Robinhood Insurance Broker Private Limited

Product Info

UIN

138L030V03

Status

Active

Launch Date

18/11/2014

Withdrawn Date

Product Overview

AEGON Life iMaximize is a Plan that aims to maximise your investments by charging zero premium allocation charge. This plan not only offers value for money but also provides protection (death benefit).

Product Description

  • Short pay options of 5 pay or 7 pay
  • Option to boost your Fund Value through Top-Ups
  • You can choose from 3 Unit linked funds viz. Blue Chip Equity Fund, Debt Fund, and Secure Fund as per your investment objectives

 

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Unique Features

  • Zero allocation charges which means 100% investment in your choice of funds.
  • Death Benefit: Max. of SA (including Top-Up SA) or 105% of all premiums paid (including Top-Up Premium) is immediately paid + Additional Savings Benefit (ASB) + Income Benefit (IB) + at the end of the PT, the Total Fund Value will be paid to the beneficiary.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min.) Benefit Option 1 7 years last birthday
Benefit Option 2 18 years last birthday
Age at Entry (Min.) Benefit Option 1 55 years last birthday
Benefit Option 2 50 years last birthday
Max age of Maturity Benefit Option 1 70 years last birthday
Benefit Option 2 65 years last birthday
Policy Term 15/20/25 years
Premium Payment Term Benefit Option 1: 5 years, 7 years, 10 years, 15 years or equal to the Policy Term
Benefit Option 2: 10 years, 15 years or equal to the Policy Term
Minimum Annualized Premium Benefit Option 1
Premium Payment Term Annualised Premium (Rs)
5 years & 7 years 36,000 p.a.
10 years and above 24,000 p.a.
Benefit Option 2
Age at Entry Annualised Premium (Rs)
Less than 45 years 24,000 p.a.
Greater than or equal to 45 years 36,000 p.a
Notes: *For monthly mode: Minimum 3 monthly premiums to be paid at the time of submitting the proposal
Premium Payment Frequency Monthly and Annual
Minimum Sum Assured For entry age below 45 years Higher of the Following :
10 times the Annualised Premium
0.5 x Policy Term x Annualised Premium
For entry age equal to or above 45 years Higher of the Following :
7 times the Annualised Premium
0.25 x Policy Term x Annualised Premium
Maximum Sum Assured For age at entry greater than or equal to 45 years
10 times the Annualised Premium
For entry age below 45 years, the minimum Sum Assured mentioned above is the only available Sum Assured.

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Product Benefit

  • Maturity Benefit:-
    Receive the Total Fund value (including the Top-Up Fund Value) as on the maturity date.
  • Death benefit:- 
  1. The nominee will receive the Sum Assured or the Fund Value, whichever is higher and the contract will be terminated.
  2. Benefit Option 1 - The nominee receives higher of Sum Assured or Fund Value or 105% of all the premiums paid. In case a Top-Up fund exists, higher of Top-Up Sum Assured or Top-Up Fund Value will also be paid. The Policy terminates thereafter.
  3. Benefit Option 2 - Higher of Sum Assured or 105% of all the premiums paid + All regular premiums due for remainder of the policy term are waived and paid by the company (Premium Continuance Benefit) + the annualised premium is paid to the nominee at the start of each policy year (Income Benefit).

