Invest In Tax Saving Mutual Funds Online
The plan offers low returns as far as the guarantee goes
PRODUCT FEATURES:
This plan offered by ING Life Insurance is a non-participating plan, offering a guaranteed benefit after completion of the premium payment term and a guaranteed death benefit during the income payout period. The plan offers a guaranteed income payout as a survival benefit, and ceases after death.
POLICY TERM & PREMIUM PAYMENT TERM:
The policy term is available in four options -15, 20, 24 and 30 years. The premium payment term is seven, 10, 12 and 15 years. Income payout starts after the premium payment term and till the policy expires.
The minimum premium is Rs 12,000 to Rs 24,000.
The income payout rate depends on the premium payment term and the premium amount chosen. So for instance, if you have chosen an income payout rate of 11 per cent per annum with a premium payment term of seven years, the premium amount would range between Rs 24,000-Rs 47,999. Similarly, if one has cho sen an income payout of 13 per cent per annum and a premium payment term of seven years, his be annual premium would Rs 96,000 and above.
ENTRY AGE:
The minimum entry age can be three to 55 years, while the age at maturity can be 26 to 85 years.
DEATH & MATURITY BENEFIT:
Death benefit or the life cover is highest of 10 times the annual premium or the sum assured or 105 per cent of the premiums paid minus the unpaid due premiums. Maturity benefit is the life cover along with the last income payout.
GUARANTEED SURRENDER VALUES:
If you have paid two years premium with a seven-year premium payment term, or paid three years premium with higher terms, the guaranteed surrender value (GSV) would be 30 per cent of the total premiums paid. The GSV increases as the policy moves towards maturity.
The plan offers low returns as far as the guarantee goes. While people may get attracted to this plan with a guaranteed income payout rate ranging from 11-13 per cent, the internal rate of return when calculated on an excel sheet comes below 4 per cent. This is because the payouts occur after the premium payout term and include principal amounts from the premiums paid. Maturity benefit, given after entire policy term is over, is 50-70 per cent of the sum of premiums paid.
It is better not to mix insurance with investments.
You should instead buy a term insurance plan with a cover of 10-15 times your annual income and invest the remaining surplus in a public provident fund (PPF), which is offering 8.7 per cent return this year.
Happy Investing!!
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
Invest Tax Saving Mutual Funds Online
Tax Saving Mutual Funds Online
These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)
Download Tax Saving Mutual Fund Application Forms from all AMCs
Download Tax Saving Mutual Fund Applications
These Application Forms can be used for buying regular mutual funds also
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