Bangkok--22 Nov--Aziam Burson-Marsteller
New product ensures that ING Life customers are able to continue their preferred lifestyle long after they retire
ING Life Limited today announced the launch of its new ‘ING Pension Plus 85/60’ pension product designed especially for Thai customers who are planning for their retirement. This pension product effectively meets the needs of ING Life’s customers who have expressed their interest in pension products as part of their overall retirement plans. Further support for ING Life Limited’s launch of this product at this time is found in pending changes to Thailand’s personal income tax policy that encourage retirement savings. In addition to the new pension product ING Life Limited also announced a range of initiatives to reinforce its agents and demonstrate its strong commitment to the tied agency channel in the face of a highly competitive environment.
ING Life Limited tapped on the global expertise of the ING Group, a global leader in the area of pension product development, in the area of pension product development when it created its pension product for the Thai market. This unique ING Life product helps customers continue their preferred lifestyle even after retirement. The key benefit of this product is the regular payouts made to the customer in the years after they retire. ING guarantees these annuity payouts from the age of retirement set at 60 until the age of 85, or a total of 26 years, as long as the insured party is alive throughout this period. If the insured party should pass away before the age of 74, the policyholder’s beneficiary will receive the current value of the annuity for the unpaid period up to the 15th year. ING Life Limited is offering an annuity payment of 12% of the sum assured.”
“We are very excited about the launch of this product, as it meets the needs of our customers for a solid high value pension product that is perfect for individuals who are seeking post-retirement security,” said Poolap Penkitti, Acting Co-CEO, ING Life Limited. “Our consumer research and market insights have indicated that we should enter the market for pension products as this is an area with high consumer interest and significant growth potential. Basically, we have seen over the last year that Thai consumers have become increasingly interested in retirement planning and pension products. This interest stems from the realization that a large proportion of Thailand’s work force will be retiring in the next 15 to 20 years while average life spans are increasing, making it more important than ever to ensure you will have a steady stream of income well into your golden years. This trend has also been recognized by the Thai government which currently has pending changes to the income tax code that support pension-type insurance products.”
“The product we have created represents a strong understanding of the Thai market. It is ideally suited to the needs of our Thai customers who are interested in planning for their retirement and who seek the financial stability and security that is necessary to continue to live their lives the way they like. We are very confident that our agents will be able to take this product and quickly grow our presence in this important market segment.”
“Agents are critical to our continued success in the Thai market and ING Life Limited is doing all we can to support them in their work. In addition to today’s product launch we will also be doing full-scale renovations of our Chiang Mai and Udon Thani branches to facilitate the continued growth of our agency channel in those regions. Further, ING Life Limited is organizing continuous sales support activities including the ING Movie Day on November 21, when ING Life Limited will bring our agents and customers together to enjoy one of the most anticipated movies of the year. Then we will have the Holland Enchanting Showcase 2010 during December 3-5, where we will highlight our Dutch heritage and showcase the long and deep relationship between the Netherlands and Thailand. During this event, our agents will be able to bring their customers to experience a range of exclusive events. The agents will also have the opportunity to introduce themselves to members of the public and to provide financial advice to interested visitors. These actions are on top of ING Life’s industry-leading agent recruiting and training programs,” continued Poolap Penkitti.
“We are looking forward to continuing to grow our agency business in the year ahead and have plans in place to offer compelling new products specifically designed for this important channel. Today, we have a very solid team of outstanding agents and we will build on this strong foundation to create a market beating tied agency channel that will help drive the growth of our overall business in Thailand. Be sure to look for further news from ING Life Limited and its agents in the months ahead,” concluded Poolap Penkitti.
For further information, please contact:
Aziam Burson-Marsteller
Jittima / Hongsinunt / Satida
Tel. 0 2252 9871 E-mail:
[email protected]