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Sowmya Sundar

A FUSION product with the features of both whole-life and money-back policies, ING Vysya's Fulfilling Life not only makes payouts at regular intervals during the lifetime of the policyholder but also makes a lumpsum payment on death or survival of the term.

How it works?

Fulfilling Life provides cover for life (till age 85), though premiums are paid for a limited term. The policy can be taken for 16- 20- or 24-year premium payment terms. A portion of the sum assured is paid back every quarter of the premium payment term. For instance, for a 16-year premium payment term, 20 per cent of the sum assured is paid at the end of the 4th, 8th and 12th year and the remaining 40 per cent on the 16th year. You also have the option to re-invest the payouts.

Over and above these payments, the policyholder is paid the sum assured as survival benefit on maturity along with accumulated reversionary bonuses. If death occurs in the interim period, the sum assured plus accrued bonuses are paid over and above the earlier payouts. The policy ceases thereafter. Therefore, effectively, the policy pays out 200 per cent of the sum assured, if one survives till maturity.

If premiums are discontinued after three years of premiums have been paid, the policy acquires a paid-up value with reduced sum assured, which is paid on maturity or death. A reduced survival benefit is paid at the end of the premium payment term and the plan operates as a non-participating plan. One also has the option to withdraw the plan and receive the cash surrender value.

Bonus payments

Fulfilling Life is a participating whole-life policy. That is, bonuses are declared on the sum assured annually. These bonuses are cumulative and are paid on maturity or on death. Another important feature of the plan is that bonuses accrue throughout the tenure of the term despite a limited premium payment term.

Loan availability

A loan can be taken on the policy and the loan amount would depend on the premiums paid.

Riders

One can choose to append any of the following riders — accidental death benefit, accidental death, disability and dismemberment benefit, waiver of premium benefit and term benefit. The rider benefits are applicable only for the premium payment term.

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