Aegon Life Guaranteed Growth Insurance Plan is a non-linked non-participating life insurance plan that offers guaranteed returns on regular payment of premium during the Policy Term.This insurance plan makes sure that you receive what you are promised at the right time so that you can reach your financial goals. Guaranteed payouts are paid as scheduled to the nominee in the case of the death of the Life Assured.
Eligibility Of Aegon Life Guaranteed Growth Insurance Plan
| Particulars | Details |
| Policy Name | Aegon Life Guaranteed Growth Insurance Plan |
| Policy Type | Non-linked Non-ParticipatingLife InsurancePlan |
| Entry Age | 8 – 50 years |
| Policy Term | 10years |
| Premium Payment Term | 8 years |
| Maximum Maturity Age | 60 years |
| Minimum Annualised Premium | Age 8 – 35 years: Rs. 20,000 per annum
Age 36 – 45 years: Rs. 30,000 per annum Age 46 – 50 years: Rs. 40,000 per annum |
| Premium Payment Frequency | Annual, Monthly |
| Minimum Sum Assured | 10 x Annualised Premium |
Aegon Life GuaranteedGrowth Insurance Plan Benefits
The Aegon Life Guaranteed Growth Insurance Plan offers a range of benefits to the policyholders including:
Guaranteed Maturity Benefit: If the Life Insured survives during the policy term and all due premiums have been paid on time then he/she is eligible to receive the Maturity Benefit of the Aegon Life Guaranteed Growth Insurance Plan. The Life Insured will receive yearly payouts of 150% of the annualised premium that he/she has paid every year. The Guaranteed Maturity Benefit is paid at the end of the 10th year until the end of the 17th year from the date of commencement of the Policy Term.
| Guaranteed Maturity Payout Schedule | Payout Value
(expressed in terms of % of Annualised Premium) |
| End of 10th Year | 150% |
| End of 11th Year | 150% |
| End of 12th Year | 150% |
| End of 13th Year | 150% |
| End of 14th Year | 150% |
| End of 15th Year | 150% |
| End of 16th Year | 150% |
| End of 17th Year | 150% |
Guaranteed Death Benefit: In the case of the unfortunate death of the Life Assured during the Policy Term, the nominee will be paid Guaranteed Payouts (Maturity Benefit) at the end of each year as scheduled during the Payout period at the end of the Policy Term starting from the end of the 10thyear until the end of the 17th year.
If the Life Insured dies during the Guaranteed Payout period then the Guaranteed payouts continue to the nominee till the end of the 17th year from the date of the commencement of the policy.However, in the case of a Paid-up policy, Paid-up Value Sum Assured will be paid to the nominee on the acceptance of the death claim by the company.
Avail Tax Benefits: You may be eligible to avail tax benefit under Section 80C andSection 10 (10D) of the Income Tax Act, 1961 for premium payment towards life insurance policies. However, the tax benefits are subject to the fulfilment of conditions prescribed based on the latest tax laws.Contact your tax advisor to know more.
Different Modes Of Buying This Plan
Aegon Life Guaranteed Growth Insurance Plan is an offline plan so one needs to visit the branch office to get this policy.
Exclusions
If the policyholder commits suicide within 12 months from the date of issued policy, the nominee will be entitled to get 80% of the paid premiums provided the policy is still in force.
However if the policyholder commits suicide after the revival of the policy the nominee will be entitled to the higher of 80% of the premiums paid till the date of death.
How To Buy Aegon Life Guaranteed Growth Insurance Plan?
- First you have to decide the amount of premium you have to pay,
- Then visit the nearest branch office of Aegon Life Insurance. There the life advisor will help you fill out the application form
- Lastly, draw the cheque in the favour of Aegon Life Insurance Co. Ltd. to finally purchase this policy
Filing Claim With Aegon Life Guaranteed Growth Insurance Plan
After the death of the policyholder, the nominee / appointee / assignee / legal heir, have an option to take the Cash Value of the Death Benefit or at any point in time during the Policy Term. The Cash Value of the Death Benefit will be higher of 10 times the annualised premium or 105% of all premiums paid.
