The Hindu Business Line : ING Vysya Life unveils unit-linked plans

ING Vysya Life Insurance on Thursday announced the launch of two unit-linked insurance plan, which with their flexible features provide maximum benefits to customers, are expected to form 30 per cent of the company's business.

Talking to newspersons here, Mr Frank Koster, Managing Director and CEO, said that though India has been a strong market for the traditional product such as life insurance, its strong economic fundamentals and maturity among customers to understand the risk perception has created unprecedented interest in unit-linked insurance product.

The decision to launch the product had little to do with the buoyant stock market, he said, adding that it has been launched with the objective for a long-term commitment.

Expressing surprise at the success of the unit-linked product among the customers of private life insurers in recent time, Mr Koster said ING was very strong in the Asian markets like Japan and though India with its strong traditional patronage to life insurance, had shown a positive response.

Mr Koster explained that the product has been designed to benefit all segments of customers and was not aimed at exploiting the high networth younger generation with larger disposable income. The two products launched today were so designed to enrol customers from the age of eight to 65 years.

However, for children, the risk cover will start only form the age of 12.

The two unit-linked insurance products — Freedom Plan and Future Perfect — are packaged with flexibility in payment of premium, planning investments and withdrawals with life protection over a flexible policy period from five years to 25 years.

ING Vysya Life Insurance, a joint venture between ING Insurance International BV of the Netherlands and Vysya Bank, had closed the last fiscal (2004) with a premium income of Rs 100 crore.

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