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  • Aegon Life Premier Endowment Insurance Plan

    Aegon Life Insurance

    Overview

    Comprehensive life insurance along with systematic savings with a savings boost has never been easier than this. The Aegon Life Premier Endowment Insurance Plan provides 5% guaranteed additions on the Sum Assured during the premium payment term. Regular bonuses will enable you, the policyholder, to share in the performance of the product.

    Eligibility Conditions of Aegon Life Premier Endowment Insurance Plan

    Entry age

    • The minimum entry age is 18 years.
    • The maximum entry age is 55 years.

    Key Features of Aegon Life Premier Endowment Insurance Plan

    Type

    Participating life insurance plan.

    Sum assured

    • Depends on the premium.
    • Sum Assured on Death is calculated as:

    For Single Premium Policies

    For Limited Pay and Regular Pay Policies

    If entry age is < 45 years, it is the higher of 1.25 times the Single Premium or the Sum Assured.

    Higher of 10 times the Annualized Premium or Sum Assured chosen by the customer.

    If entry age is > or = 45 years, it is the higher of 1.10 times the Single Premium or the Sum Assured.

    Higher of 10 times the Annualized Premium or Sum Assured chosen by the customer.

    Coverage

    Death benefits: The policyholder’s nominee’s will receive (on the event of the policyholder’s death) the following:

    • Sum Assured on death, plus
    • Accrued Guaranteed Additions, plus
    • Accrued Reversionary Bonus.

    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:

    • 100% of the Sum Assured, plus
    • Accrued Guaranteed Additions, plus
    • Accrued Reversionary Bonus
    • Terminal Bonus (if applicable).

    Basis

    Individual.

    Premiums

    The premiums are determined by your age, premium payment mode, policy term and Sum Assured option chosen.

    Premium payment term

    • Single payment for a 10 year policy term.
    • 5 year premium payment term for a 10 year policy term.
    • 10 year premium payment term for a 15 year policy term.
    • 15 year premium payment term for a 20 year policy term.
    • 20 year premium payment term for a 20 year policy term.

    Minimum Annualized Premium

    • Single premium payment term for a 10 year policy term, Rs.1,00,000.
    • 5 year premium payment term for a 10 year policy term, Rs.37,000.
    • 10 year premium payment term for a 15 year policy term, Rs.20,000.
    • 15 year premium payment term for a 20 year policy term, Rs.15,000.
    • 20 year premium payment term for a 20 year policy term, Rs.13,000.

    Premium paying modes

    There are four premium paying modes to choose from:

    • Single Premium
    • Monthly
    • Half-yearly
    • Yearly

    Policy term

    10, 15, or 20 years.

    Reinstatement

    All policy benefits can be reinstated within 2 years of the defaulted premium. For reinstatement, the following will be required:

    • Evidence of insurability.
    • All overdue premiums to be paid up, plus an interest rate which the company will decide from time to time.

    Bonuses

    • At the end of every financial year, the company will declare a simple reversionary bonus as a percentage of Sum Assured.
    • The bonus accrues on the policy anniversary that falls in the next financial year.
    • Bonus will be paid on Date of Maturity or on the death of the life insured.
    • Bonuses are guaranteed once declared.

    Loan

    • A loan can be availed against the policy from the 4th policy year onwards.
    • Minimum loan amount: Rs.5,000.
    • Maximum loan amount: Not more than 60% of the Surrender Value.
    • Interest charged on loan is decided by the company every so often, but will not exceed yield to maturity on a 10 year G-Sec plus 4%.

    Other features

    • Free look period: The free look period is 15 days from the date you receive the policy document, or 30 days in case the policy was purchased through distance marketing channels.
    • Grace period: The grace period for this policy is 30 days from the due date of the premium, or 15 days if the premium payment mode is monthly.
    • A policy can be reinstated within 2 years of it lapsing.
    • Surrender Benefit: The policy acquires surrender value after:
    • The payment of 2 years premiums for a 5 year policy term.
    • The payment of 3 years premiums for a 10 / 15 / 20 year premium paying term.
    • From the second policy year for single premium payment policies.
    • The GSV is calculated as under:

    GSV of Sum Assured = (Applicable GSV Factor) X (Total Amount of Premiums Paid) plus, GSV of Bonus & Guaranteed Additions = (Applicable GSV Factor) X (Accrued Bonus + Accrued Guaranteed Additions)

    Add-on covers / Riders

    No riders.

    Benefits and Advantages of Aegon Life Premier Endowment Insurance Plan

    • 5% of your Sum Assured enhances your savings in the form of a Guaranteed Addition every year during the premium payment term.
    • Once the plan hits maturity, a lump sum payout is made.
    • Flexibility to choose between premium payment options – single payment, limited premium payment and regular payment options.
    • Limited premium payment term.
    • Insurance coverage continues even after the premium payment term is completed.
    • Income tax benefits.
    • Flexibility to choose between policy terms.
    • Loan facility.
    • Benefit amount increases over time through bonus accrual.

    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.5,17,000. His annualized premiums is Rs.60,000.

    If he survives till the end of the Policy Term, Mr.Babu will be paid the Maturity payout = Rs.17,52,000; = Rs.5,17,000 Sum Assured + Guaranteed Additions Rs.3,88,000 + Rs.8,47,000 bonus at 8%.

    If he dies in 4 years after taking the policy, he will receive the Guaranteed Death Benefit of Rs.6,00,000 (10 times the annualized premium) + Guaranteed additions of Rs.1,03,000 + Accrued Bonus of Rs.1,67,000 (at 8%) or Rs.67,000 (at 4%).

    Riders

    • No riders available.
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