Ageas Federal MAGIC Savings Plan

Eligibility Criteria for the Ageas Federal MAGIC Savings Plan

To qualify for the Ageas Federal MAGIC Savings Plan, you need to meet the following criteria:

Features of the Ageas Federal MAGIC Savings Plan

The Ageas Federal MAGIC Savings Plan offers several defined features designed to support structured financial planning, making it one of the best guaranteed return plans. Here are a few:

• Life Cover Throughout the Policy Term: Provides life insurance protection during the entire policy term. In case of the life assured’s unfortunate demise during the term, the death benefit is payable as per policy conditions.
• Five Plan Variants: It offers five payout structures: Mega Lumpsum, Absolute Income, Guaranteed Income with Lumpsum, Immediate Income, and Consistent Money Back, allowing you to choose between lump sum benefits, periodic income, or a combination of both.
• Guaranteed Benefits: All benefits under the plan are predefined at policy inception and are not linked to market performance, ensuring certainty of payouts as per the selected variant.
• Flexible Premium Payment Terms: Premiums can be paid for 1 to 12 years (depending on the variant chosen), with options such as single pay or limited pay.
• Multiple Policy Term Options: Policy terms range from 5 to 25 years, allowing alignment with specific financial timelines such as education funding or retirement planning.
• Tax Benefits: Premiums paid may qualify for a deduction under Section 80C of the Income Tax Act, 1961, and advantages may be tax-free under Section 10(10D), subject to prevailing tax laws.

Benefits of the MAGIC Savings Plan

The Ageas Federal MAGIC Plan is a savings plan that offers a series of benefits designed to support long-term financial planning and protection for you and your family. Here are a few:

• Lump Sum or Income Options: Provides maturity benefits in the form of a lump sum or periodically as income, depending on the variant of the plan.
• Financial Security for Family: It provides life cover so that your family is financially secure in your absence.
• Guaranteed Maturity Benefit: If the life assured survives till the end of the policy term, the maturity benefit is paid as per the selected variant. This may include a lump sum amount, guaranteed additions, income boosters (if applicable), or a combination of these, as specified in the policy schedule.
• Flexible Premium Payment Modes: Premium payment can be made on an annual, semi-annual, quarterly, or monthly basis.
• Rider Benefits: It allows the riders to add on things like critical illness, a waiver of premiums, and accidental care to secure better coverage.

Riders Under the MAGIC Savings Plan

The Ageas Federal Life Investment Plans come with optional riders, which you can purchase to increase your coverage. The riders under the MAGIC Savings plan include:

• Ageas Federal Life Insurance Accident Care Rider: A lump sum benefit is received in the event of accidental death or injury.
• Ageas Federal Life Insurance Critical Shield Rider: Provides coverage if the policyholder is diagnosed with a specified critical illness.
• Ageas Federal Life Insurance Waiver of Premium Rider: This waiver removes future premiums but does not cancel the policy benefits.

Additional benefits, such as accidental death or total permanent disability cover, are available through optional riders.

Policy Information of the MAGIC Savings Plan

• Grace Period: A 30-day grace period (15 days for the monthly mode) is provided for premium payment, during which the plan continues without interruption.
• Revival: The lapsed policy can be revived within a period of five years by remitting arrears of all premiums, including interests, and undergoing a health check-up.
• Free Look Period: The policyholder is given a free period of 30 days to read the terms and conditions or until the policy is received.
• Surrender Benefit: If you choose to exit the policy before maturity, you may receive a surrender value, provided the required minimum premiums have been paid.
• Loan Facility: In case the loan is against the policy, a loan can be availed against it after it has been given a surrender value.

Exclusions Under the MAGIC Savings Plan

Suicide Exclusion

In case of death due to suicide within 12 months from the date of commencement or revival of the policy, the nominee will be entitled to the higher of the Surrender Value available as on the date of death or the Total Premiums Paid (excluding taxes), as per policy terms.

The best investment plans in India provide complete protection and guaranteed returns, ensuring you and your loved ones are always insured.