Aegon Life Insta Pension Plan
Pension plans are plans that promise to provide a financially secure life to a person post-retirement. Aegon Life Insta Pension Plan is one such annuity plan that offers a lifetime pension to take care of individuals and their spouses' basic needs to lead the same kind of lifestyle even when the regular income dries up.
The actual amount that the policyholder will receive under the Aegon Life Insta Pension policy is based on the applicable annuity at the time of the policy purchase. The policyholder is free to choose the mode – Annual or monthly - in which he or she would like to receive their pension amount.
Aegon Life Insta Pension Plan Details:
|Premium Paying Term
||Individual – 50 to 85 years Spouse – 50 to 85 years
|Annuity payout mode
||Monthly and yearly
||Rs 1 Lakh – No limit
||A loan cannot be availed against the policy
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Benefits of Aegon Insta Pension plan
Aegon Life Insta Pension Plan offers a wide range of benefits to policyholders. Some of them are mentioned below:
- Lifetime Income: Every individual look for a continuous flow of income after retirement. When they buy Aegon Life Insta Pension Plan, it guarantees lifetime income for the policyholder and their spouse so that they wouldn't have to depend on anyone and lead a stress-free and peaceful post-retirement life.
- Annuity payout options: In this plan, the policyholder enjoys the flexibility to choose from the payout options offered by the insurance provider. He or she can either choose Life Annuity or Joint Annuity.
- Life Annuity: In this option, the policyholder gets an annuity payment at a constant rate till the time he or she is alive.
- Joint Annuity: In this option also the policyholder gets an annuity at a constant rate, but if he or she unfortunately dies, the annuity payment is paid to the spouse as long as the spouse is alive. However, the spouse will not get any annuity payment if he or she has separated.
- Annuity payout mode: Under this plan, the policyholder can choose to receive his or her annuity either on a monthly basis or on a yearly basis.
- Monthly mode: The policyholder will start getting an annuity one month after the date of the policy purchase.
- Annual mode: The policyholder will get the first annuity one year after the date of the purchase of the plan.
- Freelook period: If the policyholder is not satisfied, he or she can choose to return the policy within 15 days of receiving the policy documents. The policyholder will get the premium amount back after deducting the stamp duty charges.
Aegon Life Insta Pension Plan reviews show that the plan offers a lifetime income based upon the annuity pay option.
The premium for Aegon Life Insta Pension Plan
The Aegon Life Insta Pension Plan premium has to be paid only through a single payment option. The minimum premium amount for this plan is Rs 1 lakh; however, there is no cap on the maximum premium amount payable.
The policyholder can use the Aegon Life Insta Pension Plan calculator available on the insurance provider’s website to know about the premium amount that he or she has to pay.
No additional riders are available with Aegon Life Insta Pension Plan.
- Entry age for policyholder – 50 to 85 years
- Entry age for policyholder’s spouse – 50 to 85 years
What are the Documents Required to Buy this Policy?
- PAN Card
- Address proof: Voter ID, Aadhar card, Electricity bill
- Cancelled cheque of your bank account
- Recent photograph
How to Buy this Plan Online?
The online Aegon Life Insta Pension Plan version is not available. An individual has to download the application form online; after duly filling it up, he or she will have to visit the insurance provider's branch to submit it along with all the relevant documents.
However, the policyholder will have to keep the following points in mind before deciding on purchasing the policy.
- At first, the policyholder will have to decide on the premium amount that he or she is willing to pay for purchasing the annuity plan.
- Next, the policyholder needs to choose from the two available options for annuity payout.
- Finally, the policyholder needs to choose the mode for annuity payout with which he or she would like to receive their pension amount.
Exclusions of Aegon Life Insta Pension Plan
Under the Aegon Life Insta Pension policy, a claim cannot be made if the policyholder (sane or insane) commits suicide.
Ans: A policyholder can check the status of his or her policy status by calling up the customer care number or by dropping an email to the insurance provider.
Ans: The insurance provider will require the following documents to initiate the process of claim settlement.
- Original Policy Document
- A certificate by doctor or Medical Officer that certifies the cause of death;
- Death Certificate issued by the local authority
- Statement of the claimant
Ans: The policyholder can renew the policy by logging on to the insurance provider's website. They can then enter details like policy number and policyholder's date of birth. People who are not comfortable with the digital medium can visit the insurance provider’s branch office to make the policy renewal payment.
Ans: No, a policyholder doesn’t enjoy the flexibility to surrender the policy.
Ans: Annuity means a regular amount that the insurance provider pays to the annuitant.
Ans: Annuitant refers to the policyholder to whom the annuity amount is paid.
Ans: No, a person can purchase the Aegon Life Insta Pension Plan without undergoing any medical examination.