ING Life Insurance saw this guidance from the regulator as an opportunity to introduce “new” life insurance solutions. This new portfolio is being referred to as the “New Generation Plans from ING Life Insurance”.
In line with the company’s product philosophy all the products are designed with a "customer centric approach", ensuring that the maximum benefit is received by the customers. ING Life Insurance has introduced “The Life Maker” - a simple and easy way to help customers prepare for their financial future. According to ING Life Insurance, the Life Maker is the right approach to life insurance that provides solutions according to your long term financial goals. Based on various customer needs the Life Maker classifies solutions as per hierarchy in which they should buy namely: Protection Solutions; Savings and Investments Solutions; Retirement and Pension Solutions. In each segment a set of new generation plans are being offered by ING Life Insurance. (Please refer to the attached document for details on the Life Maker Approach)
The new plans are also in line with the company’s product p\hilosophy. The company is offering thirteen (13) products under Individual Insurance Category and three (3) in the Group Insurance Category.
Speaking on the revamp of the product portfolio, Mr. Uco Vegter, Chief Financial Officer, ING Life Insurance (http://www.inglife.co.in/
The new guidelines make it mandatory for a copy of the benefit Illustration duly signed by the customer to be submitted at the time of sale. This is applicable for Unit Linked Plans, Variable Insurance Plans and all products offering bonus payouts. This will ensure greater transparency thereby reducing any post purchase dissonance and will also ensure transparency on product details and features that are bought by the customer.
About ING Vysya Life Insurance Company Limited
ING Vysya Life Insurance Company Limited is an established life insurance company with over a decade of experience serving over one million customers in over 200 cities in India. Headquartered in Bangalore, ING Vysya Life Insurance Company Limited is 100% owned by Exide Industries Limited.
The company distributes its products through key channels like Tied Agency, Banc assurance and Alliances. The Tied Agency channel comprises over 30,000 ING Vysya Life Insurance Advisors, spread across the country. The Banc assurance and Alliances business within ING Vysya Life Insurance is a fast growing distribution channel, and includes the Banc assurance partner (ING Vysya Bank), Referral Partners, Corporate Agents and Brokers.
The word “ING” and the device are trademarks of ING Group N.V. and are used under license.