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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
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
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
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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.
