AEGON Life Future Protect Plus Insurance Plan

Introduction/Overview
Aegon Life Future Protect Plus Insurance Plan is a Unit Linked Insurance Plan which provides enhanced benefits on death and also yields good returns through capital market participation

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Under sec 80C & 10(10D)
₹1 Crore
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Zero LTCG Tax
Unlike 10% in Mutual Funds

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6.7 Crore

Registered Consumers

Insurance Partners

3.4 Crore

Policies Sold

Key Features

It is a ULIP plan with Regular Pay option of premium payment
There is an Invest Protect Option under which the funds are managed by the company to protect them against market volatility towards maturity. Under this option, the allocated premium is initially invested in Accelerator Fund and in the last 3 policy years the fund value is systematically transferred first to Stable Fund, then to Debt Fund and in the last year to Secure Fund. The investments in each Funds are also switched monthly to the subsequent fund @ 10%

If the Invest Protect Option is not availed, the following 4 funds are available for investment

Accelerator Fund
Stable Fund
Secure Fund
Debt Fund

Benefits

The insured will get the total Fund Value including top-up Fund Value on Maturity which can be taken in lump sum or under the Settlement Option where the proceeds can be taken in equal instalments over a period of 5 years post maturity
On death of the policyholder, SA including top-up SA+ Fund Value including top-up Fund Value is payable subject to a minimum of 105% of premiums paid
Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	7 years	50 years
Maturity Age (Last Birthday)	-	70 years
Policy Term (PT) in years	15, 20, 25
Premium Paying Term (PPT) in years	Equal to policy term
Premium Paying Frequency	Yearly, half-yearly, monthly
Yearly Premium	20,000	No limit
Sum Assured	Higher of 10annual premium or 0.5termannual premium for ages<45 years and higher of 7annual premium or 0.25termannual premium for ages>=45 years	18annual premium if age is <45 years or 10annual premium if age is >=45 years

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Details About Premium

Illustration for a policy term and PPT of 20 years

Age	30 years
Premium	50,000
SA	9,00,000
Fund Value @ 4%	10,43,000
Fund Value @ 8%	16,15,000
Death Benefit @ 4%	19,43,000
Death Benefit @ 8%	25,15,000

Policy Details

Grace period: 15 days grace period is allowed for monthly mode and 30 days for other modes

Policy termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinuance Policy Fund where it will earn a minimum of 4% p.a. growth. After completion of 5 years, the fund value in the Discontinued Policy fund as on that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

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

4 Free Partial withdrawals are allowed every year with a maximum of 20% of the Fund Value
Systematic Partial Withdrawals are also available under which units are redeemed periodically and the proceeds are transferred to the policyholder’s bank account
4 Free switches are allowed every year for switching between funds
Future premiums can be redirected to a new fund via the Premium Redirection option of which 2 are free
Top-ups with a minimum of Rs.5000 are allowed for increasing the Fund Value

Additional Features or Riders

The Sum Assured under the plan can be increased by up to 50% of the base SA or 10 lakhs whichever is lower without any extra medical requirements within 3 months of marriage or child birth
Under Auto Rebalancing feature, the fund is rebalanced every year according to the ratio chosen at inception

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Exclusions

The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date. If suicide is committed within 1 year after increasing the SA, the increased SA will not be applicable

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history and provide KYC documents. Medical tests may be required as per the underwriting principles of the company.

You may also like to read: Aegon Life ULIP Plans

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
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