Ageas Federal Life Insurance today (25 August 2022) announced the launch of its Assured Income Plan, which is a non-linked, non-participating, savings plan for individuals. The Assured Income Plan has been designed to protect the family’s future to ensure that they lead their lives comfortably without any financial worries, even in the policy holder’s unfortunate absence, the Life Insurer said in a statement
Assured Income Plan offers guaranteed financial payouts at different stages of life, be it preparing for the child’s future, getting ready to start your aspirational business, or planning for a comfortable retirement. The plan also offers the flexibility to choose from three plan options – Short Term Income, Long Term Income and Lifelong Income.
According to the statement, the plan pays a survival benefit in the form of Guaranteed Regular Income (GRI) for a fixed period of 10 years in the case of the Short Term Income option, and for 25 or 30 years (depending on the premium payment term chosen) under the Long Term Income option. For the Lifelong Income option, the survival benefit in the form of GRI is paid till age 100 years of the life assured.
For all three plan options, a lumpsum benefit called the Guaranteed Maturity Booster is paid out at the end of the income payout period.
In case of the unfortunate death of the life assured during the policy term, the death benefit shall be payable immediately in lumpsum to the nominee.
Commenting on the new plan, Karthik Raman, CMO and Head-Products Ageas Federal Life Insurance said, “In this current economic scenario, we see that individuals prefer guaranteed products with stable income that is not impacted by market volatilities and fluctuating interest rates. To cater to this demand, we have introduced our Assured Income plan which offers individuals an attractive combination of protection and guaranteed payouts to help them fulfil their goals and requirements at different stages of life.”
“Considering that unfortunate circumstances can hit us at any time in life, our Assured Income plan provides life cover even during the income payout period. This is aimed at giving our customers and their families the confidence to sail through uncertain times fearlessly,” Raman added.
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