"This is a very attractive and simple to understand solution unlike many products offered in the market. In this plan the customer makes premium payments for 50 per cent of the chosen policy term and enjoys guaranteed tax free regular income over the remaining policy term.
"At the end of the policy term, the customer gets a guaranteed tax free lump sum payout," ING Life Insurance Chief Financial Officer UcoVegter said in a release issued here.
Based on the premium paying ability, the customer can decide the income payout option he would like to benefit from, he added.
The key features of ING Guaranteed Income Insurance plan are guaranteed tax-free regular income from mid of policy term, guaranteed income payout at the rate of 11-13 per cent per annum, guaranteed maturity benefit, guaranteed life cover for full policy term and tax savings on all premiums paid and benefit amounts.
Headquartered in Bangalore, ING Vysya Life Insurance Company is 100 per cent owned by Exide Industries.