AEGON Life iGuarantee Insurance Plan
AEGON Life iGuarantee Plan is an Endowment Plan which offers guaranteed returns. The policy has a limited premium paying term of 6 years. iGuarantee can be purchased online and does not require the policyholder to undergo any medical tests.
Key Features
Guaranteed returns on maturity - 135% returns on annualized premium paid
Guaranteed death benefit of SA = 10x Annualized premium
Benefits
In case of death of the Life Insured within the Policy Tenure, the Sum Assured would be paid to the nominee as Death Benefit and the policy would be terminated.
On survival till the end of the policy tenure, the policyholder gets 135% of the Annualized Premium every year for a period of 6 years. This would be payable every year for a period of 6 years.
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.
Total payout = Rs. 8,10,000 i.e. Rs. 1,35,000 each for 6 years.
How it works
In this plan, premium needs to be paid till the end of the Policy Tenure of 6 years. However, once the Policy Tenure is over, there is a Guaranteed Return of 135% of the Annualized Premium every year from the end of the Policy Tenure for a Payout Period of 6 years.
Annual Premium Payable for 6 Years = Rs.1,00,000/-
Total payout = Rs. 8,10,000 i.e. Rs. 1,35,000 each for 6 years.
Assured Payout would be Rs.8,10,000 (Rs.1,35,000/- for 6 years), i.e. from the end of the 6th year till the end of 11th year. This payout received is the Maturity Benefit staggered over 6 years after the end of the Policy Tenure.
Eligibility
Minimum | Maximum | |
Sum Assured (in Rs.) | 10 X Annualized Premium | |
Policy Term (in years) | 6 | |
Premium Payment Term (in years) | 6 | |
Payout Term (in years) | 6 | |
Entry Age of Life Insured (in years) | 12 | 50 |
Age at Maturity (in years) | - | 56 |
Premium (in Rs.) | Age < 40 years: 48,000 p.a.
Age >=40 years: 60,000 p.a. |
2,50,000 |
Payment modes | Annual and Monthly |
FAQs
If the policy holder stops paying the premium, the policy lapses and all benefits cease. However, if at least the first two years premiums are paid, then the policy continues as a Paid-Up Policy with reduced benefits. The policy can however be reinstated within 2 policy years from the due date of the unpaid premium.
There are Surrender Benefits after completion of 2 policy years.
The Surrender Value is calculated as (a Guaranteed Surrender Value Factor X Paid-Up Value).
Loan facility is not available in this plan.
There are no additional riders in this plan.