Ageas Federal Wealth insurance growth insurance plan is a ULIP Product which aims to build a sizeable fund with market participation and also with guaranteed additions for a secured future.
Save Upto ₹46,800 in tax under Sec 80C
Inbuilt Life Cover
Tax Free Returns Unlike FD+
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.
Upon survival of Life Insured till the date of maturity, fund value including total Guaranteed Loyalty Additions, as on date of maturity is paid.
Guaranteed Loyalty Additions are credited to the policy at the end of the 5thpolicy year and every 5 years thereafter.
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:
The premium needs to be paid just once at the inception of the plan.
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. |
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.
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.
|
Minimum |
Maximum |
Entry Age (Last Birthday) |
1 month |
64 years |
Maturity Age (Last Birthday) |
18 years |
74 years |
Policy Term (PT) in years |
10 |
30 |
Premium Paying Term (PPT) in years |
5 |
Up to policy term |
Premium Paying Frequency |
Yearly |
|
Yearly Premium |
25,000 |
95,000 |
Sum Assured |
Higher of 10*annual premium or 0.5*term*annual premium for ages <45 yrs. Higher of 7*annual premium or 0.25*term*annual premium for ages>=45 yrs. Or 175,000 |
PPT*2*annual premium up to a maximum of 15*annual premium for ages<54 yrs. 10/7*annual premium for ages >54 yrs. |
Age |
30 years |
40 years |
Premium |
50,000 |
50,000 |
Sum Assured |
500,000 |
500,000 |
Fund Value @ 4% |
904,150 |
899,972 |
Fund Value @ 8% |
12,56,804 |
12,51,301 |
Total Guaranteed Loyalty Additions @ 4% |
38,110 |
37,893 |
Total Guaranteed Loyalty Additions @ 8% |
49,022 |
48,771 |
Grace period of 30 days is allowed for outstanding premium payments.
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.
Suicide Exclusion is applicable as detailed in the policy document and sales literature.
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
*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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