Aegon Life Insurance Company Limited started its pan-India operations in July of 2008 with a vision to help people plan their life better using a multi-channel distribution strategy. The company has grown to be a strong plater in the insurance sector. Aegon Life has introduced different types of life insurance products at attractive premium rates.
What are Pension Plans?
Pension plans are plans that look after your income flow after your retirement. After retirement, even when there is no source of income, your lifestyle expenses are always going to be there. You are required to make an arrangement to meet your day-to-day expenses. This is when a retirement or pension plan comes in handy, as it serves as a source of regular cash flow enabling you to enjoy your retirement period, without any worry.
Features of Pension Plans:
The unique features of pension plans are:
- Pension plans are of two types - Immediate Annuity Plans and Deferred Annuity Plans. In case of Immediate Annuity, a lump sum is payable by the policyholder and annuity payments are started immediately from the next period selected. Deferred annuity plans involve payment of premiums by the policyholder, accumulating into a corpus, after which annuity payments are started from the vesting date.
- It does not provide life cover. When the annuitant or a joint life annuitant dies, the annuity payment ceases. However, in case of deferred annuity, death benefit is applicable if the annuitant dies within the deferment period.
- On vesting, you can either use the entire corpus to avail annuity or withdraw 1/3rd of it in cash and use the remaining to avail annuity. The withdrawn portion is called commuted pension.
Aegon Life Pension Plan or Retirement Plan:
Aegon Life Insurance Company offers you a plan that will offer strength and support to you and your family post your retirement, for the rest of your life. These plans help you maintain your lifestyle enabling you to live the way you always have, without compromise.
Aegon Life Insta Pension Plan:
Aegon Life Insurance offers the Insta Pension Plan that ensures continuous income, post your retirement, for the rest of your life. It is an annuity plan that takes care of your financial needs by providing you immediate pension.
Benefits of Aegon Life Insta Pension Plan:
The following benefits can be availed under this plan:
Lifetime Income - Depending on the annuity payout option that you can choose under this plan, you and your spouse can avail an income for life.
Annuity Payout Options – There are two types of annuity payout options to choose from – Life Annuity and Joint Life Annuity.
Annuity Payout Mode – There are two modes of annuity payouts, annual and monthly.
Premiums – A minimum premium of Rs.1,00,000 can be opted for with no limit on the maximum premium.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017