ING Life Korea said stability and flexibility are two unchanging boosters for annuity sales, as shown in customers’ strong demand for its signature non-par annuity “Free Style.”
Annuities are financial products generally used to build up savings in preparation for retirement.
ING has been locally rated “AAA” for five consecutive years on its IFSR, or Insurer Finance Strength Rating.
ING Life Korea’s headquarters in Seoul
Having begun operation here under its former name Life of Georgia in 1989, the insurer changed its name to ING Life Korea in 1999.
ING’s classic annuity since its launch in 1997, Free Style has top flexibility, enabling economically strained customers to withdraw money anytime without additional service fees, within 50 percent of the surrendered policy returns.
Additionally, they can also put more money into the accounts when they find themselves with extra funds.
Free Style also takes a compound interest rate that is market-adjusted, to secure higher stability. The recent April interest rate is 4.2 percent, ING said.
Moreover, those who pay over 300,000 won ($268) for basic insurance monthly are eligible for an extra 1.3 percent discount.
Customers between ages 15 and 63 can sign up for Free Style, and designate their annuity payout starting age between 45 and 80.
Free Style has several types of return options, including a lifetime type that guarantees 20-year return in the shortest fixed type, as well as free type and inheritance type, in addition to other sub-options.
By Chung Joo-won (
joowonc@heraldcorp.com)
