AEGON Life iMaximize Insurance Plan

Aegon Life iMaximize is a non-participating Unit Linked plan available online which gives the dual benefits of wealth maximization and insurance coverage under a single plan.

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Key Features of Aegon Life iMaximize

  • It is a unit linked insurance plan with Limited Pay and Regular Pay option of premium payment
  • There is no Premium Allocation charge under the plan
  • The Death Benefit can be availed in two Benefit Options 1 & 2
  • Under option 2, Death Benefit, Additional Savings Benefit and Income Benefit is also payable
  • The following 3 funds are available for investment
    • Blue chip Fund
    • Debt Fund
    • Secure Fund

Benefits of Aegon Life iMaximize

  • The insured will get the total Fund Value on Maturity
  • On death of the policyholder, under Benefit Option 1, higher of the Sum Assured including the top-up SA net of any partial withdrawals made in the last 2 years or Fund Value including the Top-up Fund Value or 105% of premiums paid is payable to the nominee
  • Under Benefit Option 2, higher of the SA including the top-up SA 105% of all premiums paid is payable immediately on death. All future premiums are waived off and paid for by the company under the Additional Savings Benefit, an amount equal to an annual premium is paid every year till the end of the term under the Income Benefit and on Maturity, total Fund Value including the top-up Fund Value which was automatically allocated to the Secure Fund on death is 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 of Aegon Life iMaximize

  Minimum Maximum
Entry Age (Last Birthday) 7 years 55 years
Maturity Age (Last Birthday) - 70 years
Policy Term (PT) in years 15, 20, 25  
Premium Paying Term (PPT) in years 5 25
Premium Paying Frequency Yearly, monthly  
Yearly Premium 24,000 No limit

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 30 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
  • 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
  • The corresponding top-up SA will be 10 *top-up premium if age is up to 35 years, 1.25 * top-up premium if age is up to 44 years and 1.10*top-up premium if age is greater than equal to 45 years

Exclusions

The benefit paid in case of suicide within 12 months of policy inception or revival is the fund value as on that date.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ online with accurate medical history.

You may also like to read: Aegon Life ULIP Plans 

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