ING Life Star Plan
Benefit from a pension savings plan with tax benefits!
With this life insurance policy with savings element defined as branch 21, you can prepare for your future at your own pace while enjoying tax advantages now.
Enjoy tax savings equivalent to 30% of the premiums paid.
Guaranteed capital and interest
Enjoy a guaranteed interest rate and guarantee on the capital.
At your own pace
Choose how much you pay in and how often.
Please read before you start saving
Please read these documents before taking out a policy:
Prepare for your retirement
ING Life Star Plan is a life insurance policy with a savings element defined as branch 21 under Belgian law and created by NN Insurance Belgium SA/nv.
You build up pension capital securely at your own pace, while benefiting from a tax reduction (up to 288 euros for the income year 2018 - tax year 2019).
The policy has a term of 10 years minimum from the date it comes into force. The fixed term of the insurance contract must be at the earliest the date on which the insured person reaches the age of 65.
A guaranteed interest rate
This rate is calculated on the net premium paid and is guaranteed for this premium throughout the policy term. There is no guaranteed interest rate for future premiums. Since 08/02/2017, the guaranteed interest rate has been 0.65% (excluding fees, charges and tax). This rate will continue to apply until it is changed by NN Insurance Belgium SA/nv. Customers will be notified of any change in their annual statements.
Possible profit sharing
The profit sharing percentage varies from year to year and is not guaranteed. The profit sharing depends on the economic climate and the profits generated by NN Insurance Belgium SA/nv.
In the first year: you receive your profit sharing without any specific condition attached.
In the following years: you receive your profit sharing if you have paid in at least 300 euros during the year in question, or if your total savings at the end of the year are at least 5,000 euros.
The main risk associated with this product relates to the potential insolvency of the insurance company. However:
Life insurance policies are covered by special and separately managed funds within the insurance company's assets. If the insurer should go bankrupt, this fund is reserved first and foremost to meet the commitments to the policyholders and/or beneficiaries.
This product also enjoys protection under the "Special Protection Fund for deposits and life insurance policies" scheme (as per the Royal Decree of 14/11/2008). This is limited to the surrender value of the policies up to a maximum of 100,000 euros for all protected policies taken out by the same policyholder with NN Insurance Belgium SA/nv. Address of the Special Protection Fund: Caisse des Dépôts et Consignations, avenue des Arts/Kunstlaan 30, B-1040 Brussels.
ou decide the amount and frequency of your payments, with a minimum of 25 euros per month or 300 euros per year and a maximum of 960 euros (income year 2018 – tax year 2019).
Fees and taxation*
Subscription fees*: 3% of each premium paid.
Surrender fee*: 5% (decreasing over the last 5 years of the policy).
Tax regime for private individuals, resident in Belgium: taxation depends on the individual situation of each customer and may change in the future. On the basis of the current tax legislation, the following rule applies:
The payments are exempt from tax on the premium
The policyholder may benefit from a tax reduction for long-term pension savings, equivalent to 30% of the premiums paid.
The payments are eligible for a tax reduction until 31 December of the year in which the policyholder has their 64th birthday.
When the policyholder reaches the age of 60** , an advance withholding tax of 8.00% is normally charged on the total amount saved (except for the profit sharing bonus). This tax is deducted at source and once deducted makes the capital tax free on maturity.
In the case of early surrender before the term of the policy, the capital will be subject to a professional withholding tax or tax on long-term savings at 8.00% or 33.00%*** depending on the circumstances.
In the event of death before the age of 60, the capital will be subject to a professional withholding tax of 8.08%. Contracts with a reserve on 31 December 2014 will have 1% of the tax collected in advance each year from 2015 to 2019. The advance deduction is calculated from the amount of the reserve on 31 December 2014. The amount of the advance deduction is derived from the taxes due.
* Fees and taxation valid as of 07/09/2017. These fees can vary before subscription by prior notification (via the Information Sheet (PDF)).
** If the policy is taken out by a policyholder aged 55 or over, the tax is levied on the 10th anniversary of the signing of the contract.
*** 8.08% or 33.31% if it is a professional withholding tax.
Policy value (reserve)
Each year, the policyholder will receive an annual report from NN Insurance Belgium SA/nv showing the value of their policy as of 31 December of the previous year.
