- *T&C Applied. Returns guaranteed by the Insurer as per the Insurance Plans.
- **Returns guaranteed by the insurer
- *** Tax adjusted Returns - assuming 30% tax bracket
Aegon Life Jeevan Riddhi Insurance Plan
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.
Aegon Life Jeevan Riddhi Insurance Plan Details:
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
Min – 18 years last birthday
30 Days (15 Days For Monthly Mode)
Depends on the age of the life assured, the premium payment term and the annualized premium sum
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.
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.
Ans: Aegon Life Jeevan Riddhi Insurance policy status can be checked by emailing the insurer or giving them a call.
Ans: The policyholder should call up the insurer's toll-free number, as well as give an endorsement form informing them that the nominee name requires to be changed.
Ans: This policy can be terminated on the date of surrender, date of maturity or the death of the life assured. It can also be terminated after the nonpayment of the 1st 12 monthly premiums of the plan if it has not been reinstated within the particular time frame.
Ans: People purchasing the plan directly from the company are provided with a 15 days free look period, while the ones investing in it through distance marketing get a 30 days free look period.
Ans: Yes. This amount can be changed after the submission of a duly signed request to the insurer.
Ans: Yes, it is possible to apply for a duplicate policy document for this plan by submitting a duly signed requisition letter or an endorsement form to the insurer, along with a guaranteed bond on a stamp paper of Rs 200.
Ans: 15 days is the grace period for premium payments made on a monthly basis.
- Aditya Birla Sun Life Traditional Plans
- Aegon Life Traditional Plans
- Aviva Traditional Plans
- Bajaj Allianz Traditional Plans
- Bharti AXA Life Traditional Plans
- Canara HSBC Traditional Plans
- Edelweiss Tokio Life Traditional Plans
- Exide Life Traditional Plans
- Future Generali Traditional Plans
- HDFC Life Traditional Plans
- ICICI Prudential Traditional Plans
- IDBI Federal Traditional Plans
- IndiaFirst Traditional Plans
- Kotak Life Traditional Plans
- Max Life Traditional Plans
- PNB MetLife Traditional Plans
- Pramerica Life Traditional Plans
- Reliance Life Traditional Plans
- Sahara Life Traditional Plans
- SBI Life Traditional Plans
- Shriram Life Traditional Plans
- Star Union Traditional Plans
- Tata AIA Traditional Plans
- Savings Calculator
- Income Tax Calculator
- Human Life Value Calculator
- Pension Calculator
- Health Insurance Premium Calculator
- Car Insurance Calculator
- Bike Insurance Calculator
- SIP Calculator
- Life Insurance Calculator
- Term Insurance Calculator
- ULIP Calculator
- Premium Calculator
- FD Calculator
- Investment Calculator
- Travel Insurance Calculator