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Aegon Life Insta Pension Plan

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AEGON Religare Insta Pension Plan

 

AEGON Religare Insta Pension Plan is an Immediate Annuity Plan without Bonus Facility. This plan is a Instant Annuity Plan which can be purchased with a Single Premium. This plan is a non-linked, non-participating single premium Immediate Annuity Plan.

 

How it works— On retirement, one can choose to purchase an Annuity Plan where a regular flow of income in the form of annuity starts as soon as the plan is purchased.

 

Thus, in this plan, premium needs to be paid in a lump sum at the policy inception. There are 2 options for annuity in this plan- Single Life Annuity, for self and Joint Life Annuity, for self and spouse.

 

The actual amount of annuity received as annuity will depend upon the Annuity Rates applicable at the time of purchasing the Annuity Plan which cannot be ascertained from before. For example, the current Annuity Rate for a person aged 60 years on an annual mode is 57.88 and 55.98 on monthly mode per thousand rupees of premium paid. Thus, if the Policyholder has paid Rs 1,00,000 as single premium for the Instant Annuity Plan, then he would receive Rs 5788 per annum as Annual Pension as long as he is alive.

 

For Joint Life Annuity option selected, annuity will be received by the policyholder as long as he is alive and then after his death, the annuity will continue as long as his spouse is alive.

 

 

 

Key Features of AEGON Religare Insta Pension Plan

 

  • This is a simple Immediate Annuity Plan without Bonus facility
  • In this Plan, premium needs to be paid upfront in a lumpsum
  • In this plan, there is a guaranteed income for life, as long as the policyholder is alive
  • Being an Immediate Annuity Plan, the annuity starts as soon as the plan has been taken
  • There are 2 options for annuity in this plan- Single Life Annuity, for self and Joint Life Annuity, for self and spouse

 

COMPARE THIS PLAN WITH OTHER PENSION PLANS

 

Benefits you get from AEGON Religare Insta Pension Policy

 

Death Benefit – Being a pure Annuity Plan, there is no Death Benefit

 

Maturity Benefit – Being a pure Annuity Plan, there is no Maturity Benefit because the plan continues as long as the policyholder is alive, for Single Life Annuity Plan and till the last of the 2 spouses are alive, for Joint Life Annuity Plans

 

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 80CCC for the year of purchase

 

 

Eligibility conditions and other restrictions in  AEGON Religare Insta Pension Policy

 

 

Minimum

Maximum

Sum Assured (in Rs.)

No Sum Assured Requirement

Policy Term (in years)

Life Long

Premium Payment Term (in years)

Single

Entry Age of Policyholder (in years)

50

85

Entry Age of Spouse (in years)

50

85

Age at Maturity

-

Life Long

Single Premium (in Rs.)

1,00,000

No Limit

Payment modes

Only Single

Annuity Modes

Yearly and Monthly

 

 

Sample illustration of premium * of  AEGON Religare Insta Pension Plan

 

Age = 50, 55 and 60 years

Purchase Price = Rs 1,00,000

Policy Term = Lifelong

Premium Paying Term = Single

Annuity Mode = Annual

 

*Premium is without Tax

 

Aegon Religare Insta Pension Plan Sample Premiums

 

 

Additional Features and Benefits of  AEGON Religare Insta Pension Plan

 

Riders – There are NO additional riders available in this policy

 

 

What happens if?

 

You stop paying the premium – Being a single premium plan, there is no question of further premium payment

 

You want to surrender the policy – There is no Guaranteed Surrender Value in this plan

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

 

 

 

Other Pension Plans from AEGON Life
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