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Aegon Life iMaximize Single Premium Insurance Plan

Overview

This is a Aegon Life plan for those who seek to make the most of their investments at optimal costs. With no premium allocation charges and comprehensive , the plan aims at making more funds available for investment with a one-time-only payment. Secure your family’s financial future with the iMaximize Single Premium Insurance Plan.

Eligibility Conditions of Aegon Life iMaximize Single Premium Insurance Plan

Entry Age

Minimum: 8 years on the last birthday.

Maximum: 60 years on the last birthday.

Maturity Age

Minimum: 18 years on the last birthday.

Maximum: 65 years on the last birthday.

Key Features of Aegon Life iMaximize Single Premium Insurance Plan

Type

An online unit- linked insurance plan.

Basis

Individual

Coverage

Death Benefit:

Nominees are entitled to receive the higher of:

  • Sum Assured.
  • Fund Value.
  • 105% of the premiums paid.

Maturity Benefit:

On the policy’s maturity, the policyholder will get the total fund value as on the maturity date.

Partial withdrawal:

After the first 5 policy years, policyholders are eligible to withdraw up to 20% of the Fund Value as it stood at the beginning of that policy year.

Premium

Minimum Premium: Rs.1,00,000.

Sum assured

Minimum sum assured:

For entry age below 45 years:

125% of the single premium.

For entry age above or equal to 45 years:

110% of the single premium

Maximum sum assured:

For entry age up to 35 years:

10 times the single premium.

For entry age above or equal to 35 years:

Minimum Sum Assured is the only available Sum Assured.

Policy term

Entry Age

Policy Term

Up to 50 years

10 years

Over 50 years

5 years

Premium paying term

Single premium.

Riders

Not available.

Bonuses

No bonus offered.

Surrender Value

If the policyholder surrenders the policy before the completion of the first 5 years, the Fund Value will be moved to the Discontinuance Policy Fund. The proceeds from this fund will be payable at the end of 5 years.

If the policyholder surrenders the policy after 5 years, the Fund Value will be payable.

Loan

Not available.

Free look period

The plan has a 30 days free look period from the date of receipt of the policy document. The policyholder will receive refund after appropriate charges are deducted and proportionate cover has been accounted for.

Grace period

No grace period.

Tax benefits

Premiums paid and benefits received are eligible for tax benefits under Section 80C and 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 up to 4 times for free, every policy year.

Top- up

Additional amount can be added. The minimum amount that can be topped is Rs,5,000 at any time during the term that the policy is in force. At the time of making the top up, if the age of the policyholder is:

  • Up to 44 years of age, the minimum increase in Sum Assured on Top Up is 1.25 times the amount.
  • 45 years and above, the minimum increase in Sum Assured on Top Up is 1.10 times the amount.
  • Up to 35 years, the maximum increase in Sum Assured on Top Up is 10 times the amount.

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.
  • 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. It is the higher of either the Sum Assured or 105% of all the paid up premiums in excess of the Fund Value.
  • Discontinuance charge:

Year of discontinuance

Charges for premiums up to Rs.25,000

1

Lower of 1% of single premium or Fund Value subject to a maximum of Rs.6,000

2

Lower of 0.5% of single premium or Fund Value subject to a maximum of Rs.5,000

3

Lower of 0.25% of single premium or Fund Value subject to a maximum of Rs.4,000

4

Lower of 0.1% of single premium or Fund Value subject to a maximum of Rs.2,000

5

Nil

  • Service Tax on charges: As per the prevailing Tax Laws.
  • Miscellaneous Charges: Can be increased upon approval from the IRDA, but will not exceed Rs.500.
  • 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 Single Premium Insurance Plan

  • Sum covered or fund value, whichever is higher in the case the insured dies during the policy period.
  • You the opportunity to invest only once.
  • On maturity the fund value will be paid to you.
  • You get to choose from the 3 investment funds.
  • You can also make partial withdrawals.
  • The tax benefits are available as per the prevailing tax laws.
  • With this plan, you can pay only once and enjoy the benefits for the entire policy term.
  • 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. Babu is a 30 year old computer engineer and has taken the with a Base Sum Assured of Rs.15,00,000. The term of his policy is 10 years, and the single premium he has paid is Rs.1,50,000. The investment strategy he’s chosen is 100% Blue Chip Equity Fund.

If he dies after two years, his nominees will be entitled to a total benefit of Rs.15,00,000 (which is the Sum Assured).

If he survives the policy period, he will receive the Fund Value at maturity which is Rs.2,35,174 (at 8%) or Rs.1,54,881 (at 4%).

Premium Payment

There is only a one time premium payment, minimum of Rs.1,00,000.

Riders

No riders available

 

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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