Robinhood Insurance Broker Private Limited

Product Info

UIN

138N046V01

Status

Active

Launch Date

21/10/2013

Withdrawn Date

Product Overview

AEGON Life Guaranteed Growth Insurance Plan is a Guaranteed Money Back Plan. It is a Traditional Plan without Bonus facility. This plan is best suited for medium-term investors looking for Guaranteed Return Plans without Risk in Investment along with Insurance Protection Plan.

Product Description

  • Guaranteed annual payouts for 8 years starting from the end of Policy Term.
  • Limited Premium Payment Term.
  • Guaranteed Death Benefit: In case of death during the Policy Term, the future premiums will be waived and the guaranteed payouts as scheduled will be paid to your nominee.

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Unique Features

The plan provides annual return equivalent to 150% of the premium amount from the end of the 10th year to the end of the 17th year. In case of death of a policy holder during the policy term, future premiums are waived off and guaranteed annual payouts are payable to the nominee.

Eligibility Criteria

Age at Entry (Min) 8 years completed
Age at Entry (Max) 50 years completed
Max age of Maturity 60 years completed
Annualised Premium Minimum
Age (years completed) Annualised Premium (Rs.)
8 - 35 20,000
36 - 45 30,000
46 - 50 40,000
Maximum
Age (years completed) Annualised Premium (Rs.)
8 - 35 3,00,000
36 - 45 2,00,000
46 - 50 1,00,000
Policy Term 10 years
Premium Paying Term 8 years

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Product Benefit

  • Maturity Benefit:- Maturity Benefit is paid 150% of the Annualized Premium every year from the end of the 10th Policy year to the end of the 17th Policy years, irrespective of the Life Insured being alive or not.
End of year % of annualised premium payable
10th Year 150% of Annualized Premium
11th Year 150% of Annualized Premium
12th Year 150% of Annualized Premium
13th Year 150% of Annualized Premium
14th Year 150% of Annualized Premium
15th Year 150% of Annualized Premium
16th Year 150% of Annualized Premium
17th Year 150% of Annualized Premium
  • Death benefit:- In case of death of the Life Insured within the Policy Tenure, the future premiums are waived and the nominee gets the Maturity Benefit, as per schedule every year from the end of the Policy Tenure.

Other Policy Features

  • Surrender Value:- The policy will acquire Guaranteed Surrender Value on payment of first annualised premium or first 12 monthly premiums. The Surrender Value is calculated as below:
    a) When all due premiums have not been paid, Surrender Value = A Guaranteed Surrender Value factor X Paid-Up value.
    b) When all due premiums have been paid, Surrender Value = A Guaranteed Surrender Value factor X Total annualised premiums paid.

 

  • Discontinuance of Premium:- 
    a) If the first 12 months premiums are not paid within the grace period, the policy lapses with all the benefits including life insurance cover.
    b) No benefits are available on a lapsed policy.
    c) If the policy is not reinstated within the reinstatement period then the policy is terminated without any benefit.

 

  • Grace Period:- You have a period of 30 days as grace period from the premium due date to make the payment for the premium.

 

  • Reinstatement:- For reinstatement, you will need to pay all unpaid premium + interest as declared by the Company from time to time, which will not exceed yield to maturity on a 5 year G-sec plus 3%. The reinstatement shall be subject to the following conditions:
    a) Satisfactory evidence of insurability of the Life Assured; and
    b) Payment in full, of an amount equal to all the Policy Premiums due, but unpaid till the Effective Date of reinstatement along with interest.

 

  • Paid-up policy provisions:- 
    a) For a Policy in Paid-Up status, the Paid-Up Sum Assured will be paid out in case of death during the Policy Term and the Paid-Up value will be paid upon survival till maturity.
    b) Paid-Up Sum Assured = (Total premiums paid / Total premiums payable) x Sum Assured.
    c) Paid-Up Value = Paid-Up Value factor x Total annualised premiums paid.
    d) Paid-Up Policy is not eligible for guaranteed payouts.

Notes : Policy Term is over, only Paid-up value is payable.

Exclusions

If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of reinstatement of the Policy, the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.

Tax Benefits - AEGON Life Guarantee Growth Plan

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

Claim Process

Know Claim Process of AEGON Life Guarantee Growth 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 with 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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