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  • Aegon Life Guaranteed Growth Insurance Plan

    Aegon Life Insurance

    Overview

    Aegon Life Guaranteed Growth Insurance Plan is a guaranteed money back insurance plan that offers guaranteed returns. This plan is best suited for investors who don’t want to take high risk with the investment. It is a medium risk investment plan with assured returns and limited premium payment.

    Eligibility Criteria for Aegon Life Guaranteed Growth Insurance Plan

    Minimum entry age

    08 years

    Maximum entry age

    50 years

    Maturity age

    60 years

    Policy term

    10 years

    Premium payment term

    8 years

    Minimum annualised premium

    Rs.20,000 p.a. for individuals between the age of 8 and 35 years

    Rs.30,000 p.a. for individuals between the ages of 36 and 45

    Rs.40,000 p.a. for individuals between the ages of 46 and 50

    Maximum annualised premium

    Rs.3,00,000 p.a. for individuals between the age of 8 and 35 years

    Rs.2,00,000 p.a. for individuals between the ages of 36 and 45

    Rs.1,00,000 p.a. for individuals between the ages of 46 and 50

    Premium payment frequency

    Annually and monthly

    Key Features of Aegon Life Guaranteed Growth Insurance Plan

    Type

    Guaranteed money back plan

    Basis

    Single

    Coverage

    The plan offers guaranteed maturity and death benefit.

    • Maturity Benefit- The plan offers guaranteed maturity benefit. From the 17th year of the policy, the customer will get 150% of the annualised premium paid every year at the end of the year. The maturity benefit will be paid only if all the premiums have been paid.
    • Death Benefit- In case of the demise of the policyholder, the nominee will get guaranteed payouts at the end of each year during the payout period.

    Policy term

    10 years

    Premium payment term

    08 years

    Premium payment frequency

    Monthly and annually

    Sum assured

    10 times the annualised premium

    Grace period

    A grace period of 30 days is granted on the policy

    Free look period

    The policy comes with a free look period of 30 days wherein the policy can be returned within 30 days if the customer is not satisfied with it

    Loan facility

    Policy loan is not available for this plan

    Tax benefits

    The policy qualifies for tax benefits under section 80C and 10D of the Income Tax Act, 1961.

    Reinstatement

    The customer can get their policy reinstated within two years from the due date of the first unpaid premium.

    Suicide exclusion

    In case of death of the insured due to suicide within the first 12 months of the policy, the nominee will be paid 80% of the premiums paid.

    Benefit/Advantages of Aegon Life Guaranteed Growth Insurance Plan

    Maturity benefit

    The customer will be paid 150% of the annualised premium paid as maturity benefit. The maturity benefit will be paid only from the 6th year of the policy.

    Death benefit

    In case of the demise of the policyholder, the nominee will be paid death benefit.

    Tax benefit

    The policy qualifies for tax benefits under section 80C and 10D of the Income Tax Act, 1961

    How does Aegon Life Guaranteed Growth Insurance Plan Work?

    Consider the case of Mr.Dilip is a software developer who works in an MNC, he is married to a teacher and has a kid of 7 years. Mr.Dilip has invested in Aegon Life Guaranteed Growth Insurance Plan for a policy term of 10 years with a premium payment of 8 years for a premium of Rs.1,00,000. Consider an unfortunate incident where Mr.Dilip passes away after 2 years of the inception of the policy, in this case the premium for the next six years will be waived off and the nominee will receive a payout of Rs.1,00,000 each year for 8 years.

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