• Aegon Life Guaranteed Income Advantage Insurance Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Responsiveness

    Overview

    A traditional participating insurance plan which helps provide pension income based on savings made in the form of premiums. In addition to the life cover that the plan provides, it doubles up as a pension scheme that offers assured benefit on death or at vesting. This is a limited premium paying plan with two premium payment terms and it is meant for people who wish to have a secure financial retirement or are planning to attain a lump sum value through limited savings over a chosen period.

    Eligibility Conditions for Aegon Life Guaranteed Income Advantage Insurance Plan

    The plan could have a payment tenure as low as 15 years and as high as 20 years and as per those, the eligibility conditions for availing this policy can be depicted in the table mentioned below -

    Parameter

    Minimum

    Maximum

    Entry Age

    20 years

    55 years for 15 years Premium Payment Term

    50 years for 20 years Premium Payment Term

    Maturity Age

    N/A

    85 years

    All the ages mentioned are as per the last birthday.

    Key Features of Aegon Life Guaranteed Income Advantage Insurance Plan

    This plan meant for being an option towards pension payment has the following salient features -

    Parameters

    Details

     

    Plan Type

    Traditional participating

     

    Basis

    Individual policy

     

    Policy Term

    85 years less the age at time of entry subject to minimum policy term of 30 years

     

    Policy Validity

    Will be for the chosen policy term in case all premiums have been paid

     

    Basic Sum Assured

    Minimum of INR 100,000.

    No maximum cap.

     

    Additions/Bonuses

    Guaranteed Payout (% of Sum Assured on Maturity per year)

    Bonus

     

    7.5% per annum till insured reaches the age of 85 years

    Simple reversionary bonuses as a percentage of Sum Assured per year included in guaranteed benefits

    Coverage

    Maturity Benefit = Sum Assured on Maturity + Guaranteed Accrued Bonus + Terminal Bonus (based on applicable components)

     
     

    Death Benefit – (subject to a minimum of 105% of premiums paid till death)

    1. If death occurs before end of premium payment term, this amount will be >= 10 times annualised base premium or Sum Assured + Accrued Bonuses
    2. If death occurs after the end of premium payment term, this amount will be >= 10 times annualised premium or Sum Assured + Accrued Bonuses + Terminal Bonus

    Bonuses will be paid based on availability

     
     

    Surrender Benefit = Guaranteed Surrender Value or Special Surrender Value (subject to payment of premiums of 1 year in full)

     

    Free look Period

    30 days in case of online purchase. 15 days otherwise

     

    Grace Period

    15 days for monthly payment, 30 days for all other premium payment frequencies

     

    Riders

    Aegon Life ADDD Rider – Pays an additional amount on death due to accident, dismemberment and/or permanent disability

     

    Nomination and Assignment

    Nomination and assignment facility available but only one can be chosen at a time

     

    Reinstatement or revival

    Policy, if not surrendered, can be revived within two years from the date of last unpaid premium

     

    Benefits and Advantages of Aegon Life Guaranteed Income Advantage Insurance Plan

    This plan from Aegon Life allows a limited premium payment term to build a secure financial scenario for retirement. Life insurance provided by this policy throughout the policy term is an added benefit. The key advantages in opting for this plan can be mentioned in the following points -

    1. Life cover is present throughout the policy term
    2. Two policy tenures for a secure pension plan
    3. Flexible premium payment modes
    4. Applicable tax benefits can be availed as per Section 80C and 10(10D) of the Income Tax Act

    The key benefits under this policy can be explained as below -

    1. Maturity Benefit - On survival of the life insured till the maturity age, after the completion of the policy term, this amount can be paid to the policyholder. This amount includes the Sum Assured, Guaranteed Pay outs and Terminal Bonus (if any)
    2. Death Benefit - In case of the death of the insured life, a death benefit will be payable to the nominee. It will be the higher of 10 times annualised premium and sum assured plus bonuses as applicable
    3. Surrender Benefit - In case 1 year’s premiums has been paid, the policy would acquire a Guaranteed Surrender Value and the same will be paid to the policyholder. In certain cases, the insurer may also pay an amount higher than the GSV which will be a Special Surrender Value
    4. Tax Benefit - The contributions made towards the premiums of this policy can be tax deductible as per Section 80C and the received benefits can fall under Section 10(10D). Though these benefits are dependent on the prevailing tax laws

