There is no scope for negotiation when it comes to the financial security of the family, especially if you are the only bread earner for the family. There is no certainty when it comes to life and having a backup is a good option. One can consider a regular insurance that offers the benefits of investment. One such plan is Aegon Life iMaximize Single-Premium Insurance Plan, a ULIP plans that gives you an opportunity to invest in the capital market. These plans offer you the return on your investment as per your risk appetite. The plan has many features that set it apart from the other ULIP plans in the market.
Features of Aegon Life iMaximize Single-Premium Insurance Plan
Aegon Life iMaximize Single-Premium Insurance Plan is a single premium online plan. This plan is a non-participating unit linked plan. Some of the features are explained as follows:
- The plan is a single premium plan, so no major commitments are required.
- There are various options of investment funds for you to invest in. You can make the investments based upon the risk and returns involved and the fund composition.
- The option of increasing the fund value by introducing more money through top-ups can help you in investing and gaining further from the same plan.
- There is also the feature of partial withdrawals for you to withdraw money from the fund in case you need them before maturity.
- The plan is available online and hence,it is devoid of any commission and documentation costs. Hence, the plan is more cost-effective compared to the offline plans in the market.
Eligibility Criteria for the Plan
The terms and conditions attached to the plan affect an individual’s eligibility to avail the policy. Also, the below conditions determine the eligibility for availing the benefits for those who have already purchased the policy. The below table suggests these terms and conditions for Aegon Life iMaximize Single-Premium Insurance Plan:
| Particulars | Details |
| Minimum Premium to be Paid | Rs. 1,00,000 |
| Minimum Age of Entry | 8 – 60 years (Last Birthday) |
| Minimum Age of maturity | 18 – 65 Years (Last Birthday) |
| Policy term for policyholders below 50 years age | 10 Years |
| Policy term for policyholders above 50 years age | 5 Years |
| Minimum Sum Assured for policyholders entering policy before 45 years of age | 125% of single premium |
| Minimum Sum Assured for policyholders entering policy after 45 years of age | 110% of single premium |
| Maximum Sum Assured |
|
Investment Fund Options
The base of the returns that the plan yields is the funds in which the premium amount is invested. The fund composition of all the plans is distributed in different ways, and therefore all the options have the varied capacity to yield the returns. There are 6 options of investment funds in Aegon Life iMaximize Single-Premium Insurance Plan, and their fund compositions are explained as follows:
| Fund Name | Equities | Fixed Interest Securities | Money Market Instruments | Risk Factor |
| Stable Fund | 20-80% | 20-80% | 20-80% | Moderate |
| Secure Fund | 0% | 60-100% | 0-40% | Low |
| Debt Funds | 0% | 60-100% | 0-40% | Moderate |
| Blue Chip Equity Fund | 80-100% | 0% | 0-20% | High |
| Accelerator Funds | 80-100% | 0-20% | 0-20% | High |
| Opportunity Fund | 80-100% | 0% | 0-20% | High |
Benefits of Aegon Life iMaximize Single-Premium Insurance Plan
The plan yields return from investments made in the funds and provide you death benefit, but there are other features of the plan that make it the best buy in the market. Some of them are:
- The maturity benefit of Aegon Life iMaximize Single-Premium Insurance Plan involves the total fund value and the topup fund value combined and is paid to the nominees.
- The death benefit can be 105% of the paid premium, Fund value (including top-up fund value) or sum assured (including the top-up amount) whichever is higher.
- There are income tax benefits as per the section 80C on premiums and 10 (10D)of the income tax on claims.
- There is no inclusion of grace period in the plan as it is a single premium plan.
- If you want to surrender the policy, it is possible after a time period of 5 years since policy inception. If the insured wants to discontinue the policy before the term of 5-year ends, then the fund value will be transferred to the discontinuation policy fund. This amount is deposited to this fund after the discontinuation charges are deducted. After the amount is submitted to the discontinued policy fund, returns of a minimum 4% can be expected out of the amount. If the policy is surrendered after the time period of 5 years is completed then the entire fund value is paid to the insured without making any deductions.
- The policyholder is allowed up to 4 partial withdrawals for free on a yearly basis. The maximum limit for withdrawal is 20% of fund value.
- The switching of funds is also allowed 4 times a year for free.
- You can top up your fund value and increase the sum assured.
Also Check: Aegon Life iMaximize Insurance Plan
FAQs
Q1. What is the entry age for this policy
Ans. In this Plan, the age of entry can be between 8 and 60 years.
Q2. What is the process for applying for Aegon Life iMaximise Single-Premium Insurance Plan?
You can apply for the plan in the easy steps given below:
Step 1: Select the single premium payment amount you wish to pay
Step 2: Select the Sum Assured
Step 3: Invest in the plan by choosing the investment fund and enjoy the benefits.
Q3. What is the maximum age of maturity in the plan?
Ans. The maximum age of maturity in the Aegon Life iMaximise Single-Premium Insurance Plan is of 65 year
Q4. How many options are provided for the type of funds in the Plan?
Ans. There are six options of funds provided to the policyholders that are differentiated on the basis of their risk profile and fund allocations. These funds are:
- Blue Chip Equity Fund
- Accelerator Funds
- Opportunity Fund
- Stable Fund
- Secure Fund
- Debt Funds