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AEGON Life Flexi Money Back Advantage Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

 

AEGON Life Flexi Money Back Advantage Insurance Plan

 

AEGON Life Flexi Money Back Advantage Insurance Plan is a limited payment money back insurance plan with bonus facility. In this plan, there is Money Back given as per schedule in a pre-defined format. The remaining 40% of Sum Assured along with accrued simple Reversionary Bonus + Terminal Bonus would be paid as Maturity Benefit on survival till the end of the Policy Tenure.

 

 

Key Features of AEGON Life Flexi Money Back Advantage Insurance Plan

 

§  Cash back at regular intervals

§  Life cover continues even after the end of Premium Payment Term

§  Increase in benefit amount every year by bonus accrual from 1st year onwards

§  Choice of 3 policy terms

§  Parent / Grand Parent can propose the plan for the child

 

COMPARE THIS PLAN WITH OTHER MONEY BACK PLANS


 

Benefits you get from AEGON Life Flexi Money Back Advantage Insurance Plan

 

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets (10 X Annualized Premium) or (Sum Assured + accrued bonus, if any), subject to a minimum of 105% of total premiums paid. The above payout will be irrespective of the periodic survival benefits already paid.

 

Survival Benefit – The policyholder will receive a guaranteed percentage of Sum Assured as periodic survival benefit during the Policy Term. The periodic survival benefit will depend upon the Policy Term opted for as per the table below:

AEGON Life Flexi Money Back Advantage Insurance Plan Schedule 

 

Maturity Benefit – On survival till the end of the policy tenure, the policyholder gets the remaining 40% of the Sum Assured + accrued simple Reversionary Bonus+ Terminal Bonus as Maturity Benefit and the policy terminates.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

 

 

Eligibility conditions and other restrictions

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000

No Limit

Policy Term (in years)

14, 17

21

Premium Payment Term (in years)

10 (PT=14), 12 (PT=17) and 15 (PT=21)

Entry Age of Life Insured (in years)

7

60 (PT=14),

58 (PT=17),

54 (PT=21)

Age at Maturity(in years)

-

75

Premium (in Rs.)

13,033 p.a.

No Limit

Payment modes

Annually, Half Yearly & Monthly

 

 

Sample illustration of premiums

 

The below illustration is for a Sum Assured of Rs 5,00,000 of a healthy male of 30, 35 and 40 years of age respectively

Policy Tenure 21 yearsand 17 years

Premium Paying Term 15 years and 12 years

AEGON Life Flexi Money Back Advantage Insurance Plan 

 

 

Additional Features and Benefits

 

Riders – There is an additional rider of:

Accidental Death, Disability or Dismemberment Benefit rider which is available only during the premium paying term

 

 

What happens if?

 

You stop paying the premium- If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least 2 years’ premiums have been paid, then the policy gets converted to Paid up Policy and continues with reduced benefit. The policy can however be revived within a period of 2 years from the due date of the first unpaid premium.

 

You want to surrender the policy–There are Surrender Benefits in this plan after payment of first full year’s premium

The Guaranteed Surrender Value (GSV) will be calculated as:

GSV of Sum Assured = (Applicable GSV Factor) X (Total Amount of Premiums Paid) less Guaranteed Payouts already paid plus,

GSV of Bonus = (Applicable GSV Factor) X (Accrued Bonus)

 

You want a loan against your policy – Loan facility is available from the 4th policy year onwards upto 60% of the Surrender Value and a minimum of Rs 5,000.

 

 

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