The Aegon Life Regular Money Back Insurance Plan provides double coverage to the life insured. This plan suits anyone who is looking for a life insurance plan to secure their family financially, as well as get a guaranteed income in case of survival. The policy comes with flexible premium payment options and policy terms. The eligible age criteria is vast to include young ones and adults.
Eligibility Conditions for the Aegon Life Regular Money Back Insurance Plan:
|7 Pay option||10 Pay option||Single Pay Option|
|Minimum Entry Age||7 days||7 days||7 days|
|Maximum Entry Age||55 years (last birthday)||55 years (last birthday)||60 years (last birthday)|
|Maximum Maturity Age||75 years (last birthday)||75 years (last birthday)||90 years (last birthday)|
Policy Terms for the Aegon Life Regular Money Back Insurance Plan:
|7 Pay||20 years|
|10 Pay||20 years|
|Single Pay||20 years|
Premium Payments Offered by the Aegon Life Regular Money Back Insurance Plan:
|Policy term||20 years|
|Premium Payment Term||
|Maximum Premium||No limit, subject to underwriting|
|Premium Payment Mode||Monthly, Bi-annual, Annual|
Note the following –
- The sum assured under this Aegon life insurance plan will depend on the age of the Life Insured. It will also depend on the premium payment term and the premium amount selected.
- Risk cover comes into force immediately upon commencement of the policy.
Key Features of Aegon Life Regular Money Back Insurance Plan:
|Type of Plan||Regular Money Back Insurance Plan|
|Premium Payment options||Monthly, Bi-annual, Annual|
|Free-look period||There is a 15-day free-look period on this policy within which the policyholder can return the policy document to Aegon for cancellation. The free-look period is extended to 30 days for policies purchased through distance marketing. The premium paid will be refunded after deductions of proportionate risk premium, stamp duty and any other expenses borne by the company.|
|Reinstatement||A lapsed policy can be reinstated within two years from the first unpaid premium due date.|
|Tax benefit||As per prevailing tax laws, benefits under Section 80C and 10 (10D) are applicable.|
|Service Tax||As per the prevailing law, service tax and education cess will be levied.|
|Assignment||Allowed as per the Insurance Act 1938, Section 38|
|Nomination||Allowed as per the Insurance Act 1938, Section 39|
What you need to know about Aegon Life Regular Money Back Insurance Plan:
- This plan covers life insurance and guaranteed income.
- The nominee will receive a lump sum pay-out in the event of your death.
- There are guaranteed money back pay-outs for 10 years of the policy.
- The parent or grandparent can propose a policy in the name of their child. The risk cover will start immediately for the minor upon commencement of the policy.
Payment Options for the Premiums offered by Aegon Life Regular Money Back Insurance Plan:
- 7 Pay Option
- 10 Pay Option
- Single Pay Option
Advantages and Benefits of Aegon Life Regular Money Back Insurance Plan:
The Aegon Life Regular Money Back Insurance Plan provides the following key benefits:
- Life Insurance coverage to ensure financial security for your family.
- Guaranteed pay-outs for a period of 10 years.
- Every year, the benefit amount can be increased by the bonus accrual.
- The policyholder is free to choose a premium payment term to match their affordability and financial needs.
- Loan facility is available under this plan.
- There is an option of additional benefit in the event of a disability.
- The policyholder is entitled to tax benefits as per the prevailing tax laws.
In the event of the death of the life insured, the following benefits will be applicable, provided that all premiums due have been paid. The nominee will receive:
- The sum assured
- Accrued reversionary bonus
- Terminal bonus, if any
The total death benefit will be subject to a minimum of 105% of the premiums paid. Death benefits will be calculated on the following basis:
|Pay Option||Age at Entry less than 45 years||Age at Entry equal or more than 45 years|
|7 Year Pay||Higher of 10 times the annualized premium or sum assured||Higher of 10 times the annualized premium or sum assured|
|10 Year Pay||Higher of 10 times the annualized premium or sum assured||Higher of 10 times the annualized premium or sum assured|
|Single Pay||Higher of 1.25 times the single premium or sum assured||Higher of 1.10 times the single premium or sum assured|
Guaranteed Money Back Payout:
Upon survival at the end of every year, starting from the 10th year to the 19th year of the policy, you will receive a guaranteed money back pay-out. If all premiums are paid and the policy is in force, the pay-out will be as 15% of the sum assured. After the death of the life insured, no money back pay-outs will be applicable.
If all premiums have been paid, upon maturity of the policy, the following will be payable:
- Accrued reversionary bonus
- Terminal bonus, if any
A simple reversionary bonus will be declared by the company at the end of every fiscal year as a percentage of the sum assured. At policy anniversaries, bonuses will accrue to the policy. Once the bonus is declared, it is guaranteed. All accrued bonuses will be paid upon the death of the life insured or the date of maturity, whichever is earlier. Depending on the experience of the With-profits fund, the company may also declare a terminal bonus upon death of the life insured and for maturing in-force policies.
You can surrender your policy in the following cases:
- For premium payment of 10 years, you can surrender the policy after payment of the first three years’ premium.
- For premium payment of 7 years, you can surrender the policy after payment of the first two years’ premium.
- For single premium payment, you can surrender the policy immediately.
Exclusions under the policy
- If the life insured commits suicide within 1 year from the date of commencement of the policy, 80% of the premiums paid will be refunded as long as the policy is in force.
- If the life insured commits suicide within 1 year from the date of reinstatement of the policy, 80% of the premiums paid or the surrender value as on the date of death, whichever is higher, will be payable.
A reinstatement of a lapsed or Paid-up policy can be carried out within two years from the due date of the first unpaid premium. To reinstate the policy, the following criteria must be fulfilled:
- Payment of all unpaid premiums plus interest.
- Evidence of insurability of the life insured must be submitted to the satisfaction of the company
For reinstatement of a paid-up policy, bonus for the lapsed period will become payable. Guaranteed money back pay-outs during that period will be paid to the policyholder without interest. The policy will become eligible for future pay-outs.
If 2 years passes from the due date of the first unpaid premium, the policy will be terminated. A paid-up policy, if not reinstated, will continue to be a paid-up policy till maturity or death, whichever is first.
Loan option is available under this policy to meet unplanned financial requirement. Once the policy has acquired a surrender value, a loan can be availed for a minimum of Rs.5,000. The maximum amount sanctioned is 60% of the surrender value. Interest rate will be equal to the yield to maturity on 10-years G-Sec plus an additional 2%. This will be reset at the start of every financial year.
Assignment is available as per Section 38 of the Insurance Act, 1938.
Under this plan, policyholders can increase their protection by opting for the Aegon Life Premium Shield Rider. Upon death or disability caused by sickness or accident, the rider will waive all future premiums.
- Proposer and Life Insured are different – In the event of death or disability of the proposer, the rider waives all future premiums under the base plan.
- Proposer and Life Insured are same – In the event of disability of the life insured, the rider will waive of all future premiums. Disabilities covered include loss of both limbs, loss of use of both limbs, loss of eyesight in both eyes, speech, hearing in both ears, and loss of or loss of use of any one limb.
The Aegon Life Regular Money Back Insurance Plan provides life cover beyond the premium payment term. If you are looking for a lump sum in case of your death, a regular guaranteed income, loan options in case of financial need, enhanced protection in case of disability along with flexible premium payment options, this plan has optimum benefits.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017