Aegon Life iGuarantee Insurance Plan is a non-linked non-participating life insurance plan that offers guaranteed returns on regular payment of premium during the Policy Term. It lets you decide the amount of premium you want to pay every year and in turn get guaranteed maturity benefits.
Eligibility Details Of Aegon Life iGuarantee Insurance Plan
Here are the eligibility details of theAegon Life iGuarantee Insurance Plan:
| Particulars | Details |
| Policy Name | Aegon Life iGuarantee Insurance Plan |
| Policy Type | Non-linked Non-Participating Insurance Plan |
| Entry Age | 12 – 50 years |
| Policy Term | 6years |
| Premium Payment Term | 6 years |
| Maximum Maturity Age | 56 years |
| Minimum Annualised Premium | Age < 40 years: Rs. 48,000 per annum
Age >= 40 years: Rs. 60,000 per annum |
| Premium Payment Frequency | Yearly, Monthly |
| Minimum Sum Assured | 10 x Annualised Premium |
Features Of Aegon Life iGuarantee Insurance Plan
- Guaranteed Maturity Pay-outs: The policyholder will get the 135% of the annualised premiums which they have paid every year. The pay outs will start at the end of 6th year and are paid at the end of 6th, 7th, 8th, 9th, 10th and 11th year from the date of commencement of the policy.
| Guaranteed Maturity Payout Schedule | Payout Value |
| End of 6thYear | 135% of Annualised Premium |
| End of 7thYear | 135% of Annualised Premium |
| End of 8thYear | 135% of Annualised Premium |
| End of 9thYear | 135% of Annualised Premium |
| End of 10thYear | 135% of Annualised Premium |
| End of 11thYear | 135% of Annualised Premium |
- Guaranteed Death Benefit: In the case of the death of the Life Insured before the end of the policy term, the nominee will be paid Sum Assured subject to a minimum of 105% of the total premiums paid excluding top-up premiums, GST and other charges until the date of death. If the Life Insured dies during the Guaranteed Payout period then the guaranteed payouts continue to the nominee till the end of the 11th year from the date of the commencement of the policy. If the policy is in Paid-up status then Paid-up Sum Assured will be paid to the nominee on the acceptance of the death claim.
- Avail Tax Benefits: There is a provision of tax benefit under Section 80C andSection 10D of the Income Tax Act, 1961 for premium payment towards life insurance policies. However, the tax benefits are subject to the fulfilment of terms and conditions prescribed based on the latest tax laws. You must contact your tax advisor or a tax consultant to know the tax benefits.
Modes Of Buying Aegon Life iGuarantee Insurance Plan
This insurance plan is available through online mode which the policyholder can buy through the websie without the need of going to the company branch.
Exclusions Under The Plan
If the policyholder commits suicide within 12 months from the date of issued policy, death benefit will be refunded of at least 80% of the paid premium provided the policy is still in force. After paying the death benefit, the policy will terminate afterwards.
Although if death occurs within 12 months from the date of reinstatement of the Policy, the Death Benefit will be higher of 80% of the paid premiums till the date of death.
How To Buy This Insurance Policy?
Aegon Life iGuarantee Insurance Plan is an online plan, so one needs to log into the website to make a purchase of this policy.
Surrender Value
Aegon Life iGuarantee Insurance Plan acquires Surrender Value on the payment of annualised premium in the first 2 years or monthly premiums for the first 24 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
It is important to note here that you cannot reinstate a policy after surrender. This is because the policy is terminated once it is surrendered.
Frequently Asked Questions (FAQs)
Q1. What are the Paid-up Policy provisions for Aegon Life iGuarantee Insurance Plan?
If you stop paying your insurance premium after the payment of premium for the first 2 years, your insurance policy goes into the Paid-up status. The policy continues as a Paid-up policy for the rest of the Policy Term if the policy is not reinstated within two years from the due date of the first unpaid premium.
On maturity of the insurance policy in the paid-up state, Paid-up Value is paid to the policyholder. Maturity Benefit for a Paid-up policy is calculated as:
Paid-up Value = Paid-up Value Factor x Total Annualised Premiums paid
If the policyholder dies during the policy term when the policy is in the Paid-up state, Paid-up Sum Assured is paid to the nominee. Paid-up Sum Assured is calculated as:
Paid-up Sum Assured = (Total Premiums Paid/Total Premiums Payable) x Sum Assured
You can surrender your Paid-up policy based on its Surrender Value.However, a Paid-up policy is not eligible for guaranteed payouts. The Surrender value is calculated as:
Surrender Value = Guaranteed Surrender Value Factor x Paid-up Value
Q2. When will my premium start?
Your premium starts only after your policy is issued. And based on the premium payment frequency you have chosen – annual, semi-annual, and quarterly or monthly, you need to make your premium payments. The company sends a notification letter or email 28 days prior and a reminder 7 days prior to the due date of your insurance premium. You need to make the premium payment before the due date if you want to avoid all late fees and enjoy the benefits of the insurance policy.
Q3. Can I reinstate the Aegon Life iGuarantee Insurance Plan if it has lapsed?
Yes, you can reinstate your lapsed policy within 2 years of the due date of the first unpaid premium. However, you need to meet the conditions mentioned here:
- Adequate evidence of the insurability of the Life Insured
- Full payment of all the due premiums along with interest
- All the other terms and conditions for the insurance plan mentioned in the brochure have been met
Q4. Can I avail a loan against Aegon Life iGuarantee Insurance Plan?
No. Loan facility is not available under the Aegon Life iGuarantee Insurance Plan.
Q5. What happens when I surrender my insurance policy?
When you surrender your insurance policy, the company pays you the Surrender Value of the policy at the time of surrender. All the benefits of the insurance plan cease immediately and the policy is terminated. Any attached riders also terminate as soon as you surrender the base plan. It is important to note here that you cannot revive a surrendered policy. Only a lapsed or Paid-up policy can be reinstated within two years from the due date of the first unpaid premium.