Other Policy Features

Feature Description
Policy Discontinue Discontinuance of Premium within first five years of the Policy.
Revive the Policy within a revival period of 2 years.
Complete withdrawal (surrender) from the Policy without any life cover.
If you do not respond to the notice sent by the Company within a period of 30 days, then the Policy will be discontinued and the Discontinuance Value (Fund Value less Discontinuance charge of the year in which the first premium was discontinued) will be shifted to the “Discontinuance Policy Fund.
Discontinuance Policy Fund (SFIN: ULIF01403/09/10DISCONPF0138)
Asset Class Allocation Proportion
Equities 0%
Government Securities 60% - 100%
Money Market Instruments 0% - 40%
Discontinuance of Premium after first five years of the Policy.
Revive the Policy within a revival period of 2 years.
Completely withdraw (surrender) from the Policy, or
Convert the Policy into Paid-Up policy, with Paid-up Sum Assured.
Paid-Up Sum Assured = Sum Assured x Total number of premiums paid / Original number of premiums payable as per the Terms and Conditions of the policy
The Company will continue deduction of applicable policy charges and keep the Policy in Paid - Up status until the Fund Value does not fall below the amount equivalent to one year’s Plan Premium.
Top Up Payment of Top-Up premium will also increase your Policy Sum Assured, thus enhancing the insurance cover on your life.
Top-Ups allow you to contribute additional premiums if and when you want to boost your Fund Value at your convenience.
A Top-Up premium is an additional amount of premium over and above the contractual basic premiums with a minimum amount of Rs. 5,000.
Notes : - A 5-year lock-in period is observed from the date of making the Top-Up.
Partial Withdrawals The partial withdrawal facility gives the customer the option to withdraw money from the Fund Value after first 5 Policy Years.
The maximum amount of partial withdrawal allowed in any Policy Year is 20% of the Fund Value at the beginning of that Policy Year.
You have the flexibility to make up to four partial withdrawals in each Policy Year free of charge.
Switch This feature helps the customer to shift their investments from one fund to another.
Four switches are allowed free of charge in each Policy Year.
Any additional switches will incur charges as explained later.
Fund Switch/Redirection This feature allows the customer to alter the premium allocation to be applied to their future premiums and Top-Ups.
Revival All due premiums which have not been paid shall be payable without charging any interest.
Revival of the Policy will be subject to satisfactory evidence of insurability of the Life Assured.
The Company shall add back the Discontinuance charges levied at the time of discontinuance of the Policy.
Policy administration charges as applicable during the discontinuance period shall be levied

Add-ons

  • Income Benefit (IB)- In-Built :
    An amount equal to the Annualised Premium is paid to the beneficiary at the start of every policy year following the date of death till the end of the Policy Term.
  • Additional Savings Benefit (ASB)- In-Built :
    Company will regularly fund into the Policyholder's Unit fund an amount which is equivalent to the Premium of the Policy, for the outstanding Premium Payment Term.

Charges

Charges
Premium Allocation Charge There is no premium allocation charge for any premium including Top-Up.
Policy Admin Charges The charge is Rs. 100 per month levied from the Policy Fund at the beginning of every policy month by cancelling units.
Fund Management Charge Secure Fund 1.00% p.a.
Debt Fund 1.10% p.a.
Blue Chip Equity Fund 1.35% p.a.
Discontinuance Policy Fund 0.50% p.a.
Discontinuance Charge
Where the Policy is discontinued during the Policy year Discontinuance Charges
Annualised Premium upto Rs. 25,000 Annualised Premium above Rs.25,000
1 Lower of 20% (AP or FV) subject to maximum of Rs. 3,000 Lower of 6% (AP or FV) subject
to maximum of Rs. 6,000
2 Lower of 15% (AP or FV) subject to maximum of Rs. 2,000 Lower of 4% (AP or FV) subject
to maximum of Rs. 5,000
3 Lower of 10% (AP or FV) subject to maximum of Rs. 1,500 Lower of 3% (AP or FV) subject
to maximum of Rs. 4,000
4 Lower of 5% (AP or FV) subject to maximum of Rs. 1,000 Lower of 2% (AP or FV) subject
to maximum of Rs. 2,000
5th onwards Nil Nil
Notes - : AP - Annualised premium, FV - Fund Value
Mortality Charge
Benefit Option 1 Higher of [Sum Assured] or [105% of all premiums paid to date] in excess of Fund Value.
For Top-Up, it is defined as Top-Up Sum Assured in excess of the Fund Value.
For Paid-Up Policies, Sum Assured = Paid Up Sum Assured for the above definitions of Sum at Risk.
Benefit Option 2 Higher of [Sum Assured] or 105% of all premiums paid to date
For Additional Savings Benefit: Present value of all benefits.
For Income Benefit: Present value of all future Income benefits.
For Top-Up, it is defined as Top-Up Sum Assured.
For Paid-Up Policies, Sum Assured = Paid Up Sum Assured for the above definitions of Sum at Risk.
Notes :- Females are charged slightly lower mortality charges than males. Smokers/Substandard lives may be charged extra as per Board approved underwriting guidelines of the company.
Miscellaneous Charges
Facility Number of Free Transactions Charges (Rs.)
Switch Four in a Policy year. Any extra switches will be charged 0.1% of amount switched per switch subject to a cap of Rs.200.
Premium Redirection Two times in a Policy year Any extra Premium Redirection will be charged Rs. 100
Partial Withdrawal Four times in a Policy year Any extra Partial Withdrawal will be charged Rs. 200 per withdrawal.
Notes :- The Miscellaneous Charges given above can be increased by the Company upon approval from IRDAI but shall not exceed Rs. 500.

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 of AEGON Life iMaximise 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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