Ageas Federal Wealthsurance Growth Insurance Plan

Ageas Federal wealth insurance growth insurance - Key Features 

• Plan Name: Ageas Federal Wealthsurance Growth Insurance Plan SP/ UIN: 135L034V03
• Type of Plan: A Non-Participating, Unit Linked Single Pay Life Insurance plan.
• Aim of the Policy: A one-time investment plan, it offers the dual benefit of a life cover along with the opportunity to make long term returns. Guaranteed Loyalty additions to the investment contribute to wealth creation goals.
• It is a unit linked plan with regular and limited premium paying option.
• Guaranteed Loyalty Additions boost the Fund Value.
• The Sum Assured can be increased or decreased as per requirement.

The following 9 funds are available for investment:

• Equity Growth Fund
• Midcap Fund
• Pure Fund
• Bond Fund
• Income Fund
• Liquid Fund
• Aggressive Asset Allocator Fund
• Moderate Asset Allocator Fund
• Cautious Asset Allocator Fund 

The policyholder may choose to invest in any of the fund himself or ask the company to do the investments on his behalf where the last 3 funds are chosen by the company. 

Ageas Federal wealth insurance growth insurance - Benefits 

1. Maturity Benefit:

   Upon survival of Life Insured till the date of maturity, fund value including total Guaranteed Loyalty Additions, as on date of maturity is paid.

2. Guaranteed Loyalty Additions:

   Guaranteed Loyalty Additions are credited to the policy at the end of the 5thpolicy year and every 5 years thereafter.

3. Death Benefit: 

   In case of death of the Life Insured during the policy term, the Death Benefit will be paid to the beneficiary. Death benefit paid is the highest of: 

   • Sum Assured; or
   • Fund Value; or
   • 105% of the single premium paid till the date of death. 

4. Premium Payment:

   The premium needs to be paid just once at the inception of the plan. 

5. Non-payment of Premium:

   Discontinuing premiums within 5 years from the policy commencement date	Discontinuing premiums after 5 years from the policy commencement date
   If the policyholder fails to pay premium within the Grace Period, the fund value after deducting applicable discontinuance charges, shall be credited to the discontinued policy fund and the risk cover and rider cover, if any, shall cease.	After payment of all due premiums in the first five policy years, if the policyholder fails to pay premium within the Grace Period, the policy shall be converted into a reduced paid up policy with:  Reduced Death Sum Assured = Death Sum Assured x (Total No. of Premiums Paid / Original No. of Premiums Payable);
   In case the policyholder does not revive the policy, the policy shall continue without any risk cover and rider cover (if any); and the proceeds of the discontinued policy fund shall be paid to the policy holder at the end of the revival period or lock-in period whichever is later.	In case the policyholder does not revive the policy, the policy shall continue to be in reduced paid up status. At the end of the revival period, the proceeds of the policy fund shall be paid to the policy holder.

6. Revival:

   The policyholder can revive the policy within a revival period of 3 years from the due date of the last unpaid premium, by payment of the due premiums without any interest or fee. 

7. Tax Benefits:

   Tax benefits may be available u/s 80C for the premiums paid and u/s 10(10D) for the amount received as maturity/death/surrender benefits under the policy.

Ageas Federal wealth insurance growth insurance - Policy Details 

1. Grace Period:

   Grace period of 30 days is allowed for outstanding premium payments. 

2. Surrender:

   • Surrender within the lock-in period of 5 years: A ‘Discontinuance Charge’ is deducted from the fund value and the resulting value is credited to the discontinued policy fund; and the life cover ceases. The proceeds of the discontinued policy fund are paid to the policyholder at the end of the lock-in period or the surrender date, whichever is later. 
   • Surrender after the lock-in period of 5 policy years: The fund value as on the date of surrender is paid to the policyholder. 
   • The policy terminates after payment of the Surrender value. 

3. Free-look Cancellation:

   The policyholder is entitled to a free-look period of 15 days (30 days in case of policies solicited through distance mode) from the date of receipt of the policy document to review the terms and conditions of the policy.

4. Inclusions

   • Partial Withdrawals are allowed after 5 policy years with a minimum amount of Rs.10, 000.
   • Unlimited Switches are allowed to change between funds chosen.
   • Premium Redirection is allowed to redirect future premiums in another fund. 

5. Exclusions:

   Suicide Exclusion is applicable as detailed in the policy document and sales literature.

Documents Required 

An application form is needed to be filled accurately along with a correct medical history, address proof and KYC documents in order to avail the policy. A medical examination may be required in some cases, based on the sum assured and the age of the applicant. 

You may also compare: Ageas Federal Life ULIP Plans

FAQ's