ING Vysya Life Insurance India

ING Vysya Life Insurance India is one of the leading providers of life insurance products and services in India. It has been catering to a million customers and more for at least a decade. 50% of its shares are owned by Exide Industries.

26 percent of ING's shares are held by ING Insurance International BV and the rest are owned by shareholders from India. The products of this organization are distributed through the following channels:

  • Tied Agencies
  • Alliances
  • Banc assurance partners


The Tied Agency medium is made up of at least 30 thousand advisors of ING Life who operate across India. ING Life is steadily increasing its network of bancassurance partners and also uses referral partners, brokers, and corporate agents to market its products and services.

ING Life Insurance India Management



The Board of Directors at ING Life is made up of the following officials:

Name Designation
Rajan Raheja Chairman
Kshitij Jain CEO and Managing Director
Satish Raheja Director
NN Joshi Director
Douglas Caldwell Director
Rajesh Kapadia Director
Frank Koster Director
AK Mukherjee Director


The Executive Team of the organization may be enumerated as below:

Name Designation
Kshitij Jain CEO and Managing Director
B Ashwin Chief Operating Officer
Rahul Agarwal Chief Distribution Officer
Uco Vegter Chief Financial Officer


ING Life Insurance India Financial Details



The following table reflects the financial highlights for the first quarter of the 2012-13 fiscal for ING Life:

Domain Figures in INR Thousands
Premium earned 2,715,975
Income from interest, rent and dividend - gross 878,289
Profit on redemption and sale of investments 606,371
Miscellaneous income 8,703
Contribution from shareholders' account 157,560
Commission 169,684
Operating costs for insurance business 1,089,673
Benefits paid (net) 2,132,941
Interim bonuses paid 440
Opening balance in funds for discontinued policies 23,290
Transfer to funds for discounted policies 28,371
Opening balance in funds for future appropriation 68,471
Surplus transferred to balance sheet 41,084


ING Life Insurance India Products and Services



The products of ING Life Insurance may be mentioned as below:

Children Plans

  • ING Aashirvad
  • Creating Life Money Back Plan
  • Creating Life Child Protection Plan

Protection Plans

  • ING Term Life Plus
  • ING Term Life

Savings Plans

  • ING Secured Income Insurance Plans New
  1. ING Secured Income Insurance RP
  2. ING Secured Income Insurance Plus
  • Reassuring Life Endowment Plan (Reversionary Bonus)
  • ING Creating Star Guaranteed Future
  • Safal Jeevan Endowment Plan

Retirement Plans

  • ING Immediate Annuity

Investment Plans

  • ING STAR Life
  • ING Uttam Jeevan - Regular Premium
  • ING Prospering Life SP
  • ING Uttam Jeevan - Single Premium
  • ING Market Shield
  • Powering Life
  • ING Prospering Life
  • New Fulfilling Life

Riders

  • Accidental Death Rider
  • ING Critical illness Rider
  • Accidental Death, Disability and Dismemberment Rider
  • ING Critical illness Limited Pay Rider
  • ING Term Life Rider
ING Life also offers its customers the services mentioned below:
  • Renewal reminders
  • Grievance redressal
  • Customer information services

ING Life Insurance India Planning Tools



ING Life offers the following tools:

  • Child Calculator
  • Investment Needs
  • Minimum Insurance Needs
  • The Financial Horoscope
  • Savings Needs
  • Premium Calculator
  • Retirement Needs
Location of Insurance Company offices in India

ING Life Insurance India News



ING Life, in collaboration with Bangalore Metro Rail Corporation Limited (Namma Metro) has recently introduced an initiative named Life in a Metro. The program was launched at the Namma Metro Insurance Awareness Event.

The main aim of the program was to get access to people who commute on a daily basis using the Namma Metro facilities and make them aware of how important it is to save for the future and protect it as well.

As part of this program, kiosks were established by the insurer in the 6 functional metro stations of Bangalore - these structures will provide daily travelers more information on savings and insurance while they are on the move.

ING also set up several interactive activities to engage the passengers. To encourage participation they even provided prepaid Namma Metro passes that were valued at INR 1000 each. The program went on for a 15 day period starting from March 5 to March 19, 2012.

Mohit Goel, the EVP Marketing of ING Life Insurance had stated that Namma Metro was already a preferred mode of transport for Bangalore residents and also expressed satisfaction at the opportunity to collaborate with Namma Metro for the program which he said was the first such initiative.

The insurer has also recently handed its advertising responsibilities to Law & Kenneth. The procedure for this deal had been initiated during October 2011 and its main aim was to discover a strategic associate who could help realize the growth plans of ING with its consumer know-how and planning capabilities.

Goel has stated that the process to find the advertising partner has been an intense and fulfilling one. All the applicants were tested on their planning capabilities and strategic thought procedures.

He stated that ING followed a different policy from normal ones that look at factors like capability levels and creative production. Goel has expressed satisfaction at the expertise that Law & Kenneth have in areas like strategy and planning.

In 2012 ING has also launched 3 new insurance products - ING Secured Income Insurance Plan, ING Critical Illness Rider, and ING STAR Life.

The ING Secured Income Insurance Plan is basically a endowment policy that offers long term benefits for the insured and his or her family. This plan also provides a consistent income in case anything unfortunate happens to the insured. This plan has two variants - Secured Income Insurance Plus and Secured Income Insurance Pay.

The ING STAR Life provides life cover and tax exemption facilities. The premium payment period of this plan is 3 years but the advantages are available throughout the term period of 12 years.

The ING Critical Illness Riders provide the policyholders a lump sum in case they are found to have any critical illness covered by the program. There are two types of this program - Limited Premium Payment Term and Regular Premium Payment Term and provides coverage for either 4 or 25 critical ailments.

ING Life Insurance India Office Locations and Contact Details



The insurer is headquartered in Bangalore but also operates in more than 200 cities.

Registered & Corporate Office:

'ING Vysya House', 5th Floor
22, M.G. Road
Bangalore 560001
Telephone number - 91-80-25328000
Fax - 91-80-25559764

National Operations Office:

No 690, 1st floor,
Gold Hill Square, Begur Hobli,
Hosur Road. Bangalore - 560068
Telephone number - 91-80-41345134
Fax - 080-41100707
Call/Fax:

Toll free Number - 1-800-419-8228
Mobile Number - +91-9880888228
Landline Number - 080-41345444
Fax - 080-41100700

Last Updated on 09/06/2012

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