ING Life announces healthy bonus rates on its products

ING Life India, in its 10th year of operations, today declared healthy bonus rates for its traditional products, rewarding its customers with handsome gains. The company declared 8.75% on its flagship pension product, Best Years and New Best Years, better than its 5 year average of 8.23%.

The company also declared an attractive 7.5% p.a. reversionary bonus rates on its participating products, Powering Life and New fulfilling Life. The company also announced that it has achieved one of the best death claim records in the industry, with its death claim rejection amongst lowest.

The healthy bonus track record further strengthens ING Life’s position as a player offering long-term savings and protection products on traditional platform. It is also reflective in the company’s product-mix for the last six months, which includes over 80% of its sales of traditional plans.

Announcing the bonus rates, Mr. John Boers, Chief Financial Officer, ING Life said, ‘I am delighted that we have been able to reward our customers with continued healthy bonus. It confirms our commitment towards offering long-term savings and protection solutions, with strong traditional product portfolio. We have been able to announce the healthy bonus as a result of our focus on building efficiency and our investments towards strengthening our product and investment management functions.’

The company was also reported by IRDA (in its annual report for FY 09-10), as one of the Top 3 private players in death claims settlement. ING Life settled over 89% of the death claims in FY 09-10, strengthening its customer-centric service proposition.

Speaking on the achievement, Mr. Ashwin B, Chief Operating Officer, ING Life said, ‘We have focused to improve our claims process, and make it convenient for our customers. Being amongst the top 3 is a significant achievement, and we are proud to be setting the standards in the industry. We will continue our focus to make it better for our customers.’ 

ING Life had recently announced its strong performance for FY 2010-11, recording a growth of 13% in Q4 of FY 2010-11 by weighted individual premium, beating the challenging industry environment and emerging as one of the fastest growing company in the quarter.

It had also declared a profit in Q4 of FY 2010-11. ING Life currently has a strong captive distribution network, including its tied agency force and bancassurance. It has a presence panning 229 cities across the country, with over 35,000 tied agents and a strong Bancassurance partner, ING Vysya Bank.