Ageas Federal Incomesurance Guaranteed Money Back Insurance Plan
Ageas Federal Incomesurance guaranteed money back insurance plan is a traditional money back plan with a fixed policy term which provides liquidity through cash backs immediately after the premium payment term is completed to enable the policyholder to meet his cash requirements.
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Save Upto ₹46,800 in tax under Sec 80C
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Inbuilt Life Cover
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Tax Free Returns Unlike FD
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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Ageas Federal Life Investment Plans
- Ageas Federal Incomesurance Guaranteed Money Back Insurance Plan
Ageas Federal Incomesurance Guaranteed Money Back Insurance - Key Features
- As traditional money back plan it provides a limited premium payment term of 5 years.
- The policy term is fixed at 10 years.
- Guaranteed Annual Payouts depend on the age of the policyholder.
Ageas Federal Incomesurance Guaranteed Money Back Insurance - Benefits
- Guaranteed annual payouts start immediately after the PPT and are expressed as a percent of the annual premium.
- If the policy holder dies, higher of the maturity sum assured 10 * annual premium or 105% of premiums paid till death is paid to the nominee.
- Maturity sum assured is the aggregate of the guaranteed annual payouts.
- The plan also provides an opportunity to avail tax benefit under sections 10(10D) and 80C of income tax act on premium paid and claim received.
Ageas Federal Incomesurance Guaranteed Money Back Insurance - Product Specification:
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Minimum |
Maximum |
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Entry Age (Last Birthday) |
18 years |
55 years |
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Maturity Age (Last Birthday) |
- |
65 years |
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Policy Term (PT) in years |
10 |
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Premium Paying Term (PPT) in years |
5 |
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Premium Paying Frequency |
Annual |
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Premium |
20,000 |
Not applicable |
Details About Premium
Annual premium in Rupees for a male aged 30 years
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Age |
35 years |
45 years |
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Premium |
50,000 |
50,000 |
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Sum Assured payable on death |
500,000 |
500,000 |
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Sum Assured payable on Maturity |
342,500 |
332,500 |
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Survival Benefits paid from 6th year onwards |
68,500 |
66,500 |
Ageas Federal Incomesurance Guaranteed Money Back Insurance - Policy Details
Grace Period: A grace period of 30 days’ is allowed for premium payment. The policy discontinues if the insured fails to make payment within 30 days.
Policy Termination or Surrender Benefit: The insured person can surrender the policy after 2 full years’ premium has been paid.Either the special surrender value or the guaranteed Surrender Value will be paid as the surrender value.
GSV = GSV Factor * Basic premiums paid excluding survival benefits already paid.
Free Look Period: Within a free look period of 15 days from the date of policy issued the insurance holder can cancel the policy if they are not satisfied with the terms and conditions of the policy. However, it can only come into action if there has been no claim made during this period.
Inclusions
Up to 85% of the surrender value the plan offers loan facility.
Exclusions
If the insured commits suicide within a year of policy inception or within a year of policy renewal, in both the cases 80% of premium paid or higher of acquired surrender value id paid to the beneficiary of the policy.
Documents Required
Policyholder needs to fill up an ‘Application form/ proposal form’ with all pertinent medical information and history with acceptable government ID for KYC and address verification. In handful of cases, an additional medical examination may be necessary on the basis of applicant’s age and sum assured.
You may also like to read: Ageas Federal Life Investment Plans
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