Mangalore : ING Life launched a unique child product, ING Ashirvad at Hotel Gold Finch on August 26, Thursday.
Addressing the press meet, Madhan Mohan Prabhu, DGM of the company said that ING Life offers parents to plan for their child’s future and protect them after a milestone. It is built on a traditional platform, which comes with four guarantees.
The guarantee of maturity value as decided by the parent, additional guarantee of death benefit in case of any eventuality of the policy holder, guarantee of policy continuing in case of any eventuality of he parent and guarantee coverage for after the maturity of the product.

ING Ashirvad is a non-linked and non –participative child plan. This plan helps the parents to save for their child’s future requirements by guarantying the maturity benefit they choose at the start of the plan. In case of any eventuality to the parent, the plan will offer an additional amount equal to 50 percent of the maturity as death benefit, and the policy will continue, with the future premiums being waived off. On maturity the child shall get full maturity value of the policy, he added.
Savitha Shenoy, trainee of the ING Life briefed on the product and said that, the plan goes one step ahead and provides an opportunity to the parents to pass on their blessings for their family. After the maturity payout is done, the plan automatically extends to protect the child who is now grown up adult, for the next 30 years.
The risk coverage is at 50 percents of the maturity benefit amount all at no additional cost. Shenoy also said that the plan actually offers to protect three generations. It protects the parents during the policy payment term, and protects the child thereafter for the next 30 years.
The parents receive the payouts in structured way over 5 years as per the education and marriage requirements of the child. First four installments of 5 percent of the Maturity amount payout to meet the education expense requirements and the balance 80 percent paid out at the time of maturity of other milestone like marriage, etc.
The parents have the option to further enhance the cover by adding Accidental Death Benefit (ADB), Disability and Dismemberment Benefit (ADDDB) Riders.