If you wish, you can easily combine your pension savings insurance with top-up life insurance. You decide the minimum amount your named beneficiary will receive in the event of your death before the end of the policy.
There are multiple criteria that play a role in determining whether we are prepared to insure a particular risk, what we are prepared to insure it against, and what the premium will be. These criteria serve as Acceptance Criteria (AC), Pricing Criteria (PC) and Extended Guarantee Criteria (GC). Based on these segmentation criteria, we try to find a balance between the premium you pay and the loss or damage we anticipate. The segmentation criteria are objective criteria that can influence the probability or extent of loss or damage.
|Acceptance Criteria (AC)||Pricing Criteria (PC)||Extended Guarantee Criteria (GC)|
|Duration of the contract|
|Profession and sport(s)|
|Travel risk factor|
Please find below an explanation of the applicable segmentation criteria.
The insured capital (AC, PC): the insured capital has an impact on the amount of the premium, as it is directly linked to the risk to be insured.
The duration of the contract (AC, PC): the duration of the contract may have an impact on the amount insured, and may therefore influence the amount of the premium.
The financial acceptance (AC): if the total capital amount insured by NN Insurance Belgium SA/NV exceeds €1 million, we will assess your financial situation.
Your health condition (AC, PC, GC): we will make enquiries into your health status through a questionnaire or by performing a medical examination. If, at the time you take out the contract, you are aware of any health problems which affect your risk of premature death, we will take these into account.
If after carrying out the questionnaire or medical exam we are still unable to establish a sufficiently clear picture of your health, we may ask you to answer additional questions, or to provide us with further information.
Your Age (AC, PC): your age is an important factor when you take out life insurance, because, statistically, the probability of death increases with age.
Your smoking behaviour (PC): smoking seriously damages your health and increases the risk of mortality. Therefore, we need to know if you smoke.
Profession and sport(s) (AC, PC, GC): your profession and any sport(s) you participate in can be considered to be more or less dangerous and consequently, have an influence on your risk of being killed and your life expectancy. The fact that you take vacations for long periods abroad (AC, PC, GC): depending on the duration and destination, a vacation in a foreign country can have an influence on the condition of your health, your risk of being killed and your life expectancy.
Who is NN Insurance Belgium SA/NV?
NN Insurance Belgium (formerly ING Life Belgium) is an insurance company within the NN Group, with a long history in Belgium. The NN Group is an insurance and investment management company that is listed on the stock exchange and has a strong European focus. Present in 18 countries, and with a total of around 12,000 employees, the group provides services relating to pensions, insurance, investments and also banking services (only in the Netherlands) to over 15 million customers.
Making a claim, suggestion or complaint?
- Feel free to contact ING Complaint Management by e-mail via email@example.com or by post to Cours Saint-Michel/Sint-Michielswarande 60, 1040 Brussels.
- Already been in touch with ING? Contact the Financial Disputes Ombudsman, North Gate II, Avenue Roi Albert II/Koning Albert II-laan 8, 1000 Brussels (www.ombudsfin.be) or the Insurance Ombudsman, Square de Meeûsplein 35, 1000 Brussels (www.ombudsman.as).
ING Life Star Plan is sold and offered to you (subject to acceptance by the insurer and mutual agreement) by:
Insurer: NN Insurance Belgium SA/NV, mortgage lender licensed by the FSMA and insurance company licensed by the NBB under the number 2550 for the Branches 1a, 2, 21, 22, 23, 26, 27. Registered office : Avenue Fonsny 38, B-1060 Brussels - RLP Brussels - VAT BE 0890.270.057 - BIC: BBRUBEBB - IBAN: BE28 3100 7627 4220.
ING Belgium SA/nv, insurance broker, registered with the FSMA under no. 12381 A. Head office: Avenue Marnix/Marnixlaan 24, B-1000 Brussels – Brussels Register of Companies – VAT: BE 0403.200.393 – www.ing.be – BIC: BBRUBEBB – IBAN: BE45 3109 1560 2789.
ING Belgium SA/nv (article 107 Section 3 of the Special Regulations for Trading Financial Instruments and Insurance-linked Savings and Investment of ING, abbreviated to RSOI) and NN Insurance Belgium SA/nv do not provide any investment services to US Persons.