Wednesday, March 21, 2012
by
Indian Real Estate News
ING Star Life is an endowment plan with limited premium paying term of 3 years for the policy term of 12 years. The scheme ensures annual guaranteed additions, payable at the end of the policy term with the sum assured. Sum assured is determined by the annual premium paid by the policyholder. In the event of the death of the policyholder during the policy term, an amount equivalent to 5 times the annual premium is payable to the nominee.
Key Features
Annual additions ranging from 8% to 10% of the sum assured p.a., are guaranteed by ING Star Life. This benefit is to be paid to the policyholder on maturity, ie, after 12 years. The sum assured as such shall be paid in two equal installments - 50% at the end of the 10th year and 50% towards the end of the 11th policy year.
Maturity / Death Benefits
Assuming the age of the policyholder to be 30 years, the maturity and the death benefits that will accrue at various slabs of sum assured are illustrated herewith
Our View
Being an endowment scheme, ING Star Life offers ease of investment along with insurance cover. Between the two, however, it is the insurance cover that appears more appealing. Unlike most endowment schemes, where sum assured (SA) is the death benefit, here the nominee is given 5 times the annual premium (AP) as death benefit. As APs here are quite high (being a limited premium plan), the death benefit is nearly double the amount of SA. The scheme, however, is a let down on the investment aspect. Though prima facie, the returns of 8-10% look impressive, these are calculated on a simple basis and not compounded like bank fixed deposits which make bank fixed deposits more lucrative even at 8.5% pa, post tax and net of premiums payable on a pure term plan.
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