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  • AEGON Life Future Protect Insurance Plan

    Overview

    Life is full of uncertainties. One day, you could be taking care of your family and providing for them financially with your excellent job and income, and the next, you could be the victim of an accident that leaves you unable to earn, or worse, dead. If the worst should come to pass, and you are rendered incapable of earning an income, your family will suffer financially. To avoid the crippling effects that a sudden unforeseen event can have on your family’s finances, you can and should opt for a good AEGON Life insurance plan. The AEGON Life Future Protect Insurance Plan not only provides you with the insurance cover you need but also links your investment to the stock market to grow your money.

    Eligibility Criteria for AEGON Life Future Protect Insurance Plan:

    Minimum entry age

    7 years on the last birthday

    Maximum entry age

    50 years on the last birthday

    Maximum Maturity Age

    65 years on the last birthday

    Key Features of the AEGON Life Future Protect Insurance Plan

    Plan type

    Unit Linked Insurance Policy

    Plan basis

    Individual

    Premium paying terms

    Equal to the policy term

    Minimum Annualized Premium

    Annual – Rs.20,000 p.a.

    Semi-annual – Rs.30,000 p.a.

    Monthly – Rs.36,000 p.a.

    Policy term

    15 years, 20 years, 25 years, 30 years, 35 years

    Premium payment frequency

    Monthly, half yearly and yearly.

    Grace period

    • 30 days from the expected date of payment of premium (for yearly and half yearly modes)
    • 15 days from the expected date of premium payment for monthly mode

    Free Look Period

    • 15 days from the date of availing the policy.
    • 30 days if the policy has been purchased through Distance Marketing channels.

    Policy revival

    • Revival period is 2 years.
    • Date of revival will be when all overdue premiums are paid.

    Nomination

    Nomination facility is available under section 39 of the Insurance Act, 1938

    Sum Assured

    Maximum sum assured s 20 times the annualized premium.

    Policy coverage

    1. Death Benefit:

      • All partial withdrawals made from the fund in the 2 years before the death will be deducted from the sum assured.
      • If the death occurs after the age of 60, all partial withdrawals made after the age of 58 but within 5 years of the date of death will be deducted from the sum assured.
      • Death benefit will be the higher of Sum Assured or Fund Value.
      • The death benefit will not be less than 105% of the total premiums paid up.
    2. Increase in Base Policy Sum Assured without underwriting:
      • This facility should be opted for in the first 3 months of the date of marriage or childbirth.
      • Applicants for this option cannot be more than 40 years of age at the time of application.
      • A balance of at least 5 years in the policy term should exist.
      • This can be availed only twice.
      • This is not allowed during revival period.
      • Base Sum assured can be increased by up to 50% or Rs.10,00,000 (whichever is lower).
    3. Invest Protect Option:
      • Helps minimize the risk to your returns near maturity.
      • Moves your investment from the Accelerator Fund to the Secure Fund in the last 3 policy years.
      • 10% of the total units at the beginning of the 3rd last policy year will be switched monthly in the Stable Fund.
      • 10% of the total units at the beginning of the 2nd last policy year will be switched monthly in the Debt Fund.
      • 10% of the total units at the beginning of the last policy year will be switched monthly in the Secure Fund.
      • Auto-rebalancing option.
      • Premium re-direction.
      • Switching option. Four free switches between funds allowed in a policy year.
    4. Maturity Benefit:
      • On maturity, policyholder will receive the Fund Value as on the maturity date.
    5. Settlement:
      • This is for when you wish to remain invested in the fund even after the policy’s maturity date.
      • Maturity proceeds will be disbursed in instalments over the period of your choice.

    Surrender of Policy

    • The policy can be surrendered at any time
    • If it is surrendered within the first 5 years, Discontinuance charges will be transferred to the Discontinuance Policy Fund and those proceeds will be paid after the first 5 years.
    • Surrendering a policy after 5 years will result in the Fund Value being paid to you.
    • Surrendered policies cannot be revived.

    Charges Applicable

    1. Premium Allocation Charges:

    Policy Year

    Year 1

    Year 2-3

    Year 4-5

    Year 6-10

    Year 11 onwards

    Premium Allocation Charge

    4.50%

    4.00%

    3.00%

    2.00%

    1.00%

    1. Mortality Charges: Deducted by cancelling units at the prevailing unit price at the beginning of each month.
    2. Discontinuance Charges:

    Where the policy is discontinued during the policy year

    Discontinuance charges for annualised premium up to Rs.25,000

    Discontinuance charges for annualised premium over Rs.25,000

    1

    Lower of 20% (AP or FV) up to a maximum of Rs.3,000.

