Tuesday, March 31, 2009

ING Insurance lowers new premiums

By T Vignesh
ING Insurance Bhd, has lowered its new premiums target to RM830 million in 2009 compared to RM870 million recorded last year.
CEO and president of ING Insurance Bhd Datuk Dr Nirmala Menon said the company has lowered the target due to the tight economic outlook.
"Due to the recession, the amount of money put into a policy may decrease, but the number of policies being sold may increase," she told reporters after the launch of ING's new product — INGeasi for family in Kuala Lumpur on Mar 31.
On the new product, she said it combined varying protection, health, education and investment needs of every member of the family. ING expects to sell between RM50 million and RM60 million of the new product.
Chief financial officer and chief risk officer Anusha Thavarajah who was also present said that INGeasi for family is timely with the current financial climate where it is imperative for families especially to have some form of financial protection at these uncertain times.
She said INGeasi for family is designed to take care of the family income needs with a maintenance fund payment given to the family in the event the breadwinner is no longer able to provide due to unforeseen circumstances.
"With this, the family can have the peace of mind knowing well that they will be financial protected and their lifestyles continue to be safeguarded," she added. For the breadwinner of the house, the plan comprehensively provides protection and health coverage besides education and investment options for their immediate family.
Anusha said in the event that the breadwinner is no longer able to provide, the plan offers them special income protection, which provides monthly income replacement for up to five years. She said for spouses, INGeasi for family offers personalised life protection and this includes critical illnesses and accidental coverage.
In the event of death, total permanent disability or critical illness, a monthly income replacement for up to five years is again provided to the family. Anusha said for children, the plan makes it simpler by providing for education savings to help parents to fulfill their children's educational potential.
In addition, all future premiums for the plan will be waived if the payor is diagnosed with critical illness. "On top of protection and savings, INGeasi for family provides the flexibility to choose from eight different combinations of local and global unit-linked investment funds to suit families changing needs at different stages of their lives and risk levels," she added. - The Malaysian Reserve, p9, Apr 1, 2009

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