Robinhood Insurance Broker Private Limited

Product Info

UIN

138N044V01

Status

Withdrawn

Launch Date

01/03/2013

Withdrawn Date

31/12/2013

Product Overview

Flexi Money Back Plus Insurance Plan provides protection beyond the premium payment term. It accumulates the bonus from first year onwards and also gives you income at regular intervals, which is in addition to your maturity benefits.

Product Description

  • Life cover continues even after the end of Premium Payment Term
  • Bonus accrues first year onwards
  • Inflow of income at Regular Intervals
  • Choice of three Policy Terms to suit your financial needs
  • In case of death during the Policy Term, Capital Sum Assured along with accrued bonus is paid

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Unique Features

  • AEGON Life Flexi Money Back Plus Insurance Plan is a Limited Payment Traditional Plan with Bonus facility.
  • In case of death of the Life Insured, the policy pays 200% of the Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus as Death Benefit and the policy terminates irrespective of the Survival Benefits if already paid.
  • The plan pays money back as per schedule in a pre-defined format (schedule depends on the policy term chosen)

Eligibility Criteria

Age at Entry (Min) 7 years (age last birthday)
Age at Entry (Max) Policy Term
60 Years 14 Years
58 Years 17 Years
54 Years 21 Years
Max Age of Maturity 75 years(age last birthday)
Min Premium Payable Rs.13,033 p.a.
Min Sum Assured Rs.1,00,000
Mode Available Annually, Half Yearly & Monthly
Policy Term 14 years , 17 years , 21years
Premium Paying Term 10 years , 12 years , 15 years

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Product Benefit

  • Maturity Benefit:- On survival till the end of the policy tenure, the policyholder gets the remaining 40% of the Sum Assured + Accrued Simple Reversionary Bonus+ Terminal Bonus as Maturity Benefit and the policy terminates.
  • Death Benefit:- In the event of death of the Life Insured within the Policy Tenure, the nominee gets 200% of the Sum Assured + Accrued Simple Reversionary Bonus + Terminal Bonus as Death Benefit and the policy terminates irrespective of the Survival Benefit already paid.
  • Survival Benefit:- In this plan, there is a pre-defined Money Back that is provided after specific years as a percentage of the Sum Assured. The periodic survival benefit will depend upon the Policy Term opted for
Policy Year Policy Term (PT)
4

For 14 years PT - 10% of SA (Sum Assured)
For 17 years PT - 10% of SA (Sum Assured)
For 21 years PT - 10% of SA (Sum Assured)

8

For 14 years PT - 20% of SA (Sum Assured)
For 17 years PT - 20% of SA (Sum Assured)
For 21 years PT - 15% of SA (Sum Assured)

12

For 14 years PT - 30% of SA (Sum Assured)
For 17 years PT - 40% of SA (Sum Assured)
For 21 years PT - 25% of SA (Sum Assured)

15

For 14 years PT - 40% of SA (Sum Assured)
For 17 years PT - 0% of SA (Sum Assured)
For 21 years PT - 0% of SA (Sum Assured)

17

For 14 years PT - 0% of SA (Sum Assured)
For 17 years PT - 40% of SA (Sum Assured)
For 21 years PT - 30% of SA (Sum Assured)

21

For 14 years PT - 0% of SA (Sum Assured)
For 17 years PT - 0% of SA (Sum Assured)
For 21 years PT - 40% of SA (Sum Assured)

Other Policy Features

  • Bonus:
    a) Simple Reversionary Bonus
    b) The Company will declare simple reversionary bonus as a percentage of the Sum Assured every year provided the policy is in force for full Sum Assured.
    c) Bonuses once declared form a part of the guaranteed benefits of the plan.
    d) The reversionary bonus is declared keeping in mind a long term view of investment, returns, expenses, mortality and other experiences.
    e) Terminal Bonus
    f) The company may also declare a terminal bonus for maturing in-force policies depending on the experience of the participating fund.

 

  • Riders Available: Accidental Death, Disability or Dismemberment Benefit rider, which is available only during the premium paying term.

 

  • Premium Dis-continuance: If the first 2 years, premiums are not paid within the days of grace, the policy lapses with all the benefits including life insurance coverage and no benefits would be payable

 

  • Reduced paid-up:
    a) In case you fail to pay your premiums after 2 years, the policy still continues with the Paid-up Sum Assured
    b) The Paid-up Sum Assured for Maturity and Surrender benefit is calculated as: {(Total Premiums received / Total premiums expected over the term) * 100% of Sum Assured (if policy term of 14 years) / 110% of Sum Assured (if policy term of 17 years) / 120% of Sum Assured (if policy term of 21 years) - sum of periodic survival benefits already paid}.
    c) The Paid-up Capital Sum Assured for Death benefit is calculated as: {(Total Premiums received / Total premiums expected over the term) * Capital Sum Assured}
    Notes :- If the policy continues as Paid-up Sum Assured then the policy is not eligible for future bonus or periodic survival benefits.

 

  • Reinstatement:
    a) For reinstatement, you will need to pay all unpaid premium + interest as declared by the Company from time to time.
    b) Upon reinstatement, the policy will also be eligible for the bonuses & guaranteed payouts, if any, for the period in which the policy was in Paid-up status.

 

  • Surrender Value: (A Guaranteed Surrender Value factor X Paid-up Sum Assured) + (A Guaranteed Surrender Value factor X Accrued Bonus)

Notes: *Surrender Value on payment of 2 full years’ premium. Incase of surrender, the policy is first converted into a Paid-up Policy. Surrender Value of any accrued bonuses will also be paid on surrender.

Add-ons

  • Disability or Dismemberment Benefit : This rider pays a certain percentage of the rider sum assured (pre defined as per disability) in the event of an accident.
  • Accidental Death : In case of an unfortunate death due to an accident, Sum Assured under this rider will be paid out.

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.

Tax Benefits

Tax Benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961.

Claim Process

Know Claim Process - AEGON Life Flexi Money Back Plus Plan

Claim Process

Company Overview

AEGON Life Insurance Company Limited (formerly AEGON Religare Life Insurance Company Limited) launched its pan-India operations in July 2008. AEGON, is an International financial service organization, dealing into Life Insurance, Pensions & Asset Management products, whereas, Bennett, Coleman & Company is India's leading media conglomerate. They have ventured together to launch AEGON Life Insurance Company Ltd.

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