ING Life - New Best Years is a retirement plan that offers flexibility to decide the time, amount and frequency of annual premiums each year. The premiums so contributed after deduction of policy charges are allocated to the investors' Individual Pension Account (IPA). This amount is guaranteed to be returned to the investor at the end of the policy term. The amount is invested in government and other approved securities and investments and returns generated are distributed as bonus interest.
   
Unique Feature

Despite being a retirement plan; New Best Years does not mandate annuity purchase at the end of the policy term. The fund value can thus be encashed, subject to payment of taxes on 2/3 of the amount.


For Existing Customers

IRDA has recently revised guidelines for pension products and thus existing products that do not meet these guidelines, including ING Life New Best Years, stand withdrawn w.e.f January 1, 2012

Stay invested. The new guidelines wil mandate policyholders to purchase annuity from the same insurer as against the current provision of choosing the annuity provider at end of the term for pension plans.

For Those Looking to Invest

The scheme offers the flexibilty to not only choose the annuity provider at maturity but also to encash the entire fund value as per convenience, which will be forbidden in the new schemes that will hit the market henceforth. IRDA has, however, guided the new pension products to guarantee a minimum positive return over and above the capital invested. New investors will have to decide on this plan before the new rules kick in.