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  • Aegon Life iMaximize Insurance Plan

    Overview

    Aegon Life iMaximize Insurance Plan helps you maximise your investments at an optimum cost. It doesn’t charge any premium allocation charge therefore increasing the availability of more funds for investment. You can buy this Aegon Life plan if you wish to maximise investment and help you save tax and financially secure your family as well.

    Eligibility Conditions of Aegon Life iMaximize Insurance Plan

    Entry Age

    Benefit option 1:

    Minimum: 7 years

    Maximum: 55 years

    Benefit option 2:

    Minimum: 18 years

    Maximum: 50 years

    Maximum age at maturity

    Benefit option 1: 70 years

    Benefit option 2: Maximum: 65 years

    Key Features of Aegon Life iMaximize Insurance Plan

    Type

    An online unit- linked insurance plan.

         

    Basis

    Individual

         

    Coverage

    • Death Benefit: In the event the insured dies, the nominee will receive the death benefit. There are two choices of death benefit. Benefit option 1 is when you get higher of sum assured or fund value. Benefit option 2 is sum assured plus additional savings benefit and income benefit.
    • Maturity Benefit: On the policy’s maturity, you will get the total fund value as on the maturity date.
    • Partial withdrawal: If you are in need of money on an immediate basis, then partial withdrawals are allowed after 5 policy years. The maximum amount that can be withdrawn is 20% of the fund value at the beginning of the year.
         

    Premium amount

    Benefit Option 1

     

    Benefit Option 2

     
     

    Premium payment term

    Annualised premium

    Age at Entry

    Annualised Premium

     

    5 & 7 years

    Rs.36,000 per annum

    Less than 45 years

    Rs.24,000 per annum

     

    10 years & above

    Rs.24,000 per annum

    Greater than or equal to 45 years

    Rs.36,000 per annum

    Sum assured

    Minimum sum assured:

    For entry age below 45 years:

    Higher of 10 times the annualised premium or 0.5 x policy term x annualised premium.

    For entry age above or equal to 45 years:

    Higher of 7 times the annualised premium or 0.25 x policy term x annualised premium.

    Maximum sum assured:

    For entry age below 45 years:

    10 times the annualised premium.

    For entry age above or equal to 45 years:

    Minimum sum assured is the only available sum assured.

         

    Policy term

    15, 20 or 25 years.

         

    Premium paying term

    Benefit Option 1: 5, 7, 10, 15 years or equal to the policy term.

    Benefit Option 2: 10, 15 years or equal to the policy term.

         

    Premium paying frequency

    Monthly and annually.

         

    Renewability

    Available.

         

    Riders

    Not available.

         

    Bonuses

    No bonus offered.

         

    Surrender Value

    Surrender is allowed with complete withdrawal without any life cover.

         

    Loan

    Not available.

         

    Free look period

    The plan has a 30 days free look period from the date of receipt of the policy document. You need to provide a reason in writing along with the policy document. You will receive refund after appropriate charges are deducted.

         

    Grace period

    The policyholder gets 15 days grace to pay the premium.

         

    Tax benefits

    Premiums paid and benefits received are eligible for tax benefits under Section 10 (10D) of the Income Tax Act, 1961.

         

    Nomination

    The nomination is allowed as per Section 39 of the Insurance Act, 1938.

         

    Switches

    You can shift your investments from one fund to another.

         

    Premium Redirection

    You can alter the premium allocation to be applied to future premiums and top-ups.

         

    Top- up

    Additional amount can be added. The minimum amount that can be topped is Rs,5,000.

         

    Exclusion

    If the insured commits suicide within a year from taking the policy or from 1 year from revival, only the fund value is paid and the policy will be terminated.

