ING Income P

ING Income P is an accidental death insurance product, developed by NN Insurance Belgium SA/NV under Belgian Law that is linked to your ING current account. In the event of your accidental death, your appointed beneficiary would receive a monthly payment for an entire year (the benefit is based on your account turnover prior to your accidental death. In the General Terms and Conditions (PDF) you can see the list of all the direct debit income and payments or standing orders that are covered). When taking out this insurance, you nominate the beneficiary of the insurance and one of the two options (single or double option).

Formulas:

When you apply, you can choose between 2 different formulas:

• single option: the beneficiary receives a total benefit that is equivalent to the sum of the main incomes (such as your salary, child benefit or rental income) and expenses that are paid out of the current account in the twelve months prior to the accident, either by direct debit or standing order* (such as bills for water, gas, electricity or rent). You can subscribe to this formula now for just 24 euros a year, with a minimum compensation of 7,500 euros and a maximum compensation of 37,500 euros shared over 12 months whereby 2,500 euros’ compensation is paid in the first month.
• double option: the same principle but in this instance the amounts that are paid to the beneficiaries are doubled. You can subscribe to this formula for 45 euros a year, with a minimum compensation of 15,000 euros and a maximum compensation of 75,000 euros shared over 12 months, whereby 5,000 euros’ compensation is paid in the first month.

* In the General Terms and Conditions (PDF) you can see a list of all of the direct debit income and payments made, or to which a standing order and coverage applies.

Example: Mr Smith, holder of an ING current account, takes out an ING Income P insurance policy with his partner as the beneficiary. The income paid into this account by direct debit is 1,500 euros per month (or 18,000 euros per year). Payments by direct debit come to 6,500 euros per year. In total, there are therefore direct debits of 24,500 euros on the current account.

In the event of accidental death, the beneficiary would receive the following compensation:

• Single benefit option:
  • first month: 2,500 euros
  • for the following eleven months: 2,000 euros (11 x 2,000 euros = 22,000 euros)
  • total benefit: 24,500 euros
• Double benefit option:
  • first month: 5,000 euros
  • for the following eleven months: 4,000 euros (11 x 4,000 euros = 44,000 euros)
  • Total benefit: 49,000 euros

Exclusions:

• In the event of an accident due to alcohol poisoning, insanity, or under the influence of drugs, unless it can be proven that there is no relationship between the accident and these circumstances;
• As a result of a reckless act, a bet or a challenge, unless it can be proven that there is no link between the accident and these circumstances;
• As a result of suicide or attempted suicide;
• Due to practicing one of the following sports: Flying a private aeroplane, mountain climbing, parachuting, gliding, deep-sea diving, boxing, hang-gliding, flying with “ultra-light motorised equipment” and all speed racing in any form whatsoever. Accidental death while practising any of these sports is not insured.
• As a result of a crime or misdemeanour committed intentionally by the insured party.
• End of the policy: the cover ends on the annual due date following the insured person’s 70th birthday

Limitations:

• If it appears that no amount is debited or paid by direct debit from the account, the performance is limited to the first monthly term, 2,500 or 5,000 euros respectively, according to the option chosen.
• If the ING account to which the insurance is linked was opened in the name of multiple private individuals, the payment will be shared between the number of joint holders who are insured at the time of the accident.

• All adult private individuals, aged up to and including 70 years old;
• holders of an ING current account.

Unless otherwise agreed, the beneficiary who receives the benefit is:

• the spouse (neither divorced nor legally separated) or the legal cohabiting partner of the deceased insured person
• in their absence, the children of the deceased insured person and other descendants by substitution
• in their absence, blood relatives in ascending line of the deceased insured person
• in their absence, the estate of the deceased insured person.

You can arrange this insurance exclusively in an ING office of your choice, you don't need to fill out a medical form for this.

• Once the insurer has received all documentary evidence of the accidental death, the beneficiary will receive the first deposit. According to the option chosen, he will receive an initial payment of 2,500 euros (single option) or 5,000 euros (double option).
• The rest of the insured amount will be deposited in eleven equal monthly payments.

Duration and payout

• About the duration of the insurance contract: The ING Income P is taken out for one year and is automatically renewed each year on the main renewal date. If you wish to cancel this insurance, please send the cancellation letter by registered letter by the latest within 45 days after the yearly renewal date.
• Payout for joint-policyholders: if the account was opened in the name of multiple private individuals, the payment will be shared between the number of joint holders who are insured at the time of the accident.

Not entirely satisfied?

• Contact ING online: www.ing.be/complaints
• Call ING: +32 464 60 01

Not entirely happy with the way your complaint was dealt with?

• You can also contact the Insurance Ombudsman, Square de Meeûs/de Meeûssquare 35, 1000 Brussels, Belgium - Tel.: + 32 2 547 58 71 - Fax: + 32 2 547 59 75 - info@ombudsman-insurance.be - www.ombudsman-insurance.be

Interested in ING Income P?

• Read the General Terms and Conditions (PDF) and the Information document about the insurance product to find out about the conditions, exclusions and limitations. Please read these documents before signing your policy. The documents are available in Dutch, French and English in your ING branch and on this web page.
• You can familiarise yourself with the General Information on Insurance (PDF) and the description of the conflict of interest policy, including the benefits from ING Belgium SA/NV’s (PDF) and the insurer (PDF). This information can be consulted at any time via www.ing.be > Charges and regulations > Information and Regulations > Insure.
• Calculate how much this insurance would pay out via our calculator.
• Make an appointment at an ING branch of your choice.