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  • Aegon Life Flexi Money Back Advantage Insurance Plan

    Aegon Life Insurance

    Overview

    An Aegon Life insurance plan that enables you to systematically save money while also providing the benefits of comprehensive life insurance cover, the Aegon Life Flexi Money Back Advantage Plan also makes it possible for you to liquidate small parts of your investment at regular intervals.

    Eligibility Conditions of Aegon Life Flexi Money Back Advantage Insurance Plan

    Entry age

    • The minimum entry age is 7 years.
    • The maximum entry age is:
      • 60 years for a 14 year policy term.
      • 58 years for a 17 year policy term.
      • 54 years for a 21 year policy term.

    Maximum maturity age

    • 75 years.

    Key Features of Aegon Life Flexi Money Back Advantage Insurance Plan

    Type

    Participating money back insurance plan.

    Sum assured

    Rs.1,00,000 minimum.

    Coverage

    Death Benefits: The death benefit of this policy is the higher of:

    • Sum Assured with accrued bonuses, or
    • 10 times the base annualized premium
    • The total death benefit is subject to minimum 105% of the Base Premiums paid up.

    Maturity Benefits: If the life insured duly pays all premiums on time and survives till the end of the policy term, he/she is entitled to:

    • 40% of the Sum Assured (which is the last instalment of the Money Back Payout + accrued bonuses and terminal bonuses).

    Periodic Survival Benefits: A set percentage of the Sum Assured will be payable to the policyholder as a periodic survival benefit. The benefit will depend on the Policy term that’s been opted for.

    Basis

    Individual.

    Premiums

    The premiums are determined by your age, premium payment mode, policy term and Sum Assured option chosen.

    Premium payment term

    • 10 years for 14 year policy term.
    • 12 years for 17 year policy term.
    • 15 years for 21 year policy term.

    Premium paying modes

    There are four premium paying modes to choose from:

    • Monthly
    • Half-yearly
    • Yearly

    Policy term

    14, 17 years or 21 years.

    Reinstatement

    All policy benefits can be reinstated within 2 years of the defaulted premium. For reinstatement, the following will be required:

    • Evidence of insurability.
    • All overdue premiums to be paid up, plus an interest rate which the company will decide from time to time.

    Bonuses

    • At the end of every financial year, the company will declare a simple reversionary bonus.
    • The bonus accrues on the policy anniversary that falls in the next financial year.
    • Bonus will be paid on Date of Maturity or on the death of the life insured.
    • Bonuses are guaranteed once declared.

    Loan

    • A loan can be availed against the policy from the 4th policy year onwards.
    • Minimum loan amount: Rs.5,000.
    • Maximum loan amount: Not more than 60% of the Surrender Value.
    • Interest charged on loan is decided by the company every so often, but will not exceed yield to maturity on a 10 year G-Sec plus 4%.

    Other features

    • Free look period: The free look period is 15 days from the date you receive the policy document, or 30 days in case the policy was purchased through distance marketing channels.
    • Grace period: The grace period for this policy is 30 days from the due date of the premium, or 15 days if the premium payment mode is monthly.
    • A policy can be reinstated within 2 years of it lapsing.
    • Surrender Benefit: After they payment of the first full years premium, the policy acquires a surrender value. The Guaranteed Surrender Value or GSV is:
    • GSV of Sum Assured = (Applicable GSV Factor) x (Total amount of premiums paid) – Guaranteed payouts already paid, plus
    • GSV of Bonus = (Applicable GSV Factor) x (Accrued bonus)

    Add-on covers / Riders

    Aegon Life ADDD Rider: This rider carries a benefit that becomes payable when:

    • The policyholder dies due to an accident.
    • The policyholder has lost limb(s) or eye(s) due to accidental dismemberment, etc.
    • The policyholder is permanently totally disabled due to an accident.

    Benefits and Advantages of Aegon Life Flexi Money Back Advantage Insurance Plan

    • Liquidity – get cash back at regular intervals.
    • Additional protection through the Aegon Life ADDD rider.
    • Limited premium payment term.
    • Insurance coverage continues even after the premium payment term is completed.
    • Income tax benefits.
    • Flexibility to choose between policy terms.
    • Loan facility.
    • Benefit amount increases over time through bonus accrual.

    How Does the Plan Work?

    Once you chose a policy term and decide on the policy sum assured based on your financial requirements, your annualised premium will be calculated. Once you start paying premiums for the chosen Premium Payment Term, your policy and life insurance cover is in effect.

    Let’s Understand This With an Example.

    Mr. Babu, a 35 year old software developer, wants a supplementary income and insurance cover in case the worst should come to pass. He requires his investment to give him regular payouts at regular intervals to meet his milestone expenditures like tuition fees, jewellery for weddings, etc.

    Mr. Babu opts for this plan, and pays his premiums regularly. He’s in good health, and chooses a 21 year Policy Term with a 15 year Premium Paying Term for a Sum Assured cover amount of Rs.5,00,000. His annualized premiums is Rs.52,920.

    If he survives till the end of the Policy Term, Mr.Babu will be paid Rs.6,00,000 (120% of the Sum Assured) + Bonus of Rs.7,29,150 (at 8%) or Rs.4,09,000 (at 4%).

    If he dies in 5 years after taking the policy, he will have received Rs.50,000 at the end of the 4th policy year (which is 10% of the Sum Assured), and on his death, his family will receive Rs.5,29,200 (which is 10 times the annualized premium) + Bonus of Rs.1,70,750 (at 8%) or Rs.95,000 (at 4%).

    Riders

    Aegon Life ADDD Rider: This rider carries a benefit that becomes payable when:

    • The policyholder dies due to an accident.
    • The policyholder has lost limb(s) or eye(s) due to accidental dismemberment, etc.
    • The policyholder is permanently totally disabled due to an accident.
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