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ING Lifelong Income

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 Any payment of the annuity is therefore withdrawn from the residual capital.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%.

  • Availability

    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.

  • Main risks

    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.

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:

  • The development of the capital invested in the underlying investment fund for the policy: ING Lifelong Income Yellow (ISIN code: BE0948481156). The fund does not offer any capital guarantee or guaranteed return. The value of the reserve (the capital invested) therefore depends directly on the value of the underlying fund. 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).
  • The regular amount (monthly, quarterly, half-yearly or annual) of the lifelong annuity. The amount of this annuity is calculated at the start of the policy based on: 
  • The net amount paid (min. €50,000 gross before charges and taxes).
  • The conversion rate applied. The conversion rate is determined by the age of the policyholder when the policy is taken out: at 50, it is 1.25% (from 1 May 2020). This percentage increases by 0.1% for each year the insured person is over 50 at the time of subscription. The maximum percentage applied is 4.75% for a policyholder aged 85. This percentage does not change throughout the lifetime of the contract.

Your annuity is re-assessed every three years, on the anniversary date of the policy. At this time:

  • If the policy reserve has increased, your annuity will increase.
  • If the policy reserve has decreased, your income stays the same.

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).

  • Insolvency risk: Life insurance policies are covered by special, separately managed funds within the insurance company's assets. If the insurer goes bankrupt, this fund is reserved as a priority to meet the commitments to the policyholders and/or beneficiaries. Moreover, if NN Insurance Belgium S.A. defaults on its payments or goes bankrupt, the annuity payments may be stopped and you may not be able to recover the entire value of your policy's reserve. ING Lifelong Income is not protected by the Special Protection fund for financial products.
  • Market risk: This is a generic risk that affects all kinds of investments. Movements in the price of securities are essentially determined by movements in the financial markets as well as by the economic development of issuers, who are themselves affected by the global economic situation and the economic and political conditions in their countries.
  • Concentration risk: If investments are made in a specific geographic area, the concentration risk is higher than if investments are spread across several different geographic areas.
  • Entry fee: 2% of each premium paid.
  • Tax on life insurance premium(s): 2% on any premium paid.
  • Fund management fee
    • Management fee: 0.65% on an annual basis, calculated pro rata monthly on the net asset value of the insurance fund. 
    • Management fees for the underlying investment fund: on average 1.02% with a maximum of 1.10% annually. The four underlying funds of the Insurance ING Lifelong Income Yellow fund have their own management fees, which are included in the net asset value of the funds. The management fees and the costs of the underlying investment fund include operating fees such as custodial fees, administrative fees, the fees for annual reports and publications, and transaction and other fees. The management fee as well as the aforementioned fees are included in the net asset value of the insurance fund. These fees include the remuneration to ING in Belgium for its services as an intermediary. For more information, please read the Management Rules.
  • Fees for the guaranteed “lifelong income” annuity: The fees for the guaranteed “lifelong income” are 1.10% annually. They are calculated on the basic reserve or the new basic reserve if the guaranteed life annuity is increased and are also deducted from your reserve (on an annual basis).
  • Withdrawal fee: this is applied to withdrawals of your entire reserve within the first four years of the policy. This fee is on a sliding scale, 4.8% the first month, after which it decreases by 0.10% per month.

The taxation rules applicable to this product comply with current Belgian tax legislation, subject to any future changes.

  • Guaranteed annuity: The guaranteed annuity is subject to the tax regime on annuities, meaning that only the income included in the annuity counts as taxable income. The taxable income is the difference between the increased annuity (after a three-yearly increase) and the annuity established at the beginning of the policy. The taxable income is taxed separately at 30.00% (plus supplementary municipal taxes). NN Insurance Belgium SA will enter this income on a 281.40 tax form. The beneficiary must include this income in their individual tax return.
  • Death of the policyholder: Unlike most "annuity" type products, the reserve of your ING Lifelong Income policy remains available. This means that on your death, the payment of the annuity stops and any capital that is still available is transferred to the beneficiary/ies named in the policy. If the policyholder dies, the taxable income is the positive difference between the policy reserve at the time of death and the single premium paid (after deduction of taxes, but before entry fees), reduced by the non-taxable share of guaranteed annuities already paid by NN Insurance Belgium SA prior to death. The taxable income is taxed separately at 30.00% (plus supplementary municipal taxes). NN Insurance Belgium SA will enter this income on a 281.40 tax form. In the event of death, the beneficiary must include this income in their individual tax return. The general rules on inheritance tax apply.
  • Withdrawals: A withdrawal is considered to be an early payment of future annuities. Accordingly, the tax regime on annuities applies, and only the income included in the value of the withdrawal constitutes taxable income. This is also valid during the regulatory 30-day cooling-off period. The taxable income is equivalent to the difference between the policy reserve and the single premium paid (after tax, but before entry fees), reduced by the non-taxable share of periodic annuities already paid. In the event of partial withdrawal, a pro rata amount is applied according to the share of the reserve that is withdrawn. The taxable income is taxed separately at 30.00% (plus supplementary municipal taxes). NN Insurance Belgium SA will enter this income on a 281.40 tax form. The beneficiary must include this income in their individual tax return.


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.

  • In the event of a complaint, you can contact ING. Contact us online: www.ing.be/plaintes, by phone: +32 2 464 60 02 or by post: ING Complaint Management, Cours Saint Michel 60, 1040 Brussels.
  • If you are not satisfied with the outcome, you can contact the Financial Ombudsman, Rue Belliard 15-17, 1040 Brussels (www.ombudsfin.be) or, for insurance policies, the Insurance Ombudsman, Square de Meeûs 35, 1000 Brussels (www.ombudsman.as).

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