Aegon Life POS Guaranteed Return Insurance Plan (GRIP)

A savings plus protection cover is a policy that only covers the person assured's life and provides returns. Unlike ULIP plans, these investment policies offer guaranteed returns. Aegon Life POS Guaranteed Return Insurance Plan (GRIP) is such a policy that provides a dual benefit. It is a non-linked and non-participating plan. This plan offers maturity benefits and death benefits. Further, it also provides guaranteed additions and loyalty additions. The plan offers the flexibility to choose from the premium amount, frequency and premium paying mode.

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Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Details:

Parameters

Details

Policy Tenure

10 to 20 years

Premium Paying Term

5 years, 7 years or 9 years

Premium Paying Mode

Monthly, Half-Yearly, and Yearly

Entry Age

Min – 1 year

Max - 50 years

Maturity Age

Min – 18 years

Max - 65 years

Grace Period

15 Days for monthly and 30 days half-yearly and yearly

Sum Assured

Depends on the annualized premium

Liquidity

Loans are not available in this plan

Benefits of Aegon Life POS Guaranteed Return Insurance Plan (GRIP)

The benefits of online Aegon Life POS Guaranteed Return Insurance Plan (GRIP) are:

Maturity Benefit 

On the maturity of the policy, the policyholder gets the below mentioned as maturity benefit:

Loyalty Booster 

A loyalty bonus equal to 25% of the sum assured gets added to the maturity benefit at the end of the policy tenure.

Basic Sum Assured 

It must be noted that the Basic Sum Assured paid is between 55% and 85% of all the premiums paid.

Accrued Guaranteed Additions 

Under guaranteed additions, the policyholder gets 10% of the Basic Sum Assured accumulated at the end of every plan year till the whole policy tenure.

The maturity benefit will be paid only if all the premiums are paid, and it applies to in-force plans only.

Death Benefit 

On the policyholder's unfortunate demise, Aegon Life POS Guaranteed Return Insurance Plan (GRIP) pays the sum assured and guaranteed additions to the nominee. The sum assured is the higher of the below mentioned:

  • Loyalty booster and basic sum assured, or
  • Ten times the annualized premium, or
  • 105% of the total premiums paid till the death date of the policyholder

This is paid to in-force policies only. Once paid, the policy terminates immediately.

Surrender Benefit 

If the person insured wants to surrender the policy before two-year tenure, then the following occurs:

  • On surrendering the policy, before two years, no benefits will be paid
  • After two years, the policyholder gets GSV (Guaranteed Surrender Value), which is [GSV factor* (Sum Assured+ Loyalty Booster)]*total premiums paid. Or it can be GSV*Accrued Guaranteed Additions

Tax Benefits 

The tax benefits are available on the premiums paid under Section 80C & 10(10D) of the Income Tax Act, 1961.     

* Tax benefit is subject to changes in tax laws

The Premium for Aegon Life POS Guaranteed Return Insurance Plan (GRIP) 

The Aegon Life POS Guaranteed Return Insurance Plan (GRIP) premium is a limited pay plan. Premiums may be paid monthly, semi-annually, and annually.

The minimum premium amount for the limited pay policy is Rs 10,000 annually, and the maximum premium is Rs 1 Lakh.

  • For a limited pay policy, the minimum premium is Rs 7,500 semi-annually
  • For a limited pay policy, the minimum premium is Rs 1,500 monthly
  • For a limited pay policy, the maximum premium is Rs 51,200 semi-annually
  • For a limited pay policy, the maximum premium is Rs 8,700 monthly

*Standard terms and conditions apply.

One can use the Aegon Life POS Guaranteed Return Insurance Plan (GRIP) calculator for calculating their premium as their age, policy tenure and premium paying frequency.

Additional Riders for Aegon Life POS Guaranteed Return Insurance Plan (GRIP)

There are no riders available under Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Policy.

Eligibility for Aegon Life POS Guaranteed Return Insurance Plan (GRIP)

The eligibility conditions of the Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Policy are:

  • Minimum entry age of the plan - 1 year
  • Maximum entry age of the plan - 50 years
  • Minimum maturity age - 18 years
  • Maximum maturity age - 65 years

What are the Documents required to buy this Policy?

To buy Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Policy, the following are required:

  • Address Proof: Telephone Bill, Driving Licence, PAN Card, etc.
  • Income Proof: Salary slips, Form 16, Income tax returns, etc.
  • Identity Proof: Ration Card, AADHAAR Card, Voter ID Card, Passport, etc.
  • Bank details: Passbook, account number, cheque, etc.

How to buy this Plan Online?

Applicants may buy Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Policy online. For purchasing this plan online, visit the policy provider website and follow the steps below:

Step 1: Choose the Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Policy and click on the buy now option.

Step 2: One must provide their details such as name, phone number, email address and birth date.

Step 3: Choose a premium amount, premium tenure, policy tenure and premium paying frequency.

Step 4: The sum assured and other guaranteed sum assured will be calculated automatically.

Step 5: Enter bank details and pay the premium amount.

On payment, the plan documents get mailed to the policyholder. For checking Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Policy status, one can contact Aegon Life customer care.

Exclusions of Aegon Life POS Guaranteed Return Insurance Plan (GRIP)

According to Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Policy reviews, there is suicide exclusion.

If the person insured commits suicide within 12 months from the renewal or commencement date, Aegon Life pays the highest of 80% of the premiums paid, or the Surrender Value of the Policy on the death date, to the nominee or the beneficiary of the policyholder.

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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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Aegon Life POS Guaranteed Return Insurance Plan (GRIP) Reviews & Ratings

0 / 5 (Based on 31 Reviews)
(Showing Newest 25 reviews)
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