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Aegon Life Guaranteed Growth Insurance Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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