    Premium Payment for Aegon Life Guaranteed Income Advantage Insurance Plan

    The details of premium payment for this plan can be summarised in the table below -

    Premium Parameter

    Details

    Premiums

    Based on Sum Assured. Higher Sum Assured gets better premium rates per 1000. The lowest possible rate would be INR 52.40 for Sum Assured more than INR 500,000 and entry age being 50 years

    Premium Paying Term (PPT)

    Limited premium payment term of 15 years and 20 years

    Premium Paying Frequency

    Premiums can be paid in monthly, quarterly, half-yearly and annual frequencies

    Premium Paying Modes

    ECS, debit cards, credit cards, cheques and other acceptable modes

    How Guaranteed Income Advantage Plan Works

    Aged 30 years, Dinesh is a working professional with a wife and a son. His wife is also salaried and their son Harish is 5 years old.

    Dinesh decides to opt for a Guaranteed Income Advantage plan and chooses the 20-year payment term for a Sum Assured of INR 10 lakhs. Thus the policy term becomes 55 years (85-30). The monthly premium would be around INR 6,635 (not including tax).

    In case Dinesh survives through the policy period –

    1. Post the 20th policy year, the accrued bonus would amount to INR 93,000 or INR 9.28 lakhs at 4% p.a. or 8% p.a. respectively (if any)
    2. From the 21st policy year, each year Dinesh would receive at Guaranteed Pay out of INR 75,000
    3. At the end of the 55th year, or when Dinesh reaches the age of 85, the maturity amount would include accrued bonus (if any) of INR 1.82 lakhs or INR 16.48 lakhs at 4% p.a. or 8% p.a. respectively, terminal bonus (if any) and the sum assured of INR 10 lakhs

    In case Dinesh passes away at the age of 80 years –

    1. Post the 20th policy year, the accrued bonus would amount to INR 93,000 or INR 9.28 lakhs at 4% p.a. or 8% p.a. respectively (if any)
    2. From the 21st policy year, each year Dinesh would receive at Guaranteed Pay out of INR 75,000
    3. The maturity amount would include INR 16.72 lakhs or INR 24.38 lakhs at 4% p.a. or 8% p.a. respectively and terminal bonus (if any)

