ING Prospering Life ULIP Review

ING Prospering Life ULIP Review

ULIPs are the highly criticized financial products in India. ULIPs charge high premium allocation charges and that’s why they are criticized the most in India.

Recently, ING Life has launched a new ULIP scheme – Prospering Life Plan.

This is a ULIP Plan and it has following salient features.

- The ULIP has 5 fund options to choose from

- Automatic allocation and unlimited switches with partial withdrawal at free of charges (This is really a great change in ULIPs)

- 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 an amount 10 times the annual premium at inception for those below the age of 45 and 7 times the annual premium at inception for those above the age of 45.

Now, this is really a revolutionary change in the ULIP history. This is because up to now, all the ULIPs available in the markets offer only 5 times life cover than the annual premium. But this ULIP offers 10 times life insurance cover below age 45 and 7 times above the age of 45. This is really cool.

Now, this shows that the ULIPs are revolutionized. Previously ULIPs used to be very costly.

- 16-20 years of policy term

- Minimum top-up premium is Rs.50,000

I am really happy to know that ULIPs are changing. The Insurance companies are modifying this financial products in the benefits of the customers.

Hope to see more such kind of changes in the benefits of the customers in the future.