Aegon Life Regular Money Back Insurance Plan

If the policyholder survives till 10 years after policy commencement, he would be eligible for the Guaranteed Money Back Payouts which will accrue from the end of the 10th policy year till the end of the 19th policy year. 10 guaranteed payouts would be paid for 10 years or up to death of the insured @ 15% of the Sum Assured if the premiums are duly paid under the plan.

Simple reversionary bonuses are declared under the plan and are paid every year for which the policy is in-force. A terminal bonus may also be paid on death or maturity of the plan.

Loan can be taken on the policy after the policy has acquired a Surrender Value. The maximum amount of loan available is 60% of the acquired Surrender Value while the minimum amount is Rs.5000.

Premiums paid under the plan would be exempt from tax under Section 80C up to a limit of Rs.1.5 lakhs. Premiums paid for the APC & CA option would be exempt under Section 80D. The death benefit or the maturity benefit received and the CI benefit if received would also be tax exempt under Section 10(10D) of the Income Tax Act.

The graph below shows the Sum Assured available at different combinations of premium amounts, premium paying term (PPT) and age.

The associated Sum Assured table is as follows:
 

Exclusions in Aegon Life Regular Money Back Insurance Plan

• If the policyholder commits suicide within a year of policy issuance 80% of the premiums paid would be returned and no death benefit would be payable.
• If suicide is committed within a year of policy revival, higher of 80% of the premiums paid till death or the Surrender Value acquired would be paid provided the policy is in force.

When the plan matures and the premiums have been duly paid, the following benefits would be paid:
Vested reversionary Bonuses +Terminal Bonus, if any

If the insured dies during plan term and the policy is in force, the death benefit payable would be:
Sum Assured on Death + accrued reversionary bonuses + Terminal Bonus, if any.
The death benefit payable should not be lower than 105% of the premiums paid till death
The Sum Assured on death would be the following:
For Limited Pay Option, higher of the following:

• 10 times the annual premium
• Sum Assured
  For Single Pay Option, higher of the following
• 1.25 times the Single Premium if age is lower than 45 years or 1.10 times the Single Premium for ages 45 years and above
• Sum Assured

Aegon Life Premium Shield Rider can be taken to increase the scope of coverage. The rider provides for waiver of premium in case of any disability or death suffered from an accident or sickness.

A grace period of 30 days is allowed for payment of premium after the due date for annual and half-yearly modes of premium payment. For monthly modes, the grace period allowed is 15 days. The life cover under the policy would continue during the grace period.

A cooling off period or a free look period of 15 days (30 days for distance marketing channels) 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.