Following are the documents which the nominee has to submit to claim death benefit for an Aegon Life Insurance Plan
- Certificate of the Medical officer or Doctor certifying the cause of death
- Post Mortem Report, FIR, Inquest Report and the Final Investigation Report in the case of unnatural death of the Life Insured
- Death Certificate
- Claimant’s Statement
The company may ask the claimant to submit additional documents such as policy documents, etc. to process the claim and make the payment.
Also Read: Aegon Life iMaximize Single-Premium Insurance Plan
Renewal Process
If your policy has been lapsed, you can apply for the reinstatement within two years from the due date of the first unpaid premium. For this you need to pay, the insured needs to pay all the unpaid premium with interest.
Surrender Value
Aegon Life Guaranteed Growth Insurance Plan acquires Surrender Value on the payment of annualised premium in the first year or monthly premiums for the first 12 months from the date of commencement of the policy. The Surrender Value is calculated as:
Surrender Value = Guaranteed Surrender Value Factor x Paid-up Value (when all the due premiums have not been paid)
where Paid-up Value = Paid-up Value Factor x Total Annualised Premiums Paid
Here is how the Guaranteed Surrender Value Factor varies depending on the policy year of surrender if all the due premiums have not been paid:
| Policy Year of Surrender | Guaranteed Surrender Value Factor |
| 1 | 42.24% |
| 2 | 46.04% |
| 3 | 50.19% |
| 4 | 54.70% |
| 5 | 59.63% |
| 6 | 64.99% |
| 7 | 70.84% |
| 8 | 77.72% |
| 9 | 84.17% |
| 10 | 91.74% |
Here is how the Paid-up Value Factor is calculated:
| Number of Annual Premiums Paid | Paid-up Value Factor |
| 1 | 23.69% |
| 2 | 65.25% |
| 3 | 65.25% |
| 4 | 91.50% |
| 5 | 91.50% |
| 6 | 93.00% |
| 7 | 93.00% |
| 8 | 97.50% |
Surrender Value = Guaranteed Surrender Value Factor x Total Annualised Premiums paid (when all the due premiums have been paid)
Here is how the Guaranteed Surrender Value Factor varies depending on the policy year of surrender if all the due premiums have been paid:
| Policy Year of Surrender | Guaranteed Surrender Value Factor |
| 9 | 89.64% |
| 10 | 108.72% |
The policy is terminated once it is surrendered and you cannot reinstate it afterward.
Contact Details of Aegon Life Insurance Customer Care
| Call (Toll-free Number) | 1800 209 9090 (9 am to 7 pm from Monday to Saturday) |
| Customer.care@aegonlife.com | |
| Website | www.aegonlife.com |
| Consumer Grievance Cell | Grievance Redressal Officer,
Aegon Life Insurance Company Limited, Building No. 3, Third Floor, Unit No. I, Nesco IT Park, Western Express Highway. Goregaon (E) Mumbai – 400063 |
Also Read: Aegon Term Insurance Plans
Frequently Asked Questions (FAQs)
Q1. Who receives the Death Benefit for Aegon Life Guaranteed Growth Insurance Plan?
If the Life Insured dies during the Policy Term of Aegon Life Guaranteed Growth Insurance Plan then the Death Benefit is payable to:
- Nominee if the Policyholder is also the Life Assured
- Appointee if the Nominee is a minor
- Assignee if any
- Legal heirs of the policyholder if there is no assignment or nomination inexistence
Q2. What happens if someone provides incorrect information in support of the proposal for insurance?
In insurance policy is issued based on the information and documents furnished by the applicant before the policy start date. If the policy is issued and the company finds out any form of concealment, non-disclosure, fraud or misrepresentation then it reserves the right to cancel the policy and pay the Surrender Value, if any, subject to the Section 45 of the Insurance Act, 1938.
Q3. How to get in touch with Aegon Life Insurance Company?
Here are a few ways in which you can get in touch with representatives of Aegon Life Insurance Company: