Terms & Conditions
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AEGON Life Guaranteed Income Advantage Insurance Plan

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Introduction/Overview

Aegon Life Guaranteed Income Advantage Insurance plan is a traditional insurance plan which provides guaranteed life cover till 85 years of age to provide for a comfortable life even after retirement.

Key Features of Aegon Life Guaranted Income Advantage Insurance

  • As a participating plan, Aegon Life Guaranteed Income Advantage Insurance takes part in the profits of the company and offers guaranteed bonuses at the end of the policy term.
  • Once the policy term ends, the policyholder receives guaranteed annual payouts up to the age of 85 years.
  • Bonuses declared during the premium paying term are to be paid at maturity or on the death of the policyholder. 

Benefits of Aegon Life Guaranted Income Advantage Insurance

  • Guaranteed benefit @ 7.5% of the Sum Assured is paid every year, after maturity, till the policyholder attains 85 years of age.
  • On Maturity, when the policyholder attains 85 years of age, accrued bonuses including Terminal Bonus, if any, are paid out.
  • On the demise of the insured during the policy tenure, higher of the sum assured or 10 times the annual premium, along with the bonuses accrued before or after the completion of Premium Paying Term are paid out to the beneficiary.
  • The plan offers income tax benefit under which the premium paid  and the claim received is exempt from income tax deduction as per section 80C and section 10(10D)of Income Tax Act.

Product Specification of Aegon Life Guaranted Income Advantage Insurance

 

Minimum

Maximum

Age of Entry (Last Birthday)

20 years

55 years

Age of Maturity (Last Birthday)

-

85 years

Tenure of Policy (PT) in years

85 – entry age

Tenure for Premium Payment (PPT) in years

15 or 20

Premium Paying Mode

Annual, half-yearly, monthly

Premium

Depends on age, SA, term and PPT

Sum Assured

100,000

No limit

 

Details About Premium

Benefits illustration and Annual premium in Rupees 

 

SA = 100,000

SA = 250,000

SA = 500,000

Term / Age

15 yrs.

20 yrs.

15 yrs.

20 yrs.

15 yrs.

20 yrs.

30 yrs.

15,174

10,522

33,113

21,808

60,075

38,130

40 yrs.

13,690

9339

30,010

18,878

54,585

32,745

50 yrs.

11,957

7911

25,910

16,800

46,230

26,200

 

Policy Details of Aegon Life Guaranted Income Advantage Insurance

Grace Period: In case of the policyholder fails to pay the premium on time, a grace period of 15 days (for monthly mode) and 30 days (for other modes) are allowed by the insurance company. During this grace period, the insured has to pay all due premiums. Failing this, the tenure of the policy will lapse

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 Special Surrender Value or the Guaranteed Surrender Value.

GSV if surrendered during PPT= (GSV% * total premiums paid) + (GSV%* accrued bonuses)

GSV if surrendered post PPT = (GSV% * Sum Assured) + (GSV % * Accrued bonuses)

Free Look Period:  If the customer is dissatisfied with the coverage, terms and conditions of the policy, then he/she is entitled with an option of free look period. It allows him/her to cancel the policy within 15 days of policy issuing.

Inclusions

No Loan facility is available under the plan.

Add-on Benefits or Riders

Aegon Life ADD Rider is available which provides additional benefits in case of Accidental death, disability and dismemberment of the policyholder.

Exclusions

If the policyholder commits suicide within 12 months of policy inception, then only 80% of the premium paid is repaid to the beneficiary. If the suicide is committed within 12 months of revival, higher of the acquired surrender value or 80% of premium paid is returned to the nominee.

Documents Required for Aegon Life Guaranted Income Advantage Insurance

The documents required while filling up the application form are accurate medical history, address proof, and other KYC Documents. In some cases, a medical examination may also be required based on the age of the person and sum assured.

Frequently Asked Questions of Aegon Life Guaranted Income Advantage Insurance

Q.1) How does this plan charge service taxes?

All taxes under this insurance plan are levied under the current tax law amendments done by the ruling body or the regulatory body. 

Q.2) What should I do to assign the plan benefits to someone else?

In case you want to assign the plan benefits to someone else, you need to provide a documented notice to Aegon Life Company along with the attested copies of the policy documents. 

Q.3)  Can I appoint a minor as my nominee?

Yes, the insured is free to appoint anyone as his beneficiary. However, in case the beneficiary is under 18, the policyholder has to select an “Appointee”, who will receive all the policy benefits until the nominee reaches 18 years. 

Q.4) Does the plan provide insurance benefits?

Yes, Guaranteed Growth also provides comprehensive life coverage. 

Q.5) What is the bonus benefits associated with the Guaranteed Growth plan?

The guaranteed growth plan will be a part of the company’s participating funds. Hence, the additional Simple Reversionary bonus is payable at the end of the policy. The bonus amount is calculated as a percentage of the basic sum assured, each year, while the plan is active.

All the bonus amounts acknowledged at the end of the premium payment term will be paid out at the end of the policy term or on the policyholder’s death during the policy tenure. 

Q.6) What are the Terminal Bonus benefits available with the plan?

The Guaranteed Growth plan provides Terminal Bonus benefits at the end of the policy term. Terminal bonuses are also offered in case of demise of the insured after the premium payment. This bonus can also be availed at the time of policy surrender or on the maturity of the plan if all the premiums are duly paid. 

What if I cancel my Guaranteed Growth plan during the free look up period?

In a case if the plan holder decides to cancel his plan during the look up period then he shall be settled by paying all the premium amounts paid till date after making the deductions of Proportionate Risk Premium, Stamp Duty paid and if any expenses borne by Aegon Life. Hence, after all, the payments are settled the plan will terminate and all benefits, rights, and interests shall be dismissed. 

fixed deposit with life cover
Written By: PolicyBazaar - Updated: 06 July 2018