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AEGON Life iIncome Insurance Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.


 

Aegon Life iIncome Insurance Plan Review

The Aegon Life iIncome Insurance Plan is a traditional Term Assurance Plan which provides regular incomes post death along with the lump sum death benefit.


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Highlights of the Aegon Life iIncome Insurance Plan

  • This is a traditional Term Assurance plan which is available online.
  • Other than the lump sum death benefit, the plan also provides for increasing regular income installments payable monthly post death up to a specified tenure.
  • The plan also covers against any disability suffered by the insured other than the death risk through an inbuilt Partial and Permanent Disability Benefit.


Working of the Aegon Life iIncome Insurance Plan

  • The policyholder chooses the monthly income benefit he would like to receive post death.
  • The plan tenure would be fixed as 60 minus the age of the policyholder and premiums would be calculated based on the monthly income benefit, age and the policy tenure.
  • Premiums would be payable for the entire duration of the plan failing which no benefits would accrue under the policy. 
  • In case of death, the death benefit available under the plan is paid.
  • There is no maturity benefit payable under this plan.

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Benefits and Features of Aegon Life iIncome Insurance Plan

  • Maturity Benefit – Being a term plan, no maturity benefit is paid if the plan matures.
  • Death Benefit – If the life insured dies during the tenure of the plan and if the policy is in-force, the following benefits would be paid to the nominee:
    • 12 times the monthly income benefit as selected by the policyholder on plan inception would be paid immediately
    • From the next monthly policy anniversary, the selected amount of monthly income benefit would be paid till the end of the plan tenure or 60 months, whichever is later. This monthly benefit would increase by 5% every year on the policy anniversary till the insured reaches 59 years of age.
  • Partial & Permanent Disability Benefit (PPD) – If the insured suffers from any partial and permanent disability due to an accident or sickness, the future premiums payable under the plan would be waived. The monthly income benefit for the PPD Benefit would be paid from the next monthly anniversary and will continue till the end of the plan tenure or 60 months, whichever is later. This benefit is expressed as a percentage of the monthly income benefit chosen under the plan and would also increase @5% on every policy anniversary till 59 years of age. If the insured dies during the plan tenure when the PPD Benefit is being paid, the benefit would cease and the death benefit would be paid as stated above.
    The PPD benefit depending on the ailment and the monthly income is as follows:
Disability % of monthly income benefit payable Maximum limit of monthly income benefit payable
Loss of sight in both eyes 50% Rs.50,000
Loss of sight in one eye 25% Rs.25,000
Loss of two limbs or loss of their use 50% Rs.50,000
Loss of one limb or loss of its use 25% Rs.25,000
Loss of hearing in both ears 50% Rs.50,000
Loss of hearing in one ear 25% Rs.25,000
Loss of speech 25% Rs.25,000
 
  • Bonus – This is a non-participating plan and as such, bonuses are not declared. 
  • Loan –Loans are not available under the plan.
  • Tax benefit – Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. The death benefit or the maturity benefit received would also be tax exempt under Section 10(10D) of the Income Tax Act.
 

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Eligibility Criteria of Aegon Life iIncome Insurance Plan

The plan can be bought only by Resident Indians. The other eligibility criteria of the plan includes:
 
  Minimum Maximum
Entry age (Last Birthday) 25 years 50 years
Maturity Age (Last Birthday) NA 60 years
Plan tenure (60-entry age of the insured) years
Premium payable Depends on Sum Assured, age and plan tenure
Premium Paying Term Equal to plan term
Monthly Income Rs.30,000 No limit
Premium payment mode Monthly, half-yearly and annually


Additional Benefits of Aegon Life iIncome Insurance Plan

  • Riders – Aegon Life Waiver of Premium on Critical Illness Joint Life Rider is available under the plan for increasing the scope of coverage. This rider covers four major critical illnesses and can be attached or detached at any policy anniversary during the plan tenure.
  • Grace Period – A grace period of 30 days is allowed for payment of premium after the due date for annual and half-yearly mode of premium payment. For monthly mode, the grace period allowed is 15 days. The life cover under the policy would continue during the grace period.
  • Free Look Period – A cooling off period or a free look period of 30 days is granted to the policyholder after the policy issuance to review the policy terms and conditions. If found unsatisfactory, the plan can be cancelled within this period and the premium paid would be refunded after deducting the relevant mortality charge, service tax, cess and stamp duty paid.

Plan Details

The Aegon iIncome Insurance Plan offers many benefits that we want you to understand with ease. So we have explained them with the help of an example, which you can find illustrated below.

Let's Understand The Plan With An Example:
Mr. Ramesh, aged 30 years earning Rs.75,000 per month took an iIncome policy.
 

Total benefit paid :Rs.5.6 crores + Rs.10.94 lakhs = Rs.5.7 crores



Exclusions in Aegon Life iIncome Insurance Plan

  • If the policyholder commits suicide within a year of policy issuance or revival, 80% of the premiums paid would be returned and no death benefit would be payable.
  • For the Partial and Permanent Disability benefit, death due to criminal acts, war, riots, rebellion, alcohol and drug abuse, participation in defense operations, participation in hazardous sports and activities, aviation, self-inflicted injury or as a result of inhalation of poison, gas or fume would be excluded from coverage.


Non-Payment of premium in Aegon Life iIncome Insurance Plan

Premiums have to be paid for the specified tenure failing which the policy lapses and no benefits are payable.

Making the policy Paid-up

The option of making the policy paid-up is not available under the plan.


Surrendering the policy

The plan does not acquire any Surrender Value.

Revival 

Revival is allowed within 2 years from the date of the first unpaid premium. The policyholder would be required to pay the outstanding premium and any interest
charged by the insurer to revive his policy.


 
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