Overview
Aegon Life iGuarantee Insurance plan is a traditional participating offered by Aegon Reliance with a bonus facility. This investment plan guarantees returns on regular premium payment.It is an online insurance plan.The Aegon life plan offers various benefits.
Eligibility Condition of Aegon Life iGuarantee Insurance Plan
Minimum entry age |
12 years |
Maximum entry age |
50 years |
Maturity age |
56 years |
Policy term |
6 years |
Premium payment term |
6 years |
Minimum annualised premium |
Rs.48,000 p.a. for individuals below 40 years of age Rs.60,000 p.a. for individuals of 40 years and above |
Maximum annualised premium |
Rs.2,50,000 p.a. |
Key Features of Aegon Life iGuarantee Insurance Plan
Type |
Traditional participating insurance plan |
Basis |
Single |
Coverage |
The plan offers guaranteed maturity and death benefit.
|
Policy term |
6 years |
Premium payment term |
6 years |
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 from the due date of the first unpaid premium. |
Benefit/Advantages of Aegon Life iGuarantee Insurance Plan
Maturity benefit |
The customer will be paid 135% 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 the sum assured as the 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 iGuarantee Insurance Plan Work?
Let’s take the example of Ms.Shrestha who chooses with an annualised premium of Rs.1,00,000 for a policy term of 6 years. Ms.Shrestha will receive a total guaranteed payout of Rs.8.10 lakh if she survives the policy. Consider Ms.Shrestha unfortunately passes away two years into the policy, then the nominee will receive sum assured of Rs.10 lakh immediately.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017