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AEGON Life Guaranteed Growth Insurance Plan

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AEGON Life Guaranteed Growth Insurance Plan


AEGON Life Guaranteed Growth Insurance Plan is a Guaranteed Money Back Plan. It is a Traditional Plan without Bonus facility. This plan is best suited for medium term investors looking for Guaranteed Return Plans without much Risk of Investment along with Insurance Protection. 

How it works – In this plan, premium needs to be paid for the Limited Period of 8 years while the policy continues for the entire Policy Tenure of 10 years. The Payout starts at the end of the 10th Policy Year and continues till the end of the 17th Policy Year.

This is a Unique Plan where premium needs to be paid only for a period of 8 years whereas 150% of the Premium Amount is paid EVERY year from the 10th to the 17th year end as Guaranteed Payout.




However, if the Life Insured dies within the Policy Tenure, the future premiums are waived off and the policy continues as per schedule and the Guaranteed Payout starts as per schedule from the end of the 10th Policy Year.
 

Key Features of AEGON Life Guaranteed Growth Insurance Policy

  • It is a Guaranteed Money Back Plan with Limited Period Premium Payment
  • Limited premium payment terms - eight years premium paying term and a ten year policy term
  • Guaranteed return to customers for a period of 8 years after the policy term
  • Annual return equivalent to 150% of the premium amount from the end of the 10th year to the end of the 17th year
  • In case of death of a policy holder during the policy term, future premiums are waived off and guaranteed annual payouts are payable to the nominee
  • Deduction under section 80C of the Income tax Act
 
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Benefits you get from AEGON Life Guaranteed Growth Insurance Policy


Death Benefit – In case of death of the Life Insured within the Premium Paying Term of 8 years, the future premiums are waived off and the policy continues as per schedule

Maturity Benefit – Maturity Benefit is paid of 150% of the Annualized Premium every year from the end of the 10th Policy year to the end of the 17th Policy year, irrespective of the Life Insured being alive or not.

 
Policy Year Maturity Benefit
10th Year 150% of Annualized Premium
11th Year 150% of Annualized Premium
12th Year 150% of Annualized Premium
13th Year 150% of Annualized Premium
14th Year 150% of Annualized Premium
15th Year 150% of Annualized Premium
16th Year 150% of Annualized Premium
17th Year 150% of Annualized Premium


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 in AEGON Life Guaranteed Growth Insurance Policy

 
  Minimum Maximum
Sum Assured (in Rs.) 10 times Annualized Premium
Policy Term (in years) 10
Premium Payment Term (in years) 8
Payout Period 10th Year end to 17th Year end
Entry Age of Life Insured (in years) 8 50
Age at Maturity(in years) - 60
Premium(in Rs.) Rs 20000 for 8-35 years,
Rs 30000 for 36-45 years,
Rs 40000 for 46-50 years
Rs3,00,000 for 8-35 years,
Rs 2,00,000 for 36-45 years,
Rs1,00,000 for 46-50 years
Payment modes Annual and Monthly
 

Additional Features and Benefits of AEGON Life Guaranteed Growth Insurance Plan


Riders – There are no additional riders in this plan
 

What happens if?


You stop paying the premium - If the policy holder stops paying the premium within the 1st year, the policy lapses and all benefits cease to exist. However, if at least the first year’s premiums have been paid, then the policy continues as a Paid Up Plan.

You want to surrender the policy–There are Surrender Benefit available after the 1st Policy year.

You want a loan against your policy–Loan facility is not available in this plan.



 
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