    Lower of 6% (AP or FV) up to a maximum of Rs.6,000.

    2

    Lower of 15% (AP or FV) up to a maximum of Rs.2,000.

    Lower of 4% (AP or FV) up to a maximum of Rs.5,000.

    3

    Lower of 10% (AP or FV) up to a maximum of Rs.1,500.

    Lower of 3% (AP or FV) up to a maximum of Rs.4,000.

    4

    Lower of 5% (AP or FV) up to a maximum of Rs.1,000.

    Lower of 2% (AP or FV) up to a maximum of Rs.2,000.

    5 onwards

    Nil.

    Nil.

    AP – Annualised Premium

    FV – Fund Value.

    1. Fund Management Charges:
    life insurance cover.

    Name of Fund

    Management Charges

    Secure Fund

    1.00% p.a.

    Debt Fund

    1.10% p.a.

    Stable Fund

    1.35% p.a.

    Accelerator Fund

    1.35% p.a.

    Discontinuance Policy Fund

    0.50% p.a.

    1. Policy Administration Charges:

    This charge is levied by cancelling units for the equivalent amount at the start of every policy month. It’s represented as a percentage of the annualized premium. This charge also escalates at 5% per annum at the start of every policy year from the second policy year onwards. This charge is also subject to a maximum of Rs.500 per month.

    1. Miscellaneous Charges:

    Option

    Allowance

    Charges

    Auto-rebalancing

    No charges

    Rs.200 for addition or removal

    Switching

    Four free switches allowed per policy year

    0.1% of the amount switched or Rs.500 per extra switch, minimum switchable amount is Rs.100

    Premium redirection

    Twice free per policy year

    Minimum Rs.200 or maximum Rs.500 per extra request

    Partial Withdrawal

    Four times free every policy year, no charge for systematic partial withdrawal

    Rs.200 extra per withdrawal

    Advantages of the AEGON Life Future Protect Insurance Plan

    • Helps systematically create wealth.
    • Protect your investment with the Invest Protect option.
    • Multiple Fund choices.
    • Flexibility to choose the amount of life insurance cover..
    • Liquidity options through partial withdrawals.
    • Can stay invested in the fund/s for up to 5 years after maturity.
    • Tax benefits as per prevailing tax laws.

    How does the AEGON Life Future Protect Insurance Plan Work?

    Fund Name

    Objective

    Asset Allocation

    Accelerator Fund

    To invest in the equities of various sectors for a diversified investment portfolio that generates attractive returns in the long term. Also invests in fixed interest assets and money market instruments.

    • Equity – 80% to 100%.
    • Fixed Interest and Money Market Instruments – 0% to 20%

    Stable Fund

    To invest with a view to maintain a balanced exposure to equity and debt to facilitate long term returns. Allocations will also be shifted between debt and equity to benefit from asset price movements between medium to long term.

    • Equity – 20% to 80%.
    • Fixed Interest and Money Market Instruments – 20% to 80%.

    Secure Fund

    To invest in a diversified portfolio of money market instruments and other fixed income securities that will mature in the short to medium term. The objective here is to generate returns with low valuation risks.

    • Fixed interest – 60% to 100%.
    • Money Market Instruments – 0% to 40%.

    Debt Fund

    This fund invests in government debt, corporate debt, money market instruments and other fixed income securities.

    • Fixed interest – 60% to 100%.
    • Money Market Instruments – 0% to 40%.

    Mr. Babu, a 30 year old engineer opted for the AEGON Life Future Protect Insurance Plan and is covered for an amount of Rs.10,00,000. His policy term is 30 years, as is his premium paying term. He pays an annual premium of Rs.50,000. He has also chosen the Invest Protect Option, and has the added benefit of minimized risk on returns. Towards the end of the policy, his money is protected as it is systematically shifted from equity funds to debt funds in the last 3 years.

    If he survives the entire policy term, he will be eligible for a payout of Rs.20,45,495 (at 4%) or Rs.41,37,781 (at 8%).

    If he dies after 3 years, his nominees will be eligible for the death benefit of Rs.10,00,000.

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