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

    AEGON Life Guaranteed Income Advantage Insurance Plan Reviews

  • Page 1 of 8 1 2 3 4 5
    • Aegon Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I hold the AEGON LIFE term insurance policy around a year ago. The customer support service and the response is good with the AEGON LIFE and I get good plan benefits and the policy coverage with this policy and I am satisfied using this AEGON LIFE insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • Aegon Life Life Insurance
      "Poor Service"
      0.5 1.0/5 "Really Bad"
      I have a term insurance Policy with the Aegon life. I canceled this policy. There was a mess with the payments and documentations. I will not recommend their services to anyone. They need to treat their customer in a smooth manner. Overall it was not a good experience with them.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 12, 2018
    • Aegon Life Life Insurance
      "Awesome Service"
      0.5 5.0/5 "Blown Away!"
      I've a Term life insurance policy with Aegon Life. They deliver Fantastic service. Customer service is awesome and their Responses are prompt. They offer Professional services, the way they respond. Overall I am impressed with the services provided by Aegon life.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2018
    • Aegon Life Life Insurance
      "Good Term Policy"
      0.5 3.5/5 "Pretty good"
      Tool this term life insurance from Aegon. Overall policy is good but customer support is not good. Incorrect email entered in the policy document and as a result I have to chase after Insurance company to change thw details. That whole process took almost a month.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 30, 2018
    • Aegon Life Life Insurance
      "Life insurance with AEGON"
      0.5 4.0/5 "Great!"
      I have taken a life insurance from AEGON LIFE and the premium amount is 13600. The total maturity period is for 40 years. They do provide accidental benefits and illness coverage up to 20 lakhs. after death they will give provide 1 core to the family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2018
    • Aegon Life Life Insurance
      "Good "
      0.5 4.0/5 "Great!"
      I have a term plan insurance with Aegon. Compared to other companies it was good. It was recommended by friend. The response was not immediate. I used to pay yearly 18K through online. It was taken recently 8 months back. The policy coverage and benefits are good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 13, 2018
    • Aegon Life Life Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      Aegon Life insurance service is good. I have taken one policy with Aegon for the term period of 15 years. The new schemes and offers are good they use to update me regularly. It was totally a excellent service from Aegon Life insurance service.
      Was this review helpful? 0
      , kanpur
      Reviewed on Mar 03, 2018
    • Aegon Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance with Aegon Life,the premium amount is 36,000 paid per annum,the policy is for 15 years,the total policy coverage is 4.6 lakhs,plan name is Maxima,its a kind of investment policy,the process took almost two days of time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 26, 2018
    • Aegon Life Life Insurance
      "Good for Me and My Family"
      0.5 5.0/5 "Blown Away!"
      Last three month back I purchase Aegon life through online channel. The plan benefits are good, I get the maturity benefits of Rs. 34 lakhs after 25 Years . In case of any loss, my nominees get the amount of Rs. 7.50 lakhs. I make monthly premium around Rs. 5000 monthly month its fine.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 20, 2018
    • Aegon Life Life Insurance
      "Good Coverage for family"
      0.5 4.0/5 "Great!"
      I took life insurance from Aegon before three years, at the time I came across it. Hence I availed that term insurance for my family, the premium was around Rs. 30k per annum but I am not sure about the tenure. I have selected sum assured which is suitable for family. I do have critical illness cover.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 08, 2018
    • Aegon Life Life Insurance
      "Best"
      0.5 4.0/5 "Great!"
      I do have life insurance policy with the Aegon life insurance company. I feel that they are good too. I have not experienced their claims till now. Plan benefits are fine one with the Aegon life insurance company and everything is good one with them till now.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2018
    • Aegon Life Life Insurance
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with AEGON.I pay a premium of 1.7 lakhs per annum as i hold four policies with them, i get a policy coverage of 1.25 crores.I don't have a claim experience with them.The premium is paid through online.The website is easy to understand.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 21, 2017
    • Aegon Life Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken term insurance with Aegon 3 months back. The plan benefits and policy coverage are good. They charging lower premium compared to others. I pay monthly around 820 rupees through online banking. Incase of any death they will give 1 crore. For accidents it will be 1.37 crores.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 04, 2017
    • Aegon Life Life Insurance
      "Life insurance"
      0.5 4.0/5 "Great!"
      AGEON religare is good, where we can use the amount of life coverage but they take very meager premium. The benefits are like are the best coverage, The tenure i guess is 60 years. Re payment options are good as i make the payment on a yearly basis . Further, I make the payment through online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 22, 2017
    • Aegon Life Life Insurance
      "Good "
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Aegon Religare and I have gone it through an agent. It came in few days of time, also I am happy with them till now. I have not much experienced with them about their policy and the coverage.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2017
    • Aegon Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a Life insurance from AEGON LIFE. The total policy period is for 80 years. The monthly premium amount is 1158.Its a term insurance.Only after my death my family will be get benefited. I have linked my credit card with insurance policy were it will be auto deducted.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 10, 2017
    • Aegon Life Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      Got the Aegon Life insurance policy for past 15years. I pay the premium through online. I pay around Rs,15,000 per year. The customer support is good with Aegon life . The plan benefits and the coverage is good with this policy. This policy has the tenure of 15years, still 7more years are left to maturity.
      Was this review helpful? 0
      , karaikudi
      Reviewed on Nov 06, 2017
    • Aegon Life Life Insurance
      "Awesome!!"
      0.5 5.0/5 "Blown Away!"
      Around 5 years ago I got the Life insurance policy with Aegon life . I pay Rs,5000 towards this policy in every 6 months once. This policy has the tenure of 15 years. the plan benefits and the coverage is good with this policy. I would say the Aegon life insurance policy is a good policy to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 02, 2017
    • Aegon Life Life Insurance
      "Good policy"
      0.5 2.0/5 "Expected more"
      Around 5years ago I got the Life insurance policy with Aegon life . I pay Rs,5000 towards this policy in every 6months once. This policy has the tenure of15years. the plan benefits and the coverage is good with this policy. I would say the Aegon life insurance policy is a good policy to use.
      Was this review helpful? 0
      , bareilly
      Reviewed on Oct 30, 2017
    • Aegon Life Life Insurance
      "Good Insurance"
      0.5 4.5/5 "Excellent!"
      Through online channel I have taken life insurance, comes term insurance from Aegon life, I took the policy cover of Rs. 1.4 crore, my family will get the reimburse amount on monthly basis . I am paying low premium it has good protection for the nominees.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 20, 2017
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