Complies with IRDA guidelines to usher in greater transparency
Online PR News – 31-January-2014 – Bangalore, Karnataka State – ING Vysya Life Insurance Company Limited (ING Life Insurance), recently announced the revamp of its product portfolio aimed at introducing new and improved customer-friendly life insurance solutions, which offer long-term benefits and usher in greater transparency. The product portfolio revamp is in accordance with the product guidelines issued by the Insurance Regulatory & Development Authority (IRDA) which are in effect from 1st Jan 2014.
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, said, “We at ING Life Insurance are delighted to have a complete portfolio of approved products way before the 1st January, 2014 deadline set by the regulator. We have used the implementation of new guidelines to align our product portfolio to reflect our product philosophy, which is to provide Long Term Transparent solutions with Protection and Guarantee, Consistent Bonus Track Record, Flexible and Affordable premiums. Apart from offering long-term benefits to customers, the revamp of the product portfolio will usher in a level-playing era in the insurance sector and promote inclusive growth.”
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.