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Investment life insurance from NN Insurance Belgium SA/NV
Why compromise? ING Lifelong Income is a Belgian branch 23 investment life insurance product. You have the benefits of a guaranteed lifetime annuity product, calculated according to your situation, plus the potential of an investment fund.
Guaranteed lifelong income
Branch 23 insurance with a guaranteed annuity is an investment life insurance product which, at the same time as investing in an investment fund, guarantees you regular payment (monthly, quarterly, half-yearly or annually) of a pre-defined annuity that is guaranteed for life. Any payment of the annuity is therefore withdrawn from the residual capital.
The annuity amount is calculated when you take out the policy, based on your age at the time and the single premium (min. €50,000 before charges and taxes). The annuity amount is then guaranteed for life by NN Insurance Belgium SA.
Your annuity can benefit from the growth potential of the stock markets, without risking any fall: it will never be decreased (unless you withdraw money from your policy yourself).
Tax and costs
The premiums paid are subject to entry fees of 2% and a life insurance premium tax of 2%. The annual insurance fund management fee amounts to 0.65% and the fees related to the insurance policy's underlying investment fund are a maximum of 1.10%. The fees for the guaranteed “lifelong income” are 1.10% annually.
More detailed information can be found further down this page.
The guaranteed annuity is subject to the tax regime on annuities. This means that you do not pay any tax on the initial annuity. If the annuity increases, only the difference between the initial annuity and the new annuity is taxed.
However, inheritance tax might be due on death, in accordance with the legislation, and taxable income will be taxed separately at 30%.
At ING, we know it is always possible that you will need money unexpectedly. This is why, under certain conditions and depending on the investment horizon of the product, you can withdraw all or part of the available reserve on your policy.
The policyholder can ask to withdraw the full reserve of the policy at any time. For withdrawals within the first 48 months of the policy, a fee will be applied on a sliding scale.
For a partial withdrawal, you must wait 8 years from the effective date of the policy.
Following a partial withdrawal, the guaranteed annuity will be recalculated on a pro rata basis.
The main risks are the market risk, the insolvency risk and the concentration risk. We recommend that you find out the risks of the life insurance product before taking it out. More detailed information is given further down this page.
Read before subscribe:
These documents are also available free of charge from your ING branch and on this page in three languages (French, Dutch and English), except for the Management Rules (French and Dutch only).
ING Lifelong Income is intended for residents in Belgium aged between 50 and 85 who are taxpayers as private individuals in Belgium.
The premium amount to be paid to take out ING Lifelong Income must be a minimum of €50,000 before charges and taxes.
This is a lifetime policy which ends upon the death of the policyholder or once all the reserve has been withdrawn. You must determine an investor profile in line with your investment horizon. Given that the income is guaranteed for life, the recommended investment horizon is for life.
The capital is invested in the ING Lifelong Income Yellow fund (ISIN code: BE0948481156) which invests a maximum of 60% in share funds and a minimum of 40% in bond funds.
The aim of the fund is to achieve a capital gain. ING Lifelong Income aims to generate returns by actively managing a portfolio of bonds, shares and money market instruments issued by companies based in the European Union and by European Union governments. Investments are only made in the Member States of the European Union who belong to the euro zone, in countries that form part of the European Economic Area or in shares issued by companies listed on the stock markets in the euro zone. It is mainly invested in bonds and shares in euros. A balance is maintained between shares and bonds. To achieve the investment objectives referred to above, ING Lifelong Income Yellow fund assets are invested in NN Euro Fixed Income VC, NN Euromix Bond VC, NN Euro High Dividend VC and NN Euro Equity VC compartments of the Luxembourg SICAV NN (L).
This insurance linked to investment funds is aimed specifically at investors with a balanced risk profile, taking into account your knowledge and any experience. Before investing in this product, we recommend you make sure you fully understand the features of this product and, most importantly, the risks it entails.
The return from a life insurance guaranteed annuity product depends on two factors:
Your annuity is re-assessed every three years, on the anniversary date of the policy. At this time:
Your annuity will never decrease under any circumstances (unless you withdraw money from your policy yourself, in which case, the annuity will be adjusted to the remaining capital). The annuity is taken from your policy reserve.
The annuity is taken from your policy’s reserve by reducing the number of units it contains. The payment of the annuity will therefore reduce the value of your policy as and when payments are made. The guarantee fees are also deducted from your reserve (1.10% each year).
The taxation rules applicable to this product comply with current Belgian tax legislation, subject to any future changes.
This tax regime applies to private individuals, resident in Belgium.
Taxation depends on the individual situation of each customer and may change in the future.
You can keep track of your policy via ING Home’Bank or in branch.
Each year, NN Insurance Belgium SA/NV sends the policyholder an annual statement mentioning the value of the policy as at 31 December of the previous year. In addition, the net asset value of the fund can be found at www.nn.be (by clicking on this link you will be redirect outside ING website).
NN Insurance Belgium (formerly ING Life Belgium) is an insurance company in the NN Group, which has a long history in Belgium. NN Group is a listed insurance and investment management company with a strong European position. Represented in 18 countries and with around 12,000 employees, the group provides pension, insurance and investment as well as banking services (in the Netherlands only) for more than 15 million customers.