Aegon Life Jeevan Riddhi Insurance Plan

Endowment policies are a type of life insurance contract that is meant to pay a lump sum amount after a particular period or on the death of the life assured. Aegon Life Jeevan Riddhi Insurance is a non-linked participating endowment policy that is offered by Aegon Life Insurance. This policy is meant for people searching for a savings plus protection plan that can provide a bit of an extra boost to their savings. The insured individuals can avail of 5% guaranteed additions on the sum assured amount during their premium payment term for Aegon Life Jeevan Riddhi Insurance Plan. This risk management solution also provides financial protection to the family of the life assured, in the scenario of his/her unfortunate demise.

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Aegon Life Jeevan Riddhi Insurance Plan Details:

Parameters

Details

Policy Tenure

Limited pay plans: 12years to 20 years

Single pay plans: 10 years

Premium Paying Term

Single pay / (policy term - 5) years

Premium Paying Mode

Monthly, Semiannually and annually

Entry Age

Min – 18 years last birthday
Max-

  • Limited pay option: 55 years
  • Single Pay option: 60 years

Maturity Age

70 years

Grace Period

30 Days (15 Days For Monthly Mode)

Sum Assured

Depends on the age of the life assured, the premium payment term and the annualized premium sum

 

Liquidity

Loans are available after the plan has acquired a surrender value.

Benefits of the Aegon Life Jeevan Riddhi Insurance Policy

Below are the core benefits offered by Aegon Life Jeevan Riddhi Insurance Policy:

  • Maturity Benefit: The insured individuals surviving the policy period after making all the relevant premium payments shall be paid the sum assured amount, as well as accrued guaranteed additions, accrued reversionary bonus, and terminal bonus (if applicable).
  • Death Benefit: In case of the insured’s death during the term, the beneficiary or nominee shall receive the sum assured on death, accrued guaranteed additions, reversionary bonus and terminal bonus (if applicable). This amount will be a minimum of 105% of all the premiums paid until death and will be calculated as per the plan.
  • Policy loan benefit: People can take up a loan against the Aegon Life Jeevan Riddhi Insurance Plan once it has acquired a surrender value. The minimum loan amount will be Rs.5, 000, while the maximum amount will be up to 60% of the surrender value.
  • Surrender Benefit: This plan would acquire a guaranteed surrender value in case the policyholder decides to do so:
  • For single pay option-immediate payment
  • For 10 or more years premium payment –After payment of premiums for the first three years
  • For less than 10 years premium payment term – After payment of premiums for the first two years
  • Tax Benefits: The benefits received through the Aegon Life Jeevan Riddhi Insurance Plan are eligible for tax benefits, under Section 10(10D) and Sec 80C of the Income Tax Act, 1961.

          * Tax benefit is subject to changes in tax laws

The Premiums for Aegon Life Jeevan Riddhi Insurance

The Aegon Life Jeevan Riddhi Insurance premium can be paid as either a single payment option or a limited pay option.

The minimum premium payment amount for the single pay option would be *Rs. 1, 00,000, while the maximum amount shall be subject to underwriting.

For the limited pay option, the minimum premium amount would be:

  • *Rs 15,000/- p.a. for the policy term of 12 to 16 years
  • *Rs 12,000/- p.a. for the policy term of 17 to 20 years

*Standard T&C Apply

People can use the Aegon Life Jeevan Riddhi Insurance calculator available online to get an idea about the premium sum to be paid.

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Additional Riders for Aegon Life Jeevan Riddhi Insurance

Aegon Life Premium Shield Rider can be brought along with Aegon Life Jeevan Riddhi Insurance. This rider offers a waiver of premium sum on disability or death due to sickness or accident, loss of eyesight in both eyes and a single eye, hearing in both ears and loss of speech.

Eligibility for Aegon Life Jeevan Riddhi Insurance

  • Entry Age: Minimum 18 years, and a maximum of 55 years (Limited pay option) or 60 years (Single Pay option)
  • Maturity Age: 70 years

What are the Documents Required to Buy this Policy?

To buy Aegon Life Jeevan Riddhi Insurance policy, people have to provide:

  • Identity proof, such as Aadhar card, voter's card, or passport
  • Address proof, such as Aadhar card, driving license, ration card, voter's card, or passport
  • Income proof, such as Income tax returns or salary slips

How to Buy this Plan Online?

One cannot buy Aegon Life Jeevan Riddhi Insurance online, as it is an office plan. To purchase this plan, people have to:

Step 1: Visit Policybazaar.com or contact their Life Advisor

Step 2: Select the premium sum and policy term

Step 3: Fill in the application form with the assistance of Policybazaar life advisor

Step 4: Make the payment

Exclusions of Aegon Life Jeevan Riddhi Insurance

Aegon Life Jeevan Riddhi Insurance reviews suggest that it is quite a comprehensive plan; it does have suicide exclusion. 

If the life assured dies by suicide within a year of the plan in force or from the date of revival of the plan, 80% of the premium amount or the surrender value applicable, is paid as a death benefit.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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