         

    Charges

    • Premium allocation charge: Nil
    • Policy administrative charge: Rs.100 per month.
    • Partial withdrawal charge: 4 transactions are free in a policy year. Extra partial withdrawals will be charged Rs.200 per withdrawal.
    • Premium redirection charge: 2 transactions are free in a policy year. Extras will be charged Rs.100.
    • Switching charges: 4 transactions are free in a policy year. Extra switches will be charged 0.1% of the amount to a maximum cap of Rs.200.
    • Mortality charge: Charge is deducted by cancelling units at the beginning of each month of your policy.
    • Discontinuance charge:

    Year of discontinuance

    Charges for premiums up to Rs.25,000

    Charges for premiums above Rs.25,000

    1

    Lower of 20% of annualised premium subject to a maximum of Rs.3,000

    Lower of 6% of annualised premium subject to a maximum of Rs.6,000

    2

    Lower of 15% of annualised premium subject to a maximum of Rs.2,000

    Lower of 4% of annualised premium subject to a maximum of Rs.5,000

    3

    Lower of 10% of annualised premium subject to a maximum of Rs.1,500

    Lower of 3% of annualised premium subject to a maximum of Rs.4,000

    4

    Lower of 5% of annualised premium subject to a maximum of Rs.1,000

    Lower of 2% of annualised premium subject to a maximum of Rs.2,000

    5

    Nil

    Nil

    • Service Tax on charges: As per the prevailing Tax Laws.
    • Fund management charge:

    Secure Fund

    1% p.a.

    Debt Fund

    1.10% p.a.

    Blue Chip Equity Fund

    1.35% p.a.

    Discontinuance Policy Fund

    0.50% p.a.

         

    Advantages of Aegon Life iMaximize Insurance Plan

    • If the insured dies, the cover amount or 105% of the premiums paid, whichever is higher. This payment will be made immediately if you have chosen the death benefit option.
    • In the event the insured dies, the future unpaid premiums will be waived off and the policy will continue if you have chosen the death benefit option 2.
    • With the death benefit option 2, the amount equal to the annualised premium will be paid to the nominee every year.
    • On maturity of the death benefit option 2, you will get the lump sum amount i.e. the fund value.
    • You have a choice of 3 investment funds.
    • You can make partial withdrawals.
    • The payment options are short it can be either 5 or 7 pays.
    • No commission is charged as this is an online plan.
    • The tax benefits are available as per the tax laws in India.
    • Ensures the future of your family in case of your unfortunate death by providing death benefit along with additional savings benefit and income benefit.

    Investment Fund Options:

    There are 3 investment funds and two investment options available.

    Fund name

    Risk profile

    Asset allocation

    Blue Chip Equity Fund

    High

    Equity and Equity related securities: 80-100%

    Debt and debt related securities & fixed deposits: 0

    Cash, money markets and mutual funds: 0-20%

    Secure Fund

    Low

    Equity and Equity related securities: 0

    Debt and debt related securities & fixed deposits: 60-100%

    Cash, money markets and mutual funds: 0-40%

    Debt Fund

    Medium

    Equity and Equity related securities: 0

    Debt and debt related securities & fixed deposits: 60-100%

    Cash, money markets and mutual funds: 0-40%

    How The Plan Works

    Mr. Shenoy is a 30 year old who works at a hospital and wishes to secure his family’s future. He takes the Aegon Life iMaximize Insurance Plan with the death benefit option 2. His cover amount is Rs.12.5 lakhs and his policy term is 25 years. The premium payment term is 25 years that he pays annually. His premium is Rs.1 lakhs and the investment strategy he has chosen is 100% Secure Fund.

    After 4 years of taking this policy, he meets with an accident and dies. Rs.12.5 lakhs is paid to the nominee that is his wife. Rs.1 lakhs is paid from the 5th year onwards and the plan continues after the death as the company pays the unpaid premium. At maturity that is on the 25th year, at 8% maturity pay-out, the nominee will get Rs.55,99,099. If the maturity pay-out is at 4%, the nominee will get Rs.31,14,757.

    Premium Payment

    The minimum annualised premium under benefit option one for 5 or 7 years it is Rs.36,000 per annum and for other premium payment terms it is Rs.24,000 per annum. For benefit option 2, the minimum annualised premium for entry age below 45 years is Rs.24,000 per annum and for entry age above 45 years it is Rs.36,000 per annum.

    Premium can either be paid monthly or annually. The premium payment term for benefit option 1 is 5, 7, 10, 15 years or equal to the policy term. The premium payment term for benefit option 2 is 10, 15 years or equal to the policy term. If you fail to pay the premium on the premium due date, then you get 15 days grace period to make the payment.

    Riders

    No riders available

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