AEGON Life Guaranteed Growth Insurance Plan

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Introduction/Overview

Aegon Life Guaranteed Growth Insurance plan is a traditional insurance plan which provides guaranteed benefits while at the same time giving life insurance protection to ensure a stable financial future.

Key Features

  • It is a non-participating plan with limited premium payment option.
  • There is annual payment from the 10th to the 17th year which equals 150% of the annualized premium paid.

Benefits

  • The Maturity benefit is paid yearly @ 150% of the annual premium form the 10th year to 17th year
  • On death of the policyholder, guaranteed payouts as mentioned above will accrue as and when they fall due and future premiums are waived off.
  • The nominee may avail the Cash value of the death benefit prior to the end of the term where the value will be higher of 10 times the annual premium of 105% of all premiums paid discounted @ 10%.
  • Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

 

Minimum

Maximum

Entry Age (Last Birthday)

8 years

50 years

Maturity Age (Last Birthday)

-

60 years

Policy Term (PT) in years

10

Premium Paying Term (PPT) in years

8

Premium Paying Frequency

Annual, monthly

Premium

20,000

300,000

Sum Assured

10 * Annual Premium

 

Details About Premium

Annual premium in Rupees and Benefit Illustration

Age

45 years

Term

10 years

PPT

8 years

Premium

100,000

Annual Payouts after the term

150,000

 

Policy Details

Grace period: 30 days’ grace period is allowed for premium payment. If policyholder fails to make payment within the grace period, the policy lapses

Policy termination or Surrender Benefit: the policy acquires a Surrender Value if one full year’s premium has been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = (GSV% * total premiums paid)

Free look period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

Loan is not available under the plan

Exclusions

In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.