual Pension Account is guaranteed to grow at minimum 1% compounded per annum

additional Interest

There is an additional Interest Guarantee of 4% per annum compounding applicable on the Individual Pension Account during the first 5 policy years and 0.5% thereafter

Residual Addition of interest

The Individual Pension Account also receives a Residual Addition of interest from the end of the 5^th Policy year onwards

flexibility

In this plan, there is a flexibility in choosing retirement date – when the Pension payout will start

premium payment

There is also a flexibility to alter the premium payment term in this plan

Loyalty Benefit

This plan offers Loyalty Benefit for total premiums of Rs 4,80,000 or more

Top Up

In addition to Regular Premiums, the policyholder can choose to pay Top Up Premiums except in the last 2 policy years

Benefits

Death Benefit

if the Life Assured dies within the Policy Tenure, i.e. before Vesting, the nominee will get the higher of the following as Guaranteed Death Benefit:

105% of gross premiums paid including top-up premiums till the date of death
Total premiums including top-up premiums compounded at 1% p.a. till the date of intimation of death
Balance in the Individual Pension Account + prorated interest from last policy anniversary till the date of intimation of death

The nominee has the option to either withdraw the entire amount or purchase annuity at the then prevailing annuity rates.

For Death Benefit after Vesting, it depends on the Annuity Options chosen.

Guaranteed Vesting Benefit

The higher of Gross Premiums paid, including Top Up Premiums, compounded at 1% p.a. or the Balance in the Individual Pension Account, is the Guaranteed Vesting Benefit which can be utilized for the following Vesting Options:

Defer the Vesting date till the maximum Vesting Age of 75 years of age of the policyholder
Withdraw 1/3^rd of the Guaranteed Vesting Benefit as Tax Free under section 10(10)A and then purchase Immediate Annuity from the remaining 2/3^rd at the prevailing Annuity Rates from ING Life
Purchase Immediate Annuity from the entire Fund at the prevailing Annuity Rates from ING Life

Income Tax Benefit

Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and 1/3^rd of the Maturity Proceeds are tax free under section 10(10)A subject to fulfilment of terms and conditions.

Top Up Premiums

are allowed in this plan for an unlimited amount in the first 15 policy years and upto 5 times the Annualized Premium from the 16^th year onwards. Top Up Premiums are not allowed in the last 2 policy years. Also, there is no flexibility of Top Up Premiums for Single Premium Plans.

How it works

In this plan, payment can be made in a lumpsum under Single Premium Paying Option or for a limited tenure under Limited Premium Paying Option or throughout the Policy Tenure under Regular Premium Paying Option.

The Vesting Date, from when the Annuity or the Pension would begin needs to be specified at the start of the plan. This date shall be the vesting date of the retirement plan and the period till the vesting date shall be the vesting term chosen.

All premiums paid by policyholder, subject to the deduction of all applicable charges, will be transferred to an Individual Pension Account which earns an interest of:

Minimum Floor Rate Interest of 1% p.a. compounded for the entire vesting term.
Additional Interest Rate of 4% p.a. compounded for the first 5 years and 0.5% p.a. compounded for the remaining years
Residual Addition of Interest from the end of the 5^th policy year

There is Loyalty Benefit also available in this plan for total premiums paid for Rs 4,80,000 or more, including Top Up Premiums such that the Allocation Charges collected throughout the Policy Tenure is credited to the Individual Pension Account, provided all due premiums are paid.

On vesting, i.e. on completion of the Policy Tenure, there is an option to policyholder to opt for Annuity from the entire corpus or withdraw 1/3^rd of the same tax free and then opt for Annuity from the remaining 2/3^rd. The annuity needs to be purchased at the prevailing Annuity Rates from ING Life.

However, if the policyholder dies before the Vesting Date, the nominee will get the higher of 105% of gross premiums paid including top-up premiums till the date of death, Total premiums including top-up premiums compounded at 1% p.a. till the date of intimation of death or Balance in the Individual Pension Account + prorated interest from last policy anniversary till the date of intimation of death as Guaranteed Death Benefit and the policy terminates.

If the policyholder dies after the vesting date, the Death Benefit would depend on the Annuity Option chosen.

Eligibility

	Minimum	Maximum
Single Premium (in Rs.)	2,40,000	No Limit
Regular Premium (in Rs.)	For PPT=5-9 years, 48,000 For PPT=10-42 years, 24,000	No Limit
Policy Term (in years)	Whole Life
Vesting Term/ Premium Paying Term (in years)	For Vesting Term 10-42 years: PPT=Single For Vesting Term 10 years: PPT=Limited tenure of 5-9 years For Vesting Term 10-42 years: PPT=Limited tenure of 10-41 years or till the end under Regular Option
Premium Payment Term (in years)	Single	42
Entry Age of Policyholder (in years)	18	65
Age at Vesting (in years)	45	75
Payment modes	Yearly & monthly

FAQs

What happens if policyholder stop paying the premium before 5 years

If the policy holder stops paying the premium, the insurance cover will cease and the Individual Pension Account net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate as applicable to Discounted Pension Policy Account and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated Individual Pension Account will be payable to the nominee.

The policy can be revived as well but within a period of 2 years from the Date of Discontinuance of the Policy or before completion of the Lock-in period of 5 policy years, whichever is earlier.

What happens if policyholder stop paying the premium after 5 years

If the policy holder stops paying the premium after 5 years, then there are 3 options:

To revive the Policy within 2 years from the due date of the first unpaid premium
Convert the policy to Paid Up
Take the proceeds from Surrender Value and terminate the plan

What happens if policyholder want to surrender the policy

If the policy holder wants to surrender the policy before completing 5 years, then the insurance cover will cease and the Individual Pension Account net of any discontinuance charge, if at least 5 years’ premiums have not been paid, will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will earn a minimum guaranteed interest rate as applicable to the Discounted Pension Policy Account and the proceeds from this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated Individual Pension Account will be payable to the nominee.

If the policyholder surrenders the policy after completion of 5 policy years, then there is no Surrender/Discontinuance Charges and the Surrender Value is paid to the policy holder and the policy will terminate immediately.

What happens if policyholder want a loan against your policy

There is no loan available under this plan.

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