Robinhood Insurance Broker Private Limited

Product Info

UIN

138L015V01

Status

Withdrawn

Launch Date

09/08/2009

Withdrawn Date

31/08/2010

Product Overview

AEGON Life Invest Maximiser Plan that aims to maximise your investment by charging you a low premium allocation charge. It is not only a value for money investment but also provides you with necessary protection.

Product Description

  • Aegon Life Invest Maximiser Plan is a plain vanilla unit linked plan.
  • The plan pays the higher of the sum assured and fund value on death.
  • This product offers four investment options (funds). The customer has the option to choose between equity, debt or balanced portfolio.

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Unique Features

The plan provides special units which are added to your account at the end of the 10th year & every 3rd year thereafter. The plan also provides option to increase the premium during the tenure of the plan subject to certain conditions.

Eligibility Criteria

Eligibility Criteria
Age at Entry (Min) 90 days
Age at Entry (Max) 50 years (age last birthday)
Max Age of Maturity 75 years (age last birthday)
Min Premium Payable Minimum Annually Rs. 12,000
Minimum Monthly Rs. 2000
Top-Up Premium (Min) Rs. 5000
Sum Assured 5 times Annualised Premium
Mode Available Annual or monthly
Notes: *For monthly mode: Minimun 3 monthly premiums to be paid at the time of submitting the proposal
Policy Term 25 years
Premium Paying Term Equal to the policy term

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Product Benefit

  • Maturity Benefit:- On maturity, you receive the fund value existing on 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. The fund value is the number of units in your unit account multiplied by their respective unit price

Other Policy Features

Feature Description
Special Units The special units are added to your account at the end of 10th year and every 3rd year thereafter. The value of special units would be equal to 1.50% of the average month end fund values of the last 36 months before the allotment of special units.
Increase in premium As you move up the ladder in your professional life, your affordability increases. In such cases, you may want to increase your premium. AEGON Life Invest Maximiser Plan allows you to increase your premium subject to certain conditions.
Grace Period For payment of premium, you are allowed a grace period of 30 days from the premium due date.
Surrender You can surrender the policy any time after the first 3 policy years. There is no surrender charge after 4 policy years.
charge will depend upon the period for which you have paid your premiums, as given below:
Regular premium paid period (months) Surrender charges as a % of fund value of regular premium
Less than 12 100%
12 to 23 25%
24 to 35 20%
36 to 47 15%
48 onwards NIL
Top Up The Sum Assured will not increase on payment of the Top- Ups (including all Top-Ups paid earlier) up to 25% of all the regular premiums paid.
Any Top-Up in excess of this limit will result in increase in Sum Assured by 1.25 times of such excess, subject to underwriting requirements, if any.
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.
Partial Withdrawals You can partly withdraw your money after first 3 policy years.
The maximum amount of partial withdrawal in any policy year is 20% of the fund value at the beginning of that policy year.
The amount of any partial withdrawal should not be less than Rs.5,000.
The installment value of your systematic partial withdrawal should be Rs.2,000 or higher.
Switch This feature helps you shift your investment from one fund to another.
Twelve switches are free of charge in each policy year.
All you need to do is provide us with the amount or percentage of the fund you want to switch.
Fund Switch/Redirection This feature allows you to alter the premium allocation to be applied to your future premiums, including top-ups
Settlement Options During the settlement period, no risk cover or riders will be available.
Except for risk charges, all the charges will be deducted during this period.
No premium will be accepted during this period.
Partial withdrawals and switches will not be allowed during this period.

Add-ons

  • Accidental Death & Disability Rider
    Benefit is paid on occurrence of any of the following - a. Death due to an accident, b. Accidental dismemberment [loss of use of a limb(s) and /or eye(s)] & c. Permanent Total Disability due to an accident.

Charges

Charges
Premium Allocation Charge
Year Premium Allocation Charge
1st year 5.00%
2 Year To 4 Years 2.00%
5th year onwords Nil
Top Up 1.00%
Notes :* The fund management charges can be increased by the Company after IRDA approval
but shall not exceed 2% p.a at any point of time.
Policy Admin Charges The policy administration charge is Rs. 40 per month for the calendar year 2009 and 2010
The policy administration charge is Rs. 40 per month for the calendar year 2009 and 2010. A 5% compound increase will take place every year with first such increase on 1st January 2011
Notes :* This is a charge levied at the beginning of each policy month from the policy fund by cancelling units for equivalent amount.
Fund Management Charge Secure Fund 1.00% p.a.
Debt Fund 1.10% p.a.
Balanced Fund 1.25% p.a.
Enhanced Equity Fund 1.25% p.a.
Notes : The fund management charges can be increased by the Company after IRDA approval
but shall not exceed 2% p.a at any point of time.
Mortality Charges This charge will be deducted as per the current age and there will be no charge till the life insured age is less than 7 years.
Notes :The mortality charge is deducted by cancellation of units at the beginning of each policy month.
Switch Higher of Rs. 100 or 0.1% of the amount switched per extra switch.
Maximum Rs. 500 per switch 12 Switches free
Premium Redirection 2 times free in a policy year Rs. 200 per extra request
Partial Withdrawal 4 times free in a policy year Rs. 200 per extra request

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 Invest Maximiser 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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