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.
Key Features
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
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
Benefits
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 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 |
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.
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.
Eligibility
| 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 | |
FAQs
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.
There are Surrender Benefit available after the 1st Policy year.
Loan facility is not available in this plan.
There are no additional riders in this plan
