ING I-Retire

FEATURES
This is a limited pay participating whole life plan with Annual Retirement Income (also known as Interim Cash Payment in the policy documents). The Annual Retirement Income will commence from the end of the policy anniversary nearest to insured’s age of 55 until the policy maturity at insured’s age of 85.
The Sum Assured of this plan is fixed at 20 times of the Annual Retirement Income chosen by the policyholder. Premiums under this plan are payable for 20 years or up to age 60, whichever is earlier.
Coverage provided under this plan is Death and TPD including a built-in family income feature.

BENEFITS
a)Death
The amount payable upon Death is the sum of:
i)Basic Sum Assured
ii)Accumulated Cash Dividends (if any)
iii)Accumulated Annual Retirement Income (if any)
iv)Terminal Dividend (if any)less any indebtedness.
If Death occurs before the Policy Anniversary nearest insured’s age of 65, Family Income Benefit (equivalent to the Annual Retirement Income amount) will be payable for the next 20 years or up to age 65, whichever is earlier.

b)Total and Permanent Disability (TPD)
The amount payable upon Death is the sum of:
i)Basic Sum Assured
ii)
Accumulated Cash Dividends (if any)
iii)Accumulated Annual Retirement Income (if any)
iv)Terminal Dividend (if any)less any indebtedness.
Provided that CTPDB is granted under the policy, if TPD occurs before the Policy Anniversary nearest insured’s age of 65, family income benefit (equivalent to the Annual Retirement Income amount) will be payable for the next 20 years or up to age 65, whichever is earlier.

c)Maturity
The amount payable upon maturity is the sum of:
i)Basic Sum Assured
ii)Accumulated Cash Dividends (if any)
iii)Accumulated Annual Retirement Income (if any)
iv)Terminal Dividend (if any)
less any indebtedness.

d)Annual Retirement Income / Interim Cash Payment (ICP)
The Annual Retirement Income shall be payable starting from the end of the Policy Anniversary nearest Insured’s age of 55 until the policy matures (at age 85) or terminates (due to death / TPD / surrender of the policy), whichever is earlier.

e)Dividends
Yearly Cash Dividend is payable starting from the end of the second policy year. The policy owner can choose to either keep the Cash Dividends with the Company or have the Cash Dividends paid out. Cash Dividends left with the Company are to accumulate at the prevailing interest rate. The default option is to leave the Cash Dividends with the Company and accumulate at the prevailing interest rate.
Terminal Dividend will be determined annually starting from the end of the first policy month and is only payable upon surrender, maturity, death or TPD.