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Bangalore May 28 The ING Vysya Life Insurance Company Ltd (IVLICL) has launched a new Unit Linked Insurance Plan (ULIP).

Speaking on the salient features of the product, IVLICL's head of product development, Mr Y.V.D.V. Prasad, said that this provided for an enhanced life insurance cover. "The cover will increase 5 per cent per annum, so long as regular premiums are paid," he said.

The product is available for 10 to 20 year terms, with annual premiums ranging from Rs 10,000 to Rs 50,000. But Mr Prasad said that the policy had convenient premium payment options of just Rs 833 per month. In addition, the product had all the investment features of conventional ULIPs allowing policyholders the investment options between fixed income, equity or a combination of both. Up to two migrations per year would be free, he said.

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