Overview
Comprehensive life insurance along with systematic savings with a savings boost has never been easier than this. Steady savings and comprehensive , at an affordable and flexible rate of premiums. If you’re looking for monthly savings with a lump sum payout at maturity, with flexible payment options, then look no further.
Eligibility Conditions of Aegon Life Jeevan Shanti Insurance Plan
Entry age |
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Key Features of Aegon Life Jeevan Shanti Insurance Plan
Type |
Participating life insurance plan. |
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Sum assured |
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Coverage |
Death benefits: The policyholder’s nominee’s will receive (on the event of the policyholder’s death) the following:
Death benefits are subject to a total of a minimum of 105% of the total premiums paid till death. 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:
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Basis |
Individual. |
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Premiums |
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Premium paying modes |
There are four premium paying modes to choose from:
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Policy term |
10, 15, or 20 years. |
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Revival |
All policy benefits can be reinstated within 2 years of the defaulted premium. For reinstatement, the following will be required:
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Discounts |
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Bonuses |
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Loan |
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Other features |
GSV of Sum Assured = (Applicable GSV Factor) X (Total Amount of Premiums Paid) plus, GSV of Bonus = (Applicable GSV Factor) X (Accrued Bonus) |
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Add-on covers / Riders |
Aegon Life ADDD Rider: This rider provides coverage against death due to accident, accidental dismemberment of limbs and/or eyes, permanent total disability due to accidents. The Sum Assured under this rider becomes payable on the occurrence of any of these events. |
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Tax Benefits |
Premiums paid are exempt from taxation under Section 80C and income earned through the plan is exempt from taxation under Section 10 (10D), of the Income Tax Act, 1961. |
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Exclusions |
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Benefits and Advantages of Aegon Life Jeevan Shanti Insurance Plan
- Flexible premium payment options – monthly, annually and half-yearly.
- Flexibility to choose policy payment terms to match individual savings requirements.
- Bonus accrual ensures an increase in the benefit amount payable every year.
- Comprehensive life insurance coverage that ensures financial security for the policyholder’s family.
- Maturity benefit is a lump sum payout.
- Premiums paid are exempt from taxation under Section 80C, of the Income Tax Act, 1961.
- Income earned through the plan is exempt from taxation under Section 10 (10D), of the Income Tax Act, 1961.
- Death benefit and Maturity benefit ensure coverage and financial security for the family of the life insured.
- Aegon Life ADDD Rider provides additional cover against accidental death, accidental dismemberment and permanent total disability.
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 a lumpsum payout on maturity so that he can meet future expenditures.
Mr. Babu opts for this plan, and pays his premiums regularly. He’s in good health, and chooses a 20 year Policy Term with a 15 year Premium Paying Term for a Sum Assured cover amount of Rs.85,745. His monthly premiums is Rs.500 (+ service tax). He also has opted for the ADDD rider, which adds Rs.10 (+ service tax) with Sum Assured of Rs.85,745.
If he survives till the end of the Policy Term until the Maturity Period of 20 years, Mr.Babu will be paid the Maturity payout (at 8%) of Rs.1,79,550 or (at 4%) Rs.1,27,417.
If he dies, say by accident, in the 12th policy year, he will receive the Guaranteed Death Benefit (at 8%) of Rs.2,17,990 or (at 4%) Rs.1,90,165 + Terminal bonuses (if any).
Riders
- Aegon Life ADDD Rider.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017